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Marketing study set 3
Headline – A short, attention-grabbing text at the top of an advertisement designed to attract potential customers.
Slogan – A memorable phrase or motto used in marketing to convey a brand’s message.
Copy – The written content in an advertisement, designed to persuade or inform the reader.
Illustration – A visual element (such as a drawing or photo) used in advertisements to attract attention and complement the message.
Promotional Plan – A strategic outline of the marketing activities designed to reach and persuade target audiences.
Sales Promotion – Marketing activities that provide short-term incentives to boost sales, such as coupons, discounts, and contests.
Advertising – Paid, non-personal communication about a product or service delivered through mass media.
Publicity – Free media coverage or exposure obtained through news stories, social media, or public relations efforts.
Personal Selling – Direct interaction between a salesperson and a potential customer to encourage a purchase.
Point-of-Purchase Displays – Marketing materials placed in retail locations to attract customer attention and drive impulse purchases.
Premiums – Free or discounted items given away as an incentive to encourage customers to purchase a product.
Sales & Customer Service Terms
Selling – The process of persuading customers to purchase a product or service.
Customer Loyalty – A customer’s repeated preference for a brand due to satisfaction and trust.
Reputation – The general opinion held by the public about a company based on its past actions and customer experiences.
Clientele – A business’s group of repeat customers.
Technical Product Information – Detailed specifications and instructions about a product, often requiring in-depth knowledge.
Concept Testing – The process of gathering consumer feedback on a new product or service before launching it to the market.
Product-Related Terms
Product Line – A group of related products offered by a business under the same brand name.
Product Mix – The total assortment of products a company sells, including various product lines.
Product Consistency – The degree of similarity and reliability within a company’s product offerings.
Product Differentiation – The process of distinguishing a product from competitors through unique features, branding, or quality.
Product Bundling – The practice of selling multiple related products together at a discounted price.
Product Integration – The process of combining different products or services into a single offering.
Product Planning – The process of deciding which products a business will develop, market, and sell.
New-Product Development Process – The stages a company goes through to create and launch a new product.
Feasibility Analysis – The evaluation of a product idea’s practicality, costs, and potential success.
Branding & Legal Terms
Brand Name – A distinctive name given to a product or service to differentiate it from competitors.
Trade Character – A brand’s mascot or fictional character used for promotional purposes.
Brand Acceptability – The degree to which a brand name is culturally and socially accepted in different markets.
Magnuson-Moss Warranty Act – A U.S. law that regulates warranties on consumer products to ensure transparency.
Consumer Product Safety Act – A federal law that regulates the safety of consumer products to protect buyers from hazardous items.
Implied Warranty – An unwritten guarantee that a product will function as expected.
Express Warranty – A written or spoken guarantee that specifies the terms of product replacement or repair.
Market Research & Data Collection Terms
Marketing Research – The process of gathering, analyzing, and interpreting information about a market.
Primary Market Research – Data collected directly from consumers through surveys, focus groups, and interviews.
Focus Group – A small group discussion used to gauge consumer reactions to a product or idea.
Target Readership Evaluation – Analyzing the audience of a publication or media outlet to determine its effectiveness for advertising.
Survey Coding – Assigning numerical values to survey responses for data analysis.
Marketing Concept – A philosophy that prioritizes customer needs and satisfaction as the key to business success.
Economic & Business Strategy Terms
Marketing Mix – The combination of product, price, place, and promotion (the 4Ps) used to market a product.
Target Market – A specific group of consumers that a company aims to reach with its marketing efforts.
Market Segmentation – The process of dividing a market into smaller groups based on shared characteristics.
Sales Forecast – An estimate of future sales based on market analysis and business trends.
External Market Changes – Factors outside of a business’s control that can influence sales, such as economic shifts and competitor actions.
Logistics & Technology in Marketing
Marketing-Information Management – The process of collecting, analyzing, and using data to make marketing decisions.
Bar-Code Pricing – The use of barcodes to track product prices and inventory.
Computer-Aided Design (CAD) – Software used to create digital models and prototypes of products.
Satellite Communications Systems – Technology used in supply chain management to track shipments and inventory.
Employment & Workplace Skills
Self-Management Skills – The ability to take responsibility for one’s actions, work independently, and stay motivated.
Resume – A document summarizing a job applicant’s skills, education, and experience.
Professional Development – Ongoing education and training to improve work skills and advance one’s career.
Personal Grooming – Maintaining a clean and professional appearance in the workplace.
Project Planning – Organizing tasks, deadlines, and resources to complete a project successfully.
Purchasing – The process of acquiring goods and services for business operations.
Production Process – The steps involved in creating a product from raw materials.
Consumer Behavior & Economic Concepts
Profit Motive – The drive to earn financial gain from business activities.
Free-Enterprise Economic System – An economy where businesses operate with minimal government intervention.
Demographic Trends – Market trends based on characteristics such as age, gender, and income level.
Cultural Trends – Changes in consumer preferences based on societal influences and values.
Retail & Media Terms
Direct Mail – Advertising materials sent directly to consumers via postal mail.
Transit Advertising – Promotional messages displayed on public transportation (buses, trains, etc.).
