Chapter 9
Terms
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- Cmpetition-based pricing
- Pricing that is determined by considering what competitors charge for the same goods.
- Demand-based pricing
- Pricing that is determined by how much customers are willing to pay for a product or service.
- Sales promotion
- The act of offering an incentive to customers in order to increase sales.
- Advertising
- Paid from of communication sent out by a business about a product or service.
- Public relations
- Act of establishing a favorable relationship with customers and the general public.
- Telemarketing
- Using the phone to market your product or service.
- Product mix
- Different products and services a business sells.
- Commercials
- Usually less than a minute in length and are run during breaks in television programming.
- Positioning
- Placing a product in a certain market to get a desired customer.
- Press release
- A written statement meant to inform the media of an event or product.
- Marketing mix
- Blending of the four marketing elements to satisfy a target market.
- Paid advertisements
- Can last a half hour or more and go into depth about the prouduct being offered.
- Markdown price
- Price detrermined by subtracting an amount from the retail price of an item.
- Publicity
- Free promotion genetated by media coverage.
- Cost-based pricing
- Price that determined by using the Wholesale cost of an item as the basis for the price charged.
- Markup price
- Price determined by adding an amount to the wholesale cost of an item.
- Rebate
- A refund offered to people who purchase a product.
- Channels of distribution
- Routes that products and services take from the time they are produced to the time they are consumed.