Marketing Terms
What word explains price
Value
You gather info yourself
Primary research
Someone else does the work
Secondary data
Explaining what you think
Qualitative
Value is?
Price
What is Promotion?
Advertising
Something the product does
Product Benefit
What is a surplus
Too much
What is shortage
Not enough
Where the supply and demand meet
Equilibrium
What is Demographic?
Age, gender, income
What is Geographic?
Location
What is Psychographic
Lifestyle
What is patronage
Brand loyalty
Name the Marketing Mix
Product, price, place, promotion
People make the decisions
Free Economy
GDP
The value of the goods and services produced by a country in a certain time
What are the 4 utilities?
Form, Time, Place, Possession
Government decides
Command Economy
Numbers
Quantitative
Short term deals
Disadvantage of television marketing
Cost
7 steps of selling
Approach, needs assessment, presentation, overcoming objections, close, suggestion sell, build a relationship
Go through the 4 utilities (example)
Form-Tree to pencil
Time-Back to school
Place-Walmart
Possession-Someone buys it
1. Predicting
2. Test Market
Forecasting
Small areas trying out a product/service first