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Unit 1&2
Terms & Definitions
| Term | Definition |
|---|---|
| Marketing Information Management (MIM) | Provide info in a useful format for business decisions |
| Product Service Management (PSM) | Making product/service 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 |
| Financing | Manage cash needs on daily basis/future |
| Simultaneously | At the same time |
| Example of an inventory method | Putting the freshest milk in the back of the stock while putting the older milk in the front. |
| Examples of promotion | Billboard ads, TV/Internet Ads, Radio Ads |
| Why are happy, repeat, loyal customers important to businesses? | To get repeated customers |
| How is availability related to distribution? | Making sure there is enough product for the customers/consumers. |
| Marketing | All the activities required to bring products/services from the manufacturer to the consumer |
| 4P’s of marketing | Product, Place, Promotion, Price |
| Define customer | Buys product/service but may not use/consumes it |
| Define consumer | Buys and uses/consumes product/services |
| Marketing concept | A philosophy that drives the decision making process. |
| What is the SWOT Analysis? | Reviews the potential for success or failure of a business or product |
| Distribution | Availability, Transportation, Inventory Methods |
| Tangible products | Items that can be touched, smelled, tasted, seen or heard. |
| Intangible products | Productive activities that we pay someone else to perform |
| Suggestion Selling | Suggesting additional products/services that will enhance his/her primary purchase |
| Product information | Providing help and giving all info |
| Domineering/Superior Customer | Think they know more than salesperson |
| Suspicious Customer | Questions everything - doubtful |
| Slow/Methodical Customer | Take a lot of time to decide/buy |
| Dishonest Customer | Intentionally avoid paying, switch prices, etc |
| 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 |
Created by:
Wesley_305
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