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marketing review

units 1.0 and 2.0

TermDefinition
marketing Includes all the activities required to bring products and services from manufacturer to the consumer.
roles of marketing Create awareness of product/service.
4P's Product, promotion, price, placement.
customers Buys product/service but may not use/consume it.
consumer Buys and uses/consumes product/service.
MIM Provide info in a useful format for business decisions
SWOT analysis Reviews the potential or success or failure of a business or product.
PSM Marketing products/services available to meet wants/ needs of customers.
Promotion Communicate info about products/ services to potential customers.
Selling Finalizing the exchange process with the customer by selling products/ services & developing loyal, repeat customers.
Tangible Tangible products have intangible aspects to them.
Intangible Intangible products have tangible aspects attached to them as well.
Advertising A business invests in advertising to let potential customers know that their products and services are the best.
Suggestion selling Suggesting additional products/service that will enhance his/her primary purchase.
Warranty Promise made by their seller to the customer that the seller will repair or replace a product that does not perform as expected.
Guarantee A promise made by the seller to the consumer that the seller will refund the customer’s purchase price if the product doesn’t perform as expected.
Product recalls A request to return to the maker a batch or an entire production run of a product, usually due to the discovery of safety issues.
Standards Statements that specify a product's size, contents, and/or quality; used as a basis for comparing or judging goods or services.
Grades Ratings assigned to products that tell to what extent standards apply
Personal selling Determine what is of value to the customer and what they need help with
Created by: martin0709
Popular Marketing sets

 



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