FBLA Marketing Fundamentals Vocab Terms

These are all the important terms we need to learn for our objective tests regarding Marketing Fundamentals.

Marketing

process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society

Product/Service Management

the process of developing, improving, and maintaining products or services to meet customer needs

Pricing

determining how much to charge for a product or service based on costs, demand, and competition

Promotion

communicating information about a product or service to persuade customers to buy it

Distribution

the process of getting products or services from producers to customers

Selling

directly helping and persuading customers to purchase a product or service

Marketing Information Management

collecting, organizing, analyzing, and using information to make marketing decisions

Financing

obtaining and managing the money needed to operate a business and support marketing activities

Risk Management

identifying, assessing, and reducing potential business risks and losses

Global Economy

the interconnected economic activities and trade relationships between countries around the world

Customer Needs

the problems, desires, or requirements that customers expect products or services to satisfy

Exchange

the act of giving something of value and receiving something else in return

Value

the benefits customers believe they receive compared to the cost of a product or service

Marketing Mix

the combination of product, price, promotion, and place used to market a product or service

Professional Standards

rules and expectations that guide employee behavior in the workplace

Ethical Standards

moral principles that determine right and wrong behavior

Ethics

moral principles that guide responsible and honest business behavior

Integrity

acting honestly, fairly, and consistently, even when no one is watching

Professionalism

demonstrating responsibility, respect, competence, and appropriate behavior in the workplace

Accountability

taking responsibility for actions, decisions, and results

Transparency

openly sharing accurate information and being honest with customers and stakeholders

Productivity

the efficient use of resources to produce goods, services, or results

Teamwork

working cooperatively with others to achieve a common goal

Customer Service

assisting customers before, during, and after a purchase to ensure satisfaction

Performance

a measure of how effectively an individual, team, or business achieves its goals

Company Goals

the objectives a business wants to achieve, such as increasing sales, profits, customer satisfaction, or market share

Buying/Consumer Behavior

the actions and decisions people make when selecting, purchasing, using, and disposing of products or services

Personal Factors

age, occupation, income, lifestyle, and personality

Psychological Factors

motivation, perception, attitudes, beliefs, and learning experience

Social Factors

family, friends, social groups, influencers, and culture

Economic Factors

prices, employment levels, interest rates, and economic conditions

Situational Factors

store atmosphere, time availability, product availability, and special offers

Motivation

the internal needs, wants, or desires that drive a person to take action or make a purchase

Culture

the shared values, beliefs, customs, and behaviors of a group that influence consumer choices

Perception

the way individuals interpret and understand information about products, services, or brands

Buying Decision Process

the series of steps consumers go through when making a purchase, including recognizing a need, gathering information, evaluating options, making a purchase, and evaluating the result afterward

Sales Revenue

the total amount of money earned from selling products or services before expenses are deducted

Customer Satisfaction

the degree to which a product or service meets or exceeds customer expectations

Customer Retention

a company's ability to keep customers returning and continuing to buy its products or services

Market Share

the percentage of total sales in an industry that is earned by a particular company

Profitability

a business's ability to generate profit from its operations

Customer Loyalty

a customer's commitment to repeatedly purchase from the same company or brand over time

Revenue

 the total income a business receives from its operations, including sales of products or services

Profit

the total income a business receives from its operations, including sales of products or services

Brand Image

the overall perception and impression customers have of a company or brand

Create

make something useful or desirable

Communicate

tell customers why the product is worth buying

Deliver

make the product available to customers

Exchange

give customers a product or service in return for money or something else in value

Need

something you must have

Want

something specific you would like

Demand

something you want and are willing to pay for

Product

what the business sells

Brand Awareness

how familiar customers are with a brand

Competitive Advantage

something that makes a company more appealing than its competitors

Global Marketing

marketing products or services to customers in different countries

Globalization

the increasing connection between countries through business, trade, and technology

International Trade

buying and selling products or services between countries

Imports

products purchased from another country

Exports

products sold to another country

Global Standardization

using mostly the same marketing strategy in different countries

Localization

changing a product or marketing strategy to fit a country’s language, culture, laws, or customer preferences

Culture Differences

differences in traditions, values, and beliefs that affect buying decisions

Exchange Rate

the value of one country’s currency compared with another country’s currency

Trade Barrier

a government restriction that makes international trade more difficult

Tarrif

a tax placed on imported goods

Quota

a limit on how much of a product can be imported

Larger Customer Base

 businesses can reach customers in more countries

Increased Sales Opportunities

selling internationally creates opportunities to earn more revenue

Market Expansion

 companies can enter new markets instead of depending on one country

Economies of Scale

producing or selling larger quantities can reduce the average cost per unit

Greater Brand Recognition

 international expansion can make a brand more widely known

Language Barriers

advertisements and product information that may need translation

Government Regulations

countries have different laws about products, advertising, and trade

Currency Fluctuations

changes in exchange rates that affect prices and profits

Distribution Costs

shipping products internationally that raise the expenses

Marketing Ethics

using honesty, fairness, responsibility, and respect when marketing products

Code of Ethics

written guidelines explaining acceptable and unacceptable professional behavior

Confidentiality

protecting private or sensitive information

Conflict of Interest

when personal interests could interfere with professional responsibilities