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BBI2O1- 2.4 Vocab
Introduction to Business: Unit 2, Chapter 8 Marketing
| Term | Definition |
|---|---|
| MARKETING | All the activities involved in getting goods and services from the businesses that produce them to the customers who wish to purchase them. |
| BRAND NAME | A word or group of words chosen by a manufacturer or retailer to distinguish its products from its competitors. |
| LOGO | A special symbol that is associated with a product or a company. |
| TRADEMARK | A word, symbol, or design, or a combination of these, used to distinguish a company's goods or services form other goods and services. |
| SLOGAN | A short, catchy advertising phase associated with a company or product. |
| BRAND EQUITY | The value of the brand in the marketplace. |
| LAUNCH | The introduction of a product. |
| EARLY ADOPTER | A marketing term for a consumer who likes to be one of the first to try a new product. |
| FAD | A product that is extremely popular for a very short period of time. |
| KNOCKOFF | A cheaper version of a product that is experiencing a fad. |
| NICHE | A section of the market in which a product dominates and into which few competitors enter; a place of position particularly suitable to the person or thing. |
| BARRIERS TO ENTRY | Factors that prevent competitors from being profitable in a given market. |
| INVENTORY MANAGEMENT | Balancing product quantity with sales; having merchandise when it is needed and not having merchandise when it is no longer needed. |
| FOUR P'S OF MARKETING | The four elements of a good marketing campaign; product, price, place, and promotion. When all four are present it is called the marketing mix. |
| CHANNELS OF DISTRIBUTION (Distribution Channels) | The paths of ownership or control that goods follow as they pass from the producer or manufacturer to the consumer. |
| INTERMEDIARIES | A business that takes possession of the goods before the consumer does. |
| MAKER-USER RELATIONSHIP | The connection, when using direct channels of distribution, between buyers to the business providing the goods or services. |
| SPECIALTY CHANNEL OF DISTRIBUTION | Any indirect channel of distribution that does not involve a retail store. For example; vending machines, telemarketers, and e-commerce. |
| REDEMPTION RATE | The percentage of coupons issued in a sales promotion that are used by consumers. |
| PREMIUMS | Something a consumer gets free with the purchase of a product. |
| THE TWO C'S OF MARKETING | The two major external factors in marketing: the competition and the consumer. |
| MARKET SHARE | The amount spent on one company's product, expressed as a percent of the total amount spent by consumers on all products of that type. |
| MARKET SEGMENT | Any part of an overall market that has common characteristics. |
| INDIRECT COMPETITION | Competition between products or services that are not directly related to each other. |
| DISCRETIONARY INCOME | The portion of one's disposable income that is not already committed to paying for necessities and can be used to buy things for pleasure, satisfaction, and comfort. |
| DISPOSABLE INCOME | The amount of income that is left after taxes have been paid. This income can be used to pay for the basic necesssities such as food, clothing, and shelter. |
| DIRECT COMPETITION | Competition between products that are very similar. |
| DEMOGRAPHICS | The study of obvious characteristics that categorize human beings. |
| ADVERTISING | The paid-for promotion of a business's goods and services over a variety of mass media to a target market of consumers. |
| PUBLICITY | Media information about a business that the business doesn't pay for. |
| DIRECT-TO-HOME ADVERTISING | An advertising message that comes directly to a person's residence. |
| OUT-OF-HOME ADVERTISING | An advertising message that the consumer is supposed to recieve while not at home. |
| OPEN-ENDED QUESTIONS | A question that allows respondents to develop their own answers. |
| FOCUS GROUPS | A company-arranged meeting of potential consumers that the marketer observes during an organized discussion. |
| CLOSED-ENDED QUESTIONS | A question for which respondents must select an answer from two or more choices they are given. |
| SECONDARY DATA | Information collected by others. |
| PRIMARY DATA | Current information collected and analyzed for a specific purpose. |
Created by:
ShirleyT
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