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MP002
26
Marketing
9th Grade
09/20/2013

Additional Marketing Flashcards

 


 

Cards

Term
Advertising:
Definition
Any paid form of non-personal presentation of ideas, images, goods, or services
Term
Benefit:
Definition
An advantage consumers receive from using a product
Term
Cost (of production):
Definition
The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services
Term
Credit:
Definition
The arrangement by which businesses or individuals can purchase now and pay later
Term
Discount:
Definition
A deduction from the price of goods
Term
Expenses:
Definition
The money that a business spends
Term
Feature:
Definition
A fact or characteristic of the product
Term
Goal:
Definition
An objective or want that you plan to fulfill
Term
Income:
Definition
The money received by resource owners and by producers for supplying goods
and services to consumers
Term
Marketing concept:
Definition
A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals
Term
Marketing mix:
Definition
The combination of the four elements of marketing—product, place, promotion, and price
Term
Media:
Definition
The message channels used by a seller to promote a good, service, or idea, e.g., radio, television, newspapers, magazines, Internet
Term
Personal selling:
Definition
The form of promotion that determines client needs and wants and
responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Term
Place:
Definition
Marketing element focusing on considerations in getting a selected product in
the right place at the right time
Term
Price:
Definition
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
Term
Profit:
Definition
Monetary reward a business owner receives for taking the risk involved in investing in a business
Term
Promotion:
Definition
Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products
Term
Public relations:
Definition
A function of business designed to establish good relations between the business and the public
Term
Publicity:
Definition
Any non-personal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it
Term
Quality:
Definition
The degree of excellence of a good or service—how good it is
Term
Resource:
Definition
Any item that is used to produce goods and services
Term
Sales promotion:
Definition
Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases
Term
Strategies:
Definition
Plans of action for achieving goals and objectives
Term
Tactics:
Definition
Specific actions that will be used to carry out strategies
Term
Value:
Definition
The amount of satisfaction a good or service will provide a customer
Term
Warranty:
Definition
A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
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