Test 4 Flashcards
description of The characteristics of the person or company
that is likely to purchase a product or service
Customer profile
A business that makes most of its money selling the same or similar products or services to the same market as other businesses
Direct competition
Data found in already published sources
Secondary Data
The name symbol or design used to identify a product
Branding
in-depth interview with a group of target customers who provide valuable ideas on products or services
Focus Group
defines your market- identifies your customers and your competitors
Marketing Plan
offers customers a reduced price encouraging them to buy
Discount Pricing
System for collecting recording in analyzing information about customers competitors products and services
Market Research-
Information collected for the very first time to fit a specific purpose
Primary Data
The individuals or companies that are interested in a particular product or service and are willing and able to pay for it
Target Market
plans that identifies how marketing goals will be achieved
Marketing Strategy
pricing determined by using the wholesale cost of an item as the basis for the price charged
Cost-based pricing
identifying and examining the characteristics of a competing firm
Competitive analysis
pricing that is determined by how much customers are willing to pay for a product or service
Demand based pricing
data that describe a group of people in terms of their age, martial status, family size, ethnicity, gender, profession,
Demographics
Data that describes a group of people in terms of their tastes opinions personality traits and lifestyle habits
Psychographics-
business’s percentage of the total sales generated by all companies in the same market
Market Share
A business that makes only a small amount of money selling the same or similar products and services to the same market as other businesses
Indirect Competition
blending of the product price distribution and promotion use to reach a target market
Marketing Mix
incentive offered to customers in order to increase sales
Sales promotion
