Marketing Flashcards
Target market
A group of people identified as those most likely to become customers that have similar wants and needs .
Advertising
Paid , non personal presentation of ideas , goods or services direct at a mass audience by an identified sponsor . For example print , billboard ,radio
What are the main responsibilities of the marketing department ?
Designing a place , promotion , product and price that attracts the target market and ultimately drives sales .
Brand
The name symbol or logo
Brand loyalty
The tendency to continue buying a certain brand of a product .
Commission
A fee paid to sales person based on a percentage of the amount they sold .
Competitive advantage
A feature that makes a product more desirable than its competitors .
Demographics
Measurable characteristics that describe a population by age , gender , income , ethnic background , education & occupation .
Elastic demand
Situation in which a change in price creates a change in DEMAND .
Focus group
A small group of people who’s opinions are studied to determine the opinions that can be expected by target market .
Reputation
The impression people have of a company .
Inelastic demand
Situations in which a change in price have little or no effect on demand .
Markdown
The amount of money taken OFF a price .
Market
A group of people or companies who have a demand for a product or service and are willing and able to buy it .
Market research
The collection and analysis of info aimed at understanding the behavior of consumers in a certain market .
Market mix
The 4 strategies used to reach a target market : place , price , promotion .
Marketing plan
A research plan used by a business to shape it’s product , place , price , promotion ,to reach its target market .
Networking
The process of building and maintaining informal relationships with people whose acquaintance could bring about business opportunities .
Niche
A small , specialized segment of the market based on the unique needs of a few customers .
Personal selling
When a salesperson communicates directly with a client to make an individual sale .
Pre-sale
The act of influencing potential customers to buy before the product is actually available .
Psychographics
The social and psychological characteristics like personality , values , opinions , motivations , beliefs and lifestyle that influences consumer behavior .
Public relations
Any activity designed for o create a favorable image of a business , it products , or it policies .
Publicity
Bringing news or news worthy info about an organization to the public .
Sales forecast
An estimate of sales for s given period of time like summer , or the next fiscal year .
Sales quota
A performance goal assigned to a sales person for a specific amount of time .
