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94 Cards in this Set

  • Front
  • Back
a business that is chartered by a state and legally operates apart from the owner or owners
The opportunity to gain money, goods, or services immediately in exchange for promise to pay in the future
Person who buys the product
Customer Benefit
The advantages or personal satisfaction a customer will get from a good or service.
Decentralized Buying
local store managers or their designated buyers are authorized to make special purchases for their individual stores.
the amount of goods and services customers are willing and able to buy at various places
- Statistics that describe a population in terms of personal characteristics
Discount Pricing
Pricing technique that involves the seller’s offering reduction from the original price
Discretionary Income
the money left from a person’s gross income after paying for basic living necessities such as food, shelter, and clothing.
Disposable Income
The money left from a person’s gross income after taking out taxes
E- Commerce
the buying and selling of goods through the use of electronic networks, usually the Internet
Employee Discount
discounts to encourage workers to buy the products their employer sells or manufactures
Exclusive distribution
Form of distribution that involves protected territories in a given geographic area.
Money or anything that can be sold very quickly to get money; borrowing money
General Partnership
each partner shares in the profits and losses of the business
Generic Brands
Brands that represent a general product category and do not carry a company or brand name
Segregation of the market based on where people live
- the kinds of things you can touch or hold in your hands
Green market
Companies making an effort to produce and promote environmentally safe products
Greeting Approach method
the salesperson welcomes the customer to the store
Gross Domestic product
A measure of the goods and services produced using labor and property located in this country
Gross Profit
the difference between sales revenue and the cost of goods sold
Gross Sales
the total of all sales for any period of time
the photograph or drawing used in a print advertisement
Goods and services brought in from other countries
Inelastic demand
situations in which a change in price has very little effect on the demand of the product
a period of rising prices
doing what needs to be done without being urged
Institutional Advertising
advertising attempts to create a favorable impression and goodwill for a business or an organization.
- the money paid for the use of money borrowed or invested.
Student’s direct work experience and exposure to various aspects of a career, either with or without pay.
An amount of goods stored, including raw materials, purchased components, manufactured subassemblies, and works in process, packaging materials, and finished goods.
and information tag that is attached to a product or its package.
Lay away
- merchandise removed from stock and kept in a separate storage area until the customer pays for it.
a debt that you owe.
Line graph
a graph that uses joining points representing changes in a variable quantity, usually over a specific period of time
Manufacturer Brand
Brand owned and initiated by manufacturer; also called a producer brand
all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.
Market Economy
Economy in which there is no government involvement in economic decisions
Market position
Marketer’s relative standing in relation to their competitors
Market Research
systematic gathering, recording, analyzing and presentation of information related to marketing goods and services
Market Segmentation
a way of analyzing a market by specific characteristics in order to create a target market.
Market Share
a firm’s percentage of the total sales volume generated by all the competitors in a given market
the process of developing, promoting, and distributing products to satisfy customer’s needs and wants
Marketing concept
- Businesses must satisfy the customer’s wants and needs in order to make a profit.
Marketing research
- the marketing function that links the customer and public to the market through information
Markup pricing
Pricing concept used by wholesalers and retailers involved in acquiring goods for resale; based on the difference between the price of an item and its actual cost
Net Income
the amount left after the total expenses are subtracted from the gross profit
Net Sales
the amount left after gross sales have been adjusted for returns and allowances
Nonprofit Organization
Services organizations not operated for the purpose of making a profit.
Legal agreement between two or more people to be jointly responsible for the success or failure of a business
Physical distribution
all the activities that help to ensure that the right amount or product is delivered to the right place at the right time.
Physical Inventory System
method of physical inventory control in which stock is inspected or actually counted to determine quantity by hand.
Point of Sale (POS)
computers used in retailing that feed information directly from merchandise tags or product labels into a computer
Possession Utility
the exchange of product for some monetary value.
Product features
basic, physical, or extended attributes of the product or purchase
Product Lifestyle
the stages that a product goes through during its life, including introduction, growth, maturity, and decline
Product Mix
all of the different products that a company makes or sells.
Product modification
an alteration in a company’s existing product
Product Planning
making decisions about those features that are needed to sell a business’s products, services, or ideas
Product Positioning
focused on the image a product projects
Product promotion
communication used by a business to convince potential customers to buy its products instead of buying from a competitor
the process of creating, growing, manufacturing, or improving on goods or services
goods and services both of which have monetary value and satisfy customer’s needs and wants.
the money earned from conducting business after all costs and expenses have been paid.
any form of communication a business or organization uses to inform, persuade, or remind.
Promotional Advertising
advertising designed to increase sales
Promotional mix
a combination of the different types of promotion
the relationship between and among objects in a display
Quality Check method
checking inventory to inspect the workmanship and general characteristics of the received merchandise.
limits either the quantity or the monetary value of a product that may be imported
Real-time inventory system
system of inventory that lets a company constantly track every product it sells from when it’s manufactured, or when it arrives in its warehouse, to when the customer orders it online, to when it arrives at the buyer’s door.
a research technique that produces nearly identical results in repeated trials.
all the things used in producing goods and services
channel of distribution that buys goods from wholesalers of directly from manufacturers and resells them to the final consumer.
Sales Promotion
all marketing activities, other than personal selling, advertising, and public relations, that are used to stimulate customer purchasing and sales effectiveness.
Sales tax
a fee placed on the sale of goods and services.
the difference between wants and needs and available resources
Seasonal discounts
offered to buyers willing to buy at a time outside the customary buying seasons.
Selective distribution
form of distribution in which a limited number of outlets in a given geographic are used to sell the product
the kinds of things you can’t physically touch: tasks performed for a customer.
a catch phrase or small group of words that are combined in a special way to identify a product or company
the marketing function of holding goods until they are sold.
the amount or quantity of goods and services that producers will provide at various prices
market situation in which supply exceeds demand
Target Marketing
focusing all marketing decisions on a very specific group of people who you want to reach
Time Utility
having a product available at a certain time of year or a convenient time of day
Trading area
the geographical area from which a business draws its customers
the marketing function of moving products from a seller to a buyer.
Unit pricing
method of pricing that allows consumers to compare pricing in relation to a standard unit or measure, such as an ounce or a pound.
the attributes of a product or service that make it capable of satisfying customer’s wants and needs
beliefs that guide the way people live
Wholesale and retail buyers
people who purchase goods for resale; they forecast customer’s needs and buy the necessary products to meet those needs.
obtain goods from manufacturing and resell them to industrial users, and other wholesalers, and retailers.