Chapter 16 Flashcards
Marketing
Means satisfying consumer needs by producing products
The marketing mix
Is the combination of actions (product,price,place,promotion) a company uses when selling a product or service
What are the 4 p,s
Product , price,place and promotion
Product branding
Means creating a identity for a product that’s distinguished it from competitors
(Name,logo)
A brand name
Name given to a product
Brand logo
Is a visual image the separates it fork competitors
Brand Loyalty
Occurs when customers repeatedly purchase items from the same company
Product life cycle
Is the introduction, growth, maturity and decline
Channels of distribution
The routes that goods follow to get from the producer to the consumer
Wholesalers
Are business that buy goods in very large quantities from producers and sell them in small quantities to resellers
Retailers
People who sell goods and services to consumers
Promotion
Is communicating with customers in order to attract their attention to a product or service
Advertising
Means communicating to customers to inform them about a product or service
Impulse purchases
Are unplanned decisions to buy a particular product or brand
Spam
Refers to electronic junk mail
