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 .
