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92 Cards in this Set

  • Front
  • Back
finance
the study of money; how it's made, how it's lost, and how it's managed
money
anything generally accepted in exchange for goods and services
checking account
money stored in an account at a bank or other institution that can be withdrawn without advance notice; also called a demand deposit
savings accounts
accounts with funds that usually cannot be withdrawn without advance notice; also known as deposits
money market accounts
accounts that offer higher interest rates that standard bank rates but with greater restrictions
certificates of deposit (CDs)
savings accounts that guarantee a depositor a set interest rate over a specified interval as long as the funds are not withdrawn before the end of the period-- six moths or one year, for example
credit cards
means of access to pre-approved lines of credit granted by a bank or finance company
debit card
a card that looks like a credit card but works like a check; using it results in a direct, immediate, electronic payment for the cardholder's checking account to a merchant or third party
federal reserve board
an independent agency of the general government established in 1913 to regulate the nation's banging and financial industry
monetary policy
means by which the Fed controls the amount of money available in the economy
open market operations
decisions to buy or sell U.S. Treasury Bills (short term debt issued by the U.S. government) and other investors in the open market
reserve requirement
the percentage of deposits that banking institutions must hold in the reserve
discount rate
the rate of interest the Fed charges to loan money to any banking institution to meet reserve requirements
credit controls
the authority to establish and enforce credit rules for financial institutions and some private investors
commercial banks
the largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of funds for loans to businesses and individuals
savings and loan institutions (S&Ls)
financial institutions that primarily offer savings accounts and make long-term loans for residential mortgages; also called "thrifts"
credit union
a financial institution owned and controlled by its depositors, who usually have a common employer, profession, trade group, or religion
mutual savings banks
financial institutions that are similar to savings and loan associations but, like credit unions, are owned by their depositors
Federal Deposit Insurance Corporation (NCUA)
an agency that regulates and charters credit unions and insures their deposits through its National Credit Union Insurance Fund
insurance companies
businesses that protect their clients against financial losses from certain specified risks (death, accident, and theft, for example)
pensions funds
managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members
mutual fund
an investment company that pools individual investor dollars and invests them in large numbers of well-diversified securities
brokerage firms
firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services
finance companies
business that offer short-term loans at substantially higher rates of interest than banks
electronic funds transfer (EFT)
any movement of funds by means of an electronic terminal, telephone, computer, or magnetic tape
automated teller machine (ATM)
the most familiar form of electronic banking, which dispenses cash, accepts deposits, and allows balance inquires and cash transfers from one account to another
automated clearinghouses (ACHs)
a system that permits payments such as deposits or withdrawals to be made to and from a bank account by magnetic computer tape
marketing
a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
exchange
the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
marketing concept
the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals
marketing orientation
an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
marketing strategy
a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific consumers
market
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
target market
a specific group of customers on whose needs and wants a company focuses its marketing efforts
total-approach market
an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
market segmentation
a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
market segment
a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
concentration approach
a market segmentation approach whereby a company develops one marketing strategy for a single market segment
multisegment approach
a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
marketing mix
the four marketing activities-- product, price, promotion, and distribution (place)-- that the firm can control to achieve specific goals within a dynamic marketing environment
price
a value placed on an object exchanged between a buyer and a seller
distribution
making products available to customers in the quantities desired
promotion
a persuasive form of communication that attemts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
marketing research
a systematic, objective process of getting information about potential customers to guide marking decisions
primary data
marketing information that is observed, recorded, or collected directly from respondents
secondary data
information that is compiled inside or outside an organization for some purpose other than changing the current situation
buying behavior
the decision processes and actions of people who purchase and use products
perception
the process by which a person selects, organizes, and interprets information received from his or her senses
learning
changes in a person's behavior based on information and experience
attitude
knowledge and positive or negative feelings about something
personality
the organization of an individual's distinguishing character traits, attitudes, or habits
social roles
a set of expectations for individuals based on some position the occupy
reference groups
groups with whom buyers identify and whose values or attitudes they adopt
social classes
a ranking of people into higher or lower positions of respect
culture
the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
test marketing
a trial mini-launch of a product in limited areas that represent the potential market
commercialization
a full introduction of a complete marketing strategy and the launch of the product for commercial success
consumer products
products intended for household or family use
business products
products that are used directly or indirectly in the operation or manufacturing processes of businesses
product line
a group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations
product mix
all the products offered by an organization
branding
the process of naming and identifying products
trademark
a brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by another firm
manufacturer brands
brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
private distributor brands
brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
generic products
products with no brand name that often come in simple packages and carry only their generic name
packaging
the external container that holds and describes the product
labeling
the presentation of important information on a package
quality
the degree to which a good, service, or idea meets the demands and requirements of customers
price skimming
charging the highest possible price that buyers who want the product will pay
penetration price
a low price designed to help a product enter the market and gain market share rapidly
psychological pricing
encouraging purchases based on emotional rather than rational responses to the price
discounts
temporary price reduction, often employed to boost sales
marketing channel
a group of organizations that moves products from their producers to customers; also called a channel of distribution
retailers
intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products
wholesalers
intermediaries who buy from producers or from other wholesalers and sell to retailers
intensive distribution
a form or market coverage whereby a product is made available in as many outlets as possible
selective distribution
a form of market coverage whereby only a small number of all available outlets are used to expose products
exclusive distribution
the awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
physical distribution
all the activities necessary to move products from producers to customers-- inventory control, transportation, warehousing, and materials handling
transportation
the shipment of products to buyers
warehousing
the design and operation of facilities to receive, store, and ship products
materials handling
the physical handling and movement of products in warehousing and transportation
integrated marketing communications
coordinating the promotion mix elements and synchronizing promotion as a unified effort
advertising
a paid form of non-personal communication transmitted through a mass medium, such as television commercials or magazine advertisements
advertising campaign
designing a series of advertisements and placing them in carious media to reach a particular target market
personal selling
direct, two-way communication with buyers and potential buyers
publicity
non-personal communication transmitted through the mass media but not paid for directly by the firm
sales promotion
direct inducements offering added value or some other incentive for buyers to enter into an exchange
push strategy
an attempt to motivate intermediaries to push the product down to their customers
pull strategy
the use of promotion to create customer demand for a product so that consumers exert pressure on marketing channel members to make it available
promotional positioning
the use of promotion to create and maintain an image of a product in buyers' minds