96 terms

Marketing Terms

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GDP
measure of the total output of goods and services that are produced by a country
Law of Diminishing Returns
states that with each additional variable input, output increases at a diminishing rate
Competition
occurs between a business trying to gain customers, keep existing customers, and take customers from their competitors
Profit
the amount of money made after costs and expenses have been covered
Private Enterprise
Market Economy: characterized by an individual's right to: private property, freedom of choice, profit, competition
Economic Services
intangible items of monetary value
Command Economy
the government controls all of the factors of production (resources) and makes all the economic decisions
Market Economy
the government is not involved in business and the economic decisions are made by individuals and companies
Communism
an economic and political philosophy where the government owns all of the industry and provides for its people
Sole Proprietorship
Owned/Operated by 1 person
Partnership
(general/limited) legal agreement between 2+ people
Corporation
Legal entity created by government statute authorizing individuals to operate an enterprise
Limited Liability Company (LLC)
Hybrid of corp. and partnership, Owners are shielded from personal liability while all profits/losses pass directly to the owners without taxation of business itself
Socialism
an economic and political philosophy where the government provides for the people and owns many of the industries that provide necessary goods and services
Fixed Expenses
business expenses that are always the same no matter how many units are produced
Investments
when money is used to make more money
Economic Utilities
the concept of adding value to a product through form, place, time, possession, and information
Supply
the amount of an item producers are willing to produce and sell at a given price
Customer Relationship Management
A field that combines marketing information management with customers through personal communications
Subchapter S Corporation
A tax election that owners may take to run their earnings and profits through shareholders as earnings
Dividends
The cash payments of profits from a corporation to its shareholders
Economic Goods
Tangible items of monetary value. Ex: Pizza, Cars
Nonverbal Cues
Communicating without words. Ex: Eye contact, gestures
Demand
The amount of an item that consumers are willing and able to buy at a given price
Investments
When money is used to make more money
Capitalism
An economic and political philosophy that is driven by the marketplace and competition, with only limited government involvement
Cost of Goods Sold
The amount spent to purchase goods that are sold in the business
Net Sales
The sales minus returns and allowances
Trade Association
a group or organization that serves the people in a given field
Mentor
A person that serves as a source of information and inspiration to someone with less experience
Gross Sales
the total sales of all sales during a given time period
Budget
a plan to manage finances
Ethics
are values and principles that guide decisions
GAAP
Generally Accepted Accounting Practices, refers to the standard guidelines used in financial accounting
Scarcity
the economic term for limited resources
Lability
refers to all the money that is owed to others by the business
Integrity
adherence to moral, ethical, and principle: soundness of moral character; honesty
Leadership
guiding a group or business towards their goals
Electronic Fund Transfer (EFT)
the use of technology for banking services, such as transferring money between accounts
Government Bonds
a way for the government to borrow money from the people. Have a set maturity date and interest rate
Purchasing
preparing a plan and buying the goods that a business will use for production or resale
Project Plan
a written description that included goals/objectives and how they will be achieved
General Partnership
a type of ownership where each partner has an unlimited lability
Price Competition
when a business focuses on meeting or having a lower price than their competitor
Initiative
doing what needs to be done without having to be prompted by others
Inflation
when prices rise, low inflation is a characteristic of a stable economy
Cash Flow Statement
a monthly statement that shows when cash will go out of a business
Accounting
a system to manage and control a business' finances
Environmental Scan
the analysis of outside sources that could impact the business environment. They are analyzed: political, economic, social-cultural, and technological
Marketing
the process of planning, pricing, promoting, selling, and distributing products that will satisfy the needs of customers and ensure profits of a business
Operations
the day-to-day running of the business, including: scheduling, logistics, facilities management, safety, info management
Job Application
a form that gathers info about potential employees
Channel Management
The process by which a producer or supplier directs marketing activity by involving and motivating parties comprising its channel of distribution
Consumer
a person who purchases goods and services for personal use
Consumer Marketing
Consumer marketing is defined as creating and selling products, goods and services to individual buyers, as opposed to trying to appeal to businesses
Discretionary Income
income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items
Disposable Income
income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes
Distribution
the action of sharing something out among a number of recipients
Environmental Scan
Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats
Executive Summary
An executive summary, or management summary, is a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all
External Opportunities
SWOT analysis (strengths, weaknesses, opportunities, and threats analysis) is a framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place or person.
Implementation
the process of putting a decision or plan into effect; execution
Industrial Marketing
Industrial marketing (or business-to-business marketing) is the marketing of goods and services by one business to another
Market
a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
Market Research
the action or activity of gathering information about consumers' needs and preferences
Market Segmentation
Market segmentation is the process of dividing an entire market up into different customer segments
Market Share
the portion of a market controlled by a particular company or product
Balance Sheet
a statement of a business's assets, liabilities, and owners
Identity Theft
when one steals information from another person and then applies credit or electronically funds from the person
Insurance
a form of risk management known as risk transfer. This is how businesses transfer their risk to the insurance company. The insurance company would cover the potential loss of property or people
Risk Management
the way a business plans to handle any insurable or non-insurable risk they may encounter
Franchisee
the owner of a franchise
Franchise
an agreement with a company to use their name and sell their products in a given area
Entrepreneur
people who create, start and manage new businesses
Job Interview
a face-to-face meeting with potential employer where they will ask you questions about your experience
Finance
includes overseeing the revenue, expenses, budgets, and financial statements of a business
Human Resources Management
The keeping of records on hiring/firing, training, evaluation, and discipline of employees
Info Management
The use of data to make management decisions
Franchisor
The owner of the parent company that grants the rights to use their name and products
OSHA
Government body that provides and enforces safety guidelines for the workplace.
Limited Partnership
A type of ownership where each under that type of ownership is only liable for debt up to the amount they have invested in the business
Administrative Law
Rules and procedures that are regulated by a government agency
Economic Resources (factors of production)
All items that are used to produce goods and services
Management
The coordination of resources to reach an organization's goals
Project Management
Involves managing specific activities of the business
Risk
Refers to the potential that a business takes for loss or failure
Staff meeting
Regularly scheduled meetings often held so that staff members can provide an update on projects being worked on
Treasury notes
A way for the government to borrow money from the people. They normally have maturity dates from 1-10 years
Labor
all the resources of people that work
Resume
a summary of a job applicant's education, skills, experience, activities and references
Networking
a way for business people to meet others that are in business and build a list of contacts that can be used for future references or projects
Variable Expenses
business expenses that change based on the number of units that are produced
Internship
a way that people can give work experience in a given field. May or may not be paid
Trade Journals
a trade journals is a publications that serves a specific industry
ADA
American's with Disabilities Act is a federal act that protects people with disabilities from discrimination
Trade Shows
a place where businesses can show their products to potential clients
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