Entrepreneurship Unit 4 Vocabulary

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marketing

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All of the processes—planning, pricing, promoting, distributing, and selling—utilized by a company to place its product in the hands of potential customers.

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marketing concept

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Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.

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marketing mix

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Blending of the product, price, distribution, and promotion used to reach a target market.

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marketing strategy

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Plan that identifies how marketing goals will be achieved.

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marketing plan

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Defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and recognizes and anticipates change.

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product mix

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Different products and services that a business sells.

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brand

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The name, symbol, or design used to identify a product.

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positioning

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Creating an image for a product in the customer's mind.

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return on investment (ROI)

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Amount earned as a result of the investment, usually expressed as a percentage.

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market share

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Business’s percentage of the total sales generated by all companies in the same market.