MGT 123 TERMS

A systematic, objective process of getting information about potential customers to guide marketing decisions.
Market research
The facilitation of exchanges through creating, pricing, promoting, and distributing goods.
Marketing
The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals.
Marketing concept
An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs.
Total-market approach
The four (4) variables in the marketing mix.
Product, Promotion, Price and Distribution (Place)
All the activities necessary to move products from producers to customers—inventory control, transportation, warehousing, and materials handling.
Physical distribution
A low price designed to help a product enter the market and gain market share rapidly.
Penetration Price
The most flexible variable in the marketing mix.
Price
The use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available.
Pull strategy
The four stages of the product life cycle.
Introduction, growth, maturity, and decline
Consumers’ ability to regulate the information they receive via the Internet and the rate and sequence of their exposure to that information.
Control
Uses all digital media, including the Internet and mobile and interactive channels, to develop communication and exchanges with customers.
Digital Marketing
Allows customers to express their needs and wants directly to the firm in response to its communication.
Interactivity
Name the five (5) characteristics of digital media that differentiate them from traditional marketing media.
Accessibility, Addressability, Connectivity, Interactivity, and Control
Electronic media that function using digital codes via computers, cellular phones, smart phones, and other digital devices that have been released in recent years
Digital Media
The movement of money through a business on a daily, weekly, monthly, or yearly basis.
Cash flows
The recording, measurement, and interpretation of financial information.
Accounting
The accounting equation.
Assets = Liabilities + Owners’ Equity or
Owners’ equity = Assets – Liabilities
or
Liabilities = Assets – Owners’ Equity
A “snapshot” of a company’s financial position at a given moment.
Balance Sheet
Revenues minus expenses.
Profits
Cash, investments, accounts receivable, and inventory.
Current assets
Money for the purchase of long-term assets.
Capital budget
An arrangement by which a bank agrees to lend a specified amount of money to the organization upon request.
Line of credit
Short-term debt obligations the U. S. government sells to raise money.
Treasury bills (T-bills)
Former drummer for the grunge band Nirvana and the founder and frontman of the rock band Foo Fighters.
Dave Grohl