FBLA Advertising Second Set

Advertiser

the client (persons, organizations, companies, and manufacturers of products and services) that needs creative messages (advertisements) and advertising campaigns to reach target markets

Advertising

a paid form of communication intended to inform, persuade, and remind an audience to take some kind of action

Advertising Agency

a marketing business that plans, creates, and manages the advertising for other businesses (clients)

Boutique Advertising Agency

a small, specialized advertising company that outsources many of its services; also referred to as a virtual ad agency

Brand

the combination of unique qualities of a company, product, or product line

Brand Advertising

a form of advertising that is used to build an image based on the set of values held by the company

Consumer

the end user of a product or service

Corporate Advertising

a form of advertising that is intended to enhance a company's reputation or build goodwill

Green Marketing

the use of advertising to support and improve the environment

Industry Trade Groups

trade associations that are founded and funded by businesses operating in a specific industry and that are responsible for public relations activities such as advertising, education, political donations, lobbying, and publishing

Infomercial

a lengthy paid advertisement that showcases the benefits of a product

Product Advertising

a form of advertising that uses rational arguments to communicate why consumers need a specific product by highlighting the benefits associated with the use of that product

Advertising Campaign

a series of related advertisements with a common theme or idea that focuses on a specific product, service, brand, or message

Buying Motives

the driving forces that cause consumers to buy products and services

Consumer Behavior

the way consumers make buying decisions, choose among alternatives, and use products

Convenience Products

types of products that are purchased regularly without much planning

Culture

the shared attitudes and behaviors of a specific social group

Emotional Motives

reasons to make a purchase based on feelings, beliefs, or attitudes

Extensive Decision Making

the methodical consumer decision-making process used to buy an infrequently purchased product

Limited Decision Making

the consumer decision-making process in which a moderate amount of time is spent collecting and comparing information about an unfamiliar product or brand

Need

anything you require for survival

Patronage Motives

reasons to make a purchase based on loyalty

Rational Motives

reasons to make a purchase based on facts or logic

Reference Group

an organization or group of people that an individual identifies with and admires

Routine Decision Making

the consumer decision-making process for frequently purchased, low-cost products that require little thought

Shopping Products

types of products that consumers want to own after they meet personal needs

Specialty Products

types of products that have a strong brand loyalty

Unsought Products

types of products that are not actively sought out by consumers

Want

something that is desired

Benefit Segmentation

the segmentation of consumers based on specific benefits they expect to receive from a product or service

Customer Profile

a description of the characteristics exhibited by an individual who is likely to buy a business's products or services

Demographics

consumer characteristics such as age, gender, race, marital status, income, education level, and occupation

Geographic Segmentation

the segmentation of consumers based on where they live

Integrated Marketing Communication (IMC)

strategy used to plan, execute, and monitor all promotional messages about a product to ensure consistency among all those messages

Market Segmentation

the process of dividing a large group of consumers into meaningful subgroups based on identifiable and similar characteristics and needs

Market Share

a business's portion of the total sales generated by all of the businesses operating in the same market

Marketing

all of the processes used to identify, create, and maintain exchange relationships that satisfy individuals and organizations

Marketing Concept

identifying and satisfying the needs of customers during the development and marketing of a product or service

Marketing Functions

related activities that must be completed to accomplish an important marketing goal

Marketing Mix

the combination of four marketing elements—product, price, distribution, and promotion—used by a business

Marketing Plan

a written description of the marketing objectives and the planned marketing strategies and activities required to meet those objectives

Mass Marketing

a marketing strategy used to appeal to a large, general group of consumers

Niche Market

a smaller market that has a unique set of needs

Product Usage

the amount of a product purchased and used by a consumer

Psychographics

a description of consumers' interests, attitudes, opinions, and lifestyles

Target Market

a specific group of consumers to whom the business wants to sell its products or services

Brand Extensions

a marketing strategy that allows a business to use one of its well-known brand names in a new product category

