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Basic overview of marketing terms
| Advertising | Any paid form of nonpersonal presentation of ideas, images, goods, or services |
| Capital | Assets of a business |
| Channels of distribution | Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Credit | The arrangement by which businesses or individuals can purchase now and pay later |
| Demand | The quantity of a good or service that buyers are readyto buy at a given price at a particular time |
| Direct mail | Promotional medium that comes to consumers in the form of letters,catalogs, postcards, faxes, and folders |
| Directory advertising | Promolional message found in directories of a general nature such as the Yel I ow Pages or in special ized I istings of companies in an industry |
| Distribution | A marketing function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services |
| Function | A group of activities that is similar in purpose |
| Gross profit | Money leftafter cost of goods expense is subtracted from total income |
| image | The way something is viewed |
| Inventory | All the stock that a business has on hand |
| Marketing | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchangesthat satisfy individual and organizational objectives |
| Marketing functions | lnterrelated activities that must work together to get goods and services from producers to consumers |
| Marketing-inlormation management | A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions |
| Marketing objectives | he goals a firm seeks to reach with its marketing plan |
| Press Conference | A meeting to which a business 0r group invites members of the media in order to make an announcement; used to announce major developments |
| News release | A factual announcement sent to the media to be used as a news item |
| Pricing | A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value |
| Product life cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
| Product mix | The particular assortment of goods and services that a business offers in order to meet its market's needs and its company's goals |
| Product/Service management | A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business |
| Promotion | A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome |
| Publicity | Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from or is harmed by it |
| Sales promotion | Promotional activities other than advertising, personal selling, and publicity that stimu late customer purchases |
| Selling | A marketing function that invo lves determi ning client needs and wants and responding through p lanned, personal ized commun ication that inf I uences purchase decisions and enhances future business opportunities |
| Standard of living | The general conditions in which people live; quality of life |
| Target market | The particular group of customers a business seeks to attract |
| Visual merchandising | Display |
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What is form of paid non
Paid form of non-personal promotion of ideas, goods and services by an identified sponsor is called advertising.
What is a non paid form and non
Wheeler: – “Advertising is any form of paid non-personal presentation of ideas, goods or services for the purpose of inducting people to buy.”
Is a non paid form of promotion?
Publicity is an unpaid form of promotion.
What is a paid form of communication of ideas goods/services etc?
Advertising is any paid form of communication from an identified sponsor or source that draws attention to ideas, goods, services or the sponsor itself- essentially commercials and ads [whether digital or print].