Out-of-Home Advertising – Advertisements placed in public spaces such as billboards and digital signage.
Electronic Spectaculars – Large-scale digital advertisements, such as those found in Times Square.
Customer Relationship Management (CRM) – A strategy that businesses use to manage interactions with customers, track preferences, and improve customer loyalty.
Buying Habits – The patterns of consumer behavior, including frequency, brand preferences, and spending tendencies.
Market Segment – A specific group of consumers within a broader market who share similar characteristics and purchasing behaviors.
Marketing-Information Management – The process of gathering, analyzing, and using information about customers, competitors, and trends to improve business decision-making.
Marketing Research – The systematic collection and analysis of data about potential and existing customers to optimize marketing strategies.
Sales & Distribution Terms:
Wholesaler – An intermediary who buys products in bulk from manufacturers and sells them in smaller quantities to retailers.
Retailer – A business that sells goods or services directly to consumers.
Intermediary – A business or entity that facilitates the sale and movement of goods from manufacturers to consumers.
Channel Conflict – Disagreements among members of a distribution channel that can arise between manufacturers, wholesalers, and retailers.
Vertical Channel Integration – A supply chain strategy where a company controls multiple stages of production and distribution.
Horizontal Channel Integration – When companies at the same level of the supply chain merge or work together to increase market power.
Finance & Accounting Terms:
Operating Expenses – The costs associated with running a business, such as rent, utilities, and salaries.
Cost of Goods Sold (COGS) – The direct cost of producing goods sold by a business, including materials and labor.
Revenue – The total income a business earns from sales before expenses are deducted.
Gross Profit – The amount of money a business earns after deducting the cost of goods sold but before subtracting operating expenses.
Return on Capital – A financial measure that evaluates how effectively a company uses its capital to generate profit.
Accounts Receivable – Money owed to a company by customers who have purchased goods or services on credit.
Accounts Payable – Money a company owes to suppliers or vendors for goods and services purchased on credit.
Assets – Resources owned by a business, including buildings, vehicles, and equipment.
Business Ethics & Legal Terms:
Liability – Legal responsibility for an action or situation, such as a business being held responsible for accidents on its property.
Fair Credit Billing Act – A U.S. law that protects consumers from unfair billing practices and ensures the right to dispute charges.
Equal Credit Opportunity Act – A law that prohibits discrimination in lending practices based on race, color, religion, national origin, sex, marital status, or age.
Truth-in-Lending Act – A law requiring lenders to disclose credit terms and costs to borrowers.
Fair Credit Reporting Act – A law regulating the collection and use of consumers' credit information.
Legal Procedure – The set of rules governing the resolution of disputes and enforcement of laws.
Economics & Business Cycles Terms:
Business Cycle – The natural rise and fall of economic activity over time, consisting of four phases: expansion, peak, contraction, and trough.
Expansion – A phase in the business cycle when economic activity is growing, and demand for goods and services increases.
Peak – The highest point of economic activity before a downturn.
Trough – The lowest point in the business cycle before recovery begins.
Contraction – A period of economic decline where production slows and demand decreases.
Oligopoly – A market structure in which a few large firms dominate an industry.
Monopoly – A market structure where a single company has exclusive control over a product or service.
Workplace & Professional Development Terms:
Initiative – The ability to take independent action without being prompted.
Responsibility – Accepting accountability for actions, including both failures and successes.
Interpersonal Skills – The ability to communicate and interact effectively with others.
Conflict Response Mode – Strategies used to handle conflicts, such as avoidance or mediation.
Change Leader – A person who initiates and drives change in an organization.
Cultural Awareness – Understanding the values, beliefs, and behaviors of different groups in a diverse society.
Communication & Customer Service Terms:
Nonverbal Communication – Conveying messages through body language, facial expressions, and posture.
Credibility – The quality of being trusted and believed in, essential for persuasion.
Persuasive Messaging – A communication technique that aims to convince the audience to take a desired action.
Customer Engagement – Interacting with customers to foster strong relationships and brand loyalty.
Employee Policy – Guidelines set by a company to regulate employee behavior and workplace conditions.
Product & Utility Terms:
Product Utility – The value or benefit that a consumer receives from a product, which can be categorized into:
Form Utility – The usefulness of a product's design or composition.
Place Utility – Making products available in locations convenient for consumers.
Possession Utility – The ease of acquiring a product, such as through credit or financing.
Discrepancy of Quantity – The difference between the quantity of products produced and the quantity consumers demand.
Entrepreneurship & Business Ownership Terms:
Sole Proprietorship – A business owned and operated by one individual.
Partnership – A business owned by two or more individuals who share profits and liabilities.
Corporation – A legal entity separate from its owners, offering limited liability and the ability to raise capital through stock.
Monopoly – A single company dominates an industry, limiting competition.
Technology & Digital Marketing Terms:
Cookies – Small pieces of data stored on a user's device that track browsing behavior.
Banner Ads – Online advertisements that appear in the form of images or interactive media on web pages.
Scan Portals – Digital tools used to gather data about consumer behavior.
Browsers – Software applications used to access and navigate the internet.
