Marketing Vocabulary

Chance of loss in business (typically money)

Personal communication between a customer and the sales person of a product

Land, labor, capital, and entrepreneurship

Spreading the word about your product or company

Profit =

Customer interested in knowing who may buy the product, it takes time for them to make purchase

The difference between wants and needs and available resources

symbol, or words legally registered or established by use as representing a company or product

The division of a market on the basis of consumer's lifestyles and personalities

Reduction in price as a result of buying in larger quantities

Market situation where two or more firms offer essentially the same good or service

Describes decisions a company makes between different types of products the company will sell

Promotes private ownership of businesses where competition among business owners drives prices

Idea that a business should satisfy the wants and needs of consumers while generating a profit

Processes or actions a business owner will implement in order to prevent or reduce risk

Alternative choices given up for something else

The amount of sales a company has in a product's market. Usually a percentage

A form of external theft involving stealing merchandise from a store

When both the government and individuals own factors of production

A form of business ownership in which the business is owned by two or more persons

The projection of probable, future sales in units or dollars

Retail price =

Intangible items

A business from with one owner

The value of goods and services in a country for a period of time

Stealing money or merchandise from a store using violence or threats

A stand alone structure that serves as a customer sales promotion device

Customer that doesnt have a particular item to shop for but will buy product if appeals them

Based mainly on agricultural products such as coffee

Employees need to feel empowered to be creative in their job and set goals

Act of finding potential customers in order to increase sales in a company

Competition that focuses on the quality or brand loyalty of a product

Ads online

An announcement sent to the appropriate media outlets

Copy, headline, illustration, and signiature

Product distribution=

Competition among the suppliers of different types of products that satisfy the same needs

Help a business keep stock based on sales and allow them to spend money based on planned budget

Customer that requires a significant amount of information and facts before making a purchase

Add value in economic terms

An economy in which goods or shares are scarce and sellers can keep prices high

Turning raw materials into a product that is more valuable

Products purchased without much planning because they are purchased frequently

run like a corporation and partnership

Line, color, texture, shape, direction, lighting, movement, proportion, and balance

Statistics of a population including age, gender, income, race, education, etc.

Repeat customers b/c they've been satisfied with previous purchases, wont consider alternatives

Brings buyers and sellers together but does not take ownership of the actual product

Have the theory that employees need to be closely supervised

A group of related products marketed by the same company that differ only in size or style

Internal theft involving stealing merchandising, money, or supplies from a store

The profitability of a product

situation which supply exceeds demand prices relatively low and buyers have an advantage

Collecting and analyzing information in order to make decisions about a product or service

Commercials broadcast via TV or radio

A physical count of the products on shelves and in the warehouse

Shows items meant to be together

sales tax=

An independent legal entity owned by shareholders

Making products available at certain times of day or year so it is available to customers

Looking for a response; not a "yes" or "no" question

Personal communication between a customer and the sales person of a product

Product features that appeal to different buyers in different ways

Companies use a computer system to keep up with inventory over a period of time

Consumption, investment, net exports, government purchases, and inventories

Merchandise that is lost or stolen

Having products available in a location easy for customers to find and purchase

The division of a market on the basis of where consumers are located

Promotional method designed to create a favorable image for a business

Obtains goods in order to sell them directly to consumers

Customer that knows exactly what they are looking for and can usually make a decision quickly

The process of planning, improving, and/ or adding to a firm's product line

Percentage or dollar reduction in the retail price

The coordination of all marketing strategies company known as product, price, place,promotion

The price at which both buyers and sellers agree

Discounts given by manufacturers or retailers given to a company in the same trade

A goal for sales

Tangible Items

Decisions surrounding the transportation and storage of goods from producer to consumer

A secret devise or technique used by a company in manufacturing its products