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BBI2O1- 2.4 Vocab

Introduction to Business: Unit 2, Chapter 8 Marketing

TermDefinition
MARKETING All the activities involved in getting goods and services from the businesses that produce them to the customers who wish to purchase them.
BRAND NAME A word or group of words chosen by a manufacturer or retailer to distinguish its products from its competitors.
LOGO A special symbol that is associated with a product or a company.
TRADEMARK A word, symbol, or design, or a combination of these, used to distinguish a company's goods or services form other goods and services.
SLOGAN A short, catchy advertising phase associated with a company or product.
BRAND EQUITY The value of the brand in the marketplace.
LAUNCH The introduction of a product.
EARLY ADOPTER A marketing term for a consumer who likes to be one of the first to try a new product.
FAD A product that is extremely popular for a very short period of time.
KNOCKOFF A cheaper version of a product that is experiencing a fad.
NICHE A section of the market in which a product dominates and into which few competitors enter; a place of position particularly suitable to the person or thing.
BARRIERS TO ENTRY Factors that prevent competitors from being profitable in a given market.
INVENTORY MANAGEMENT Balancing product quantity with sales; having merchandise when it is needed and not having merchandise when it is no longer needed.
FOUR P'S OF MARKETING The four elements of a good marketing campaign; product, price, place, and promotion. When all four are present it is called the marketing mix.
CHANNELS OF DISTRIBUTION (Distribution Channels) The paths of ownership or control that goods follow as they pass from the producer or manufacturer to the consumer.
INTERMEDIARIES A business that takes possession of the goods before the consumer does.
MAKER-USER RELATIONSHIP The connection, when using direct channels of distribution, between buyers to the business providing the goods or services.
SPECIALTY CHANNEL OF DISTRIBUTION Any indirect channel of distribution that does not involve a retail store. For example; vending machines, telemarketers, and e-commerce.
REDEMPTION RATE The percentage of coupons issued in a sales promotion that are used by consumers.
PREMIUMS Something a consumer gets free with the purchase of a product.
THE TWO C'S OF MARKETING The two major external factors in marketing: the competition and the consumer.
MARKET SHARE The amount spent on one company's product, expressed as a percent of the total amount spent by consumers on all products of that type.
MARKET SEGMENT Any part of an overall market that has common characteristics.
INDIRECT COMPETITION Competition between products or services that are not directly related to each other.
DISCRETIONARY INCOME The portion of one's disposable income that is not already committed to paying for necessities and can be used to buy things for pleasure, satisfaction, and comfort.
DISPOSABLE INCOME The amount of income that is left after taxes have been paid. This income can be used to pay for the basic necesssities such as food, clothing, and shelter.
DIRECT COMPETITION Competition between products that are very similar.
DEMOGRAPHICS The study of obvious characteristics that categorize human beings.
ADVERTISING The paid-for promotion of a business's goods and services over a variety of mass media to a target market of consumers.
PUBLICITY Media information about a business that the business doesn't pay for.
DIRECT-TO-HOME ADVERTISING An advertising message that comes directly to a person's residence.
OUT-OF-HOME ADVERTISING An advertising message that the consumer is supposed to recieve while not at home.
OPEN-ENDED QUESTIONS A question that allows respondents to develop their own answers.
FOCUS GROUPS A company-arranged meeting of potential consumers that the marketer observes during an organized discussion.
CLOSED-ENDED QUESTIONS A question for which respondents must select an answer from two or more choices they are given.
SECONDARY DATA Information collected by others.
PRIMARY DATA Current information collected and analyzed for a specific purpose.
Created by: ShirleyT
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