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10/2/12
1-14
| Question | Answer |
|---|---|
| all of the processes-planning, pricing, promoting, distributing, and selling-used to determine and satisfy the needs of customers and the company | marketing |
| uses the need of customers as the primary focus during the planning, production, distribution, and promotion of a product or service | marketing concept |
| a blending of product, price, distribution, and promotion used to reach a target market | market mix |
| identifies how marketing goals will be achieved | marketing strategy |
| amount earned as an investment | return on investment |
| product characteristics that satisfy customer needs | features |
| the name, symbol, or design used to identify your product | branding |
| a business's percentage of total sales generated by all companies in the same market | market share |
| creating an image of a product in the customer's mind | positioning |
| the different product and services a business sells | product mix |
| pricing that is determined by how much customers are willing to pay for a product or service | demand-based pricing |
| pricing that is determined by using the wholesale cost of an item as the basis for the price charged | cost-based pricing |
| pricing that is based on the belief that certain prices have an impact on how customers perceive a product | psychological pricing |
| pricing that offers customers a reduced price to encourage them to buy | discount pricing |