16 terms

Entrepreneurship 2

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Terms in this set (...)

Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Concept
the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
Marketing Mix
Product, Price, Place, Promotion
marketing strategy
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
Marketing Plan
a written document that acts as a guidebook of marketing activities for the marketing manager
product mix
all products that an organization sells
features
characteristics
Brand
That combination of name, words, symbols, or design that identifies the product and its source and distinguishes it from competing products—the fundamental differentiating device for all products.
Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
return on investment
net profit after taxes divided by total assets
Marketing Share
the percentage of a market controlled by a given marketer
demand-based pricing
a price-setting method based on estimates of demand at different prices
cost-based pricing
setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk
competition-based pricing
setting prices based on competitors' strategies, prices, costs, and market offerings
psychological pricing
pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product
discount pricing
offering the lowest everyday price possible