Chapter 8: Marketing Your Product

Marketing
a way of presenting your business to your customers
Marketing Plan
a detailed guide with two primary parts
-marketing goals
-strategies for reaching your goals (marketing mix)
Market Share
the percentage of a given market population that is buying a product or service from a particular business
Marketing Mix
Five P’s: -people
-product
-place
-price
-promotion
Promotion
the process you use to potential customers aware of your product or service and to influence them to buy it
Advertising
public, promotional message paid for by an identified sponsor or company
Cooperative Advertising
when two companies share the cost of advertising
Product Mix
combination of products a business sells
Brand
a marketing strategy that can create an emotional attachment to your product in the mind of the consumer
Product Positioning
a way of influencing potential customers to distinguish your brand’s characteristics from those of the competition
Mind Share
the awareness or popularity a certain product has with consumers
Direct Mail
one-to-one communication
Distribution Channels
the various ways that a product can reach the consumer
Direct Channel
a pathway in which a product goes from the producer straight to the consumer
Indirect Channel
a pathway in which the product goes from the producer to one or more intermediaries before it reaches the consumer
Intermediary
the bridge between a producer and a consumer
Exclusive Distribution
gives a specific retailer, or authorized dealer, the sole right to sell a product to a particular geographical area
360° Marketing
approach communicates with your prospects and customers from all directions
AIDA
a popular communication model used by companies to plan, create, and manage their promotions
CPM (cost-per-thousand)
the amount it will cost you to reach 1,000 potential customers with a particular advertising type and time slot
Media
communication channels
Networking
meeting new people through current friends and business contacts
Personal Selling
direct efforts made by a company’s sale representatives to get sales and build customer relationships
Pitch Letter
cover letter
Bundling
the practice of combining of combining the price of several services into one price
Press Release
a written statement that typically consists of several paragraphs of factual info about a product or business
Product Placement
a company pays a fee to have a product displayed during a movie or television show in a prominent or obvious manner
Promotional Campaign
a group of specific promotional activities built around a particular theme or goal
Promotional Mix
the combination of promotional elements that a business chooses
Publicity
form of promotion for which a company does not pay
Public Relations
activities aimed at creating goodwill toward a product or company
Sales Promotion
short-term activity or buying incentive
Telemarketing
promoting or selling products or services one-to-one over the telephone
Trade-out
a bartering practice whereby you trade your company’s products or services for air time on a radio station
Visual Merchandising
using artistic displays to attract customers into a store
Web Banner
electronic advertisment