Advertising - A paid form of communication and promotion involving a product and its attributes. Show
Agent - An intermediary who does not take title to merchandise but facilitates exchanges by bringing buyers and sellers together.
Brand - An identification (name, symbol, etc.) of a product that is unique and distinguishable from competitor’s products.
Channel of distribution - A product’s trip from producer or manufacturer to the buyer.
Coupon - A certificate that entitles a consumer to a price reduction or a cash refund. Demand - A schedule of the amount of a product that will be purchased at various prices.
Discount - A deduction from the list price in the form of cash or something else of value.
Forecasting - To predict the quantity of a product that will be sold at various times in the future.
Income - Money received in return for labor or services provided, sale of assets and return on investments.
Intermediary - An independent or corporate-owned business that helps move products from the producer to the ultimate consumer.
Label - A tag or part of a package that provides information about a product.
Market - A group of individuals with unsatisfied wants and needs who are willing and able buyers. It can be defined as narrowly as a specific place where buying and selling takes place or as broadly as the demand for a product.
Marketing research - A systematic and objective approach to developing and providing information for decision making regarding a specific marketing problem.
Marketing strategy - Marketing approach or method used to achieve a marketing goal.
Packaging - Designing and producing the container or wrapper for a product. Personal selling - Person-to-person communication in which the receiver provides immediate feedback on the source’s message. Purchasing - To obtain a product in exchange for money or its equivalent.
Price - The amount of money asked in exchange for something else (e.g. product).
Price fixing - When several firms in an industry collectively establish the price for a product.
Pricing strategies (market based) -- Approaches to setting prices based on the willingness of the buyer to purchase the product.
Pricing strategies (cost based) - Approaches to setting prices based on the cost of producing the product.
Pricing strategies (geography based) - Approaches to setting price based on the location and transportation costs associated with delivering the product to the buyer.
Product - Something produced that is sold to willing buyers.
Product distribution - The process of providing a product when and where it is desired by the consumer.
Promotion - Providing and communicating favorable information about a product to potential buyers.
Quality control - The traditional approach to quality in which problems are detected after manufacturing and an effort is made to remove sub-standard products before shipping to customers. Retailing - All activities used to sell products to ultimate consumers.
Selling - Assisting or persuading a prospective customer to buy a product.
Transaction - An exchange between two or more parties. Value proposition - How a product will provide value to its customers. Why a product will provide sufficient value to its customers to be worth its price. Wholesaling - All of the activities involved in selling products to retailers: to industrial, institutional, farm and professional businesses; or to other types of wholesaling intermediaries.
Don Hofstrand, retired extension value added agriculture specialist, What is the amount of goods available called?Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
What is the term for the amount of goods and services people can buy with the money they have?Purchasing power is the amount of goods or services that a unit of currency can buy at a given point in time.
What are goods and services called?What are Goods and Services? Goods and services are the output of an economic system. Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing.
What is the amount of goods and services that producers will provide at various prices?Supply is the amount of goods and services that producers will provide at various prices.
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