ENTRE CH 5

marketing

• all of the processes—planning, pricing, promoting, distributing, and selling—utilized by a company to place its product in the hands of potential customers
• plan that identifies how marketing goals will be achieved
• uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service

marketing concept

• uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service
• all of the processes—planning, pricing, promoting, distributing, and selling—utilized by a company to place its product in the hands of potential customers
• the name, symbol, or design used to identify a product

marketing mix

• blending of the product, price, distribution, and promotion used to reach a target market
• amount earned as a result of the investment, usually expressed as a percentage
• product characteristics that will satisfy customer needs

marketing strategy

• plan that identifies how marketing goals will be achieved
• blending of the product, price, distribution, and promotion used to reach a target market
• pricing that is determined by using the wholesale cost of an item as the basis for the price charged

marketing plan

• defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and recognizes and anticipates change
• business’s percentage of the total sales generated by all companies in the same market
• pricing that is determined by how much customers are willing to pay for a product or service

product mix

• different products and services that a business sells
• creating an image for a product in the customer’s mind
• pricing that is determined by considering what competitors charge for the same product or service

features

• product characteristics that will satisfy customer needs
• defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and recognizes and anticipates change
• pricing strategy that offers customers a reduced price to encourage them to buy perceive a product

brand

• the name, symbol, or design used to identify a product
• different products and services that a business sells
• pricing strategy based on the belief that certain prices have an impact on how customers

positioning

• creating an image for a product in the customer’s mind
• pricing strategy based on the belief that certain prices have an impact on how customers
• different products and services that a business sells

return on investment (ROI)

• amount earned as a result of the investment, usually expressed as a percentage
• pricing strategy that offers customers a reduced price to encourage them to buy perceive a product
• defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and recognizes and anticipates change