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30 Cards in this Set

  • Front
  • Back
Define Marketing
involves all the activities needed to get a product from the producer to the ultimate consumer
Define Marketing Strategy
what the marketing efforts of a business are intended to accomplish an dhow the business will achieve its goals
Define Sales Forecast
the quantity of products a business plans to sell during a future timed period
Explain the Build-Up Method
Identify as many target markets as possible and predict sales to each group. Then combine predictions for various segments to create a total sales forecast
Explain the Break-Down Method
Estimate the total market potential for a specific product or an entire industry. Then break it down into smaller units until you can estimate how large of a market you'll reach and how many sales you'll make.
Define Target Market
group of people who have a common want or need that your business can satisfy, who are able to purchase your product, and who are more likely to buy from you business
Define Mass Marketing
treating entire populations of people as potential customers for specific products
Define Marget Segmentation
breaking down populations of people into groups, or target markets
Define Niche Marketing
segmenting populations of people into smaller target markets
Define Marketing Research
process of gathering information that will link customers to marketers in an attempt to improve marketing efforts
Define Primary Data
marketing data that a business collects for its own specific purpose
Define Secondary Data
marketing data that have been gathered, tabulated, and made available by an outside source
Define Marketing Mix
factors that a business can change in selling products to customers: product, place, price, and promotion
Define Licensing Agreement
agreement in which the owner of intellectual property grants another person/company permission to produce that product
Define Inventory
goods a business owns for the completion of future sales
Define Lead Time
the period of time from older placement until the goods are received
Define Economic Order of Quantity (EOQ)
traditional method of controlling inventory that minimizes total inventory costs by balancing annual ordering costs with annual holding costs for an item
Define Perpetual Inventory System
an inventory system that indicates how many units of an item are on hand at any given time
Explain Just-in-Time (JIT)
a Japanese approach to inventory management that aims to reduce order sizes and to time orders so that goods arrive as close to when they are needed as possible
Define Distribution Channel
series of intermediaries a product passes through when going from producer to consumer
Define Lease
long-term agreement to rent a building, equipment, or asset
Define Leasehold Improvement
charges that make property more valuable such as painting, adding shelves, or installing new lighting
Define Competition
Represents substitutes for your product. The more competition you face, the less control you have over your prices.
Define Markup
The amount added to the cost of a product in setting the final price. It can be based on selling price or on cost.
Define Credit
can make sales you otherwise would not have made and increase volume and frequency of sales to existing customers
Define Consumer Credit
credit extended to customers for the purchase of products
Define Trade Credit
credit extended from one business to another
Define Advertising
Way to bring attention to your product or business by publishing or broadcasting a message to the public through various media: print media, broadcast media, outdoor.
What's the formula for BEP (units)?
Total FC/ (Unit price - AVC)
What's the formula for BEP (dollars)?
Total FC/ (1 - AVC/Unit Price)