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7.01 Key Terms

TermDefinition
Advertising: Any paid form of nonpersonal presentation of ideas, goods, or services
Customers: The people who buy goods and services
Durable goods: Tangible items that should last a long time
Economy: The system in which people make and spend their incomes
Feature: A fact about or characteristic of a product
Goods: Tangible objects and materials
Marketing: The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing concept: A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals
Nondurable goods: Tangible items that are consumed within a short time
Personal selling: The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Planning: The management function of deciding what will be done and how it will be accomplished
Pricing: A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
Producers: The people who make or provide goods and services
Product: Marketing element referring to what goods, services, or ideas a business will offer its customers
Publicity: Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it
Sales promotion: Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases
Services: Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Societal marketing concept: A philosophy of conducting business which involves creating and marketing products that benefit individual customers as well as contribute to the good of society as a whole
Standard of living: The general conditions in which people live; quality of life
Created by: drakon0130
 

 



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