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Argylls ITB 13

Argylls ITB 13 Marketing

QuestionAnswer
The process of getting goods and services to consumers. Distribution
Getting the money necessary to run a business. Financing
Process of creating, promoting and presenting a product to meet the needs and wants of the consumer. Marketing
A group of consumers who share a common want and need. Market
Deciding how much to charge for a product. Price
Any effort to inform, persuade, or remind potential customers about a product or service. Promotion
Providing customers with the goods or services they choose to buy. Selling
Obtaining, developing, maintaining and improving a product in response to market opportunities. Product/service managment
The pathway to direct products to the consumer. Channel of Distribution
When goods and services are sold straight from the producer to the consumer. Direct Distribution
Goods and services sold with one or more intermediary. Indirect distribution
The point at which revenue is the as total costs and expenses. Break-even point
Three examples of intermediaries. Wholesalers, retailers and distributors
Businesses use promotion to make consumers this about a product. Aware
Gathering and analyzing information about a market. Market research
Facts about the population. Demographics
Companies focus on the people who are most likely to purchase their product Target marketing
The division of a market for a product into groups of customers. Market segmentation
When workers work together to create new products and ideas. Brainstorming
First step of product development Generate Ideas
To offer a product or service in a limited market for a limited about of time. Test Market
A model of the actual product. Prototype
Four P's of Marketing Product, Place, Price, Promotion
5th P of Marketing People
What "P" of marketing deals with location. Place
Transporting goods via UPS and Fed Ex is what marketing function. Distribution
Offering coupons is an example of what "P" of marketing Promotion
The last step of product development Evaluate customer acceptance
Businesses may ask potential customers to complete this to find out information. Survey
Created by: rholloway
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