Consumer Credit

financing made available by retailers to assist consumers in making purchases

Elastic Demand

occurs when the demand for a product is affected by its price

Inelastic Demand

occurs when a change in price has very little effect on the demand for a product

Intensive Distribution

a marketing strategy to sell a product at as many locations as possible

Licensed Brand

a well-known brand owned by one company that is sold for use by another company

Markdown

a reduction from the original selling price

Nonprice Competition

a pricing strategy by which a company tries to distinguish its product or service from competing products based on factors other than price, such as design, quality, and workmanship

Obsolecense

occurs when a product is out of date, no longer wanted, or unusable

Penetration Pricing

a pricing strategy in which a low price is set for new products to gain a larger market share rapidly

Price Competition

a pricing strategy by which a company tries to distinguish its product or service from competing products based on low price

Price Equilibrium

the point at which demand and supply are equal

Price Skimming

a pricing strategy in which a high price is set to emphasize the uniqueness of a product and to recover the product development costs quickly

Product Life Cycle

the sequence of stages that a product goes through during its time on the market; there are four stages—introduction, growth, maturity, and decline

Product Line

a group of closely related products with slight variations developed by the same business

Product Mix

the product assortment, which includes all of the different products a business sells

Trade Credit

financing offered by one business to another business

Trademark

a company's exclusive right to use a brand name, symbol, or design

Business-to-Business Marketing

the process by which businesses purchase products or services from other businesses

Channel of Distribution

the path on which products and services flow from the producer to the final consumer

Direct Channel

distribution method by which producers sell directly to final consumers

Distribution

the methods used by businesses to get their products to customers

Distribution Center

a large facility that offers a variety of supply chain services to help move a product to the marketplace more efficiently

Electronic Data Interchange (EDI)

the electronic exchange of information between the purchaser and supplier

Exports

products and services sold to another country

Imports

products and services purchased from another country

Indirect Channel

distribution method that involves intermediaries, or individuals and businesses that move a product from the producer to the consumer

Invoice

an itemized bill for products and services that states the terms of payment

Kiosk

a small, free-standing booth containing a computer or display screen that distributes product information

Logistics

the physical distribution process that involves transporting, storing, and delivering products throughout the supply chain

Point-of-Sale (POS) System

a computerized system that updates inventory records as each sale occurs

Purchase Order

a form listing the types, quantities, and prices of products ordered

Supply Chain

all of the businesses involved in the flow of products, services, resources, and information from the producer to the consumer

Warehouse

a building designed to store large quantities of products safely

Approach

the first contact that the salesperson makes with the customer

Close

the step in the sales process when the customer decides to buy a product or service

Demonstration

a personalized presentation that shows how a product can benefit and provide value to the customer

Direct Marketing

a promotional technique used to get consumers to buy products or services from a nonretail setting

Endorsement

a public expression of approval or support for a product or service

Follow-Up

the act of contacting the customer after the sale to ensure satisfaction+B80

Personal Selling

face-to-face communication between the buyer and seller that attempts to influence the buying decision

Preapproach

the process of researching prospective customers before initially contacting them

Press Release

a written statement to inform the media about a new product or special event

Promotion

all communications used by a business to create a favorable impression of its products or services

Promotional Mix

a combination of advertising, public relations, personal selling, and sales promotion used by businesses to reach their target market

Promotional Plan

an outline of how all of the elements in the promotional mix will work together to reach the target market

Public Relations

activities and events that create goodwill for a business or other organization

Publicity

any nonpaid form of communication designed to arouse public interest about a product, service, business, or event

Sales Promotion

the use of marketing activities that provide extra value and buying incentives for customers

Suggestion Selling

offering customers related products and services that could enhance the use of their purchased product

Visual Merchandising

the process of displaying products in a way that makes them appealing and enticing to customers

Aerial Advertising

advertising in the sky

Banner Ad

a small, rectangular advertisement that usually appears at the top or side of a web page and contains a link to the advertiser's site

Blog

a website maintained by an individual or business where entries (posts) that are intended for public access are made on a regular basis