Business Terms From Glossary - Marketing

Various forms of promotion aimed at mass audiences, like TV and radio ads.

Promotion focused on specific segments or groups.

Degree to which consumers recognize a product.

Process of building brand awareness.

Continued purchase of a brand despite alternatives.

Estimation of a brand's worth.

Pricing based on competitors' prices.

Price based on variable costs plus markup.

Pricing method adding costs and markup to determine sales price.

Marketing strategies rewarding repeat customers.

Reduction in per-unit production cost with business growth.

Product sold at a loss to attract customers.

Increase in consumers buying a product or service.

Approach focusing on customer needs and wants.

Percentage of market controlled by a company or product.

Market for goods produced in large quantities.

Small specialized part of a larger market.

Initially low price to attract customers for a new product.

Selling at low prices to eliminate competition.

Setting higher prices to imply higher quality.

Sensitivity of demand to price changes.

Focuses on high-quality product rather than sales quantity.

All products and services offered by a company.

Selecting a subset from a population for estimation.

Dividing a market into segments based on various criteria.

Specific group of customers a company is trying to reach.

Integrated marketing approach.

Differences between planned and actual sales and costs.