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Unit 6
Production and Marketing Management
| Question | Answer |
|---|---|
| Advertising | all forms of paid promotions that deliver a message to many people at a 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 for resale |
| Decline Stage | occurs when a new product is introduced that is much better or easier 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 it |
| 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, 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 enters the market |
| 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 cutover orders |
| List Price | the original price that the seller posts on the product |
| Manufacturing | a special form of production in which raw and semi-finished materials are processed and converted into finished products |
| Markdown | any amount by which the original selling price is reduced before an item is sold |
| Market | the typed of buyers a business wished to attract and where such buyers are located |
| Market Research | the study of a company's current and prospective customers |
| Marketing | the process or 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 or processing of uniform products in large quantities using interchangeable parts of 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 in exchange 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 or 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 |
| Sales 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 ownership of a physical product; intangible products that result from a high degree of labor input and that satisfy consumer needs |
| Storing | holding goods until needed by consumers, 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 products |
| Transporting | moving goods from where they are made to where consumers can buy them |
| Wholesalers | businesses that buy products from businesses and sell them to retailers or other businesses |
Created by:
torilynnbell
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