Unit 7.1 Marketing: Product Planning & Production - Vocab

Front

Right product, place, price, time

Back

marketing

Front

Decisions on marketing elements: product, price, place, promotion.

Back

marketing mix

Front

Area where potential customers are located; where buyers and sellers interact.

Back

market

Front

Study of a company's current and potential customers and their traits.

Back

Market research

Front

Specific group of customers for a product.

Back

Target market

Front

Plan detailing activities to achieve marketing goals within a timeframe.

Back

marketing plan

Front

Time from product introduction to removal from shelves

Back

product life cycle

Front

Beginning of the product life cycle when a new product is launched.

Back

introduction

Front

Phase of product life cycle when new products gain popularity and sales increase.

Back

growth

Front

Phase of product life cycle when sales peak and competition is high.

Back

maturity