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Units 1.0 and 2.0
| Term | Definition |
|---|---|
| 4 P's in Marketing | Product, Price, Place, Promotion |
| Market | the group of all potential customers who have similar needs and wants and have the ability to buy the product |
| Marketing Mix | combination of the four elements of marketing -product, price, place, promotion |
| SWOT Analysis | reviews the potential for success or failure of a business or product |
| Functions of Marketing | Pricing Selling Promotion Distribution Financing Product/Service Management Marketing Information Management |
| Mass Marketing | a single marketing plan used to reach all consumers |
| Niche Marketing | narrowing markets, by identifying very specific characteristics, into a more specific group of people |
| Marketing Plan | document that outlines a company’s marketing/advertising |
| Qualitative Data | relies on the subjective data that reports opinions rather than historical data |
| Quantitative | uses statistical computations such as trend extensions based on past data, computer simulations, and economic models |
| Selling | responding to consumer needs and wants through planned, personalized communication |
| Tangible Products | items that can be touched, smelled, tasted, seen, or heard |
| Intangible Products | productive activities that we pay someone else to perform |
| Customer Service | effective communication allows you to meet or exceed their expectations because you have a clear understanding of their needs |
| 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 |
| Warranty | a promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected |
| Express Warranty | expressed in a specific statement (verbal/written), most typical |
| Implied Warranty | unwritten, unstated, and understood, assumed and understood |
| Full Warranty | covers the entire product |
| Limited Warranty | covers only certain parts or repairs |
| Guarantee | a promise made by the seller to the consumer that the seller will refund the consumer’s purchase price if the product doesn’t perform as expected. |
| Product Recall | 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 |
| Disagreeable Customer | unpleasant; doesn't agree with a part, policy, or actions of a business |
| Domineering/Superior Customer | think they know more than the 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. |
| Feature | physical characteristic of a product |
| Benefit | what a customer gets out of the product |
| Customer | buys product/service but may not use/consume it |
| Consumer | buys and uses/consumes product/service |
Created by:
michelledep
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