Vocab 1: Basics

Question 1

Activity-Based Cost

Answer 1

Cost accounting approach concerned with matching costs with activities that cause those costs

Question 2

Advertising

Answer 2

The activity or profession of producing information for promoting the sale of commercial products or services

Question 3

Brand

Answer 3

Unique design, symbol, sign, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from it’s competitors

Question 4

Capital Items

Answer 4

Item included in the assets sections of a balance sheet of an entity that is written off over more than one accounting period

Question 5

Company-Sales Forecast

Answer 5

projection of future sales revenue and a prediction of which deals will move through the sales cycle

Question 6

Corporate culture

Answer 6

set of beliefs and behaviors that guide how a company’s management and employees interact and handle external business transactions

Question 7

Direct Marketing

Answer 7

Contacting and influencing carefully chosen prospects with means such as telemarketing and direct mail advertising.

Question 8

Fad

Answer 8

A desirable trend characterized with lots of enthusiasm and energy over a short period of time

Question 9

Database Marketing

Answer 9

a systematic approach to the gathering, consolidation and processing of consumer data.

Question 10

Quote

Answer 10

To estimate what a cost or price is likely to be

Question 11

Place

Answer 11

In marketing mix, location of the market and means of distribution used in reaching it

Question 12

Promotion

Answer 12

The advancement of a product, idea, or point of view through publicity and/or advertising

Question 13

Organization Culture

Answer 13

The values and behaviors that contribute to the unique social and psychological environment of an organization

Question 14

Market share

Answer 14

A percentage of total sales volume in a market captured by a brand, product, or company

Question 15

Merchandising

Answer 15

The activity of promoting the sale of goods at retail

Question 16

Market Segmentation

Answer 16

The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.

Question 17

Geopolitical

Answer 17

A combination of geographic and political factors relating to or influencing a nation or region.

Question 18

Top of Mind

Answer 18

A brand or specific product coming first in customers’ minds when thinking of a particular industry

Question 19

relative market share

Answer 19

A method of measuring market share. A company will measure its own market share with that of its competitors to determine relative market share, with market leaders have the most.

Question 20

Risk Analysis

Answer 20

the process of identifying and analyzing potential issues that could negatively impact key business initiatives or projects

Question 21

Price

Answer 21

A value that will purchase a finite quantity, weight, or other measure of a good or service

Question 22

Marketing communications

Answer 22

the messages and media that marketers use to communicate with target markets.

Question 23

Marketing Concept

Answer 23

a strategy that companies implement to satisfy their customers’ needs, increase sales, maximize profit and get ahead of their competition

Question 24

Target Market

Answer 24

A particular market segment at which a marketing campaign is focused

Question 25

positioning

Answer 25

the process of identifying an appropriate market niche for a product, service or brand and getting it established it in that area.

Question 26

Frequency Program

Answer 26

a promotional strategy designed to reward regular customers as well as those who buy in large quantities

Question 27

Market Leader

Answer 27

Brand, product, or firm that has the largest percentage of total sales revenue of a market

Question 28

Marketing Plan

Answer 28

a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period.

Question 29

Market

Answer 29

a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services

Question 30

demographic

Answer 30

Study of both quantitative and qualitative aspects of human population EX. Distribution, growth, movement, size, etc

Question 31

Trademark

Answer 31

any word, phrase, symbol, design, or a combination of these things that identifies your goods or services.

Question 32

Marketing

Answer 32

The management process through which goods and services move from concept to the customer

Question 33

Social Marketing

Answer 33

a way to inspire social change by advertising a behavior or lifestyle change to benefit society instead of selling a product.

Question 34

Market Position

Answer 34

the consumer's perception of a brand or product in relation to competing brands or products.

Question 35

Logo

Answer 35

Recognizable and distinctive graphic design, stylized name, unique symbol, or other device for identifying an organization.

Question 36

customer loyalty program

Answer 36

Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behavior - behavior which is potentially beneficial to the firm.

Question 37

Target Market Analysis

Answer 37

Determining who your customers are and designing marketing towards their profile.

Question 38

Loyalty

Answer 38

Measure of commitment based on obligation or, in consumer preferences, degree of satisfaction

Question 39

Niche Marketing

Answer 39

Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not 'exist' but are 'created' by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them.

Question 40

Forecasting

Answer 40

A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends.

Question 41

E-Marketing

Answer 41

Online advertising that uses the internet to deliver promotional marketing messages to consumers

Question 42

Positioning Statement

Answer 42

Written description of the objectives of a positioning strategy. States how the firm defines it's business or how a brand distinguishes itself, how the the customers will benefit from its features, and how these benefits or aspects will be communicated to the intended audience.

Question 43

Marketplace

Answer 43

Same term for market

Question 44

Tag Line

Answer 44

A catchphrase or slogan

Question 45

unique selling proposition (USP)

Answer 45

Real or perceived benefit of a good or service that differentiates it from the compete ting brands and gives its buyer a logical reason to prefer it over other brands. Critical component of a promotional theme around which an advertising campaign is built.

Question 46

products

Answer 46

A good, idea, method, information, object, or service created as a result of a process and serves a need or satisfies a wants

Question 47

Marketing mix

Answer 47

A planned mix of controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion

Question 48

frequency

Answer 48

rate of repetition of a cyclical or regular event. Ofteness

Question 49

Sales Promotion

Answer 49

Stimulation of sales achieved through contests, demonstrations, discounts, exhibitions or trade shows, games, giveaways, point-of-sale displays and merchandising, special offers, and similar activities

Question 50

Mass Marketing

Answer 50

An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media