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MARKETING PRINCIPLES
FLASHCARDS REVIEW
| Term | Definition |
|---|---|
| Absolute Advantage | the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group |
| Bundle Pricing | a marketing strategy that joins products or services together in order to sell them as a single combined unit |
| Consumer | a person who purchases goods and services for personal use |
| Demographics | statistical data relating to the population and particular groups within it |
| Endless-chain method | a prospecting method in which a salesperson asks each customer called upon to suggest the names of other likely purchasers of the same product |
| Exporting | send (goods or services) to another country for sale |
| Economic Interdependence | a consequence of specialization, or the division of labor, and is almost universal. |
| Pricing | decide the amount required as payment for (something offered for sale) |
| Factor of production | an economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit |
| Flexible Pricing | method of selling where the prices are negotiable |
| Information Utility | large-scale provider of information |
| International Trade | the exchange of goods and services between countries. |
| Marketing | the action or business of promoting and selling products or services, including market research and advertising. |
| Marketing Share | The percentage of an industry or market's total sales that is earned by a particular company over a specified time period |
| Marketing Mix | a combination of factors that can be controlled by a company to influence consumers to purchase its products. |
| Piggybacking | Low cost market entry strategy in which two or more firms represent one another complementary products in their respective markets |
| Non-price Competition | a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship" |
| Private Carriers | a company that transports only their own goods |
| Product Positioning | a marketing technique intended to present products in the best possible light to different target audiences. |
| Promotional Mix | is one of the 4 Ps of the marketing mix. It consists of public relations, advertising, sales promotion and personal selling |
| Psychographics | the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research. |
Created by:
livdondo
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