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Unit 3 Marketing

Unit 3

TermDefinition
Advertising A paid form of communication sent out by a business about a product or service.
Branding The name, symbol, or design used to identify a product.
Channels of Distribution Routes that products and service take from the time they are produced to the time they are consumed.
Competition-based pricing Determined by what competitors charge for the same goods.
Competitive analysis Comparing the strengths and weaknesses of your competition.
Cost-based Pricing Determined by using the wholesale cost of an item as the basis for the price charged.
Customer Profile Description of the characteristics of the person or company that is likely to purchase a product or service.
Customers people who buy the products and services that companies offer.
Demand-based pricing Determined by how much customers are willing to pay for a product or service
Demographics Data that can describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income.
Direct Competition Competition from a business that makes most of its money selling similar products or services as another business.
Features product characteristics that satisfy customer needs.
focus group interview with groups of target customers who provide valuable ideas on products or services.
Indirect Competition Competition by a business that makes only a small amount of money selling the same or similar products of another company.
Markdown price determined by subtracting an amount from a retail price of an item.
Market Research A system for collecting, recording, and analyzing information about customers, competitors, goods, and services.
Market Segments group of customers who share common characteristics.
Market Share percentage of market owned by a business.
Marketing Concept uses the needs of the customers as the primary focus during the planning, production, distribution, and promotion of a product.
Marketing Mix blending the four marketing elements to satisfy a target market.
Markup Price determined by adding an amount to the wholesale cost of an item.
Networking Establishing formal ties with people who can help a new business grow.
positioning Placing a product in a certain market to get a desired customer response.
Primary Data information collected for the first time to fit a specific purpose.
Product mix Different products and services a business sells.
Psychographics Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.
Public Relations the act of establishing a favorable relationship with customers and the general public.
Sales Promotion the act of offering an incentive to customers to increase sales.
Secondary Data information found in already published sources.
Target Market individuals or companies interested in a particular product or service and willing and able to pay for it.
Telemarketing using the phone to market a product or service.
Created by: jmacy01
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