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AR Entrepreneurship

Entrepreneurship 1 Unit 3

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 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 cmopany that is likely to purchase a product or a service
customers people who buy the product 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 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 or servcies as another business
markdown price is determined by subtracting an amount from the retail price of an item
market research a system for collecting, recoreding, 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 busines
marketing concept uses the needs of the customers 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 marketing (known as the 4 P's)
markup price is determined by adding an amount ot 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 establshing a favorable relationship with customers and the general public
sales promotion the act of offering an incentive to customers to increase sales
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: 4605tdow