Page 234 - Marketing the Basics 2nd

226 glossary
Market skimming Setting the price of a product at the highest possible level, and over time gradually reducing the price to attract new but less needy customers.
Marketing channels An organized network of agencies and institutions which, in combination, perform all the functions required to link producers with end customers to accomplish the marketing task.
Marketing management The administering of the process of satisfying consumer needs while ensuring the company makes a profit.
Marketing mix The types of marketing strategies employed to meet an organization’s objectives.
Marketing myopia When marketers lose sight of the fact that satisfying needs is driving the consumer’s purchasing decision.
Market research The planned, systematic collection and analysis of data used by managers to make a decision.
Marketing objective A stated goal a company wishes to accom- plish by selecting a particular price for their product.
Mark-up pricing A method of pricing whereby the producer adds a premium to the cost of the product to ensure the profit earned will equal at least the opportunity cost of the investment.
Mass customization An offering where the customer can tailor a generic product to their tastes.
Massive multiplayer online games (MMOG) A computer game that enables hundreds of thousands of users to interact within a simulated world via the Internet.
Media fragmentation A phenomenon whereby market forces are driving media channels to focus on a smaller and smaller sized audiences.
Mission statement A summary of the stated goals of the organi- zation.
Monetization The ability of a venture to finance its operating capital needs.