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marketing review
units 1.0 and 2.0
Term | Definition |
---|---|
marketing | Includes all the activities required to bring products and services from manufacturer to the consumer. |
roles of marketing | Create awareness of product/service. |
4P's | Product, promotion, price, placement. |
customers | Buys product/service but may not use/consume it. |
consumer | Buys and uses/consumes product/service. |
MIM | Provide info in a useful format for business decisions |
SWOT analysis | Reviews the potential or success or failure of a business or product. |
PSM | Marketing products/services available to meet wants/ needs of customers. |
Promotion | Communicate info about products/ services to potential customers. |
Selling | Finalizing the exchange process with the customer by selling products/ services & developing loyal, repeat customers. |
Tangible | Tangible products have intangible aspects to them. |
Intangible | Intangible products have tangible aspects attached to them as well. |
Advertising | A business invests in advertising to let potential customers know that their products and services are the best. |
Suggestion selling | Suggesting additional products/service that will enhance his/her primary purchase. |
Warranty | Promise made by their seller to the customer that the seller will repair or replace a product that does not perform as expected. |
Guarantee | A promise made by the seller to the consumer that the seller will refund the customer’s purchase price if the product doesn’t perform as expected. |
Product recalls | A request to return to the maker a batch or an entire production run of a product, usually due to the discovery of safety issues. |
Standards | Statements that specify a product's size, contents, and/or quality; used as a basis for comparing or judging goods or services. |
Grades | Ratings assigned to products that tell to what extent standards apply |
Personal selling | Determine what is of value to the customer and what they need help with |