Marketing Mix
Reminding, Informing and Persuading
Promotion
Technique for gathering data that involves asking people questions
Survey Method
Listening to customers needs and wants and taking action
Selling
When people’s wants exceed the resources
Scarcity
Items that don't wear out quickly
Durable Goods
Product, Price, Place and Promotion
Marketing Mix
Predictions about future events that are based on data, trends, & situational analysis.
Forecasts
The amount of money a business thinks it should charge for its product
Pricing
Choosing between two things that can’t be had or done
Trade-off
One who actually uses the product or service
Consumer
Letting customers know that a product or service exists
Promotion
Gathering data from primary or secondary sources
Marketing Research
To get products from the producer to the end user
Channel Management
Quantity demanded equals the quantity supplied.
Equilibrium Price
Materials and substances found in nature that are used for economic gain
Natural Resources
A specific written document that outlines objectives, actions, and timelines
Marketing Plan
researching and analyzing original data collected from first-hand experience.
Primary Research
Delivering proactive and immediate support to customers
Customer Service
The rivalry between companies selling similar products
Competition
The price a product or service actually sold for
Selling Price
A stated, observable and measurable end result
Goal
Non-numerical data that describes qualities and characteristics
Qualitative Data
Researching a business’s target market and customers
Marketing Information Management
The increase in the general level of prices in an economy
Inflation
A specific group of customers that are most likely to buy your product
Target Market