Term
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Definition
| money a customer pays for a product |
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Term
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Definition
| production costs + operating expenses (labor) + profit (1-5% sales price) |
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Term
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Definition
| difference between the selling price and product costs |
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Term
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Definition
| Amount added to the cost of a product to set selling price |
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Term
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Definition
| method used to make a product available to the target market |
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Term
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Definition
| route a product follow and the businesses involved |
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Term
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Definition
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Term
| business-to-business selling |
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Definition
| takes place in a manufacturer's, whosaler's, or a customer's place of business |
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Term
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Definition
| getting ready for the face to face encounter in a selling situation |
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Term
| what must a retailer do in order to prepare for a selling situation? |
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Definition
check the inventory
rearrange, straighten, and replenish
vacuum and dustkeeping |
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Term
| What are the 7 steps of sales? |
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Definition
1. approach the customer
2. determine customer's needs
3. present the product
4. overcome objections
5. closing the sale
6. suggestion selling
7. relationship building |
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Term
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Definition
| the concept of planning and executing the conception, pricing, promotion, distribution of ideas, goods, and services to create exchanges that satisfy organizational objectives |
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Term
| What are the 7 functions of marketing? |
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Definition
product/service management
distribution
selling
marketing-information management
financing
pricing
promotion
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Term
| what is product/service management? |
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Definition
| designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs |
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Term
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Definition
| determining the best ways for customers to locate, obtain, and use the products and services of an organization |
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Term
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Definition
| communicating directly with potential customers to determine and satisfy their needs |
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Term
| what ismarketing-information management? |
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Definition
| obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities |
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Term
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Definition
| budgeting for marketing activities |
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Term
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Definition
| setting and communicating the value of products and services |
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Term
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Definition
| communicationg information about products and services to potential customers |
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Term
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Definition
| a company's plan that identifies how it will use marketing to achieve its goals |
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Term
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Definition
| a specific group of consumers that have similar wants and needs |
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Term
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Definition
product
distribution
price
promotion |
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Term
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Definition
| considers the needs of customers when developing a marketing mix |
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Term
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Definition
| finding solutions to problems through carefully designed studies involving consumers |
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Term
| what are the 5 steps of marketing research? |
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Definition
1. define the marketing problem
2. study the situation
3. develop a data collection procedure
4. gather and analyze information
5. propoes a solution |
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Term
| what are some types of research studies? |
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Definition
surveys
focus groups
experiment
observations |
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Term
| what is a product feature |
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Definition
| additions and improvements to the basic product |
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Term
| what are the pricing factors? |
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Definition
supply and demand
uniqueness
age
season
complexity
convenience |
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Term
| what are some differences that occur between producers and consumers? |
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Definition
quantity
assortment
location
timing |
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Term
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Definition
| the final business organization in an indirect channel of distribution for consumer products |
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