Marketing Vocabulary

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

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

sales tax=

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

Chance of loss in business (typically money)

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

Merchandise that is lost or stolen

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

Ads online

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

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

Stealing money or merchandise from a store using violence or threats

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

Copy, headline, illustration, and signiature

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

The profitability of a product

Profit =

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

Product distribution=

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

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

Products purchased without much planning because they are purchased frequently

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

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

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

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

Tangible Items

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

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

Have the theory that employees need to be closely supervised

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

Intangible items

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

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

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

The projection of probable, future sales in units or dollars

A form of external theft involving stealing merchandise from a store

run like a corporation and partnership

Turning raw materials into a product that is more valuable

Percentage or dollar reduction in the retail price

A goal for sales

Land, labor, capital, and entrepreneurship

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

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

Spreading the word about your product or company

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

Shows items meant to be together

Retail price =

An announcement sent to the appropriate media outlets

A business from with one owner

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

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

Alternative choices given up for something else

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

The price at which both buyers and sellers agree

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

Promotional method designed to create a favorable image for a business

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

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

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

Product features that appeal to different buyers in different ways

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

Obtains goods in order to sell them directly to consumers

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

When both the government and individuals own factors of production

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

Commercials broadcast via TV or radio

An independent legal entity owned by shareholders

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

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

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

Add value in economic terms

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

Based mainly on agricultural products such as coffee

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

Reduction in price as a result of buying in larger quantities

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