Unit 12 - Marketing Flashcards
offerings, plans, or strategies motivated by customer demand or expectations.
customer driven
a way of selling a company’s product either directly or via distributors
distribution channel
firm’s policy or strategy guided by market trends and customer needs instead of the firm’s productive capacity or current products
market driven
newly identified need, want, or demand trend that a firm can exploit because it is not being addressed by the competitors.
market opportunity
a measure of brand or category popularity
market penetration
a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow reaching them
market segmentation
a strategy used by marketers to set a relatively high price for a good or service before lowering it at the launch of a new, innovative product into the market
market skimming
a measure of the effect of a price change or a change in the quantity supplied on the demand for a product or service.
price elasticity
denoting a product whose sales are greatly influenced by its price
price sensitive
a period of fierce competition in which traders cut prices in an attempt to increase their share of the market
price war
the marketing of generally similar products with minor variations that are used by consumers when making a choice.
product differentiation
a function of an item which is capable of gratifying a particular consumer need and is hence seen as a benefit of owning the item
product features
a marketing strategy that uses a more direct and personal approach to entice consumers to buy the companys product or service
sales driven
a person employed to represent a business and to sell its merchandise
sales rep(resentative)
the selling of goods in large quantities to be retailed by others
wholesaler
