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Chapter 9 Vocab.

Terms

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Product Mix
the different products and services a business sell.
Markdown Price
is a price determined by subtracting an amount from the retail price of an item.
Press Release
is a written statement meant to inform the media of an event or product.
Mark-up Price
is a price determined by adding an amount to the wholesale cost of an item.
Positioning
is placing a product in a certain market to get a desired customer response.
Channels of Distrubution
are the routes that products and services take from the time they are produced
Public Relations
is the act of establishing a favorable relationship with customers and the general public.
Commercials
are usually less than a minute in length and are run during breaks in television programming.
Paid Advertisements
cans last a half hour or more and go into depth about the product being offered.
Publicity
is free promotion generated by media coverage.
Advertising
is a paid form of communication sent out by a business about a product or service.
Cost-based pricing
is a price determined by using the wholesale cost of an item as the basis for the price charged.
Sales Promotion
is the act of offering and incentive to customers in order to increase sales.
Demand-based Pricing
price that is determined by how much customers are willing to pay for a product or service.
Competition-based Pricing`
pricing that is determined by considering what competitors charge for the same good.
Rebate
is a refund offered to people who purchase a product.
Marketing Mix
is the blending of the tour marketing elements of product, distribution, price, and promotion used to reach a targert market.
Telemarketing
is using the phone to market your product or service.

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