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MK-901
Business Essentials Glossary
| Term | Definition |
|---|---|
| Advertising | Any paid form of nonpersonal presentation of ideas, goods, or services |
| Competitive advantage | The edge achieved by businesses that offer something better than their competitors |
| 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 that can be manufactured or produced for resale |
| 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' perception 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, and services that is not paid for by the individual or organization benefiting from or 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:
crispin.h777
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