Business 4: Marketing
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Last updated 3:13 PM on 5/10/23
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37 Terms
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Marketing
Selling what a business makes and to manage a business’ brands.
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Brand Name
to distinguish a companies name from competitors.
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Trademark
The Golden Arches associated with Mcdonalds.
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Slogan
“Just do it” - Nike
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Brand Equity
The value of a brand in a marketplace.
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Product Life Cycle
A brands equity develops according to its place in the ______________.
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Style Curve
How a brands Product Life Cycle is visually demonstrated.
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Fads
Products that are extremely popular for a short period of time.
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Knock-offs
Imitators of fads.
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Niche
Has a dominant section of the market where not many competitors will enter.
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Four Ps of Marketing
Product, Price, Place, Promotion.
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Price Sensitive
Marketers need to be aware of this before increasing or decreasing their price.
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Channels of Distribution
The paths of ownership from producer to consumer.
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Direct Distribution
Selling fruit in a farmers market.
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In-direct Distribution
Selling fruit in a grocery store.
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Specialty Distribution
Selling fruit through an online source.
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Importers
Bring goods into a country.
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Wholesalers
Buy goods from producers to resell them to consumers.
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Sales Promotion
Encourages customers to buy a product using coupons, deals, sales, contests, samples, etc.
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Two C’s of Marketing
Competitive; Consumer
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Market Share
The percent of a market that a company has.
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Market Segment
An overall market that has similar characteristics.
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Indirect Competition
Product that compete for your money but aren’t directly connected.
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Direct Competition
Products that compete for your money and are similar.
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Disposable income
Leftover money after taxes.
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Discretionary income
Money that is left after buy necessities ex. food, water, housing, etc.
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Demographics
The study of obvious characteristics like age and gender.
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Psychographics
The study of lifestyle.
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Advertising
A paid-for promotion of a business’ goods or services.
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Publicity
A un-paid promotion.
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Direct-to-home advertisements
ex. flyers, catalogues, magazines, etc.
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Out-of-home advertising
ex. billboard ads.
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Marketing research
Collects and analyzes information to develop marketing strategies.
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Secondary Data
Re-analyzes data from another resource.
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Primary Data
Collected and analyzes data for a purpose.
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Closed-ended
Yes/No, Agree/Disagree
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Open-ended
Lets respondents develop their own responses.
Note 
Flashcards (39)