Chapter 5 Developing a Marketing Plan

Marketing
All of the processes-planning, pricing,promoting, distributing, and selling- used to determine and satisfy the needs of customers and the company
Marketing Concept
Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion
Marketing Mix
Blending of the product, price , distribution, and promotion used to reach a target market.
Marketing Plan
is to define your market
Product Mix
Different products and services a business sells
Features
Product characteristics that will satisfy customer needs
Brand
The name, symbol, or design used to identify your product
Positioning
Is creating an image for a product in the customer’s mind
Return on Investment (ROI)
The amount earned as a result of the investment and is usually expressed as a percentage
Market Share
A business’s percentage of the total sales generated by all companies in the same market
Demand-Based Pricing
Pricing that is determined by how much customers are willing to pay for a product or service
Coat- Based Pricing
Determined by using the wholesale cost of an item as the basis for the price charged
Competition-Based Pricing
Pricing that is determined by considering what competitors charge for the same good or service
Psychological Pricing
Based on the belief that certain prices have an impact on how customers perceive a product
Discount Pricing
Offers customers a reduced price