Business Term of the Day - Set 2

Term
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Marketing
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Terms in this set (30)
Marketing
the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives
Marketing Mix
the unique combination of strategies within and among product, place, price, and promotion, which are used to attract customers to a business
Marketing Plan
a roadmap for the marketing activities of an organization for a specified future period of time
Marketing Research
the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services
Market Segmentation
involves aggregating perspective buyers into groups that have common needs and will respond similarly to a marketing action
Markup
the difference between the cost of a product and its selling price
Need
something required or essential that is lacking
Net Profit
money remaining after operating expenses are subtracted from gross profit
Opportunity Cost
the benefit that is lost when a person decides to use scarce resources for one purpose rather than for another
Overhead Expenses
a form of operating expenses; includes fixed expenses such as rent, utilities, and insurance costs
Price Competitioncompetition that focuses on the use of price to attract scarce customer dollarsPrice Discrimination:an illegal activity in which a business charges customers different prices for similar amounts and types of productsProduct Life Cyclethe stages through which goods and services move from the time they are introduced on the market until they are taken off the market (stages: introduction, growth, maturity, and decline)Product Mixthe particular assortment of products that a business offers in order to meet the needs and wants of its market(s) and its company goalsProduct Positioningthe consumer's image or impression of a product as compared to that of competitive productsProfitmonetary reward a business owner receives for taking the risk involved in investing in a businessPromotiona marketing function, which communicates information about products, services, images, or ideas to customers or clients to influence their purchase behaviorPromotional Mixa combination, or blend, of marketing communication channels that a business uses to send messages to consumersRiskthe possibility of financial lossRisk Managementa marketing function, which involves managing marketing activities to optimize the relationships of potential loss or gainScarcitycondition resulting from the gap between unlimited wants for goods and services and limited resourcesSupply and Demandeconomic principle that states that the supply of a good or service will increase when demand is great and decrease when demand is lowSupply Chaina series of firms that perform activities required to create and deliver a good or service to consumersSWOT Analysisan acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and ThreatsTarget Marketthe particular group of customers a business seeks to attractTurnover Ratethe number of times inventory sells, or turns, during a particular period of timeUtilityusefulness; ability to satisfy consumer wants or needsVisual Merchandisingdisplay of productsWord-of-Mouth Advertisingpublicity for a business provided by customers who tell others of their experience with the businessWorking Capitalexcess of assets over liabilities; available funds