101 Marketing Terms (42-61)

Question 1

Goods

Answer 1

Products that are tangible

Question 2

Gross Income

Answer 2

The difference in value between the cost of goods and the price at which they are sold

Question 3

Imports

Answer 3

Goods and services purchased from other countries

Question 4

Inelastic Demand

Answer 4

Describes a situation in which a change in the price of a product has very little or no effect on the demand for it

Question 5

Inflation

Answer 5

A sustained increase in a country’s general level of prices that devalues its currency

Question 6

Infrastructure

Answer 6

The physical development of a country, i.e. it’s roads, ports and communication abilities

Question 7

Inventory

Answer 7

The amount of goods stored by a business, including raw materials, purchased components, works in progress, packaging materials, and finished goods

Question 8

Jargon

Answer 8

Technical or specialized vocabulary used by members of a particular profession or industry

Question 9

Liability

Answer 9

A debt owed by a business. The opposite of an asset

Question 10

Loss Leader

Answer 10

An item which is priced at cost or lower in order to draw customers into a store

Question 11

Management

Answer 11

The business function used to plan, organize, and control all available resources to effectively reach company goals

Question 12

Market

Answer 12

A group of all potential customers, who share common needs and wants and have the ability and willingness to buy a product

Question 13

Market Position

Answer 13

A company’s relative standing in relation to their competition. Typically shown in a rank (1st, 9th, etc.)

Question 14

Market Segmentation

Answer 14

Dividing a market by specific characteristics in order to create a target market

Question 15

Market Share

Answer 15

The proportion of the total market that a particular company holds. Shown in a %

Question 16

Marketing

Answer 16

The process of developing, promoting, and distributing products to satisfy consumer needs and wants

Question 17

Marketing Concept

Answer 17

States that a business must satisfy customer needs and wants in order to make a profit

Question 18

Marketing Mix

Answer 18

The four basic marketing strategies; price, product, place, and promotion

Question 19

Media

Answer 19

The agencies, means, or instruments used to convey advertising messages to the public

Question 20

Monopoly

Answer 20

Exclusive control over a product or the means of producing it