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PRICING Haylie and Jacob WHAT IS PRICING AND HOW IS IT DETERMINED? A value that will purchase a finite quantity, weight, or other measure of a good or service. Price is determined by what (1) a buyer is willing to pay, (2) a seller is willing to accept, and (3) the competition is allowing to be charged. WHAT ARE SOME REAL WORLD EXAMPLES OF PRICING? Price Bundling: Combining several products or services into a single comprehensive package for an all-inclusive reduced price. Ex: Wendy’s offers a hamburger, small fries, and a small drink for only $4. DEFINITION Promoting a product to the public and making them aware and interested in buying it Newspaper ads, commercials, coupons, and web Ads DEFINITION Distribution is the process of making a product or service available for use or consumption by a consumer or business user, using direct means, or using indirect means with intermediaries. The other three parts of the marketing mix are product, pricing, and promotion. EXAMPLE A car is manufactured in Japan and needs to cross over to America. The car is put on a boat, shipped to America, loaded into a trailer, brought to the company, and then sold to the customer. FINANCIAL ANALYSIS Definition-process of evaluating businesses, projects, budgets and other financerelated entities to determine their suitability for investment MARKETING INFORMATION MANAGEMENT Definition-The practice of monitoring the marketplace, organizing and analyzing the results of data collection, and developingstrategies for future marketing activities. EXAMPLE Customer-facing business processes commonly found in e-commerce across different channels or “omnichannels” DEFINITION selling process makes up part of the overall marketing process. The selling process involves creating a relationship with customers, identifying the customer's needs and wants, providing possible solutions that meet their needs and wants and closing the sale Selling also makes up how we decide to buy and consume a product P.S.M Jamontae, Lauryn, Tyra, Zack ABOUT P.S.M Definition: The process of creating and changing the information about a company's catalog of offerings. Read more: http://www.businessdictionary.com/definition/product-servicemanagement.html#ixzz41a61jUz3 REAL LIFE EXAMPLE For example, many business websites have a product service management specialist who maintains their online catalog according to the current list of products and services that the company provides to customers.