Marketing and Professionalism Lecture Review

A comprehensive set of vocabulary flashcards covering marketing functions, financial terms, professional skills, and market segmentation based on the lecture notes.

Product/service management

The marketing function most likely to lead to the elimination of a product or service, or to determine whether a business should improve or update one.

Market planning

The marketing function dealing with establishing goals, objectives, processes, and procedures, which includes the element of strategizing.

Cost of goods sold

The sum of raw materials (fabric, rubber, etc.), direct labor, and manufacturing costs used to produce a product.

Gross profit

Calculated as $\text{revenue} - \text{cost of goods sold}$.

Operating income

The result of subtracting operating expenses from gross profit ($\text{Gross Profit} - \text{Operating Expenses}$).

Revenue

The total sales for a company over a certain period of time, often referred to as the top line.

Internships

A form of experiential learning that integrates classroom knowledge with practical application in a professional setting.

Job shadowing

A type of on-the-job training where an employee learns from an experienced colleague by following and observing them.

Networking

The informal exchange of information between people and professionals with common interests.

Communication skills

The ability to express thoughts, concepts, and/or ideas in a clear and concise manner.

Collaboration

The practice of individuals working together for a common purpose or benefit.

Oral skills

The ability to deliver formal and informal verbal communications and presentations in a clear manner.

Professionalism

The proper and respectful display of conduct, behavior, attitude, and good judgment in a workplace or business environment.

Policy

A set of rules and/or course of action adopted by a person or organization regarding what to do/how to respond in specific situations.

Procedure

A particular way or method of accomplishing a task, usually with a series of steps to perform in order.

Target market

A specific group of customers most likely to buy a certain product or service where marketing efforts are aimed.

Market segmentation

The process of sorting people into groups who share one or more common or similar characteristics for target marketing purposes.

Demographic segmentation

Segmenting groups by factors such as age and gender, such as identifying females between the age of $15-18$.

Psychographic segmentation

Sorting customers based on lifestyles, interests, and values.

Competition

The rivalry between companies selling similar products and services.

Strategy

A route or plan of action designed to achieve certain goals and objectives.

Goal

Something that has an observable and measurable end result to be achieved within a certain time frame.

Marketing mix

The core of a marketing strategy consisting of the 4Ps: product, price, place, and promotion.

Place

The component of the marketing mix involves selecting value-added resellers.

Promotion

Informing potential customers that a product or service exists and the results they should expect from using it, such as through social media ads.

Profit margin equation

An equation consisting of two parts: cost and price.

Marketing

The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and society's benefit.

Nondurable good

An item that is consumed or wears out quickly, such as a granola.

Service

An intangible task or labor performed for a customer, such as pest control.

Marketing concept

A business approach that starts by analyzing and identifying the needs and wants of customers.

Marketing-information management

The marketing function that involves researching relevant trends.