| A | B |
|---|
| Marketing | The process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants |
| SWOT Analysis | An assesment of a company's strengths and weaknesses and the opportunities and threats that surround it |
| Entrepreneurship | The process of starting and operating your own business |
| Tariff | a tax on imports, also known as a duty |
| Free Enterprise System | A system that encourages individuals to start and operate their own businesses in a competative market, without government involvement |
| Flextime | A program that allows workers to choose their work hours |
| Fraction | Numbers used to decribe or compare parts of a whole |
| Communication | The process of exchanging messages between a sender and a reciever |
| Internet | A worldwide network of computer networks, allowing a free flow of information |
| Personal Selling | Any form of direct contact between a salesperson and a customer |
| Nonverbal Communication | Expressing oneself without the use of words |
| Objections | Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase |
| Closing the Sale | The process of obtaining a positive agreement from the customer to buy |
| Layaway | A sales method that keeps merchandise in storage until the customer finishes paying for it |
| Advertising | A form of nonpersonal promotion in which companies pay to promote ideas, goods, or services in a varity of media outlets |
| Storefront | the exterior of a business that includes a store's sign or logo, marquee, outdoor lighting, banners, planters, ect |
| Media | The avenues through which messages are delivered, also know as channels |
| Wholesalers | Channel of distribution that obtains goods from manufacturers and resells them to industrial users, other wholesalers, and retailers |
| Storage | A marketng function that refers to the holding of goods until they are sold |
| Want Slips | Customer requests for items that are not carried in the store |
| Just-In-Time Inventory Systems | An inventory system that controls the flow of parts and material into assembly and manufacturing plants |
| Price | The value (in money or its equivalent) placed on a product |
| Segmented Pricing Stategy | A pricing strategy that uses two or more different prices for a product, even though there is no difference in the item's cost |
| Marketing Research | The process and methods used to gather information, analyze it, and report findings related to marketing goods and services |
| Product Life Cycle | The stages that a product goes through during its life |
| Business Plan | A proposal that outlines a strategy to turn a business idea into reality |
| Asset | Anything of monetary value that a person owns, such as cash, checking and savings accounts, real estate, or stock |
| Goods | Tangible items of monetary value that satisfy needs and wants |
| Environmental Scan | an analysis of outside influences that may have an impact on an organization |
| Infrastructure | The physical development of a country, including its roads, ports, sanitation facilities, and utilities |
| Quota | A limit on either the quantity or monetary value of a product that may be imported |
| Competition | The struggle between companies to attract new customers, keep exisiting ones, and take away customers from other companies |
| Telecommuting | A program that involves working at home, usually on a computer, with completed jobs transmitted by e-mail |
| Denominator | THe bottom number in a fraction, it represents how many parts make up a whole |
| Feedback | A receiver's response to a question |
| Firewall | Hardware or software that protects a computer from attacks by hackers |
| Business cycle | Recurring changes in economic activity, such as the expansion and contraction of an economy |
| Open-Ended Question | Questions that require respondents to construct their own answer |
| Excuses | Reasons for not buying or not seeing a sales person |
| Customer Relationship Management | Identifying and understanding customers to form a strong, long lasting relationship |
| Sales Tax | a percentage fee placed by the government on the sale of goods and services |
| Direct Marketing | a type of advertising directed to a targeted group of prospects and customers rather than to a mass audience |
| Marquee | an architectural canopy that extends over a store's entrance |
| Frequency | The number of times and people an advertising message reaches |
| Retailers | Channel of distribution that buys goods from wholesalers or directly from manufacturers and resells them to customers |
| Public Warehouse | storage and handeling facilities offered to any individual or company that will pay for its use |
| Consignment Buying | paying for goods only after the final customer purchases them |
| Inventory | All the goods stored by a business before they are sold |
| Market Share | a company's percentage of total sales volume generated by all competition in a given market |
| Bundle Pricing | A pricing technique in which a company offers several complementary products in a package that is sold at a single price |
| Database | A collection of related information about a specific topic |
| Product Positioning | The image a product projects that sets it apart from the competition |
| Job description | Written statements listing the requirements of a particular job and the skills needed to fulfill those requirements |
| Liability | A debt that a person owes to others, such as credit card debt, school loans, car payments, or taxes |
| Service | Intangible items of monetary value that satisfy needs and wants |
| Marketing Plan | A formal written document communicating the goals, objectives, and strategies of a company |
| Scarcity | The difference between what consumers want and need and what the available resources are |
| Licensing | The process of letting another company use a trademark, patent, special formula, copany name, or some other intellectual property for a fee or royalty |
| Monopoly | Exclusive control over a product or the means of producing it |
| Price Gouging | Pricing products unreasonably high when there is a high demand resulting from a monoploy or natural disaster |
| Numerator | The top number in a fraction, it represents the number of parts being considered |
| Barriers | Obstacles that interfere with the understanding of a message |
| World Wide Web | A subset of the internet that is a collection of interlinked eletronic documents |
| Consultative Selling | Sales that provide solutions to customers' problems by finding products that meet their needs |
| Layman's Terms | Words that the average customer can understand |
| Paraphrase | To restate something in a different way |
| Sales Check | a written record of a sales transaction that includes such information as the date of the transaction, item purchased, purchase prices, sales tax, and the total amount due |
| Allowance | A partial return of the sale price for merchandise that the customer has kept |
| Product Promotion | A promotion method businesses use to convince consumers to select its product or services |
| Store layout | The ways that stores use floor space to facilitate and promote sales and serve customers |
| Public relations | Activities that help an organization influence a target audience |
| Direct Distribution | Sales of goods or services directly to the customer, with no intermediaries |
| Private Warehouse | A facility designed to meet the specific needs of its owner |
| Cycle Counts | A small portion of the inventory is physically counted each day by stockkeeping units so that the entire inventory is accounted for on a regular basis |
| Return on Investments | A calculation that is used to determine the relative profitability of a product |
| Geographical Pricing | A pricing technique that makes price adjustments because of the location of the customer for delivery of products |
| Product research | The evaluation of product design, package design, product usage, and consumer acceptance of new and existing products |
| Planograms | a computer-developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores |
| Organization Chart | A diagram of a company's departments and jobs with lines of authority clearly shown |
| Personal Finance Statement | A summary of a person's current personal financial condition |
