Advertising: Any paid form of nonpersonal presentation of ideas, images, goods, or services
Benefit: An advantage consumers receive from using a product
Credit: The arrangement by which businesses or individuals can purchase now and pay later
Discount: A deduction from the price of goods
Expenses: The money that a business spends
Feature: A fact about or characteristic of a product
Goal: An objective or want that you plan to fulfill; a statement that clearly describes a task to be accomplished
Income: The money received by resource owners and by producers for supplying goods and services to customers
Marketing concept: A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals
Marketing mix: The combination of the four elements of marketing—product, place, promotion, and price
Media: The message channels used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines, internet)
Personal selling: The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Place: Marketing element focusing on considerations in getting a selected product in the right place at the right time
Price: Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
Profit: Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
Promotion: Marketing element referring to the various types of communication that marketers use to inform, persuade, or remind customers of their products
Public relations: A function of business designed to establish and maintain positive relationships between the business and its various publics, or fan bases
Publicity: Any nonpersonal presentation of ideas, goods, or services that is not paid for by the individual or organization benefiting from or harmed by it
Quality: The degree of excellence of a good or service—how good it is
Resource: Any item that is used to accomplish another activity, such as producing/providing goods and services
Sales promotion: Promotional activities (other than advertising, personal selling, and publicity) that stimulate customer purchases
Strategies: Plans of action for achieving goals and objectives
Tactics: Specific actions that will be used to carry out strategies
Value: The amount of satisfaction a good or service will provide a customer
Warranty: A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected