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Marketing vocab-nima
vocab and terms
| Term | Definition |
|---|---|
| opportunity costs | value of the next best alternative that you pass up when making a choice |
| revenue stream | an activity that will produce money |
| profit | the amount of money remaining from income after all expenses are paid |
| profit motive | when a company makes decisions on how to use resources in ways that result in the greatest profit |
| productivity | rate at which companies produces goods and services in relation to the amount of materials and number of employees idealized |
| venture capital | financing provided to start a company in return for owning a part of the company |
| income statement | a statement that shows all revenues received and all expenses incurred over a specific period of time |
| economic market | all of the consumers who will purchase a product or service |
| mass marketing | an attempt to appeal to a large general group of consumers |
| marketing concept | keeping the focus on satisfying customer needs; requires maintaining important relationships with customers |
| target market | a specific group of consumers a business wants to reach |
| patronage purchase | purchases based on consumers loyalty to a particular brand of product |
| rational purchase | when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful though and sound reasoning |
| budget | a detailed projection of financial performance for a specific period of times |
| benefits derived | the value people believe they will receive from a product or service |
| customer service gap | the difference between customers expectations and the service that is actually received |
| comparative advantage | the capability to produce products or services more efficiently and economically than the competition |
| forecast | a report that predicts the expenses to be increased and the revenues to be earned |
| economic impact | the effect produced by decisions that are made by consumers and businesses |
| economics | the study of how goods and services are produced, distributed and consumed |
| loss | occurs when not enough revenue is made to cover the expenses |
| market share | the percentage of total sales of a product or service that a company |
| return on investment (ROI) | calculates the businesses return as a percentage of the money invested |
| economic utility | the amount of satisfaction a person receives from the consumption of a particular product or service |
| form utility | improving the physical characteristics of a product or service |
| time utility | the result of making the product or service available when the consumers want |
| place utility | ensures that the product or service is available where the consumers wants it |
| possession utility | results from making the product or service available at an affordable price |
| scarcity | occurs when there is a limited amount of resources needed to produce and distribute goods or services |
Created by:
nima.kargbo
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