Marketing Vocab

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

Behavioral segmentation: The division of a market on the basis of customers’ responses to a product

Consumer market: A customer or potential customer who purchases goods or services to satisfy personal desires

Demographic segmentation: The division of a market on the basis of its physical and social characteristics

Geographic segmentation: The division of a market on the basis of where customers are located

Industrial market: A customer or potential customer who purchases items for business operations, for resale, or for making other goods

Lifestyle: The way in which people lead their daily lives; determined by their income, interests, and activities

Market: A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire

Market segment: One of the groups into which the total market is divided

Market segmentation: The division of a total market into smaller, more specific groups

Mass marketing: Designing products and directing marketing activities to appeal to the whole market; also known as undifferentiated marketing

Personality: An individual’s character traits and behaviors

Psychographic segmentation: The division of a market on the basis of customers’ lifestyles and personalities

Segment marketing: The classification of customers into similar groups to appeal to one or more individual segments

Socioeconomic status: An economic and sociological measure of a person’s income, education, and occupation

Target market: The particular group of customers a business seeks to attract

Target marketing: The identification and selection of markets for a business or for a product

Undifferentiated marketing: Designing products and directing marketing activities to appeal to the whole market; also known as mass marketing