Important Vocabulary

• Distribution channel: All the companies or individuals involved in moving a particular good or service from the producer to the consumer
• Product concept: An idea for a new product, which is tested with target consumers before the actual product is developed
• Product features: Attributes or characteristics of a product; quality, price, reliability, etc.
• Market segmentation: Dividing a market into distinct groups of buyers who have different requirements or buying habits
• Points of sale: Places where goods are sold to the public – shops, stores, kiosks, market stalls, etc.
• Market opportunities: Possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
• Sales representative: Someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
• Market research: Collecting, analyzing, and reporting data relevant to a specific marketing situation (such as a proposed new product)
• To launch a product: To introduce a new product onto the market
• Packaging: Wrappers and containers in which products are sold

Completing the Definition of Marketing by Inserting the Given Verbs in the Gaps

[ design | develop | identify | influence | modify | persuade ]

• Marketers have to identify or anticipate a consumer need; develop a product or service that meets the need better than any competing products or services; persuade target customers to try the product or service; and, in the long term, modify it to satisfy changes in consumer needs or market conditions.
• Marketers can design particular features, attractive packaging, and effective advertising, that will influence consumer’s wants. Marketing thus begins long before the product or service is put on the market; it combines market research, new product development, distribution, advertising, promotion, product improvement, and so on.

Extracted From

MacKenzie, I. (2002). English for Business Studies: A course for Business Studies and Economics students (2nd ed.). Cambridge University Press.