Yearbook Marketing Vocabulary-Franz

Marketing
The action or business of promoting and selling the yearbook ; the transfer/ exchange of the publication to the customer and/or consumer;
Market Planning
Understanding concepts & strategies to develop & target specific marketing strategies to specific people (students & teachers)
Pricing
Coming up with an amount that customers are willing to pay for the product (reasonable cost)
Product Management
Developing, maintaining or improving a the yearbook by including photos of many different activities, people and events.
Promotion
Communication by marketers (staffers) that informs, persuades, and reminds potential buyers of the value of a yearbook in order to influence their purchase (advertising)
Selling
Helping customers make satisfying buying decisions by making it convenient to get the yearbook
Utility
Added value to a product-why it is useful or valuable to the customer (why it is worth the money)
Timeframe
Product Availability-when can the consumer get it?
Possession
Transfer ownership from one party to another, including providing delivery of product (take payment and order books for delivery)
Consumer
A person who uses goods or services-purchaser of the yearbook
Target Market
A specific group of consumers that have similar wants and needs (teachers, students, parents)
Product
A good or service (our yearbook) that satisfies consumers’ needs and is received in exchange for money or something else of value
Price
the amount of money for which something is sold
Marketing Plan/Strategy
The goals, objectives, and strategies that identifies how a company (or yearbook staff) will use marketing to sell its product
Sales Forecasts
the projection of probable future sales in units or dollars.
Discretionary Income
income available for spending and saving AFTER an individual has purchased the basic necessities of food, clothing, and shelter
Mass Marketing
Developing products and promotions to please large groups of people (entire school)
Distribution
Getting the product to the consumer in a timely and cost effective manner (delivery of books)