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Sem unit 2 vocab
| Term | Definition |
|---|---|
| Bait-and-Switch Advertising | Advertising one product (the bait) at a very attractive price, then informing the customer that the advertised product is either unavailable or of poor quality, convincing the customer to purchase a different, more expensive product. |
| Deceptive Advertising | Advertising that misleads consumers, either by making unjustified claims regarding a product's composition, qualities, sponsorship, or performance or by omitting a material fact concerning the product's composition, qualities, sponsorship, or performance |
| Direct Distribution | channel of distribution is straight from manufacturer to consumer |
| Economic Flow | the movement of resources from resource owners to producers and from producers to consumers |
| Economy | the system in which people make and spend their incomes |
| Entrepreneurs | who assume the risks of starting and operating businesses |
| Ethics | basic principles that govern your behavior |
| False Statements of “Fact” | Advertising that appears to be based on facts which are, in fact, scientifically untrue, is deceptive |
| Feature | a fact or characteristic of the product |
| Goods | tangible objects that can be manufactured or produced for resale |
| Indirect Distribution | intermediary/middlemen (wholesaler, retailer) involved in channels of distribution |
| Intangible | not capable of being detected though the senses |
| Intermediaries | business firms operating between manufacturer & the customer/buyer that aides in the movement of product (middlemen); o performs Marketing functions better than manufacturer is capable of. |
| Manufacturer | a type of producer that changes the shapes or forms of materials so that they will be useful to consumers |
| Product Knowledge | information about a specific good or service that can be used in sales presentations. |
| Products | goods and services |
| Benefit | advantage consumers receive from using a product |
Created by:
ericmalanda
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