Marketing Terms A-M Flashcards
Advertising
Promotion of ideas, goods, and services by an identified sponsor. Includes (a) Time or Space paid for, (b) Uses set format to carry the message rather than personal one on one selling, (c) Identifies the sponsor of the message
Advertising Campaign
Creation and Coordination of a series of advertisements (both broadcast and print) around a particular theme to promote a product
Balance Sheet
Summary of a business’s assets, liabilities, and owner’s equity
Banner Ad
A wide shallow rectangle at the top or bottom of a Web page that takes the user to the advertiser’s Web page when clicked with a mouse
Benefits
Privileges or monetary payments beyond salary or wages, the goes with a job
Brand Name
The word, group of words, letters, or numbers representing a brand that can be spoken
Broadcast Media
Advertising that uses radio and television
Business
All of the activities involved in producing and marketing goods and services
Business Plan
A proposal that describes a new business to potential investors and lenders
Business Risks
The possibility of business loss or failure
Buying Behavior
The process individuals use to decide what they will buy, from where they will buy it, and who they will buy it from
Capital Goods
Such as equipment or processed materials, used in a production process, also, money needed to start and operate a business
Closing the Sale
Obtaining positive agreements from the customer
COGS
Cost of Goods Sold- Wholesale price that a business pays for a product
Community Relations
Activities that a business pays for a product
Competition
The struggle between companies for customers
Customer Benefits
The advantages or personal satisfaction a customer will get from a good or service
Debit Card
An ATM card used to make a purchase at a store
Demographics
Statistics that describe a population in terms of personal characters
Direct Close
The method of asking for the sale
Distribution Channel
A distribution channel can be as short as being direct from the vendor to the consumer or may include several interconnected intermediaries such as wholesale, distributors, agents, retailers and each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyer
Discount Pricing
Pricing technique that involves the seller’s offering reductions from usual price
E-Commerce
The buying and selling of goods through the use of electronic networks, usually the Internet
Economic Risks
Type of business risks that occur from changes in business conditions
Empathize
To understand a person’s situation or frame of mind
Entrepreneurship
The process of starting and managing your own business; the skills of people who are willing to risk their time and money to run a business
Everyday Low Prices
Low Prices are set on a consistent basis with no intention of raising them or offering discounts in the future
Feature-Benefit-Selling
Matching the feature of a product to a consumer’s needs and wants; customers don’t buy products they buy what the product will do for them
Franchise
A grant or right to sell a parent company’s product or service within a given area or territory
Generic Brands
Brands that represents a general product category and do not carry a company or brand name
Gross Profit
Difference between sales revenue and the cost of goods sold
Human Risks
Type of business risks caused by human mistakes as well as the unpredictability of customers, employees, or the work environment
Gross Sales
Total of all the sales for any period of time
Human Resources Management
The administrative discipline of hiring and developing employees so that they become more valuable to the organization (Manages employee, Hiring, Firing, Benefits, Wages, Salaries)
Illustration
The photograph or drawing used in print advertisement
Incentives
Higher-priced products and and given through contests, sweepstakes, and rebates
Installment Accounts
Charge accounts that follow for payment over a period of time
Inventory
The amounts of goods stored, including raw materials, purchased components, manufactured subassemblies, and works in process, packaging materials, and finished goods
Invoice
Customer bill included with delivered merchandise when filling a PO-based order
Loss Leader
Item Priced at cost to draw customers into store
Layaway
Merchandise removed from stock and kept in a separate storage area until the customer pays for it
Management
Process of developing, promoting and distributing products to satisfy needs and wants: purchasing, selling pricing, product planning, information management, promotion, financing, distribution, and risk management
Market Share
A total % of sales volume generated of all competitors in a given market
Marketing Concept
Idea that to make a profit a must focus all its efforts on satisfying the needs and wants of the customer
Marketing Mix
Combination of marketing decisions involving product, price, place, and promotion; Aqua the four P’s
Marketing Research
Gathering, recording, and analyzing of information about problems related to goods and services
Media
Agencies, means, or instruments used to convey messages, print – oldest and most effective; broadcast – radio and TV; online – messages on the Internet; specialty – relatively inexpensive, useful items with and advertiser’s name
Mixed Brand Strategy
A branding strategy that involves simultaneously offering a combination of manufacture, private distributor, and generic brands
