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Marketing
Vocab
42
Business
11th Grade
06/01/2008

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Term
e-commerce
Definition
the buying and selling of goods and services electronically usually  over the internet
Term
marketing
Definition

an organizational function and set of process for creating, communicatin, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its holders

Term
competitive advantage
Definition

the ability of a firm to outperform the competition thereby providing customers with a benefit the competitors cant

Term
Marketing Plan
Definition
document that describes the marketing environment outlines the marketing objectives and strategy and identifies who will be responsible ffor carrying out part of the marketing strategies
Term
Market Segment
Definition
a distinct group of customers with a larger market who are similar to one another in some way and whose needsdiffer from other customers in a large market 
Term
Target Market
Definition
a group/groups that a firm selects to turn into customers as a result of segmentation and targeting
Term
Mission Statement
Definition
a formal statement in an organizations strategic plan that describes overall purpose of the organization and what it intends to achieve in terms of customers products and resources
Term
SWOT analysis
Definition
an analysis of an organization's strengths and weaknesses and the opportunities and threats in an external environment
Term
Monopoly
Definition
a managment situation which one firm only supplier of a particular product is able to control the money availability and supply of the product
Term
Business Cycle
Definition

overall patterns of change in the economy including possibility of prosperity, recesion, depression, and recovery 

effects customer and business purchasing power

Term
Ethiccs
Definition
study of the rules of how we all live
Term
Consumerism
Definition
a social movement that attempts to protect customers from harmful business practices
Term
consumer bill of rights
Definition
the rights of consumers to be protected by the federal government
Term
puffery
Definition
claims made in ads of product superity that cannot be proven true or untrue
Term
green marketing
Definition
a marketing strategy that supports the environment steweardship by creating environmentally found differencial benefit in the minds of customers
Term

Quota

 

Tariff

 

Embargo

Definition

Limiting products entering a country

 

tax import on goods

 

prohibiting certain goods in/out of a country

Term
NAFTA
Definition

Northern AMerican Free Trade Agreement.

worlds largest economic community, US, Canada, and Mexico

Term
Primary Data
Definition
Data research conducted to help in marketing a specific decision
Term
Secondary Data
Definition

data that has been collected for some purpose other than the problem at hand

Term
Focus groups
Definition
a product oriented discussion among small group of customers led by a trained moderator
Term
Validity
Definition

extent to shich research actually measures what it is intended to measure

Term
realiability
Definition
extent to which research measurement techniques are free of errors
Term
culture
Definition
values, bliefs, customs valued by a certain group of people 
Term
social class
Definition
overall rank or social standing of groups of poeple within a society according to value assigned to each.such factors as family background and education, occupation and income
Term
conformity
Definition
a change in beliefs or actions as a reaction to real or imagined group pressure
Term
core product
Definition
basic benefit of having a service performed
Term
durable vs. nondurable
Definition
dkurable is a product used over a long period of time (car, furnature) nondurable products last a short period of time (makeup, gum)
Term
knockoff
Definition
a new product that copies with slight modification that design of the original product
Term
co-branding
Definition
when you and another company merege together
Term
geruilla marketing
Definition
ambushing customers with promotional content in plaes they are not expecting it
Term
publicity
Definition
unpaid communication about an original appearing in the mass media
Term
perception
Definition
process by which people select, organize, and interpret info from the outside world
Term
promotion
Definition
coordination of marketing communication efforts to influence attitude ad behavior effort by organization to inform and persuade the customer
Term
direct mail
Definition
a brochure or pamphlet offering a specific product or service at one point in time
Term
point-of-purchase
Definition
in-store displays or signs
Term
syndicated research
Definition
research by firms that collect data on a regular basis and sell the reports to multiple firms
Term
public relations
Definition
communication function that seeks to build good relationships with an organizzations or to champion a particular cause
Term
trade mark
Definition
the legal term for a brand name, brand mark, or trade character; trademarks legally registered by a government obtain protection for exclusive use in that country
Term
demographics
Definition
statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
Term
Niche
Definition

providing a service that you are particularly good at

Term
Psychographics
Definition
the use of psychological, sociological, and anthopological factors to construct market segments
Term
actual product
Definition
features of the product (package, brand, quality, appearance)
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