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Bilateral contract
A contract in which both parties make mutual promises to fulfill obligations.
Customs regulations
Laws governing the import and export of goods to prevent illegal materials from crossing borders.
Channel of distribution
The path products take from producer to consumer.
Supply chain management
The coordination of logistics, inventory, and suppliers to ensure efficient product flow.
Antitrust laws
Laws preventing monopolies and anti-competitive practices.
Exclusive dealing agreement
A contract in which a buyer agrees to purchase exclusively from a specific seller.
Selective distribution
Distribution limited to specific outlets.
Intensive distribution
Distribution aiming for maximum market coverage.
Horizontal conflict
Conflict between businesses at the same level in a supply chain.
Affinity marketing
A partnership between businesses to target shared customer bases.
Direct-mail marketing
Advertising sent directly to potential customers via mail.
Email security risks
Threats related to email communication, such as hacking and data breaches.
Face-to-face communication
Direct interaction allowing for better interpretation of nonverbal cues.
Mirroring
Adapting communication style to match another person’s to build rapport.
Online marketing
Business interactions conducted over digital platforms.
Materials
Raw inputs used in production.
Supplies
Consumable goods used in operations.
Strategic management
High-level planning to set business direction and long-term success.
Free trade agreements
Treaties that reduce trade barriers between countries.
Environmental regulations
Laws governing the sustainable use of natural resources.
Gross Domestic Product (GDP)
The total value of goods and services produced in a country.
Self-assessment
Evaluating personal strengths and weaknesses to improve performance.
Nonverbal communication
Conveying messages without words, such as through gestures or facial expressions.
Open communication
A work environment where employees can freely share ideas and concerns.
Objection handling
Addressing concerns raised during a presentation or negotiation.
Conflict resolution
Strategies to address workplace disputes.
Shared vision
A common goal within an organization guiding decision-making.
Impression management
Behaviors used to influence how others perceive an individual.
Workplace ethics
The moral principles guiding professional conduct.
Late fee
A charge for failing to make a payment on time.
Tax deductions
Expenses that reduce taxable income.
Credit card interest
The cost of borrowing money, calculated based on the balance and interest rate.
Defined contribution plan (401(k))
A retirement savings plan where employees contribute funds that grow over time.
Financial reporting
The preparation of business financial statements to ensure accuracy and neutrality.
Marketing-information system (MIS)
A system for collecting and analyzing marketing data to inform decision-making.
Big data
Large sets of consumer information used to predict behaviors.
Privacy policy
A business’s statement on how it collects, stores, and uses customer data.
Marketing research process
A structured approach to gathering market insights.
Primary data
Data collected firsthand for a specific purpose.
Secondary data
Data collected from existing sources.
Causal research
A type of marketing research used to determine cause-and-effect relationships.
Customer loyalty cards
A data collection tool that tracks consumer purchases for rewards programs.
Survey design
The structure of questionnaires to ensure unbiased and reliable responses.
Nonresponse error
An issue in survey research when participants do not answer certain questions.
Consumer perception
How buyers interpret and respond to products or brands.
Psychographics
Market segmentation based on lifestyle, interests, and values.
SWOT analysis
A business tool evaluating strengths, weaknesses, opportunities, and threats.
Inventory management
Tracking product levels to optimize stock availability and reduce waste.
Marketing Plan
A document that outlines a company’s marketing goals and strategies.
Quantitative Sales Forecasting
The process of using numerical data to predict future sales.
Cybercrime
Criminal activities that involve computers and networks.
Customer Relationship Management (CRM)
A system used by businesses to manage interactions with customers.
Data Mining
The process of analyzing large datasets to uncover patterns.
Society and Culture (Impact on Business)
The influence of societal values on consumer preferences.
Interdependent Jobs
Tasks that rely on each other to complete effectively.
Automation (Production Process)
The use of technology to streamline production.
Six Sigma
A business methodology focused on improving quality through process improvements.
Supply Chain Management (SCM)
Management of the flow of goods and services from suppliers to consumers.
Creativity in Business
The ability to generate original ideas and innovate.
Operations Management
The area concerned with overseeing production processes.
Marketing Research
The process of gathering and analyzing market information.
Social Responsibility in Pricing
The ethical practice of setting fair and justifiable prices.
Pricing-Analytic Software
A tool used to analyze and determine pricing strategies.
Supply and Demand (Effect on Pricing)
The economic principle that prices fluctuate based on availability and demand.
Packaging
The design and production of product containers that attract customers.
Market Saturation
A situation where a product has become widely available and demand decreases.
Planned Obsolescence
A strategy where products are designed with limited lifespans.
Demographics
Statistical data about a population.
Programmed Thinking (Ideation Method)
A structured approach to problem-solving.
Facilitator (Brainstorming)
A person who guides discussions in idea-generation sessions.
Product Standards
Criteria defining the quality and performance of a product.
Product Instructions
Guidelines provided to consumers for proper product usage.
Product Class (Positioning Strategy)
Differentiating a product by associating it with a specific category.
Brand Preference
When consumers favor one brand but are willing to switch.
Private Brand
A product manufactured by one company and sold under a retailer’s brand name.
Corporate Brand Positioning
The process that shapes how a company’s brand is perceived.
Customer Touchpoint
Any interaction between a business and a customer.
Promotion
The process of communicating information about goods and services.
Publicity
Free media coverage gained through news articles or events.
Deceptive Promotion
Misleading advertising practices that create false impressions.
Social Networking (Marketing Tool)
Using social media platforms to engage with customers.
Amplified Word-of-Mouth Marketing
Encouraging customers to share reviews and referrals online.
Point-of-Sale (POS) Marketing
Advertising placed near checkout areas to encourage impulse purchases.
Public Relations (PR)
Managing a business’s image and relationships with the public.
Crisis Management
Handling and responding to emergencies to protect reputation.
Media Relations (Press Releases)
Communicating business announcements through news outlets.
Customer Service (Competitive Advantage)
Quality of assistance provided to customers.
Sales Presentation (Handling Controversy)
Managing discussions and objections during sales interactions.
Selling Policy
Guidelines a business follows in customer transactions.
Ethical Selling
The practice of honesty and transparency in sales interactions.
Care and Maintenance (Product Labeling)
Instructions on how to properly use and maintain a product.
Multiple Uses (Product Features)
The ability of a product to serve various functions.
Customer Relationship Management in Sales
Establishing strong relationships with customers.
Post-Purchase Behavior
The stage after a purchase where satisfaction is evaluated.
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