Chapter 11 marketing and distributing
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Created by:
Justwantstostudy on April 10, 2012
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23 terms
Terms | Definitions |
|---|---|
 Marketing | All the activities needed to move goods and services from the producer to the consumer. |
| Consumer Sovereignty | The role of the consumer as ruler of the market when determining the types of goods and services produced. |
| Utility | The amount of satisfaction one gets from a good or services. |
| Market Research | Gathering, recording, and analyzing data about the types of goods and services that people want. |
| Market Survey | Information gathered by researchers about possible users of a products based on such characteristic as age, gender, income, education, and location. |
| Test-Marketing | Offering a product for sale in a small area for a limited period of time to see how well it sells before offering it nationally. |
| Price Leadership | Practice of setting prices close to those charged by other companies selling similar products. |
| Penetration Pricing | Selling a new product at a low price to attract customers away form an establishment product. |
| Promotion | Use of advertising to inform consumers that a new or improved product or service is available and to persuade them to purchase it. |
| Direct-Mail Advertising | Type of promotion using a mailer that usually includes a letter describing the product or service and an order blank or application. |
| Product Life Cycle | Series of stages that a product goes through from first introduction to complete withdrawal from the market. |
| Channels of distribution | Routes by which goods are moved from producers to consumers. |
| Wholesalers | Businesses that purchase large quantities of goals form producers for resale to other businesses |
| Retailers | Businesses that sell consumer goods directly to the public. |
| E-Commerce | Business transactions conducted over computer networks, in particular the World Wide Web. |
| Form Utility | Created by production, is the conversion of new materials to finished goods. |
| Place Utility | Created by having a good available where a consumer wants to buy it. |
| Time Utility | Is created by having a good available when a consumer whats to buy it. |
| Ownership Utility | Is the satisfaction one receives from simply owning the good. |
| Loss Leader | Grocery store; product sold at a low cost to generate business |
| Drop-Ship Technology | Retailer sells product, however didn't purchase it. |
| Rebate | A refund of some fraction of the amount paid. |
| Warranties | Guarantees made by a seller that an article, good or service will conform to certain standard or will operate in a certain manner. |
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