business vocabulary - unit 5
Terms in this set (16)
is all of the processes-planning, pricing, promoting, distributing, and selling- used to determine and satisfy the needs of customers and the company.
uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
is a blending of the product, price, distribution, and promotion used to reach a target market.
a plan that identifies how goals will be achieved.
is to define your market, identify your customers, and competitors, outline a strategy for attracting and keeping customers, and identify and anticipate change.
the different products and services a business sells.
product characteristics that will satisfy customer needs.
is the name, symbol, or design used to identify your product.
is creating an image for a product in the customer's mind.
Return on investment (ROI)
is the amount earned as a result of the investment, usually expressed as a percentage.
is a business's percentage of the total sales generated by all companies in the same market.
pricing that is determined by how much customers are willing to pay for a product or service.
pricing that is determined by using the wholesale cost of an item as the basis for the price charged.
pricing that is determined by considering what competitors charge for the same good or service.
is based on the belief that certain prices have an impact on how customers perceive a product.
offers customers a reduced price.
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