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4th Set of Vocabulary Words (Work the Big Six)

Terms in this set (25)

Advertising
any paid form of non-personal presentation of ideas, images, goods, or services.
Brand
all the combined impressions and experiences associated with a particular company, good, or service.
Channel Management
a marketing function that involves identifying, selecting, monitoring, and evaluating sales channels.
Channels of Distribution
paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user.
Competition
the rivalry between two or more businesses to attract scarce customer dollars.
Demand
the quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Industrial User
a business that buys materials, services, or goods which will be used to make other goods or which will be used to in the operation of the company.
Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Functions
interrelated activities that must work together to get goods and services from producers to customers.
Marketing-Information Management
a marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.
Marketing Plan
a set of procedures or strategies for attracting the target customer or business.
Marketing Research
the systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market.
Pricing
a marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value.
Private Enterprise System
an economic system in which individuals and groups, rather than the government, own or control the means of production---the human and natural resources and capital goods used to produce goods and services; also known as a free market economy, private profit system, market system, capitalistic system, or free enterprise system.
Product Life Cycle
the stages through which goods and services move from the time they are introduced on the market until they are taken off the market.
Product/Service Management
a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Product/Service Mix
the particular assortment of products that a business offers to meet the needs of its markets and its company goals.
Profit
monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid.
Promotion
a marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome.
Publicity
any non-personal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from it or is harmed by it.
Sales Promotion
promotional activities other than advertising, personal selling, and publicity that simulate customer purchases.
Selling
a marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.
Standard of Living
the general conditions in which people live; quality of life.
Target Market
the particular group of customers a business seeks to attract.
Ultimate Consumer
anyone who personally uses a goods or service to satisfy his/her own wants.
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