Marketing Vocabulary

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

Alternative choices given up for something else

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

Have the theory that employees need to be closely supervised

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

Shows items meant to be together

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

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

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

A goal for sales

Stealing money or merchandise from a store using violence or threats

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

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

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

Land, labor, capital, and entrepreneurship

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

Retail price =

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

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

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

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

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

A form of external theft involving stealing merchandise from a store

Add value in economic terms

Copy, headline, illustration, and signiature

sales tax=

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

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

The difference between wants and needs and available resources

An announcement sent to the appropriate media outlets

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

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

Promotional method designed to create a favorable image for a business

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

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

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

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

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

Percentage or dollar reduction in the retail price

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

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

Based mainly on agricultural products such as coffee

The profitability of a product

The price at which both buyers and sellers agree

run like a corporation and partnership

Chance of loss in business (typically money)

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

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

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

A business from with one owner

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

Obtains goods in order to sell them directly to consumers

Product distribution=

Products purchased without much planning because they are purchased frequently

Reduction in price as a result of buying in larger quantities

Merchandise that is lost or stolen

The projection of probable, future sales in units or dollars

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

Spreading the word about your product or company

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

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

Intangible items

When both the government and individuals own factors of production

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

Turning raw materials into a product that is more valuable

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

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

Product features that appeal to different buyers in different ways

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

Tangible Items

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

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

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

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

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

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

Ads online

Commercials broadcast via TV or radio

Profit =

An independent legal entity owned by shareholders