Business 4: Marketing

Marketing

Selling what a business makes and to manage a business’ brands.

Brand Name

to distinguish a companies name from competitors.

Trademark

The Golden Arches associated with Mcdonalds.

Slogan

“Just do it” - Nike

Brand Equity

The value of a brand in a marketplace.

Product Life Cycle

A brands equity develops according to its place in the ______________.

Style Curve

How a brands Product Life Cycle is visually demonstrated.

Fads

Products that are extremely popular for a short period of time.

Knock-offs

Imitators of fads.

Niche

Has a dominant section of the market where not many competitors will enter.

Four Ps of Marketing

Product, Price, Place, Promotion.

Price Sensitive

Marketers need to be aware of this before increasing or decreasing their price.

Channels of Distribution

The paths of ownership from producer to consumer.

Direct Distribution

Selling fruit in a farmers market.

In-direct Distribution

Selling fruit in a grocery store.

Specialty Distribution

Selling fruit through an online source.

Importers

Bring goods into a country.

Wholesalers

Buy goods from producers to resell them to consumers.

Sales Promotion

Encourages customers to buy a product using coupons, deals, sales, contests, samples, etc.

Two C’s of Marketing

Competitive; Consumer

Market Share

The percent of a market that a company has.

Market Segment

An overall market that has similar characteristics.

Indirect Competition

Product that compete for your money but aren’t directly connected.

Direct Competition

Products that compete for your money and are similar.

Disposable income

Leftover money after taxes.

Discretionary income

Money that is left after buy necessities ex. food, water, housing, etc.

Demographics

The study of obvious characteristics like age and gender.

Psychographics

The study of lifestyle.

Advertising

A paid-for promotion of a business’ goods or services.

Publicity

A un-paid promotion.

Direct-to-home advertisements

ex. flyers, catalogues, magazines, etc.

Out-of-home advertising

ex. billboard ads.

Marketing research

Collects and analyzes information to develop marketing strategies.

Secondary Data

Re-analyzes data from another resource.

Primary Data

Collected and analyzes data for a purpose.

Closed-ended

Yes/No, Agree/Disagree

Open-ended

Lets respondents develop their own responses.