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Flashcards in FINAL REVIEW Deck (46):
1

Marketing

Developing, promoting, and distributing goods/services to satisfy customers' needs and wants

2

Demographics

Statistics that describe a population in terms of personal characteristics

3

B2B Marketing

A commerce transaction between businesses

4

Channel of Distribution

Path along which goods move from producers or manufacturers to consumers

5

ROMI (Return on Marketing Investment)

Measurement used to evaluate a company's marketing investment

6

Psychographics

Study of personality, values, opinions, attitudes, interests, and lifestyles

7

Marketing Plan

Written document that directs a company's spending and marketing activities for a specific period of time

8

Demand

The amount of any given good/service that people are ready and able to buy at a given price

9

B2C Marketing

Business that sells products or provides services to end-user customers

10

Behavioristic

Based on actual customer behavior toward products (consumption behavior)

11

Market Segmentation

Process that divides a broad market into smaller subsets of customers with similar needs and wants

12

Break-Even Point

Sales revenue equals the costs and expenses of making and distributing a product

13

Product Mix

Assortment of goods and services a company sells

14

Geographics

Dividing your market into geographical areas and features

15

Supply

The amount of any given good/service available for sale at any given time

16

Wholesaler

A step in channel distribution management where the product is bought in bulk

17

Transportation Methods

Rail Transport
*highest cost to set up, cheap to transport*
Road Transport *most common*
Water Transport
*Slowest form*
Air Transport
Pipleines

18

Primary Research

The research is done by the company itself
(questionnaires, focus groups, mystery shopping)

19

Secondary Research

Research conducted by someone else but is used by the company

20

Market Research

Gathering info about customers' needs and preferences

21

Public Relations

Using the news or business press to carry positive stories about your company or products

22

Market Share

Percentage of the total sales volume generated by all companies in a market

23

Press Release

A public relations announcement issued to the news media and other targeted publications for the purpose of letting the public know of company developments

24

Target Marketing

Focusing all marketing decisions on a very specific group of people who your company wants to reach

25

Intermediaries

Business or person who acts as a link between parties to a BUSINESS deal

26

Sales Channel

A way in which a company supplies is product or services to customers

27

Market

All people who share similar needs and wants, and can purchase your products

28

Objections

Concerns, hesitations, doubts, honest reasons for not making a purchase

29

Distribution

Process of deciding how to get goods into consumers hands

30

Target Marketing

Understanding concepts and strategies used to develop and target speciific marketing strategies to a select audience

31

Marketing Information Management

Gathering storing, analyzing info, customers, trends, and competing products

32

Pricing

determine how much to charge in order to make a profit

33

Promotion

The effort to inform, persuade and remind current and potential customers about a business' products/ services

34

Selling

Responding to consumer needs and wants through planned personalized communication in order to influence decisions

35

Product Management

Obtaining developing maintaining improving a product or a product mix in response to market opportunities

36

Marketing Mix

Price
Place
Promotion
Product

37

Product Life Cycle

Development
Introduction
Growth
Maturity
Decline

38

Promotional Mix

Advertising
Publicity (Public Relations)
Sales Promotion
Personal Selling

39

Exclusive Distribution

An agreement is made to allow a single channel (store, website, retailer, etc.) to be the only carrier of a specific product or product line or brand

40

Selective Distribution

A company restricts distribution to only a certain type of channel, such as luxury, convenience, or big bog

41

Intensive Distribution

A company sells through as many channels as possible so consumers encounter the product wherever they are

42

Sales Process

Approaching the Customer
Determining Needs
Presenting the Product
Overcoming Objections
Closing the Sale
Suggestion Selling
Relationship Marketing

43

Command Economy

Government manages the distribution and availability of products and services (having to buy everything through government stores)

44

Traditional Economy

An economy based on what they find around them, traditions, beliefs, and customs (Tribal, aboriginal, nomadic)

45

Market Economy

An economy based on the demand of the market; you produce exactly what you think is needed. What is purchased is what is needed. It is purely capitalistic; no limits on what you do, but you will be limited by the market

46

Mixed Economy

An economic system that merges command and market economies. Economy is built around market demand, but government may become involved to restrict or encourage the distribution of particular goods and services; limits potential for monopolies