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Marketing > Marketing Terminology > Flashcards

Marketing Terminology Flashcards

1
Q

MARKETING

A

The process of planning, pricing, promoting, selling, and distributing products to satisfy customer’s needs and wants.

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2
Q

Goods

A

Tangible items of monetary value that satisfy needs and wants

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3
Q

Services

A

Intangible items of monetary value that satisfy needs and wants

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4
Q

Utility

A

An attribute of a product or service that makes it capable of satisfying consumer’s wants and needs

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5
Q

Market

A

People who share similar needs and wants and are capable of buying products

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6
Q

Consumer market

A

Consumers who purchase goods and services for personal use

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7
Q

Industrial Market

A

Businesses that buy products to use in their operations; also called the business to business market

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8
Q

Business to business market

A

Businesses that buy products to use in their operations; also called the industrial market.

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9
Q

Market share

A

A company’s percentage of total sales volume generated by all competition in a given market.

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10
Q

Target market

A

A group of people identified as those most likely to become customers

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11
Q

Customer profile

A

A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.

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12
Q

Marketing mix

A

The four basic marketing strategies, called the four Ps: Product, place, price, and promotion

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13
Q

The four Ps

A

Product, place, price, and promotion

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14
Q

Marketing plan

A

A formal written document communicating the goals, objectives, and strategies of a company

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15
Q

Executive summary

A

A brief overview of an entire marketing plan

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16
Q

Situation analysis

A

The study of the external and internal strategies that affect marketing practices

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17
Q

Marketing strategy

A

Identification of target markets and determination of marketing mix choices that focus on those markets

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18
Q

Sales forecasts

A

The projection of probable future sales in units or dollars

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19
Q

Performance standards

A

An expectation of performance that reflects a company’s goals and marketing objectives

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20
Q

Market segmentation

A

The process of analyzing and classifying customers in a given market to create smaller, more precise target markets

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21
Q

Demographics

A

Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnicity, and occupation.

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22
Q

Disposable income

A

The money left over after taxes are taken out of a consumers income

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23
Q

Discretionary income

A

The money left over from a consumer’s income after paying for basic living necessities such as food, shelter, and clothing

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24
Q

Geographical

A

Segmentation of the market based on where people live

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25
Q

Psychographics

A

Studies of consumers based on social and psychological characteristics

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26
Q

Mass marketing

A

Use of a single marketing plan to reach all customers

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27
Q

Factors of production

A

Economic term for the four categories of resources; land, labor, capital, and entrepreneurship

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28
Q

Four categories of resources

A

Land, labor, capital, and entrepreneurship.

Economic term- factors of production

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29
Q

Infrastructure

A

The physical development of a country, including its roads, ports, sanitation facilities, and utilities

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30
Q

Entrepreneurship

A

The process of starting and operating your own business

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31
Q

Scarcity

A

The difference between what consumers want and need and what the available resources are

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32
Q

Traditional economy

A

The answers to the basic economic question of what, how, and for whom based on traditions and rituals

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33
Q

Command economy

A

An economic system in which the government decides what, when, and how much will be produced and distributed

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34
Q

GDP (gross domestic product)

A

The output of goods and services produced by labor and property located within a nation

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35
Q

Gross National Product (GNP)

A

The total dollar value of goods and services produced by a nation

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36
Q

Inflation

A

A period of rising prices

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37
Q

Consumer price index (CPI)

A

Measurement of the change in price over a period of time of approximately 400 retail goods and services used by the average urban household

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38
Q

Producer price index (PPI)

A

Measurement of wholesale price levels in the economy

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39
Q

Business cycle

A

Recurring changes in economic activity, such as the expansion and contraction of an economy; expansion, peak, recession, trough, and recovery

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40
Q

Expansion

A

A time when the economy is flourishing; also called prosperity

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41
Q

Recession

A

A period of economic slowdown that lasts for two quarters, or six months

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42
Q

Depression

A

A period of prolonged recession

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43
Q

Recovery

A

A period of renewed economic growth followed by a recession or depression

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44
Q

Exports

A

Goods and services sold to other countries

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45
Q

Balance of trade

A

The difference in value between a nation’s exports and its imports

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46
Q

Free trade

A

Commercial exchange between nations that is conducted on free market principles, without tariffs, import quotas, or other restrictive regulations

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47
Q

Tariff

A

A tax on imports; also known as a duty

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48
Q

Quota

A

A limit on either the quantity or monetary value of a product that may be imported

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49
Q

Embargo

A

A total ban on specific goods coming into and leaving a country

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50
Q

Protectionism

A

A total ban on specific goods coming into and leaving a country

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51
Q

World Trade Organization (WTO)

A

A global coalition of more than 140 governments that makes rules governing international trade

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52
Q

North American Free Trade Agreement (NAFTA)

A

An international trade agreement among the United States, Canada, and Mexico

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53
Q

European Union (EU)

A

European trading bloc

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54
Q

Licensing

A

The process of letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty.

