Entrepreneurship – Ch 8 Developing Your Marketing Mix
the activity of presenting products or services to customers
a plan for a business to reach its marketing objectives through the four main strategies of product, place, price, and promotion.
the reasons customers choose to buy
The symbolic embodiment of all the information connected with a product or service.
unique symbol, coloring, lettering, or other design element.
grouping two or more products together and pricing them as a unit
setting prices based on competitors’ strategies, prices, costs, and market offerings
adding a dollar amount or percentage to the cost of the product
pricing based on the level of demand for the product
a distribution channel in which producers sell directly to consumers
routes by which goods are moved from producers to consumers.
Giving a limited number of dealers the exclusive right to distribute the company’s products in their territories
What a product does
the path a product takes using intermediaries between the producer and consumer
stocking the product in as many outlets as possible
a type of business that buys goods from wholesalers or manufacturers and sells them directly to the public
is determined by subtracting an amount from the retail price of an item
the combination of product, pricing, promotion, and distribution strategies used to market products
a company’s percentage of the total industry sales for a specific product type
Is determined by adding an amount to the wholesale cost of an item.
Awareness of a product or company created in the consumer’s mind by the company’s marketing
the combination of product lines offered by a manufacturer
a process by which marketers create an image of their products, brand or organization in the consumer’s mind relative to the sum of the attributes of competitors
Techniques for communicating information about products to consumers
A limited number of outlets in a given geographic area are used to sell the product.
Approach to marketing that communicates with your prospects and customers from all directions
a public promotion of some product or service
Attention, interest, desire, action. Four different ways of constructing an advertisement continuously to simulate audience members
producers sharing in the cost of ads with wholesalers or retailers
CPM(Cost Per Thousand)
The media cost of exposing 1,000 readers to an ad.
advertising sent directly to prospective customers via the mail
a television commercial presented in the form of a short documentary
Channels of mass communication
Communicating with people one knows or can get to know to share information and share advice
An online discussion group that focuses on a specific topic
direct spoken communication between sellers and potential customers
Cover letter that is often sent with a press release to introduce it
an extra item offered to the consumer
a document offering an official comment or position.
Putting products into TV shows and movies where they will be seen
series of promotional messages to meet the goal or creating brand loyalty
the combination of different types of promotion
Business information that is provided to the public by the media or other sources at no cost to the business
any activity designed to create a favorable image of a business, its products, or its policies
Short-term incentives to encourage the purchase or sale of a product or service
the use of the telephone as an interactive medium for promotion and sales
A type of barter. The exchange of goods and services instead of using money.
Use of artistic displays to attract customers into a store and visually promote products inside a store
Electronic advertisement that you pay other companies or organizations to embed on their websites
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