Term
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Definition
An organizational function and
a set of processes for creating,
communicating, and
delivering value to customers
and for managing customer
relationships in ways that benefit
the organization and its
stakeholders. |
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Term
| Marketing Mix (the four p's) |
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Definition
1. Product-the MOST important component
2. Price-how much the product will be sold for
3. Place-where the product will be sold
4. Promotion-advertising |
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Term
| What do we mean by "markets"? |
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Definition
PEOPLE WITH THE
1.Willingness
2.Ability
3.Authority
…To buy a product or service |
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Term
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Definition
consumer (B2C)
business to business (B2B) |
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Term
|
Definition
How the consumer sees the product
relative to the competition
Examples:
�� Better quality
�� Higher price
�� Better value
�� Discount price |
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Term
|
Definition
Few competitors
Losses may occur
Low sales |
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Term
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Definition
Growing number of competitors
Very high profits: peak then decline
Rapidly Rising Sales |
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Term
|
Definition
Stable number, then declining competitors
Declining profits
Peak sales |
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Term
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Definition
Declining numbers in competitors
Falling profits
Falling sales |
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Term
| What is product from a marketing standpoint? |
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Definition
| Delivering more value to the customer |
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Term
|
Definition
TANGIBLE
• DESIGN
• FEATURES
• PACKAGING
�� INTANGIBLE
• BRAND NAME
• IMAGE
• REPUTATION
• GUARANTEE |
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Term
|
Definition
| Closely related products funtioning in a similar manner. |
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Term
|
Definition
| Set of ALL product lines and items that a particular seller offers for sale to buyers |
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Term
|
Definition
| abnormally low price to build clientelle |
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Term
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Definition
| abnormally high price to retain money used for research and development |
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Term
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Definition
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Term
| EDLP (everyday low price) Pricing |
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Definition
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Term
|
Definition
| used by department stores |
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Term
|
Definition
| putting 2 products together at break even point |
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Term
|
Definition
| prices set at psychological break even point (real estate) |
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Term
| __________ ___________ determine who they will sell their product through so the consumer can get it |
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Definition
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Term
Producers use INTERMEDIARIES
to bring products to market.
WHY? |
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Definition
Increase efficiencies
1. Information
2. Promotion
3. Contact
4. Matching
5. Negotiation
6. Physical distribution
7. Financing
8. Risk taking |
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Term
|
Definition
Advertising
Personal Selling
Sales Promotion
Public Relations |
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Term
|
Definition
Monitoring public attitudes
and managing this within
the organization. |
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Term
|
Definition
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Term
|
Definition
Most expensive
best for technical or expensive products
cars, computors, houses, boats, etc... |
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|
Term
what percent of sales dollars covers marketing expenses? |
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Definition
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Term
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Definition
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