market planning test vocab

government agency

an organization created by the gov and funded by taxpayers to enforce laws, regulations, and policies

intellectual property

A work or invention that is the result of creativity such as manuscript a design to which one has rights and for which one may apply for a patent copyright trademark, etc.

perceptual planning

A visual tool marketers used to analyze how consumers perceive competing products based on key attributes

brand equity

The value of brand ads to a product based on consumer perception

integrated marketing campaign

coordinating all promotion tools to present a consistent brand message

promotional calendar

A timeline that organizes promotional activities throughout a specific period

capital risk

Potential loss of invested money

strategic adjustment

Assessment of current strategies and their alignment with goals with the intent to enhance organizational effectiveness

Channel management technology

Technology tools businesses used to coordinate monitor and improve movement of products from producers to consumers

opportunity cost

The value of the next best alternative you give up when making a decision, it represents the benefits, money or time lost by choosing one option over another

return on investment

A measure used to evaluate the efficiency of an investment. example: profit compared to cost

ethical responsibility

Doing what is morally right even beyond legal requirements

omnichannel strategy

A coordinated approach for a customers experience seamless interaction across multiple channels (online, store, mobile)

Channel conflict

Disagreements or competition between channel members that can disrupt marketing effectiveness

operations management

coordination of daily business activities to run efficiently

corporate social responsibility

A business’ commitment to act ethically and contribute to society