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Game #2 3.0 and 4.0
| Term | Definition |
|---|---|
| Monopoly | One seller who dominates many buyers. |
| Deceptive price | Use of false or misleading statements to persuade people to buy things that they might otherwise avoid. |
| Predatory pricing | The practice of selling a product or service at a very low price, intending to drive competitors out of the market. |
| Price fixing | An agreement among competitors to raise, fix or otherwise maintain the price at which their goods or services are sold, price fixing is illegal. |
| Black Market | Underground and illegal market. |
| Oligopoly | Where relatively few competitive companies dominate the market. |
| Loss-leader pricing | A product sold at a low price. |
| Bait and switch advertizing | Customers are baited to come in and get a product but the product doesn’t actually exist so the retailer the switches it to another product. |
| Gray market | Unofficial but not an illegal market. |
| Dumping | Manufacturers export a product to another country at a price either below the price charged in its home market, or in quantities that cannot be explained through normal market competition. |
| Promotion | Any form of communication a business or organization uses to inform, persuade, or remind. |
| Advertising | Any paid form of non personal presentation and promotion by an identified sponsor. |
| Publicity | Placing newsworthy information about a company, product, or person in the media to build an image. |
| Sales Promotion | All marketing activities, other than personal selling, advertising, and publicity, that are used to stimulate consumer purchasing and sales effectiveness. |
| Personal Selling | Making an oral sales presentation to one or more potential buyers. The most expensive form of promotion. |
| Product promotion | Used to convince potential customers to buy products from them instead of from a competitor. |
| Institutional Promotion | Used to create a favorable image for itself. Does not directly sell a certain product. |
| Press kit | A folder containing articles, news releases, feature stories, and photographs about a company, product, or person. |
| Press conference | A meeting in which media members are invited to hear an announcement about a newsworthy event. |
| News release | A pre-written story about a company that would be given to a newspaper? |
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carterdanku
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