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55
Q

Contract manufacturing

A

The process of hiring a foreign manufacturer to make products according to certain specifications

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56
Q

Joint venture

A

A business enterprise that different companies set up together; often the venture involves a domestic company and a foreign company

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57
Q

Foreign direct investments (FDI)

A

Investments in factories, offices, and other facilities in another country that are used for a business’s operations

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58
Q

Multinationals

A

Large corporations that have operations in multiple countries

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59
Q

Mini- nationals

A

Midsize or smaller companies that have operations in multiple countries

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60
Q

Globalization

A

The process of selling the same product and using the same promotion method in all countries

61
Q

Adaptation

A

Changing an existing product and/ or promotion to better suit the characteristics of a targeted country or region

62
Q

Customization

A

The process of creating products or promotions for certain countries or regions

63
Q

Trademark

A

A brand name, brand mark, trade name, trade character, or combination of these elements that is given legal protection by the federal government

64
Q

Copyright

A

The exclusive right to reproduce or sell a work authored by an individual, such as writings, music, and artwork

65
Q

Competition

A

The struggle between companies to attract new customers, keep existing ones, and take away customers from other companies

66
Q

Price competition

A

The sale price of a product; the assumption is that consumers will buy the product with the lowest price

67
Q

Non- price competition

A

Competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation

68
Q

Monopoly

A

Exclusive control over a product or the means of producing it

69
Q

Nonprofit

A

An organization that can function like a business but uses the money it makes to fund the cause identified in its charter

70
Q

Business risk

A

The possibility of financial loss

71
Q

Profit

A

The money earned from conducting business after all costs and expenses have been paid

72
Q

Supply

A

The amount of goods producers are willing to make and sell

73
Q

Demand

A

Consumer willingness and ability to buy product

74
Q

Domestic business

A

A business that sells its products only in its own country

75
Q

Global business

A

A business that sells its products to more than one country

76
Q

For- profit business

A

A business that seeks to make profit from its operations

77
Q

Public sector

A

Local, state, and federal government agencies and services, such as public libraries and state universities

78
Q

Industry

A

A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services

79
Q

Derived demand

A

The demand for industrial goods based on the demand for consumer goods and services

80
Q

Wholesalers

A

Channel of distribution that obtains goods from manufacturers and resells them to industrial users, other wholesalers, and retailers

81
Q

Retailers

A

Channel of distribution that buys goods from wholesalers or directly from manufacturers and resells them to the consumer

82
Q

Production

A

The process of creating, expanding, manufacturing, or improving on goods and services

83
Q

Management

A

The business function of planning, organizing, and controlling all available resources to achieve company goals

84
Q

Finance

A

A business function that involves money management

85
Q

Accounting

A

The discipline that keeps track of a company’s financial situation

86
Q

Equal employment opportunity commission (EEOC)

A

Federal agency responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions

87
Q

Occupational Safety and Health Administration (OSHA)

A

Federal agency that provides guidelines for workplace safety and enforces those regulations

88
Q

Securities and Exchange Commission (SEC)

A

Federal agency that regulates the sale of securities (stocks and bonds), licenses brokerage firms and financial advisors, and investigates dealings among corporations

89
Q

Environmental Protection Agency (EPA)

A

Federal agency that protects human health and our environment

90
Q

Federal Trade Commission (FTC)

A

Federal agency responsible for enforcing the principles of a free enterprise system and protecting consumers from unfair or deceptive business practices.

91
Q

Flextime

A

A program that allows workers to choose their work hours

92
Q

Telecommuting

A

A program that involves working at home, usually on a computer, with completed jobs transmitted by e-mail or mail-in disk

93
Q

Ad council

A

A nonprofit organization that helps produce public service advertising campaigns for government agencies and other qualified sponsors

94
Q

Green marketing

A

Producing and promoting environmentally safe products

95
Q

Ethics

A

Basic values and moral principles that guide the behavior of individuals and groups

96
Q

Better Business Bureau (BBB)

A

One of the oldest nonprofit organizations that establishes self regulation among businesses

97
Q

Price gouging

A

Pricing products unreasonably high when there is a high demand resulting from a monopoly or natural disaster

