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Unit6-P&MM

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, service, or company
Buying obtaining goods to be resold
Channels of distribution the routes products and services follow, including the activities and participating organizations, while moving from the producer to the consumer
cost of goods sold the cost to produce the product or buy it by 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 product
Discounts reductions from the price of the product to encourage customers to buy
Distributions 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, such as obtaining credit when buying and extending credit when selling
gross profit term used to indicate the difference between the selling price and the cost of goods sold
growth stage occurs when several brands of the new product are available
introductory stage occurs when a brand new product enters the market
inventory stage determines the quantities of materials and supplies needed for production and the amount of finished products required to meet
last price the original price that the seller posts on the product
manufacturing a special for of production in which raw and semi-finished materials are processed and converted into finished prices
markdown any amount by which the original selling price is 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 planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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 its selling price
mass production manufacturing pr processing of uniform products in large quantities using interchangeable parts or machinery
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 costs of operating a business
price the amount of money given to acquire a product
product all attributes that customers receive for the purchase price
product development the process of developing or improving a product or service
product life cycle the four stages of sales and profit performance through which all brands of a product progress
product research research done to develop new products or discover improvements for existing products
production involves making a product or providing a service
promotion providing information to consumers that will assist them in making a decision to purchase a product or service, or the advancement of an employee within a company to a position with more authority and responsibility
researching studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions
retailers businesses that sell directly to final customers
sale promotions any promotional activities, other than advertising and personal selling, intended to motivate customers to buy
selling providing personalized and persuasive information to customers to help them buy the products and services they need
selling price the actual price paid for a company's products by the customer
services activities of value that do not result in the ownership of a physical product; intangible products and services they need
storing holding goods until needed by customers, such as on shelves, in storage rooms, or in warehouses
target markets groups of customers with very similar needs to whom the company can sell its product
transporting moving goods from where they are made to where consumers can buy them
wholesaler businesses that buy products form businesses and sell them to retailers or other businesses
Created by: racheledwards