Business Flashcards
Promotion
any form of communication used to persuade, inform, or remind.
Effective communication
Effective communication
Personal selling
Direct, individualized communication with prospective consumers to acsess their needs by assisting with products and services.
Advertising
Any paid form of advertising through mass media directed at identified customers to provide information and influence their actions.
Marketing research
finding solutions to problems through carefully designed studies involving consumers.
Product
everything a business offers to satisfy a customer’s needs.
Product features
additions and improvements to the basic problems.
Brand name
provides a unique identification for a company’s product.
Packaging
provides protection and security for the product before it is used
Services
activities that are consumed at the same time they are produced.
Price
the amount of money something sells for.
Profit
the amount of money available to the business after all costs have been paid.
Gross margin
the difference between the selling price and the product costs.
Markup
money added to the product cost to set selling price.
Markdown
a reduction from the original selling price.
