Marketing Flashcards
Quiz 2
)Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution, in order to get products from the producer to the end user.
Channel Management (Place
A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
Commodity
The individualized attention provided and available to customers throughout their lifespan as customers.
Customer Service
Researching a business’s target market and customers, its competing products or services, and relevant trends within the industry.
Marketing-Information Management
Creating strategies and establishing goals, objectives, processes and procedures in order to reach and attract the target customer to a business.
Market Planning
The amount of money a business thinks it should charge for its product or service.
Pricing
Creating new products and updating existing products, both based on research and feedback from existing customers and competitors’ customers, and getting rid of poor performing products.
Product/Service Management
Informing potential customers that a product or service exists, and the results they should expect from using it.
Promotion
Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides.
Selling
A specific group of customers that is most likely to buy a certain product or service, and where marketing efforts are aimed or “targeted” in order to reach and connect with this group.
Target Market
