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Unit 6 Prod and Mark

QuestionAnswer
Advertising all forms of paid promotions that deliver a message to many people at the same time
Advertising Media the methods of delivering the promotional message to the intended audience
Brand a name, symbol, word, or design that identifies a product or company
Buying obtaining goods to be resold
Channels of Distribution the routes products and services follow
Cost of Goods Sold the cost to produce the product or buy it for resale
Decline Stage occurs when a new product is introduced that is much better or easier drive and customers begin to switch from the old product to the new one
Discounts reductions from the price of the product to encourage customers to buy
Distribution the set of activities required to transport and store products and make them available to customers
Financing providing money that is needed to perform various marketing activities
Gross Profit term used to indicate the difference between the selling price and the cost of the goods sold
Growth Stage occurs when several brands of the new product are sold
Introductory Stage occurs when a brand new product enters the market
Inventory Management determines the quantities of materials and supplies needed for production and the amount of finished products required to meet customer orders
List Price the original price that a seller posts on a product
Manufacturing a special form of production in which raw and semi-finished materials are processed and converted to finished products
Markdown any amount by which the original price os reduced before an item is sold
Market the types of buyers a business wishes to attract and where such buyers are located
Market Research the study of a company's current and prospective customers
MArketing the process of figuring out how to sell a certain product
Marketing Mix the blending of all decisions that are related to the four elements of marketing
Marketing Plan a detailed written description of all marketing activities that a business must accomplish in order to sell a product
Markup the amount added to the cost of a product to determine the selling price
Mass production producing large quantities of a product
Maturity Stage occurs when there are many competing brands with very similar features
Net Profit the difference between the selling price and all costs and expenses of the business
Operating expenses the cost of operating a business
Price the amount of money given to obtain a certain product
Product all atributes that customers receive in exchange for the price paid
Product Development the process of developing or improving a product
Product Life Cycle the four stages of sales and profit performance through which all brands of a product
Product research research done to develop a new product
Production involves making a product
Promotion telling customers about the new product
Researching studying buyers wants and needs in a product
Retailers business that sell to other businesses
Sales Promotion any promotional activity
Selling providing personalized and persuasive information to customers
Selling Price the price at which a product is sold
Services any activity of value that does not develop ownership of a product
Storing holding goods until needed by cutomers
Target MArkets groups of customers with very similar needs
Transporting moving goods from where they are made
Wholesalers businesses that buy from other businesses and sell to retailers
Created by: jtroush
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