Entrepreneurship Ch. 6
Publicity
A nonpaid form of communication that calls attention to your business through media coverage.
Advertising
A paid form of communication sent out by a business about a product or service.
Rebate
A refund offered to people who purchase a product.
Press Release
A written statement meant to inform the media of an event or product, a good way to promote an event.
Emotional Buying Decisions
Based on the desire to have a specific product or service.
Rational Buying Decision
Based on the logical reasoning of customers.
Direct Channel
Moves the product directly from the manufacturer to the consumer.
Sales Promotion
The act of offering an incentive to customers in order to increase sales.
Supply Chain Management
The coordination of manufacturers, suppliers, and retailers working together to meet a customer need for a product or service.
Channels of Distribution
The routes that products and services take from the time they are produced to the time they are consumed.
Indirect Channel
Uses intermediaries-people or businesses that move products between the manufacturer and the consumer.
Telemarketing
Using the phone to market your product or service.
Personal Selling
Direct communication between a prospective buyer and a sales representative in which the sales representative attempts to influence the prospective buyer in a purchase situation.
Physical Distribution
Includes not only transportation but also storage and handling of products and packaging within a channel of distribution.
Distribution
Involves the locations and methods used to make products and services available to customers.
Visual Marketing
Involves the use of visual media to promote, sell, and distribute a product or service to a targeted audience.
Public Relations
the act of establishing a favorable relationship with customers and the general public.