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27 Cards in this Set
- Front
- Back
Product |
Is a good or service produced and sold to consumers or other businesses |
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Business analysis |
Is a much more detailed study of some of the factors examined in the product screening process. |
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Business analysis |
It is used to determine the size of the market, costs of production and marketing, end sales and profit projections. |
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Product mix |
Also known as product assortment, includes all of the different products a business sells. |
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Basic product |
A business's product mix often begins with a ________________. |
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Product line |
Is a group of closely related products with slight variations developed by the same business. |
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Package and label |
Main functions are protection and promotion. Should use designs, colors and shapes to attract consumers attention and differentiate products from competitors products. |
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Brand |
The combination of unique qualities of a company, product, or product line. It is the main way businesses differentiate their products from competitors products. |
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Licensed brand |
Is a well-known brand owned by one company that is sold for use by another company. |
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Product life cycle |
A new product goes through a sequence of stages known as ____________. |
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Brand extension |
Is a marketing strategy that allows a business to use one of its well-known brand names in a new product category. |
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Benefits and risks of brand extensions |
By introducing a product under an established brand name, the business reduces its risk of failure. |
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Promotion |
Is used by businesses to inform, persuade, and remind consumers about products and services. |
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Promotion |
Involves all communications used by a business to create a favorable impression of its products or services. |
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Promotional mix |
Is a combination of advertising, relations, personal selling, and sales promotion to reach their target market. |
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Promotional plan |
Outlines how all of the elements in the promotional mix will work together to reach the target market. |
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Public relations career field |
Is a popular one and traditionally attracts more job applicants than there are job openings. |
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Advertising |
Is a paid form of communication intended to inform and persuade audience to take some kind of action. |
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Public relations |
Involves writing press release, organizing rules, producing company newsletter, sponsoring events, and exhibiting at tradeshows. |
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Publicity |
Is any non paid form of communication designed to arouse public interest about a product, service, business, or event. |
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Press release |
Is a written statement to inform the media about a new product or special event. |
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Coupons |
Are one of the most popular forms of sales promotion. |
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Personal selling |
Is a face-to-face communication between the buyer and seller that attempts to influence the buying decision. |
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Endorsement |
Is a public expression of approval or support for a product or service. Also known as testimonial. |
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Word of mouth promotion |
Is one of the most effective ways to spreading the news about products and services. |
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Direct marketing |
Uses techniques to get consumers to buy products or services from a non-retail setting. |
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Visual merchandising |
Is the process of displaying products in a way that makes them appealing and enticing to customers. |