Marketing Vocabulary

Place

• The process of getting a product to the customer, including shipping and storage.

• The location where a product is manufactured.

• The area where customers can return products.

• The method of advertising a product to potential buyers.

Product Service Management

• Deciding which products a business should offer and improving them.

• Managing customer service interactions effectively.

• Creating marketing strategies for product promotion.

• Analyzing market trends to determine pricing strategies.

Marketing

• The process of connecting businesses with customers through products and services.

• A method of increasing sales through discounts and promotions.

• The act of creating advertisements for products and services.

• A strategy for managing customer relationships and feedback.

Product

• A type of marketing strategy used to promote goods.

• The good or service that a business offers to customers.

• A financial term related to profit margins.

• A method of customer service management.

Market Planning

• Identifying a target market and developing strategies to reach them.

• Creating a product without market research.

• Focusing solely on pricing strategies.

• Ignoring customer feedback during product development.

Promotion

• Communication used to influence customer behavior and increase awareness.

• A method to reduce product prices for customers.

• A strategy to improve employee performance.

• A technique to enhance product design.

Marketing Mix (4 P’s)

• Product, Price, Place, Promotion

• People, Process, Physical Evidence, Performance

• Product, Price, Packaging, Promotion

• Product, Price, Place, Partnership

Pricing

• Setting a product’s cost to cover expenses and earn a profit.

• Determining the market demand for a product.

• Calculating the production cost of a product.

• Establishing a promotional strategy for a product.

Customer Service

• Helping customers before, during, and after they purchase a product.

• Providing technical support for products only after purchase.

• Offering discounts and promotions to attract new customers.

• Managing inventory and supply chain logistics.

Selling

• Direct communication with customers to help them make purchases.

• Advertising products through social media platforms.

• Offering discounts to attract more customers.

• Creating a website to showcase products.