Business concepts
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72 Terms
1
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Goods
products you can touch
2
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services
products you can't touch
3
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product
anything that can be offered to a market that satisfies a want or need.
4
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customer
buys products
5
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consumer
uses the products
6
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buying behaviors
better inform consumers about products and buy in larger amounts generally. Develop long term relationships with sellers. Often negotiate prices.
7
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marketing
the process of developing, promoting, and distributing products to satisfy the wants and needs of customers
8
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marketing plan
a document that lays out the details for how to focus marketing efforts on meeting the customers needs and wants
9
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personal selling
involves direct communication between the salesperson and the customer
10
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brand
product identity. Used to distinguish its products from all other competitors
11
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advertising
a business pays money to influence people regarding their products
12
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promotion
information or persuasive communication to the customers
13
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sales promotion
incentives used to get people to buy a product
14
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Plublicity
Involves placing information about goods, services, or companies in the general media
15
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philosophy of marketing
focus all efforts on satisfying the wants and needs of the customers.
16
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economic utility
transforms raw materials and component parts into product that has use and value for customers
17
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marketing mix
four ps: product, price, place and promotion
18
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four p's product
fills a customers wants and needs
19
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place
how to get the right product and quantity to the right people at the right time and place
20
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pricing
how much to charge for the product
21
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four p's: promotion
information or persuasive communication to the customers
22
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product mix
All product lines offered for sale by a company
23
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Demand - oriented pricing
the cost us set based on what the customer is willing to pay for a product
24
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Competition - oriented pricing
the cost of set based on the prices of competing products
25
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Cost-oriented pricing
the cost of making the product is used to determine the price
26
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distribution
Is concerned with determining how to get the product to the right people in the right amounts, at the right time and place
27
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physical distribution
Business function used to move the products through the channel to consumers
28
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content distribution
Sharing it where your target audience will see it. It is important to develop a distribution strategy for what kind of content will be distributed where so you are sure you are reaching your target audience.
29
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channel of distribution
The path a product follows from product to consumer
30
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Psychographics
refers to attitudes, values, interests, and lifestyle
31
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Demographics
refers to age, income, gender, ethnicity, and marital status
32
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Raw Materials
natural resources that are refined into end products
33
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Targeted audience
People that use the product or service, want it, and can afford to pay for it.
34
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Why can generic products be sold at reduced prices?
They don't have to spend as much time and money promoting the product.
35
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What is product life cycle and describe each
Introduction Stage- Product is first placed on the market
Growth stage- sales and profit increase, competitors appear
Maturity Stage- sales slow down, profits often fall due to competition
Decline- sales drop, products are often discontinued or revitalized
Growth stage- sales and profit increase, competitors appear
Maturity Stage- sales slow down, profits often fall due to competition
Decline- sales drop, products are often discontinued or revitalized
36
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The main factor to consider when classifying products
why the product is being purchased
37
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Goods
products you can touch
38
New cards
services
products you can't touch
39
New cards
product
anything that can be offered to a market that satisfies a want or need.
40
New cards
customer
buys products
41
New cards
consumer
uses the products
42
New cards
buying behaviors
better inform consumers about products and buy in larger amounts generally. Develop long term relationships with sellers. Often negotiate prices.
43
New cards
marketing
the process of developing, promoting, and distributing products to satisfy the wants and needs of customers
44
New cards
marketing plan
a document that lays out the details for how to focus marketing efforts on meeting the customers needs and wants
45
New cards
personal selling
involves direct communication between the salesperson and the customer
46
New cards
brand
product identity. Used to distinguish its products from all other competitors
47
New cards
advertising
a business pays money to influence people regarding their products
48
New cards
promotion
information or persuasive communication to the customers
49
New cards
sales promotion
incentives used to get people to buy a product
50
New cards
Plublicity
Involves placing information about goods, services, or companies in the general media
51
New cards
philosophy of marketing
focus all efforts on satisfying the wants and needs of the customers.
52
New cards
economic utility
transforms raw materials and component parts into product that has use and value for customers
53
New cards
marketing mix
four ps: product, price, place and promotion
54
New cards
four p's product
fills a customers wants and needs
55
New cards
place
how to get the right product and quantity to the right people at the right time and place
56
New cards
pricing
how much to charge for the product
57
New cards
four p's: promotion
information or persuasive communication to the customers
58
New cards
product mix
All product lines offered for sale by a company
59
New cards
Demand - oriented pricing
the cost us set based on what the customer is willing to pay for a product
60
New cards
Competition - oriented pricing
the cost of set based on the prices of competing products
61
New cards
Cost-oriented pricing
the cost of making the product is used to determine the price
62
New cards
distribution
Is concerned with determining how to get the product to the right people in the right amounts, at the right time and place
63
New cards
physical distribution
Business function used to move the products through the channel to consumers
64
New cards
content distribution
Sharing it where your target audience will see it. It is important to develop a distribution strategy for what kind of content will be distributed where so you are sure you are reaching your target audience.
65
New cards
channel of distribution
The path a product follows from product to consumer
66
New cards
Psychographics
refers to attitudes, values, interests, and lifestyle
67
New cards
Demographics
refers to age, income, gender, ethnicity, and marital status
68
New cards
Raw Materials
natural resources that are refined into end products
69
New cards
Targeted audience
People that use the product or service, want it, and can afford to pay for it.
70
New cards
Why can generic products be sold at reduced prices?
They don't have to spend as much time and money promoting the product.
71
New cards
What is product life cycle and describe each
Introduction Stage- Product is first placed on the market
Growth stage- sales and profit increase, competitors appear
Maturity Stage- sales slow down, profits often fall due to competition
Decline- sales drop, products are often discontinued or revitalized
Growth stage- sales and profit increase, competitors appear
Maturity Stage- sales slow down, profits often fall due to competition
Decline- sales drop, products are often discontinued or revitalized
72
New cards
The main factor to consider when classifying products
why the product is being purchased