MARKETING TERMS
To start with, you should know what we refer to when we talk about marketing mix.
It is the combination of activities required to ensure good sale.
PRODUCT-PRICE-PLACE (distribution)-PROMOTION, this is what we understand as the standard marketing mix, also known as the Marketing Four Ps.
According to PRODUCT, some points we should bear in mind when trying to "marketing" a product:
-product range enhancement, adding more products to the group of existing ones
-brand recognition, a customer´s awareness that a brand exists and can be purchased
-quality control
-research and development
-inventory, a detailed list of all items in stock
-image
-guarantees
-consumer durables, consumer goods that are not bought regularly and that last a long
time, such as cars
-generics, goods which are sold without a brand name
-life circle, the amount of time a product is expected to function properly
-accessories, additional features or items, which can be sold to enhance a product
-repairs and support
-shelf life, the length of time a product, especially food, can be kept in a shop before it is
too old to sell
According to PRICE:
-high-end pricing
-profit margin
-quantity discount
-credit accounts, an arrangement with a company for deferred payment when buying goods (bills
are often sent once a month and not when the goods are purchased)
-payment on delivery
-production costs
-mid-range pricing, average price for a product, not at the high or low end of the scale
-price war
-import tariffs, duties (taxes) imposed on imported products by a government
-VAT, value-added tax, also called sales tax, added on the net price of a product
-cash discount
-suggested retail price
According to PLACE:
-point of sale, a business or place where a product or service can be purchased
-factory outlets, shop where a manufacturer sells their product directly to the consumer without a
middleman
-retail shop (shop)
-warehousing, storage in a warehouse or similar place for storing goods
-channels of distribution
-transportation
-internet sales
-chain stores
-shopping mall kiosks
-mail order companies
-market coverage, percentage of a market which the sales cover (also called market share or
market penetration)
-just-in-time delivery, having goods delivered just before they are needed, to avoid storage costs
-order processing, the process of dealing with orders, including entering the details into the
computer system, and printing invoices and delivery notes
According to PROMOTION:
-TV commercials
-free samples
-two-for-one sales
-newspaper adverts
-catalogues
-shop displays
-mailshots (the posting of advertising materials to a large number of people at one time), leaflets
and fliers
-product endorsement
-promotional campaigns
-packaging
-giveaways, free samples given to customers free of charge as a marketing strategy
-unique selling point USP (UK) / proposition USP (US), what makes a product different from
other similar products
-sponsorship, person or company, which pays for advertising for a specific product or event
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