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Unit 3

Marketing the business

TermDefinition
Advertising 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 competitors charge for the same goods
Competitive analysis comparing the strengths and weaknesses of your competition
Cost based pricing determined by using wholesale cost of tan item as the basis for the price charged
Customer profile description of the characteristics of the person/company likely to purchase a product/service
Customers people who buy the products/services a company 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 of its money selling similar products/services as another company
Features Product characteristics that satisfy customer needs
Focus Group interview with groups of target customers who provide valuable ideas on products/services
Indirect competition competition by a business that makes only a small amount of money by selling similar products/services as another business
Markdown Price determined by subtracting an amount from the retail price of an item
Market Research system for collecting, recording, and analyzing information about customers, competitors, goods,and services
Market Segments groups of customers who share common characteristics
Market Share % of a market owned by a business
Marketing concept uses the needs of the customers as the primary focus during the planning production distribution of a product
Created by: dylandye