Small Business Ownership Vocabulary

Vocabulary flashcards covering topics in small business ownership, including promotion, advanced promotion, market research, targeted marketing, and merchandising.

Promotional Mix

Using different types of promotion. Promotion includes all types of marketing.

Media

Method used to deliver advertising messages, such as direct mail, radio, and internet.

Reach

The number of people who will see or hear an advertisement.

Cost per Thousand

Cost to reach one thousand people through a particular media. Typically abbreviated as CPM.

Rotation

A time period in which a business' advertisement is played one or more times each day.

Storefront

The exterior of a store or website, generally facing the front or the first page customers see.

Ad Design

The combination of content and artwork that makes for an effective ad with customers.

Sales Promotion

A limited time offer that is used to persuade customers to shop at a particular store or buy a particular product.

Loss Leader

A product priced at a loss or cost in order to draw customers to a store, with the intent that customers will purchase other items that are priced to make a profit.

Market Research

The steps taken to collect marketing information required to make intelligent business decisions.

Survey

A series of questions asked to a selected group of people.

Segment

A group of people sharing some common attribute, such as age or occupation.

Sample Size

The number of people questioned in a survey. Increasing the sample size increases accuracy, but doing so for accuracy is expensive.

Primary Data

Data collected for a specific purpose.

Secondary Data

Data collected for a purpose but not intended for a specific current project, or bought from another business.

Market

A group of similar people with the same type of product needs or wants who may potentially buy a certain good or service.

Targeted Marketing

Marketing that attempts to identify, reach, and serve a particular sub-group of the entire market.

Direct Mail

Advertising that is mailed or e-mailed to people's homes or workplaces, often including special offers.

Merchandising Space

Part of the store assigned to products that are kept for display.

Point-of-Purchase Display

A display found directly at or by a register or checkout counter.

Impulse Purchase

Products that you do not specifically go to a store to buy, but may buy if you see them.

Products of Necessity

Products that you need and specifically enter a store to purchase.

Complementary Item

Products that are often consumed together, where the sale of one product often enhances the other, such as coffee and creamer.

Related Merchandise Display

A display containing complementary items.