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Unit 3
Marketing the business
Term | Definition |
---|---|
Advertising | paid form of communication sent out by a business about a product or service |
Branding | The name, symbol, or design used to identify your product |
Channels of distribution | routes that products and services take from the time they are produced to the time they are consumed |
Competition-Based pricing | determined by considering what competitors charge for the same goods |
Competitive analysis | comparing the strengths and weaknesses of your competition |
Cost based pricing | determined by using wholesale cost of tan item as the basis for the price charged |
Customer profile | description of the characteristics of the person/company likely to purchase a product/service |
Customers | people who buy the products/services a company offer |
Demand-Based pricing | determined by how much customers are willing to pay for a product or service |
Demographics | data that 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/services as another company |
Features | Product characteristics that satisfy customer needs |
Focus Group | interview with groups of target customers who provide valuable ideas on products/services |
Indirect competition | competition by a business that makes only a small amount of money by selling similar products/services as another business |
Markdown Price | determined by subtracting an amount from the retail price of an item |
Market Research | system for collecting, recording, and analyzing information about customers, competitors, goods,and services |
Market Segments | groups of customers who share common characteristics |
Market Share | % of a market owned by a business |
Marketing concept | uses the needs of the customers as the primary focus during the planning production distribution of a product |