| A | B |
|---|
| brand | name, symbol, or design used to identify your product |
| competition-based pricing | pricing used that looks at what the competition is charging for the same good/service |
| cost-based pricing | uses the wholesale cost of an item as the basis for the price charged |
| demand-based pricing | pricing is determined by how much a customer is willing to pay for a product/service |
| discount pricing | offers customers a reduced price |
| features | product characteristics such as color, size, quality, hours, warranties, delivery, and installation. |
| market share | the businesses percent of sales compared to the total market |
| 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, distriibution, and promotion of a product or service |
| marketing mix | blending of the product, price, distribution, and promotion to reach a target market |
| marketing plan | defines the market, identifies the customers and competitors, outlines a strategy for attracting and keeping customers and anticipates change |
| marketing strategy | a plan tht identifies how goals will be achieved |
| positioning | creates an image for a product in the customer's mind |
| product mix | the different products and services a business sells |
| psychological pricing | based on the belief that certain prices hav an impact on how customers perceive a product |
| return on investment | amount earned as a result of the investment |
