Marketing – basic terms – definitions

distribution channel
all the companies or individuals (‘middlemen’) involved in moving goods or services from producers to consumers
an intermediary that stocks manufacturers’ goods or merchandise, and sells it to retailers and professional buyers
market segmentation
dividing a market into distinct groups of buyers who have different requirements or buying habits
product differentiation
making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging, etc.
market skimming
setting a high price for a new product, to make maximum revenue before competing products appear on the market
sales representative
someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
product features
the attributes or characteristics of a product, such as size, shape, quality, price, reliability, etc.
price elasticity
the extent to which supply or demand (the quantity produced or bought) of a product responds to changes of price
market penetration
the strategy of setting a low price to try to sell a large volume and increase market share
market opportunities
possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
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