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Unit 1&2

Terms & Definitions

TermDefinition
Marketing Information Management (MIM) Provide info in a useful format for business decisions
Product Service Management (PSM) Making product/service 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
Financing Manage cash needs on daily basis/future
Simultaneously At the same time
Example of an inventory method Putting the freshest milk in the back of the stock while putting the older milk in the front.
Examples of promotion Billboard ads, TV/Internet Ads, Radio Ads
Why are happy, repeat, loyal customers important to businesses? To get repeated customers
How is availability related to distribution? Making sure there is enough product for the customers/consumers.
Marketing All the activities required to bring products/services from the manufacturer to the consumer
4P’s of marketing Product, Place, Promotion, Price
Define customer Buys product/service but may not use/consumes it
Define consumer Buys and uses/consumes product/services
Marketing concept A philosophy that drives the decision making process.
What is the SWOT Analysis? Reviews the potential for success or failure of a business or product
Distribution Availability, Transportation, Inventory Methods
Tangible products Items that can be touched, smelled, tasted, seen or heard.
Intangible products Productive activities that we pay someone else to perform
Suggestion Selling Suggesting additional products/services that will enhance his/her primary purchase
Product information Providing help and giving all info
Domineering/Superior Customer Think they know more than salesperson
Suspicious Customer Questions everything - doubtful
Slow/Methodical Customer Take a lot of time to decide/buy
Dishonest Customer Intentionally avoid paying, switch prices, etc
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
Created by: Wesley_305
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