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Marketing Vocabulary Flashcards | StudBud
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Marketing Vocabulary
Marketing Vocabulary
40 terms
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Marketing review
Flashcards
40 cards
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Questions
40
Answers
1
What defines limited liability?
A person or firm is only responsible for a small portion
A business is entirely responsible for its liabilities
A business can only sell a certain amount of goods
A firm is entirely responsible for a businesses liabilities
2
What is an example of competition
Coca-Cola vs Pepsi
Checkers vs Food Depot
Walmart vs Autozone
Mcdonalds vs Burger King
3
What is a competitor?
Mcdonalds and Wendy's
Two companies that compete politically
A competition
Two companies competing for the same market
4
What is a limited partner?
partner to a business that receives a portion of the profits
Partner to a business that is partially responsible legally
5
What does the New Venture organization do?
Help develop new businesses, products, and services
Take financial risks
6
Executive summaries do what?
Summarize information for a new product or service
Summarize information on the C.E.O executive of a company
7
What are the Standard Industrial Trade Commission Codes
Barriers that impact how countries trade with one another
A system of classifying industries by a four digit code
8
What is the job of a business broker?
To assist businesses in the buying and selling process
To shut down businesses
9
Selective distribution does what
Only sells products to certain areas
Only sells products to certain ages
Sells products in a limited (select) outlet in a given place
Only sells to certain races
10
Trade barriers do what?
Block off stores and businesses from functioning
Make trade difficult/ limit trade
11
Define exploratory research
Exploring hidden places i.e. archaeology
Research conducted for a problem that has not been studied
12
What is an example of an
INELASTIC
good?
Gasoline
School desks
Apple computers
Water
13
A patent is?
A constitutional law that allows the carrying of arms
A specific type of packaging
A label on a dangerous product is called a patent
A government issued right or authorization to a product etc
14
Disposable income is
Money that is paid to employees
Money that a business can spend on products and resources
Income remaining after tax deductions and mandatory charges
Money that can be spent freely (aka profit)
15
What is a business concept
An idea for a new business
An idea for a new service or product
16
What is a label?
A label that says the price
A tag that says the name of a product
A physical description
info on a product that describes the product or contents
17
Unlimited liability is?
Two or more business partners are liable independently
A person is completely liable for all business debts
18
What is brand loyalty?
Liking one brand over another
Choosing a expensive brand over a cheaper one
19
Primary data is
First hand information
Data collected from a secondary source
20
What are two ways entrepreneurs affect the economy?
They create more jobs and improve our standard of living
They raise property taxes and create more businesses
21
Which accurately defines capacity according to business terms?
The maximum amount of organisms an environment can sustain
The amount of weight that can be supported in any given area
The maximum a business can produce with available resources.
The average output a business produces annually
22
Which defines
Uniform Commercial Code
?
the body of laws governing commercial transactions in the US
Laws governing the work wear of a businesses staff
23
A customer needs analysis does what?
Looks at the customers purchase decisions
Sees what the customer needs
Analysis the customers buying habits and collects data
Analysis the customer
24
What is a trademark?
a symbol or word legally representing a company or product.
A legality that occurs during the exportation process
25
Strategic alliance is?
an agreement between to companies with a common goal
A governmental party that allies with another
26
A guarantee is?
an assurance or promise that comes with a product or service
Guaranteed price distribution
Money back guarantee
Guaranteed satisfaction
27
A role model is?
A person looked up to by others
A physical model
28
The act of creating and owning your own business or franchise is called
Business management
Entrepreneurship
Shop owning
Business detailing
29
An example of a service?
Larry's vacuuming and carpet cleaning
Subway sandwiches
Soft sole shoes for arthritis
Cotton socks that are great for ventilation
30
Factors of production are
Resources used in the production process
Goods gained during the production process
31
What is the job of the Small Business Agency?
Shuts down small businesses who are failing
Provide assistance to established franchises
Provide assistance to all businesses
Provide assistance to small businesses
32
Target customers are?
Animals, businesses, etc
Customers a business markets its product to
Teenagers
Customers a business markets its services to
33
Entrepreneur Zones do what?
Raise taxes
Create new ideas
Incubate new businesses and improve an economy
Raise new entrepreneurs
34
An example of a specialty magazine is
Plumbers magazine
Teen Vogue
35
The objective of a layout is?
To organize the scale of a businesses building (blueprint)
To outline a businesses goals and objectives
36
What is Marginal Utility?
Bills a business pays in order to stay running
utility bills
consuming additional units of a good or service
Company utilities that must be paid annually
37
What is business failure?
Businesses that close down due to lack of profits
Products or services that don't sell
38
An appointment does what?
Calls in a staff meeting
Gives a set time and date for a meeting
Gives you a set date
Gives you a doctor visit
39
Examples of Target Market are?
Animals such as birds cats and dogs
Food products such as burgers potatoes and apples
Clothing items such as shoes socks and coats
Age groups such as children teenagers and middle age adults
40
What is an example of a census tract?
Tracking the race, age, and gender of a geographic area
Tracking the population,demographics of a neighborhood
