| A | B |
|---|
| Advertisement | “a non-personal paid form of communication designed to inform |
| Assortment | “a collection of various kinds of things; a mixed collection” |
| Better Business Bureau (BBB) | “an organization that works to create a community of trustworthy businesses; focused on how businesses should treat the public in a fair and honest manner www.charlotte.bbb.org” |
| Brand name | “company’s unique identification for a product or service” |
| Broadcast media | “Radio |
| Buying motives | “the reasons consumers decide what products and services to purchase” |
| Emotional | “guided by feelings |
| Rational | “guided by facts and logic” |
| Channels of Distribution | “how products/services reach final customers and the businesses involved” |
| Direct | “exchange between producer and consumer only” |
| Indirect | “exchange with one or more businesses between the producer and consumer” |
| Channel members | “the businesses that take part in a channel of distribution” |
| Contemporary retailers | “specialty superstores |
| Consumer decision-making process | “recognize a need or want |
| Distribution (Place) | “using the best ways for customers to locate |
| Effective communication | “the exchange of information so there is common understanding by all participants: sender – information – receiver – feedback” |
| Experiments | “presenting 2 carefully controlled alternatives to subjects in order to determine which is preferred or has better results” |
| Financing | “budgeting for marketing activities |
| Focus groups | “a small number of consumers take part in a group discussion” |
| Goodwill | “an intangible asset that is made up of the prestige which a business has acquired due to the personality or experience of the business and their employees” |
| Government agencies | “federal |
| Gross margin | “selling price – production costs: amount available to pay operating expenses and provide a profit” |
| Institutional promotion | “used in an effort to create a positive image |
| Intangible | “in capable of being touched; immaterial things ex. Services” |
| Location | “a place of activity” |
| Market research | “involves customers in order to find solutions to problems through carefully designed studies (Define |
| Marketing-information management | “obtaining |
| Marketing Mix | “4 P’s of Marketing – product |
| Markdown | “a reduction from the original selling price” |
| Markup | “the amount charged of the selling price to cover the operating expenses and profit; usually stated as a percentage” |
| Marketing strategy | “how a business will meet its goals of satisfying customers that will result in making sales and profits” |
| Mass promotion | “communicating a common message to many people” |
| Media sources | “the means of communication that reach or influence people widely” |
| New product planning | “idea development |
| Non-store shopping | “door-to-door |
| Observations | “recording actions of consumers rather than asking them questions” |
| Operating expenses | “all expenses of operating the business associated with the product (salaries |
| Packaging | “protection and security of a product/service before it is used” |
| Personal selling | “direct |
| Personalized promotion | “communicating a message customized for individual customer” |
| Pricing | “determining and communicating the value of products and services” |
| Pricing formula | “selling price = product costs + operating expenses + profit” |
| Pricing factors | “supply and demand |
| Primary research | “studies carried out to gather new information specifically directed at a current problem” |
| Print media | “magazines |
| Profit | “amount of money remaining after all cost and expenses are paid” |
| Product | “everything a business offers to satisfy a customer’s needs” |
| Basic | “simplest form of a product” |
| Features | “additions and improvements to the basic” |
| Options | “choices” |
| Product promotion | “used to increase sales of a business and its products” |
| Product/service management | “designing |
| Product testing organization | “test products and services to detect benefits – Underwriters Laboratories” |
| Production costs | “costs to the manufacturer or the price paid by other businesses to buy the product” |
| Promotion | “any form of communication a business uses to inform |
| Promotional mix | “personal selling |
| Public relations | “activities used to build and maintain a positive image about a company and its products; paid and non-paid” |
| Publicity | “non-paid communication in the news media or by word of mouth” |
| Quantity | “a particular or indefinite amount of anything” |
| Retailers | “final business organization in an indirect channel of distribution for consumer products” |
| Sales price | “price paid by the customer” |
| Sales Promotions | “communications or activities used to stimulate sales |
| Secondary research | “analyzing existing information gathered for another purpose but used to solve a current problem |
| Selling | “communicating directly with potential customers in order to determine and satisfy their wants and needs” |
| Services | “are inseparable (consumed at the same time as they are produced) |
| Survey | “gathering information using a carefully planned set of questions” |
| Tangible | “capable of being touched; real or actual Ex. Products” |
| Target market | “a specific group of consumers with similar wants and needs” |
| Timing | “selecting the best time or speed for doing something in order to achieve the desired or maximum result” |
| Traditional retailers | “department stores |
| Underwriters Laboratories Inc | “www.ul.com the trusted source across the globe for product safety certification; product testing organization” |
| Warranty | “an offer to repair |
