End Of Pathway Marketing Vocab

Marketing
a process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants
Marketing Concept
the idea that a business should satisfy the wants and needs of consumers while generating a profit for the business.
Financing
Decisions about how to find the money to invest in the business and helping customers to find ways to purchase the product.
Product/service Management
The process of planning, improving, and/or adding to a firm’s product line.
Market Research
Collecting and analyzing information in order to make decisions about a product/service.
Promotion
Informing, reminding or persuading customers about a product, the company or a social cause that is important to the company.
Distribution
Decisions surrounding the transportation and storage of goods from producer to consumer.
Pricing
Deciding the amount to charge customers for products/services based on demand, completion, and the costs of raw materials.
Retailer
obtains goods in order to sell them directly to consumers.
Agent
brings buyers and sellers together but does not take ownership of the actual product.
Wholesaler
an intermediary that obtains goods to sell to industrial users.
Economic factors of production
Land, Labor, Capital and Entrepreneurship.
Selling
Personally communicating with the customer in order to help them purchase a product.
Supply
the quantity of goods and services that producers are willing and able to manufacture.
Demand
the quantity of goods and services that consumers are willing and able to purchase.
Opportunity Costs
alternative choices given up for something else
Command Economy
the dictator of a country makes the decisions which affect the jobs and living conditions of people living there.
Market Economy
promotes private ownership of businesses where competition among business owners drives prices.
Traditional Economy
based mainly on agricultural products such as coffee.
Mixed Economy
when both the government and individuals own factors of production.
Scarcity
the difference between wants and needs and available resources.
Convenience Items
Products purchased without much planning because they are purchased frequently.
Supplies
Items that are frequently purchased by businesses that are indirectly related to the production process.
Materials
Parts and raw materials that are purchased by a business in order to turn them into products to eventually sell to consumers.
Utility
Added value in economic terms.
Form Utility
Turning raw materials into a product that is more valuable.
Time Utility
Making products available at certain times of day or year so it is available to customers.
Information Utility
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
Place Utility
Having products available in a location easy for customers to find and purchase.
Possession Utility
Providing ways for customers to conveniently
purchase a product such as lay away, credit cards, etc.
Competition
The struggle for customers between two or more companies. Leads to Lower Prices, Higher Quality Products.
Direct Competition
Market situation where two or more firms offer essentially the same good or service.
Indirect Competition
Competition among the suppliers of different types of products that satisfy the same needs.
Price Competition
this competition focuses on the sale price of a product.
Non-price Competition
Competition that focuses on the quality or brand loyalty of a product.
Free Enterprise Economy
An economy in which both consumers and private businesses make the majority of the economic decisions.
Profit
Total revenue-total expenses
Sellers Market
An economic in which goods or shares are scarce and sellers can keep prices high.
Buyer’s Market
A situation in which supply exceeds demand, prices are relatively low, and buyers, therefore have an advantage.
The concept of supply and demand
As supply increases, prices should decrease, if demand increases, prices should increase and vice versa
Equilibrium
The price at which both buyers and sellers agree.
Risk
Chance of loss in business (typically money)
Risk management
Processes or actions a business owner will implement in order to prevent or reduce risk.
Risk Avoidance
Technique of risk management that involves taking steps to remove a hazard, engage in alternative activities, or otherwise end a specific exposure.
Trademarks
A symbol, word, or words legally registered or established by use as representing a company or product.
Trade Secrets
A secret device or technique used by a company in manufacturing its products.
Copyright
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.
Patents
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.
EPA
Environmental Protection Agency protects the environment from pollution and other harmful activities that could happen to the environment.
FDA
Food and Drug Administration inspects and researches manufacturers of foods and drugs for consumer safety.
GDP
The value of goods and services in a country for a period of time. Components of consumption, investment, net exports, government purchases, and inventories
Productivity
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.
Advertising
Paid form of non-personal communication of a product, service or idea from an acknowledged sponsor.
PR/Publicity
Activities performed or organized by a company in order to promote a positive image for a company.
Personal Selling
Personal communication between a customer and the sales person of a product.
Sales Promotion
Any type of promotion other than personal selling, advertising, publicity, and visual merchandising that is used in the promotion of goods and/or services.
Visual Merchandising
Physical elements in the placement of products in a store that promotes a favorable image to a customer.
Assortment Display
Type of display used to promote the sale of a variety of items such as a Buy-one-Get-One free table.
Nine Principles of Design
Line, color, texture, shape, direction, lighting, movement, proportion, and balance.
Broadcast Media
Commercials broadcast via TVor radio
Online Media
Ads Online
4 Parts of a Print Ad
Copy, headline, illustration, and signature
Shrinkage
Merchandise that is lost or stolen.
Employee Theft
Internal theft involving stealing merchandise, money, or supplies from a store.
Shoplifting
A form of external theft involving stealing merchandise from a store.
Robbery
Stealing money or merchandise from a store using violence or threats.
Perpetual inventory control
Companies use a computer system to keep up with inventory over a period of time.
Physical Inventory Control
A physical count of the products on shelves and in the warehouse.
Unit Control
Help a business keep stock based on sales and allow them to spend money based on a planned budget.
Cash Discounts
Percentage or dollar reduction in the retail price
Quantity Discounts
Reduction in price as a result of buying in larger quantities
Trade Discounts
Discounts given by manufacturers or retailers given to a company in the same trade
Seasonal Discounts
Discounts given on end of the season products as an incentive to clear out inventory and make room for the new inventory
Sole Proprietorship
A business form with one owner
Partnership
A form of business ownership in which the business is owned by two or more persons.
Corporation
Is an independent legal entity owned by shareholders.
Psychographics
The division of a market on the basis of consumer’s lifestyles and personalities.
Geographics
The division of a market on the basis of where consumers are located.
Demographics
Statistics of a population including age, gender, income, race, education, etc.
Marketing Mix
The coordination of all marketing strategies in a company known as product, price, place and promotion
Product/service mix
Describes the decisions a company makes regarding all of the different types of products the company will sell.
Theory X
Have the theory that employees need to be closely supervised.
Theory Y Manager Theory
Employees need to feel empowered to be creative in their job and set goals.
Employee Complaint Procedure
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.
Morale
An employee’s overall attitude, outlook, satisfaction, and confidence in themselves and the organization in which they work.
Market Share
The amount of sales a company has in a products market. Usually a percentage.
Return on Investment
The profitability of a product.
Prospecting
Act of finding potential customers in order to increase sales in a company
Sales Quota
A goal for sales