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unit 3:
Marketing the business
| Question | Answer |
|---|---|
| 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 | routes that products and services take from the time they are produced to the time they are consumed |
| competition-based pricing | determined by considering what comepetitors charge for the same goods |
| competitive analysis | comparing the strengths and weaknesses of your competition |
| cost based pricing | determined by using the wholesale cost of an item as the basis for the price charged |
| customer profile | description of the characteristics the person or company that is likely to purchase a product or service |
| customers | people who buy the products and services companies offer |
| demand-based pricing | 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 out of its money selling similar products or services as another business |
| features | product characteristics that satisfy customer 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 as another business |
| markdown price | determined by subtracting an amount from 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 |
| market concept | uses the needs of the customer as the primary focus during the planning, production, distribution and promotion of a product |
| marketing mix | blending the four marketing elements to satisfy a target market |
| mark up price | determined by adding an amount to the wholesale cost of an item |
| networking | establish 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 describes 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 offering an incentive to customers to increase their sales |
| secondary data | information found in already published resources |
| 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:
megangreenwayy
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