Marketing Unit Review Essay

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Pages: 4
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Marketing
Plan­Guide its marketing process to desired conclusions based on info obtained through market research and target market decisions Unit Pricing­The pricing of goods on the basis of cost per unit of measure, such as a pound or ounce, in addition to the price per item

Psychological
Pricing­Most often used by retail businesses, that is based on the beliefs that customers perceptions of a product are strongly influenced by pricing

Markdown­
The amount of money taken off an original price

Industry
Average­The
standard used to compare cost among companies;usua lly expressed as a percentage

Buying
Process­A
series of steps as customer goes through when making a purchase Marketing
Mix­The five marketing strategies used to reach a market:product,pl ace,price,promoti on,and people

Price
Gouging­Pricing
above the market when no other retailer is available

Promotional
Pricing­Lowers
prices are offered for a limited period of time to stimulate sales Selling
Price­The
actual or projected price per unit

Advertising
Agency­A
company that acts as intermediary between business and the media to communicate a message to target market

Total Product
Experience­

Brand­The name, symbol, or design used to identify a product Price
Skimming­Chargi
ng a high price on a new product in order to recover costs and maximize products as quickly as possible; the price is then dropped when the product is no longer unique Discount
Pricing­Offers
customers reduction from the regular price; some reductions are basic percentage­off discounts and other are specialized discounts

Image­The impression people have of a company; a company's personality

Personal
Selling­Selling
conducted by direct communication with prospective customer Cost­Based
Pricing­Must
consider your business costs and your profit objectives. Package­The physical container or wrapper used to present info

Penetration
Pricing­Build
sales by charging a low initial price to keep unit costs to customers as low as possible

Bundle
Pricing­Several
complementary products are sold at a single price, which is lower than the price would be if each item was purchased separately

Preselling­The act of influencing potential customers to buy before contact is actually made

Prospect­A potential customer

Flexible
Price­Allowing
customers to bargain for price­has several advantages Label­The part of the package used to present info about the product

Prestige
Pricing­Higher­tha
n­average prices are used to suggest status and prestige to the customer Break­Even
Point­The point at which the gain from an economic activity equals the cost involved in pursuing it.

Campaign­A series of related promotional activities with similar themes

Sales Force­A group of employees involved in the selling process

One­Price­All customers are charged the same price.

Channel of
Distribution­The
path a product takes from producer or manufacturer to final user or consumer Odd/Even
Pricing­Odd­num
bered prices are used to suggest bargains, such as
$19.99.

Markup­The amount added to the cost of an item to cover expenses and ensure a profit

Advertising­Th e paid
nonpersonal
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