Market Planning
What is Market planning?
A written plan that helps company's decide how they are going to sell a product and make the best profit.
What is Pricing?
The value in money placed on a good or service.
What is selling?
Any transaction in which money is exchanged for a good or service?
What is promotion?
Promotion is when a company uses ads, billboards,etc to get there product noticed.
What is Channel Management?
The process of deciding how a company is going to get their product in the customers hand.
What is the first step in a marketing plan?
Set objectives.
What is competitive pricing?
Setting a price based on what a company's competition charges.
What do people mean when they use the word "Approach" in selling?
Greeting, establishing rapport with customer in a friendly manner.
What is it called when a company uses commercials, and billboards to promote their brand?
Advertising
Name 3 ways you can deliver a product
Trucks, Plains, Boats
What is business planning?
an ongoing process of making decisions that guides the firm both in short term and long term.
What is Price Skimming?
Setting a high price and lowering it as the market evolves.
Define Overcoming objections.
Motivating, encouraging, and eliminating doubts during a sell.
What is the very first form of promotion?
Personal Selling
What is the most expensive way to distribute a product?
By Air.
What is one of the most important steps in market planning?
Develop a strategy.
What is Penetration Pricing?
Setting a low price to enter a competitive market and raising it later.
What is the very last step in Selling?
Maintain Contact
What is it called when a company uses well known people to help promote their brand?
Sponsorship
What is the cheapest way to distribute a product?
By using delivery trucks.
What is Situation Analysis?
Situation Analysis refers to a collection of methods that managers use to analyze a organization's internal and external environment.
What is Cost Plus pricing?
Simply calculating your costs and adding a mark up.
What are the 7 steps of selling?
Approach, Determine Needs, Present And Educate Customer, Overcome Objectives, Closing The Sale, Suggestive Selling, Relationship Building.
What are the 7 types of promotion?
Personal Selling, Digital Promotions, Public Relations, Sponsorship's, Sales Promotion, Direct Marketing, General Advertising.
what is Channel Strategy?
This is when company's use a plan to determine certain things such as how they can improve their product, or how they can make their product more popular.