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Marketing

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a process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants

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Marketing Concept

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the idea that a business should satisfy the wants and needs of consumers while generating a profit for the business.

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Financing

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Decisions about how to find the money to invest in the business and helping customers to find ways to purchase the product.

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Product/service Management

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The process of planning, improving, and/or adding to a firm's product line.

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Market Research

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Collecting and analyzing information in order to make decisions about a product/service.

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Promotion

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Informing, reminding or persuading customers about a product, the company or a social cause that is important to the company.

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Distribution

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Decisions surrounding the transportation and storage of goods from producer to consumer.

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Pricing

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Deciding the amount to charge customers for products/services based on demand, completion, and the costs of raw materials.

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Retailer

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obtains goods in order to sell them directly to consumers.

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Agent

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brings buyers and sellers together but does not take ownership of the actual product.

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Wholesaler

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an intermediary that obtains goods to sell to industrial users.

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Economic factors of production

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Land, Labor, Capital and Entrepreneurship.

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Selling

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Personally communicating with the customer in order to help them purchase a product.

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Supply

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the quantity of goods and services that producers are willing and able to manufacture.

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Demand

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the quantity of goods and services that consumers are willing and able to purchase.

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Opportunity Costs

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alternative choices given up for something else

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Command Economy

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the dictator of a country makes the decisions which affect the jobs and living conditions of people living there.

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Market Economy

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promotes private ownership of businesses where competition among business owners drives prices.

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Traditional Economy

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based mainly on agricultural products such as coffee.

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Mixed Economy

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when both the government and individuals own factors of production.

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Scarcity

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the difference between wants and needs and available resources.

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Convenience Items

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Products purchased without much planning because they are purchased frequently.

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Supplies

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Items that are frequently purchased by businesses that are indirectly related to the production process.

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Materials

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Parts and raw materials that are purchased by a business in order to turn them into products to eventually sell to consumers.

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Utility

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Added value in economic terms.

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Form Utility

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Turning raw materials into a product that is more valuable.

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Time Utility

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Making products available at certain times of day or year so it is available to customers.

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Information Utility

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Providing instructions, warnings, etc on products to make it easier to understand or work with a product such as owner's manuals or tags in clothing.1

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Place Utility

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Having products available in a location easy for customers to find and purchase.

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Possession Utility

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Providing ways for customers to conveniently purchase a product such as lay away, credit cards, etc.

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Competition

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The struggle for customers between two or more companies. Leads to Lower Prices, Higher Quality Products.

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Direct Competition

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Market situation where two or more firms offer essentially the same good or service.

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Indirect Competition

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Competition among the suppliers of different types of products that satisfy the same needs.

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Price Competition

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this competition focuses on the sale price of a product.

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Non-price Competition

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Competition that focuses on the quality or brand loyalty of a product.

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Free Enterprise Economy

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An economy in which both consumers and private businesses make the majority of the economic decisions.

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Profit

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Total revenue-total expenses

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Sellers Market

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An economic in which goods or shares are scarce and sellers can keep prices high.

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Buyer's Market

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A situation in which supply exceeds demand, prices are relatively low, and buyers, therefore have an advantage.

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The concept of supply and demand

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As supply increases, prices should decrease, if demand increases, prices should increase and vice versa

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Equilibrium

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The price at which both buyers and sellers agree.

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Risk

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Chance of loss in business (typically money)

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Risk management

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Processes or actions a business owner will implement in order to prevent or reduce risk.

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Risk Avoidance

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Technique of risk management that involves taking steps to remove a hazard, engage in alternative activities, or otherwise end a specific exposure.

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Trademarks

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A symbol, word, or words legally registered or established by use as representing a company or product.

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Trade Secrets

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A secret device or technique used by a company in manufacturing its products.

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Copyright

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The exclusive legal right, given to an originator or an assignee to print, publish, perform, film or record literary, artistic, or musical material, and to authorize others to do the same.

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Patents

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A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using or selling an invention.

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EPA

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Environmental Protection Agency protects the environment from pollution and other harmful activities that could happen to the environment.

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FDA

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Food and Drug Administration inspects and researches manufacturers of foods and drugs for consumer safety.

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GDP

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The value of goods and services in a country for a period of time. Components of consumption, investment, net exports, government purchases, and inventories

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Productivity

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The measure of the output of a worker, machine, or an entire national economy in relation to the creation of goods and services to produce wealth.

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Advertising

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Paid form of non-personal communication of a product, service or idea from an acknowledged sponsor.

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PR/Publicity

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Activities performed or organized by a company in order to promote a positive image for a company.

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Personal Selling

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Personal communication between a customer and the sales person of a product.

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Sales Promotion

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Any type of promotion other than personal selling, advertising, publicity, and visual merchandising that is used in the promotion of goods and/or services.

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Visual Merchandising

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Physical elements in the placement of products in a store that promotes a favorable image to a customer.

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Assortment Display

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Type of display used to promote the sale of a variety of items such as a Buy-one-Get-One free table.

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Nine Principles of Design

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Line, color, texture, shape, direction, lighting, movement, proportion, and balance.

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Broadcast Media

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Commercials broadcast via TVor radio

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Online Media

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Ads Online

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4 Parts of a Print Ad

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Copy, headline, illustration, and signature

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Shrinkage

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Merchandise that is lost or stolen.

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Employee Theft

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Internal theft involving stealing merchandise, money, or supplies from a store.

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Shoplifting

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A form of external theft involving stealing merchandise from a store.

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Robbery

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Stealing money or merchandise from a store using violence or threats.

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Perpetual inventory control

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Companies use a computer system to keep up with inventory over a period of time.

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Physical Inventory Control

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A physical count of the products on shelves and in the warehouse.

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Unit Control

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Help a business keep stock based on sales and allow them to spend money based on a planned budget.

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Cash Discounts

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Percentage or dollar reduction in the retail price

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Quantity Discounts

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Reduction in price as a result of buying in larger quantities

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Trade Discounts

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Discounts given by manufacturers or retailers given to a company in the same trade

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Seasonal Discounts

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Discounts given on end of the season products as an incentive to clear out inventory and make room for the new inventory

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Sole Proprietorship

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A business form with one owner

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Partnership

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A form of business ownership in which the business is owned by two or more persons.

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Corporation

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Is an independent legal entity owned by shareholders.

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Psychographics

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The division of a market on the basis of consumer's lifestyles and personalities.

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Geographics

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The division of a market on the basis of where consumers are located.

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Demographics

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Statistics of a population including age, gender, income, race, education, etc.

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Marketing Mix

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The coordination of all marketing strategies in a company known as product, price, place and promotion

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Product/service mix

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Describes the decisions a company makes regarding all of the different types of products the company will sell.

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Theory X

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Have the theory that employees need to be closely supervised.

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Theory Y Manager Theory

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Employees need to feel empowered to be creative in their job and set goals.

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Employee Complaint Procedure

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A formal procedure that should be communicated to employees for handling complaints made by employees such as disputes between employees, sexual harassment issues, and safety issues.

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Morale

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An employee's overall attitude, outlook, satisfaction, and confidence in themselves and the organization in which they work.

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Market Share

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The amount of sales a company has in a products market. Usually a percentage.

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Return on Investment

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The profitability of a product.

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Prospecting

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Act of finding potential customers in order to increase sales in a company

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Sales Quota

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A goal for sales

End Of Pathway Marketing Vocab – Flashcards

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