The Marketing Mix Vocabulary

Marketing Mix
Marketing Mix
Product, distribution, price, promotion
Product Mix
the different products and services a business sell
Positioning
Positioning
placing a product in a certain market to get a desired response
Channels of distribution
the routes that products and services take from the time they are produced to the time they are consumed
Cost-based pricing
Cost-based pricing
a price determined by using the wholesale cost of an item as the basis for the price charged
Markup price
Markup price
a price determined by adding an amount to the wholesale cost of an item
Markdown price
Markdown price
a price determined by subtracting an amount from the retail price of an item
Demand-based pricing
Demand-based pricing
pricing that is determined by how much customers are willing to pay for a product or service
Competition-based pricing
Competition-based pricing
pricing that is determined by considering what competitors charge for the same good.
Advertising
Advertising
a paid form of communication sent out by a business about a product or service
Public relations
the act of establishing a favorable relationship with customers and the general public
Publicity
Publicity
free promotion generated by media coverage.
Press release
Press release
a written statement meant to inform the media of an event or product
Sales promotion
Sales promotion
the act of offering an incentive to customers in order to increase sales
Rebate
Rebate
a refund offered to people who purchase a product
Telemarketing
Telemarketing
using the phone to market your product or service