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AR Entrepreneurship
Entrepreneurship 1 Unit 3
Term | Definition |
---|---|
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 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 | is determined by considering what competitors charge for the same goods |
competitive analysis | comparing the strengths and weaknesses of your competition |
cost-based pricing | is 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 cmopany that is likely to purchase a product or a service |
customers | people who buy the product and services companies offer |
demand-based pricing | is 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 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 or servcies as another business |
markdown price | is determined by subtracting an amount from the retail price of an item |
market research | a system for collecting, recoreding, and analyzing information about customers, competitors, goods, and services |
market segments | groups of customers who share common characteristics |
market share | percentage of a market owned by a busines |
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 marketing (known as the 4 P's) |
markup price | is determined by adding an amount ot the wholesale cost of an item |
networking | establishing informal ties with people who can help a 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 establshing 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 |