Integrated Marketing Communications All Vocab

consumer market

consumers who purchase goods and services for personal use

customer profile

a list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle and geographic residence

demographics

statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education and occupation

discretionary income

the money left over from a consumer's income after paying for a basic living necessities such as food shelter and clothing

disposable income

the money left over after taxes are taken out of consumer's income

executive summary

a brief overview of an entire marketing plan

form utility

involves changing raw materials into usable goods or putting parts together to make them more useful

geographics

segmentation of the market based on where people live

goods

tangible items of monetary value that satisfy needs and wants

information utility

value added to a product through communication with the customer; providing detailed information such as features/benefits

market

people who share similar needs & wants and are capable of buying a product

market segmentation

the process of analyzing and classifying customers in a given market to create smaller, more precise target markets

market share

a company's percentage of total sales volume generated by all competition in a given market

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing concept

businesses should strive to satisfy customer's needs & wants while making a profit

marketing mix

the four basic marketing strategies called the 4 P's: product, price, place and promotion

marketing plan

a formal written document communicating the goals, objectives and strategies of a company

marketing strategy

identification of target markets and determination of marketing mix choices that focus on those specific markets

mass marketing

use of a single marketing plan to reach all customers

organizational market

businesses that buy products to use in their operations; also called the business-to-business market.

performance standard

an expectation of performance that reflects a company's goals and marketing objectives

PEST analysis (Political, Economic, Social and Technological)

scanning of outside influences on an organization

place utility

the value added to a product by having it available where customers can buy it.

possession utility

the exchange of a product for money

psychographics

studies of consumers based on social and psychological characteristics (like lifestyle)

sales forecasts

the projection of probable future sales in units and dollars

services

intangible items of monetary value that satisfy wants and needs

situation analysis

the study of the internal and external factors that affect marketing strategies.

SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)

an assessment of a company's strengths, weakness, opportunities and threats

target market

a group of people identified as those most likely to become customers

time utility

the value added to a product by having it available at a certain time of year or a convenient time of day

utility

the value of a product in economic terms

product

is what you're offering to the market. It can be a good, service, idea, event, person, etc

price

the value in money (or its equivalent) placed on a good or service

place/distribution

Place element of the marketing mix refers to distributing your products to make sure they get into the hands of the customers at the right place and right time

Promotion

is the communication element of the marketing mix. It includes all communication types that marketers use to inform, persuade, or remind customers of their products

economy

The organized way a nation provides for the needs and wants of its population

factors of production

Resources that are comprised of land, labor, capital, an entrepreneurship

resources

All the things used in producing goods and services; a source of aid or support that may be drawn upon when needed

infrastructure

The physical development of a country, such as roads, ports, and utilities

entrepreneurship

The skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business

scarcity

The difference between wants and needs and available resources

traditional economy

An economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom

market economy

An economic system in which there is no government involvement in economic decisions

command economy

A system in which a country's government makes all economic decisions regarding what, how, and for whom

productivity

Output per worker hour that is measured over a defined period of time

gross domestic product (GDP)

The output of goods and services produced by labor and property located within a country

gross national product (GNP)

The total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies

inflation

raising prices

consumer price index (CPI)

Measures the change in price over a period of time of 400 specific retail goods and services used by the average urban household

producer price index (PPI)

Measures wholesale price levels in the economy

business cycle

Recurring changes in economic activity

expansion

A time when the economy is expanding

recession

A period of economic slowdown that lasts for at least two quarters, or six months

recovery

The term that signifies a period of renewed economic growth following a recession or depression

depression

a period of prolonged recession

international trade

The exchange of goods and services between nations

imports

Goods and services purchased from other countries

exports

Goods and Services sold to other countries

balance of trade

the difference in value between exports and imports of a nation

free trade

Commercial exchange between nations that is conducted on free market principles, without regulations

Tariff

A duty or a tax on imported goods

Quota

Limits on the quantity or the value of products

Embargo

A ban on goods exported or imported

protectionism

A government's establishment of economic policies that systematically restrict imports in order to protect domestic industries

World Trade Organization (WTO)

A global coalition of nations that makes the rules governing international trade

North American Free Trade Agreement (NAFTA)

An international trade agreement among the United States, Canada, and Mexico

European Union (EU)

Europe's trading bloc

licensing

Letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty

contract manufacturing

Hiring a foreign manufacturer to make your products according to your specifications

joint venture

A business enterprise that a domestic company and a foreign company undertake together

foreign direct investment (FDI)

The establishment of a business in a foreign country

multinational

A large corporation that has operations in several countries

mini-national

A midsize or smaller company that has operations in foreign countries

globalization

Selling the same product and using the same promotion methods in all countries

adaptation

A company's use of an existing product or promotion from which changes are made to better suit the characteristics of a country or region

customization

Creating specifically designed products or promotions for certain countries or regions

Food and Drug Administration (FDA)

Regulates the labeling and safety of food, drugs, and cosmetics sold throughout the United States

Consumer Product Safety Commission (CPSC)

Responsible for overseeing the safety of products such as toys, electronics, and household furniture

Equal Employment Opportunity Commission (EEOC)

Responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions

Occupational Safety and Health Administration (OSHA)

Sets guidelines for workplace safety and environmental concerns and enforces those regulations

Securities and Exchange Commission (SEC)

Regulator of the sale of securities (stocks and bonds). It is responsible for issuing licenses to brokerage firms and financial advisers and investigates any actions among corporations that affect the value of stocks

Environmental Protection Agency (EPA)

Protects human health and our environment. Its responsibilities include monitoring and reducing air and water pollution and overseeing recycling and hazardous waste disposal

Federal Trade Commission (FTC)

Enforces the principles of a private enterprise system and protects consumers from unfair or deceptive business practices

flextime

A system that allows workers to choose their work hours

telecommuting

Working at home, usually on a computer. Employees can send completed tasks by e-mail or mail-in disk

Ad Council

A nonprofit organization that helps produce public service advertising campaigns for government agencies and other qualifying groups

green marketing

When companies engage in the production and promotion of environmentally safe products

ethics

Guidelines for good behavior; the basic values and moral principles that guide the behavior of individuals and groups

Better Business Bureau (BBB)

Nonprofit organization that sets up selfregulation among businesses. Business members must "agree to follow the highest principles of business ethics and voluntary self-regulation, and have a proven record of marketplace honesty and integrity."

price gouging

Pricing products unreasonably high when the need is great or when consumers do not have other choices

whistle blowing

Reporting an illegal action of one's employer

Communication

the process of exchanging messages between a sender and a receiver

Channels/Media

the avenues through which messages are delivered

Channel of distribution

the route a product follows and the businesses involved in moving a product from the producer to the final consumer

Feedback

a receiver's response to a message

Barriers

obstacles that interfere with the understanding of a message

Setting

where communication takes place; includes place, time, sights, and sounds

Distractions

things that compete with the message for the listener's attention

Emotional Barriers

biases against the sender's opinions that prevent a listener from understanding