Business 1750 – Flashcards
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Traditional promotion mix
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advertising, personal selling, public relations, and sales promotions
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Advertising
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any paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message
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What evidence supports the position that promotional efforts specifically designed for individual countries produce...
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better results than a global promotional strategy
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Personal-selling
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face-to-face presentation and promotion of goods and services
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Publicity
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any information about a produce or an organization that is communicated to the public through the media and is not paid for or controlled by the sponsor
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Marketing concept
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based on 3 elements: customer orientation, a service orientation, and a profit orientation
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Marketing mix
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product, price, place, and promotion
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As marketing manager for a retailer of lighting products, lucinda will likely be involved in which of the following?
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setting a price for the light fixtures her firm produces
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Market segmentation
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the process of dividing the total market into several groups with similar characteristics
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Firms that adopt a relationship marketing strategy attempt to...
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develop products that meet the specific requirements of individual customers
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Capital budget
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shows a firm's spending plans on fixed assets such as large equipment (buildings, property, etc)
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An effective budget requires...
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a forecast
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The concept, "time value of money" indicates...
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a dollar received today is worth more than a dollar received a year from today
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Acquiring funds through borrowing represents...
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debt financing
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Auditing
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involves the review and evaluation of the records that are used to prepare the organization's financial statements
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Double-Entry Bookkeeping
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the accounting practice of recording each transaction in two places in the accounting journal
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3 key financial statements
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the balance sheet, the statement of cash flows, and income statement
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Liabilities
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debts owned by a business
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Liquidity
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refers to how quickly an asset can be converted to cash
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Interactive Promotion
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allows marketers to go beyond a monologue, to persuade buyers to buy things in a dialogue, in which buyers and sellers work together to create mutually beneficial exchange relationships
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Mass marketing
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developing products and promotions to please large groups of people
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Product
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a good or service that satisfies a want or need
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Operating budget
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the budget that ties together the firm's other budgets and summarizes its proposed financial activities
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Accounting
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the recording, classifying, summarizing, and interpreting of financial events and transactions that affect an organization
