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.