Unit 7.1 Marketing: Product Planning & Production - Vocab

putting the right product in the right place, at the right price, at the right time

• marketing

• quality management

• product life cycle

all decisions related to the elements of marketing; product, price, place, promotion

• target market

• marketing mix

• total quality management

area where potential customers are located (physical location and/or online); where buyers and sellers interact

• marketing mix

• target market

• market

study of a company’s current and prospective customers including their characteristics

• market research

• marketing plan

• marketing

specific group of customers at which a product is aimed-- the people who buy your product

• target market

• quality management

• manufacturing

plan that describes activities involved in achieving specific marketing objectives in a set time frame

• product life cycle

• marketing plan

• marketing mix

the amount of time a product goes from being introduced into the market until it’s taken off the shelves

• product life cycle

• marketing

• business cycle

beginning of the product life cycle when a new product is launched

• introduction

• growth

• maturity

• decline

phase of the product life cycle when new products gain popularity, sales increase, competition ramps up

• introduction

• growth

• maturity

• decline

phase of the product life cycle when a product’s sales peak then begin to decline, competition is high

• introduction

• growth

• maturity

• decline