| A | B |
|---|
| Market | A group of customers who share common wants and needs |
| Marketing | The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers |
| Relationship Marketing | Marketing that builds and maintains relationships with customers |
| Marketing Mix | Consists of four basic marketing strategies: product, price, place, and promotion |
| Channel of Distribution | A pathway to direct products to consumers |
| Direct Distribution | Occurs when goods or services are sold from the producer directly to the customer |
| Test Market | To offer a product in a limited market for a limited time |
| Break-even Point | The point at which total revenues equal total costs and expenses of developing and offering a product or service |
| Market Research | The gathering and analysis of information on the size, location, and makeup of the market |
| Marketing Concept | Involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors |
| Demographics | Facts about the population, including age, gender, location, and income |
| Target Marketing | Helps companies to focus on the people most likely to buy their goods and services |
| Market Segmentation | The division of the market for a product into groups of customers who have the same needs and traits |
| Indirect Distribution | Involves one or more intermediaries |
| Advertising | The public promotion of something such as a product, service, or event, to attract or increase interest in it |
| Prime Time | The time period when the network TV or radio audience is the largest |
| Infomercial | A 30 minute commercial |
| Direct-mail Advertising | Consists of ads sent by mail to people’s homes and businesses. |
| Pop-up Ads | Appear in a new browser window when you first log on to a website |
| Banner Ads | Are displayed across the top and bottom of the web page |
| Webcast | A broadcast made on the internet |
| Media Planning | The process of selecting advertising media and deciding the time and space in which the ads should appear |
| Advertising Agency | A business that specializes in developing ads and ad campaigns for its clients |
| Ad campaign | A series of ad messages that share a single idea and theme |
| Audience | The number of homes or people exposed to the ad |
| Impression | A single exposure to an advertising message |
| Cost Per Thousand (CPM) | The media cost of exposing 1,000 readers or viewers to an advertising impression |
| Frequency | The number of times and audience sees or hears an ad |
| Mass Media | Are channels of communication, such as television, radio, and newspapers |
| Ethics | Moral principles by which people conduct themselves personally, socially, or professionally. |
| Business Ethics | Rules based on moral principles about how business and employees ought to conduct themselves |
| Social Responsibility | The duty to do what is the best for the good of the society. |
| ADA | Bans discrimination against people with physical and mental disabilities |
| Equal Pay Act | Requires that men and women be paid the same wages for doing equal work |
| EPA | Enforces rules that protect the environment |
| Sarbanes Oxley Act | Mandates truthful reporting and makes CEO's accountable for financial decisions |
| OSHA | Sets and enforces work related health and safety rules |
| FDA | Protects consumers from dangerous and falsely advertised products |
| Ethics | Moral principles by which people conduct themselves personally, socially, or professionally. |
| Corporate Social Responsibilities | a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing |
