Price
The amount of money requested or exchanged for a product
Price
A product that cannot be touched
Intangible
The physical movement of products through the channel of distribution (freights, cargo ships, trucks)
transportation
the specific group of customers whose needs a company will focus on satisfying
Target Market
A purchase made with no planning or research. This type of purchase typically does not involve any steps in the decision-making process.
Impulse Buying Decisions
The general price where a company expects to sell a product
base price
A Fact about a Product or service
feature
A line of connected pipes that are used for carrying liquids and gases over long distances
Pipelines
Marketing to a larger group of people who might buy a product
Mass Marketing
A detailed description of the typical consumer in a market segment
Customer Profile
The practice of setting very low prices to remove competition
Predatory Pricing
Protects products until customers are ready to use them
Packaging
Provides labor based on specialized knowledge and skills
Trade Industry
Segmenting a market based on where customers live. Segmented by region, climate, or population density
Geographic segmentation
Focuses on building long-term relationships with customers
Relationship Selling
What is the practice for advertising one product with the intent of persuading customers to buy a more expensive item when they arrive at the store
Bait and Switch
All the goods and services that a business sells
Product Mix
Businesses or people who take natural resources from the land
Extractor
Four P's of marketing
Product, Price, Place, Promotion
The influences that come from the society in which a person lives. There are many sources of social influence, including family, peers, culture, and media.
Social Influence
Companies price high to convey quality and status
Prestige Pricing
The process of deciding which products will appeal to the target market
Product Planning
The businesses, people, and activities involved in turning raw materials into products and delivering them to end users
Supply Chain
The strategy for using the elements of product, price, place, and promotion
Marketing Mix
A system to track contact and other information for current and potential customers
Customer Relationship System (CRM)