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MP FE Review 2021
Vocabulary to review 2021
| Term | Definition |
|---|---|
| marketing | the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers |
| marketing concept | the idea that businesses should strive to satisfy customers while also making a profit. |
| market | all of the people who share similar needs and wants and who have the ability to purchase a given product or service |
| market share | the percentage of the total sales volume (piece of the pie) of companies that compete in a given market |
| target market | the group of customers identified for a specific marketing program |
| marketing mix | also called the 4 Ps of marketing. The strategies of product, price, place, promotion that are tools used to influence customer buying decisions |
| suggestion selling | selling additional goods or services to the customer |
| customer loyalty program | reward customers for purchasing products or services from a company. |
| sales promotion | activities or incentives directed at customers to boost sales. Often for a short period of time and can include: coupons, product samples, and point of purchase displays |
| Place (distribution) | the decisions about the path a product takes from manufacturer to the end user (consumer) as well as where to sell them |
| price | the value in money placed on a good or service - VAUE |
| markup pricing | when resellers add an amount or percentage to the cost of the product to arrive at a new price |
| marketing research | also known as information management is the process and methods sued to gather information, analyze it, and report findings related to marketing goods and services |
| product mix | all of the different products a company makes or sells |
| product line | a group of closely related products manufactured or sold by a business. Example - all of the NIKE products sold at Dick's Sporting goods |
| survey method | the use of a questionnaire to learn more about a customer group or their buying habits |
| trade characters | Tucan Sam, Tony the Tiger, and the Gieko Gecko are examles of... |
| objections | excuses, hesitations, or doubts the customer may have about making a purchase |
| brand mark | Mcdonalds M, and the NIKE Swoosh are symbols used to promote their business, also called logos or a --------? |
| press release | a document sent to the press promoting an event, product or company |
| loss leader | a product offered at a low price in order to get customers attention so they will purchase other products while in the store |
| market segmentation | the way the market is divided into smaller groups of potential customers. Demographics, geographics, psychographics and buyer behavior |
| SWOT Analysis | when a company examines its internal strengths and weaknesses and external (outside influences) threats |
| primary data | data collected for the first time and used specifically for the problem of issue being studied |
| focus group | a small group of consumers asked to test a product. an example may be taste testing a new cereal or ice cream flavor |
| TRUE | secondary data is cheaper and takes less time to gather than primary data because it has been collected before for another purpose |
| product planning | involves making decisions about what to sell and what features should be used in selling a business's products, services or ideas |
| branding | a name, term, design or symbol or combination of these elements used to create a feeling or reputation for a company, product or service |
| odd/even pricing | a technique that involves setting prices that all end in either odd or even numbers. Odd numbers suggest value or a bargain |
| prestige pricing | sets higher than average prices to suggest status and high quality |
| promotional mix | the mix of promotional strategies used by a business to sell its products and services. Includes: public relations, direct marketing, advertising, selling, and sales promotions |
| print media | includes advertising in newspapers, magazines, signs, and billboards |
| online media | involves selling using social media and the Internet. Includes: Instragram, facebook, twitter, and websites |
| public relations | a form of promotion concerned with creating a favorable public image or overcoming unfavorable image. Activities might include charity events, celebrations, awards, press conferences, and other means to share good news about a company |
| Direct marketing | also called direct mail. This type of marketing targets specific customers with its advertising. Can include post cards, flyers, catalogs, and Emails |
| loyalty marketing programs | reward customers for shopping at a company |
| greeting approach | a method for initiating converstaion with a customer simply by greeting them. Welcome to Moe's |
| the Selling process | the set of steps used to match a customer's needs and wants with a product or service. |
| closing the sale | obtaining agreement to buy from the customer. |
| 4 parts of the print ad | headline, copy, illustration and signature |
| customer profile | a detailed description of the target market customer in order to better meet their needs and wants |
| channels of distribution | the path a product takes from the producer or manufacturer to the end user |
| physical distribution | involves transportation, order processing, stock handling, storage, and inventory control are all a part of ..... |
| types of transportation | trucking, railroads, shipping, pipelines, and air services are all used in distribution, they are the... |
Created by:
janice ritchey
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