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Unit 3
Marketing the Business
| Term | Definition |
|---|---|
| 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 | Routs 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 consumer 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 form 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 customer as the primary focus during the planning, production, distribution, and the 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 establishing a favorable relationship with customers and the general public |
| 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:
nikkivanwilpe
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