EM Unit 3 Word Scramble

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EM Unit 3

Arkansas Enterprise Management Unit 3 Terms

Question	Answer
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 company that is likely to purchase a product or a service
Customers	people who buy the products 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 services as another business
Markdown price	is determined by subtracting an amount from the retail price of an item
Market research	a system for collecting, recording, 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 business
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 market
Markup price	is determined by adding an amount to 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 establishing 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

Created by: kateharness on 2011-11-04