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The Wrap-Up
MP-MKT 3-5-7-8-9-10-11-12
| Term | Definition |
|---|---|
| Direct Sales | sells that are directly transferred from the company to the customer |
| Public Relation | Activities that help an organization to influence a target audience,working with the press for a company image |
| Brand Value | A name, symbol, word, or design that identifies a product, service, or company |
| Sale Promotion | Incentives that encourage customers to buy products or services |
| Direct Marketing | A type of advertising that sends a promotional message to a targeted group of prospects and customers rather than to a mass audience |
| Advertising | Any paid form of non-personal communication sent through a mass medium |
| Sales Promotion | Offer consumers a direct incentive to buy a good or service |
| Personal Selling | person-to-person communication to inform, persuade, or remind |
| Channels of Distribution | Producer Wholesaler, Agent, Retailer |
| Wholesalers | Are company that purchase assortment of products to sale |
| Retailers | Own the product and service being sold to the consumers |
| Agent | Brings the buyers and seller together |
| Broker | Are sales agent for different company's |
| Direct | Goods or services are sold from the producer directly to the final user |
| Indirect | Goods or services are sold through the use of intermediaries |
| Hiring Manager | Value education, homeownership, family and retirement |
| Fixed Cost | are business expenses that do not change base on the level of goods or services produced by the business |
| Marketing Mix's | Price, product, place, and promotion |
| Variable costs | Are company expenses that change base on the amount of quantity produced. |
| Fixed Cost | Salaries, Rent, Taxes |
| Variable Cost | Utility, Bonus, Materials, Supply |
| Product Planning | When manufacture decide to add feature to existing product or service. |
| The Customer is Always Right | Is a philosophy that many business try to follow to help build positive customer and client relationships |
| Environmental Scans | This helps a business respond to opportunities and threats quickly |
| Command Economy | Control the factors of production and there is No Free Enterprise System |
| Consumers | Individuals who use the purchase products and services |
| Producers | Businesses that use the resources they control to develop products and services |
| Demand | Relationship between the quantity of a product consumers are willing and able to purchase for the price |
| Supply | Relationship between the quantity of a product that producers are willing and able to produce and the price |
| Supply Curve | A graph that shows the relationship between price and quantity. |
| Law of Demand | As the price of a product is increased, the demand will decrease and vice versa |
| Survey | Are a way a company can obtain feed back & customers satisfaction levels |
| Sales Records | Are collected primarily for marketing decision. |
| Loss of market shares | Indicates that market research should be done |
| Steps in marketing research | Define the problem, Obtain data, Analyze the results, Recommend the solution, Apply the results |
| Product Bundling | Offering a product that is complimentary to another product at a much higher price then the other is consider product bundling |
| Pricing Strategy | Establish price,Determine cost, Estimate demand, Study the objective,Decide on pricing strategy,Set price |
| Reason a company should not stop making a product | Brand Loyalty, Existing line, Brand recognizing, Development market, Brand images |
Created by:
OphLee71
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