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MK-901 Glossary
| Term | Definition |
|---|---|
| Advertising | Any paid nonpersonal presentation of ideas, goods, or services |
| Competitive advantage | The edge achieved by businesses that offer something better then their competitors |
| Customer | 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 characteristics of a product |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Marketing | The activity, set of institutions, and process 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 customers wants and needs while achieving goals |
| Nondurable goods | Tangible items that are consumed with 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 customers |
| Publicity | Any nonpersonal presentation or ideas, goods, or services that is not paid for by the individual or organization benefiting from or harmed by it |
| Sales promotion | Promotional activities (other then advertising, personal selling, and publicity that stimulate customers purchases) |
| Service | Intangible activities that are performed by the other people for money; productive acts that satisfy economic purchases |
| 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 condition in which people live; quality of life |