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Business Essentials Glossary

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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