Quiz 3 Key Words

Quiz 3 Key Words - Marketing Marketing Plan conception,...

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Marketing Marketing Plan – conception, pricing, promotion, and distribution Marketing Mix – combination of the “4 P’s” of marketing: Product, Price, Promotion, and Distribution Market Segmentation – dividing the total market into groups with similar characteristics: demographic, geographic, psychographic, undifferentiated, and customized Target Market – a specific group of consumers toward whom a company directs its marketing efforts 4 Major Types of Utilities Form Utility – shape, size, features Time Utility – having product available when the customer wants it Place Utility – making products conveniently available to customers Ownership Utility – facilitating transfer of ownership “Utility” - the satisfaction provided by a product or service “Caveat Emptor” – “Let the Buyer Beware” “Customer is King” Personal Selling – a person-to-person sales “pitch” to a potential buyer Product Life Cycle – introduction, growth, maturity, decline Functions Related to Product Strategy – research, new product development, product life cycle, product line and product mix Types of Market Coverage First Step in Developing Advertising Form of Transportation Depends on type of product Shopping Item – items consumers usually shop around and compare prices of before purchasing Specialty Item – fairly high-priced items with few outlets
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This note was uploaded on 04/18/2008 for the course BUS-X 100 taught by Professor Heslin during the Spring '08 term at Indiana.

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Quiz 3 Key Words - Marketing Marketing Plan conception,...

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