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TermDefinition
Marketing All activities to get product from manufacturer to consumer that are guided by consumer's wants and needs.
Pricing Determining a value to charge in order to make a profit.
Distribution Transporting, storing, and handling goods from the manufacturer to the consumer.
Product/Service Management Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs.
Goods Tangible purchases
Durable Lasts a long time.
Business, Management & Entrepreneurship Study of operating and managing a business & all the skills and concept necessary.
Economics Study of allocating resources to maximize their uses.
Marketing Concept A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.
Promotion A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome.
Channel Management Processes by which marketers ensure that products are distributed to customers efficiently and effectively. A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels.
Marketing Information Management A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.
Services intangible products (can’t physically touch/hold in your hand). Things we pay others to do for us b/c we don’t have the time or expertise or desire to those tasks.
Nondurable Something you consume in one sitting.
Professional Development The advancement of skills or expertise to succeed in a particular profession.
SWOT Analysis A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
Marketing Planning A comprehensive blueprint which outlines an organization's overall marketing efforts.
Selling A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Financing A marketing function that determines the need for and availability of financial resources to aid in marketing activities.
Industrial Of, relating to, or characterized by industry.
Consumer Uses the product.
Idea A thought or suggestion as to a possible course of action.
Communication/Interpersonal skills The process by which people exchange information, feelings, and meaning through verbal and non-verbal messages.
Created by: ZLittle97
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