marketting Flashcards
(19 cards)
product
An element of the marketing mix related to the good or service designed to satisfy a need or want in a market.
price
The amount of money that a business charges for its product or service.
promotion
Part of the marketing mix related to advertising, sponsorships, sales promotion, or other tactics to inform and persuade customers to buy a product.
place
An element of the marketing mix related to the physical distribution of products.
wholesaler
A business selling goods in large quantities to retailers, generally at a low price.
retailer
A business that sells products to the public in relatively small quantities for use or consumption rather than for resale.
agent
A person who acts on behalf of another person or group.
people
Those who are involved in offering a service; an element of the marketing mix.
process
An element of the services part of the marketing mix related to the activities needed in the interaction between the customer and the business.
physical evidence
An element of the marketing mix related to all the sensory elements that the customer sees, smells, hears and touches when interacting with a business.
market research
Gathering information to support marketing decisions.
primary research
Research (in a market) that involves creating new information that is gathered through surveys, interviews, observations, focus groups, camera studies or other methods.
secondary research
Research that involves using evidence (about a market) gathered by others.
qualitative research
The collection of non-numerical data, such as opinions.
quantitative research
The collection of numerical data and information that can be counted.
sampling
A technique of selecting a subset of individuals (sample) from a given population to make some estimation or prediction of the population as a whole.
Sales forecasting
Sales forecasting is a quantitative technique used by businesses to predict the levels of sales that they may expect in future years.
