Marketing Vocab

Advertising

Any paid form of nonpersonal presentation of ideas, images, goods, or services.

Benefit

An advantage consumers receive from using a product.

Credit

The arrangement by which businesses or individuals can purchase now and pay later.

Discount

A deduction from the price of goods.

Expenses

The money that a business spends.

Feature

A fact about or characteristic of a product.

Goal

An objective or want that you plan to fulfill; a statement that clearly describes a task to be accomplished.

Income

The money received by resource owners and by producers for supplying goods and services to customers.

Marketing concept

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals.

Marketing mix

The combination of the four elements of marketing—product, place, promotion, and price.

Media

The message channels used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines, internet).

Personal selling

The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

Place

Marketing element focusing on considerations in getting a selected product in the right place at the right time.

Price

Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products.

Profit

Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid.

Promotion

Marketing element referring to the various types of communication that marketers use to inform, persuade, or remind customers of their products.

Public relations

A function of business designed to establish and maintain positive relationships between the business and its various publics, or fan bases.

Publicity

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the individual or organization benefiting from or harmed by it.

Quality

The degree of excellence of a good or service—how good it is.

Resource

Any item that is used to accomplish another activity, such as producing/providing goods and services.

Sales promotion

Promotional activities (other than advertising, personal selling, and publicity) that stimulate customer purchases.

Strategies

Plans of action for achieving goals and objectives.

Tactics

Specific actions that will be used to carry out strategies.

Value

The amount of satisfaction a good or service will provide a customer.

Warranty

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected.