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Business Essentials
MK-901 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 long time |
Economy | The system in which people make and spend their incomes |
Feature | A fact about about or characteristics 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 value for customers, clients, partners, and society at large |
Marketing Concept | A philosophy of conducting business that is based on their belief that all business activities should be be aimed toward satisfying customers 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 clients 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 maximizing return and meet customers' perceptions of value |
Producers | The people who make or provide goods and services |
Product | Marketing element referring to what goods and services |
Publicity | Any nonpersonal presentation of ideas, goods, or services that is not paid for by the induvial or organization benefiting from or harmed by it |
Sales Promotion | Promotional activities (other than advertising, personal selling and publicity) that simulate customer purchases |
Services | Intangible activities that are preformed 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 induvial 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 |