Vocab Flashcards
Marketing
The action or business of promoting and selling products or services, including market research and advertising
Function of Business
Promotion, Finance, Marketing, and Manegement
Finance
All activities involving money
Management
All activities required to plan, organize, lead, and control a business
Gross Domestic Product
The total value of goods produced and services provided in a country during one year
Advertising
A form of paid, non personal promotion in which a company promotes an idea, good, or service through a variety of media.
Channel Management
A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user.
Closing the Sale
Occurs when a salesperson gains an agreement to purchase from a consumer.
Competition Oriented Pricing
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand.
Cost-plus Pricing
This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business.
Customer Service
The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made.
Data Collection Instrument
To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications.
Demand Oriented Pricing
A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.
Direct Marketing Channels
Advertising that sends a promotional message to a targeted group of prospects and customers rather then a mass audience.
Distribution
The function of moving and selling goods from producer to consumer.
Feature Benefit Selling
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable.
Greeting Approach
When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions.
Guarantee
A promise that a product has a certain quality or will provide satisfaction.
Headline
A phrase in an advertisement that grabs the consumer’s attention, creates interest, and encourages them to read a promotional message.
Illustration
A photograph, drawing, or other graphic that is used in a promotional message.
Market Identification
The process of a marketer in identifying the most profitable areas to offer a new product or service.
Marketing
The process of creating, communicating, delivering, and exchanging offerings that have value for costumers to generate profits for a business.
Marketing Information Management
The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business.
Marketing Plan
A formal document that specifies a company’s activities for a determined amount of time.
Marketing Research
The process of gathering information, conducting analysis, and presenting findings for a product or service to make marketing decisions.
Mark-up Pricing
The practice of adding a constant percentage to the price of an item to determine its selling price.
Objections
A concern or doubt that a consumer has for not making a purchase.
Open-ended Questions
A question that encourages the consumer to respond with more than a “Yes” or “No” answer.
Personal Selling
Any form of direct contact between a salesperson and customer to fulfill their wants and needs.
Pricing
The value placed on a good or service.
Primary Research
Gathering data for the first time for a specific product, service, and/or business.
