Marketing Terms N-Z

Question 0

Product Mix

Answer 0

All the different products that a company makes or sells

Question 1

Product Depth

Answer 1

The number of product items offered within each product line

Question 2

Product Promotion

Answer 2

Promotion used by a business to convince potential customers to buy products from it instead of from a competitor (a) show major features and benefits of a product versus competitors, (b) Publicity- newsworthy information about company, product, or person, (c) sales promotion- increase sales, inform customers, and create positive company image, (d) personal selling- oral sales from sales representative to a customer

Question 3

Promotional Mix

Answer 3

Combination of different types of promotion a business uses to persuade customers to buy its product; publicity, sales promotion, personal selling, courteous employees, coupons, rebates, contest, etc.

Question 4

Promotional Advertising

Answer 4

Designed to increase sales (a) creates interest in products (b) introduces new business products or businesses (c) explains a product (d) supports personal selling efforts (e) creates new markets

Question 5

Public Relations

Answer 5

Activity designed to create a favorable image towards a business, its products or its publicities

Question 6

Publicity

Answer 6

Creating demand for a business or product by replacing news about it and publications or on radio, television, or stage (a) principal function is to build an image (b) sponsor cultural events, award scholarships and prices, or donate equipment for public use (c) free

Question 7

Risk Management

Answer 7

The systematic process of managing an organization’s risk exposure to achieve objectives in a manner consistent with public interest, human safety, environmental factors, and the law

Question 8

Risk

Answer 8

The possibility of financial loss, the potential for loss or failure in relation to the potential for improved earnings

Question 9

ROI

Answer 9

Return on Investment: Express do usually as a percentage, return on investment is a measure of profitability that indicates whether or not a company is using its resources in an efficient manner

Question 10

Sales Incentive

Answer 10

Awards given to managers and employees who successfully meet or exceed their company’s set sales quota for a particular product of line of products

Question 11

Sales Promotion

Answer 11

Use of marketing devices, such as displays, premiums, and contests to simulate purchases (a) short term effort (b) offers some type of incentive to make a purchase

Question 12

Selling

Answer 12

Helping customers make satisfying fine decisions. 7 Steps (Pre-Approach, Approach, Determine Customer Needs, Objections, Closing the Sale, Suggestion Selling, Relationship Building)

Question 13

Slogan

Answer 13

A catchphrase or small group of words that are combined in a special way to identify a product or company

Question 14

Social Media

Answer 14

Primarily Internet or cellular phone-based applications and tools to share information among people. Social media includes popular networking websites, like Facebook and Twitter

Question 15

Sole Proprietorship

Answer 15

Simplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise

Question 16

Specialty Media

Answer 16

Relatively inexpensive, useful items with an advertiser’s name printed on them

Question 17

Suggestion Selling

Answer 17

Selling additional goods or services to a customer

Question 18

Target Marketing

Answer 18

Focusing all marketing decisions on the specific group of people you want to reach

Question 19

Trademark

Answer 19

A brand-name, brandmark, tradename, trade character, or a combination of these, that is given legal protection by the federal government

Question 20

Unit Pricing

Answer 20

Method of pricing that allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound

Question 22

Warranty

Answer 22

Promise, or guarantee, given to a customer that a product will meet certain standards

Question 23

Natural Risks

Answer 23

Type of business risks that results from natural causes such as floods, tornadoes, hurricanes, fires, lightning, droughts, earthquakes, and unexpected changes in normal weather conditions

Question 24

Penetration Pricing

Answer 24

Pricing policy that sets a very low price for a new product to encourage as many people to buy it

Question 25

Personal Selling

Answer 25

Any form of direct contact between a sales person and a customer

Question 26

Prestige Pricing

Answer 26

Setting higher-than-average prices to suggest status and prestige the customer

Question 27

Print Media

Answer 27

Used to convey messages, such as newspapers, magazines, direct mail, signs, and billboards