Business Entrepreneurship Chapter 5

Phychological Pricing

Based on the belief that certain prices have and impact on how customer's receive the product.

Marketing Mix

Blending of the product, price, distribution, and promotion used to reach a target market.

Market Share

Business's percentage of total sales generated by all companies in the same market.

Product Mix

The different products and services that a Business sells.

Marketing Concept

Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion used to reach a target market.

Cost-based pricing

Wholesale cost of an item as the basis for the price charged.

Marketing

All of the processes- planning, pricing, promoting, distributing, and selling- utilized by a company to place its products in the hands of potential customers.

Return on Investment

Amount earned as a result of investment and is usually expressed in percentage.

Positioning

Creating an image for a product in the customer's mind.

Marketing Plan

Define your market, identify your customers and recognize and anticipate change.

Brand

Name, symbol, or design used to identify your product.

Marketing Strategy

Plan that identifies how these goals will be achieved.

Competition Based Pricing

Pricing that is determined by considering what competitors charge for the same product or service.

Demand Based Pricing

Pricing that is determined by how much customers are willing to pay for a product or service.

Features

Products characteristics that will satisfy customer needs.