98
Q

Whistle-blowing

A

Reporting an illegal action by ones employer

99
Q

Feedback

A

A receivers response to a message

100
Q

Barriers

A

Obstacles that interfere with the understanding of a message

101
Q

Distractions

A

Things that compete with the massage for the listeners attention

102
Q

Emotional barriers

A

Biases against the senders opinions that prevent a listener from understanding

103
Q

Jargon

A

Specialized vocabulary used by members of a particular group

104
Q

Persuade

A

The process used to convince someone to change a perception in order to get them to do what you want

105
Q

Enumeration

A

Listing items in order

106
Q

Generalization

A

A general statement or concept obtained by inference from specific cases

107
Q

Spreadsheet programs

A

Software applications used to organize, calculate, and analyze numerical data

108
Q

Desktop publishing programs

A

A software application that is part word processor and part graphics application, and enables users to edit and manipulate both text and graphics in one document

109
Q

Communications programs

A

Software applications that enable users to electronically communicate through computers with people around the world

110
Q

Equity

A

The concept of equal rights and opportunities for everyone

111
Q

Negotiation

A

The process of working with different parties to find a resolution to their conflict

112
Q

Empathy

A

An understanding of another persons situation or frame of mind

113
Q

Cross- training

A

A process that prepares a team member to do many different activities

114
Q

Top management

A

Managers who make decisions that affect the whole company

115
Q

Middle management

A

Managers who implement the decisions of top management

116
Q

Supervisory level management

A

Managers who supervise the activities of employees who carry out the tasks determined by middle and top management

117
Q

Horizontal Organization

A

A structure where top management shares decision making with Self- managing teams of workers who set their own goals and make their own decisions

118
Q

Empowerment

A

Encouragement of team members to contribute and take responsibility for the management process

119
Q

Planning

A

The process of setting goals and determining how to reach them

120
Q

Organizing

A

Establishment of a time frame in which to achieve a goal, assigning employees to the project, and determining a method for approaching the work.

121
Q

Controlling

A

The process of setting standards and evaluating performance

122
Q

Mission Statement

A

A brief paragraph or two that describes the ultimate goals of a company

123
Q

Remedial action

A

Using preventative discipline or corrective discipline to encourage appropriate workplace behavior

124
Q

Exit interview

A

An interview arranged by the Human Resources department when an employee leaves the company

125
Q

Telemarketing

A

The process of selling over the telephone

126
Q

Consultative selling

A

The process of providing solutions to customer’s problems by finding products or services that need their needs

127
Q

Feature benefit selling

A

The process of matching the characteristics of a product to a customer’s needs and wants

128
Q

Product features

A

Basic, physical or extended attributes of a product or service

129
Q

Rational motive

A

A conscious, logical reason for a purchase

130
Q

Emotional Motive

A

A feeling experienced by a customer trough association with a product or service

131
Q

Extensive decision making

A

A decision making process a customer goes through when there is little experience with a product or service and there is a high degree of perceived perceived risk or high value

132
Q

Limited decision making

A

The process used when a person buys goods and services that he or she has purchased before but not regularly

133
Q

Routine decision making

A

The process used when a person needs little information about a product to make a decision because he or she buys it regularly

134
Q

Pre- approach

A

The preparation for the face to face encounter with potential customers

135
Q

Prospect

A

A potential customer; also known as a lead

136
Q

Referrals

A

The names of other people who might buy a product, given to salespeople by satisfied customers

137
Q

Endless chain method

A

The process of asking previous customers for names of potential customers

138
Q

Cold canvassing

A

The process of locating as many potential customers as possible without checking out leads beforehand

139
Q

Sales quotas

A

Dollar or unit sales goals set for the sales staff to achieve in a specified period of time

140
Q

Merchandise approach

A

A way to approach a customer that focuses on making a comment or asking questions about a product in which the customer shows interest

141
Q

Open-ended questions

A

The amount of money left for buying goods after all purchases received and on order have been considered

142
Q

Objection analysis sheet

A

A document that lists common objections and possible responses to them

143
Q

Substitution method

A

A selling method that involves recommending a different product that would still satisfy the customer’s needs

144
Q

Boomerang method

A

A selling method that converts a customer’s objection into a selling point

145
Q

Superior- point method

A

A selling technique that permits the salesperson to acknowledge objections as valid yet still offset them with other features and benefits

146
Q

Third- party method

A

A selling method that involves using a previous customer or other neutral person who can give a testimonial about the product

147
Q

Trial close

A

An initial effort to close the sale

148
Q

Which close

A

A method of closing a sale that encourages a customer to make a decision between two items

149
Q

Standing-room-only close

A

A method of closing a sale that is used when a product is in short supply or when the price will be going up in the near future

Marketing (2 decks)

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