Marketing Terms N-Z Flashcards
Product Mix
All the different products that a company makes or sells
Product Depth
The number of product items offered within each product line
Product Promotion
Promotion used by a business to convince potential customers to buy products from it instead of from a competitor (a) show major features and benefits of a product versus competitors, (b) Publicity- newsworthy information about company, product, or person, (c) sales promotion- increase sales, inform customers, and create positive company image, (d) personal selling- oral sales from sales representative to a customer
Promotional Mix
Combination of different types of promotion a business uses to persuade customers to buy its product; publicity, sales promotion, personal selling, courteous employees, coupons, rebates, contest, etc.
Promotional Advertising
Designed to increase sales (a) creates interest in products (b) introduces new business products or businesses (c) explains a product (d) supports personal selling efforts (e) creates new markets
Public Relations
Activity designed to create a favorable image towards a business, its products or its publicities
Publicity
Creating demand for a business or product by replacing news about it and publications or on radio, television, or stage (a) principal function is to build an image (b) sponsor cultural events, award scholarships and prices, or donate equipment for public use (c) free
Risk Management
The systematic process of managing an organization’s risk exposure to achieve objectives in a manner consistent with public interest, human safety, environmental factors, and the law
Risk
The possibility of financial loss, the potential for loss or failure in relation to the potential for improved earnings
ROI
Return on Investment: Express do usually as a percentage, return on investment is a measure of profitability that indicates whether or not a company is using its resources in an efficient manner
Sales Incentive
Awards given to managers and employees who successfully meet or exceed their company’s set sales quota for a particular product of line of products
Sales Promotion
Use of marketing devices, such as displays, premiums, and contests to simulate purchases (a) short term effort (b) offers some type of incentive to make a purchase
Selling
Helping customers make satisfying fine decisions. 7 Steps (Pre-Approach, Approach, Determine Customer Needs, Objections, Closing the Sale, Suggestion Selling, Relationship Building)
Slogan
A catchphrase or small group of words that are combined in a special way to identify a product or company
Social Media
Primarily Internet or cellular phone-based applications and tools to share information among people. Social media includes popular networking websites, like Facebook and Twitter
Sole Proprietorship
Simplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise
Specialty Media
Relatively inexpensive, useful items with an advertiser’s name printed on them
Suggestion Selling
Selling additional goods or services to a customer
Target Marketing
Focusing all marketing decisions on the specific group of people you want to reach
Trademark
A brand-name, brandmark, tradename, trade character, or a combination of these, that is given legal protection by the federal government
Unit Pricing
Method of pricing that allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound
Warranty
Promise, or guarantee, given to a customer that a product will meet certain standards
Natural Risks
Type of business risks that results from natural causes such as floods, tornadoes, hurricanes, fires, lightning, droughts, earthquakes, and unexpected changes in normal weather conditions
Penetration Pricing
Pricing policy that sets a very low price for a new product to encourage as many people to buy it
Personal Selling
Any form of direct contact between a sales person and a customer
Prestige Pricing
Setting higher-than-average prices to suggest status and prestige the customer
Print Media
Used to convey messages, such as newspapers, magazines, direct mail, signs, and billboards
