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Marketing01
| Term | Definition |
|---|---|
| Brand | All the combined impressions and experiences associated with a particular company, good, or service |
| Budget | An estimate of income and expense for a specific period of time |
| Channel Management | A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels |
| Channels of distribution | Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Competetive analysis | The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| Industrial User | A business that buys materials, services, or goods that will be used to make other goods or which will be used in the operation of the company |
| Market Analysis | A systematic study of the market |
| Market Planning | A marketing function that involves creating strategies to attract the customer to a business, including setting goals, selecting target markets, creating budgets, forecasting sales, and performing analyses. |
| Marketing Functions | Interrelated activities that must work together to get goods and services from producers to customers |
| Marketing Information Management | A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions |
| Marketing Plan | A set of procedures or strategies for attracting the target customer to a business |
| Private Enterprise System | An economic system in which individuals and groups, rather than the government, own or control the means of production—the human and natural resources and capital goods used to produce goods and services; also known as a free-market economy, the private |
| Product Life Cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
| Product/Service Management | A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
| Product/Service Mix | The particular assortment of products that a business offers to meet the needs of its markets and its company goals |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| Promotion | A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve the desired outcome |
| Quality Assurance | A process businesses use to prevent defective products from being created, not just to eliminate or correct them after they’ve already been produced |
| 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 |
| Situation Analysis | A determination of a firm’s current business situation and the direction in which the business is headed |
| SWOT Analysis | A marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion |
| Target Market | The particular group of customers a business seeks to attract |
| Ultimate Consumer | Anyone who personally uses a good or service to satisfy his/her own wants |
Created by:
anahi.01.2