101 marketing terms

consumer
A person who buys and uses goods and services
Absolute advantage
Occurs when a country has special natural resources or talents that allow it to produce an item at the lower possible costs.
Advertising
ANY paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
Agents
Intermediaries who negotiate title of goods by bring buyers and sellers together.
Approach
Making initial contact with the customer.
Asset
Anything of monetary value that a person owns, The opposite of liability.
Balance of trade
The difference in value between the imports and exports of a nation.
Balance Sheet
A summary of a business’s assets liabilities, and owner’s equity
Benefits
Privileges or monetary payments beyond salary or wages, that go with a job
Brand
A name. term design symbols or combination of them that identifies a business or organization and the products or services that it provides
Break-even-point
The point at which sales revenue equals the costs and expenses of making and distributing a particular products
Business cycle
The continuous slowdown and growth of an economy
Capital
Goods, such as equipment of processes materials, used in a production process. Also, money needed to start and operate a business
Capitalism
An economic system characterized by private ownership of business and competition in the marketplace.
Cash Flow statement
A monthly plan that shows when you anticipate cash coming into the business as well as when you plan to spend cash.
Channels Distribution
The path that shows when you anticipate cash coming into the business as well as when you plan to spend cash.
Closing a Sale.
Getting the customer’s positive agreement to buy a product.
Communication
The process of exchanging information ideas and feelings
Communism
An economic system which is run entirely by the government.
Comparative advantage
The value that a nation gains by selling goods that it produces most efficently
Competition
The struggle between business for the same customers
Consumer Price Index
A measure of inflation which is based on change in the process of 400 goods and services used by the average urban family
Corporation
A business that is chartered by the state and legally operates apart from the owner(s)
Credit
The opportunity to obtain money goods or services immediately in exchange for a promise to pay in the furture
Customer
Buy a product
Demand
The amount or quantity of goods and services that consumers are willing and able to buy at various prices
Demographics
Statistics that describe a population in terms of personal characteristics (age, sex, etc)
Depression
The phrase of the business cycle which is a period of prolonged recession.
Discretionary Income
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Disposable Income
income remaining for a person to spend or save after all taxes have been paid
E-Commerce
the buying and selling of goods and services over the internet
Economy
System by which a nation decides how to use its resources to procedure and distribute goods and services.
Elastic Demand
A situation in which consumer demand is sensitive to changes in price
Embargo
A total ban on trading with another country.
Entrepreneurship
The process of startring and managing your own business, the skills of people who are willing to risk their time and money to run a business
Equilibrium
The condition that exists when the amount of a product supplied is equal to the demand.
Ethics
Guidelines for good behavior based on knowing the difference between right and wrong.
Exports
Goods and Services sold to other countries
Feature-Benefit Selling
Matching the characteristics of a product to a customer’s needs and wants
Franchise
A grant or right to sell a parent company’s product or services within a given area.