3.Bartering - Exchanging Products Or Services with Others by Agreeing on Their Values

Name ______

Vocabulary Review

Advertising - any paid form of non-personal communication sent through a mass medium by an organization about its products or services.
Analysis - the process of summarizing, combining, or comparing information so that decisions can be made.

3.Bartering - Exchanging products or services with others by agreeing on their values.

Benefit - the advantage provided to a customer as a result of a feature of the product.
Boycott - an organized effort to influence a company by refusing to purchase its products.

6.Break even point - The quantity of a product that must be sold for total revenues to match total costs at a special price.

Budgets - detailed projections of financial perform for a specific time period, usually a year or less.
Bundling - the practice of combining the price of several related services.

9.Closed – ended - Survey questions that offer two or more choices from which respondents can select answers.

Code of ethics - a statement of responsibilities for honest and proper conduct.
Cold calling -method of selling where a salesperson contacts a large number of people who are conveniently located, without knowing a great deal about each person contacted.
Communication process - the transfer of a message from a sender to a receiver.

13.Consumer behavior - The study of consumers and how they make decisions

Consumer group or consumerism - the organized actions of groups of consumers seeking to increase their influence on business practices.
Controlled economy - the government attempts to own and control important resources and to make the decisions about what will be produced and consumed.

16.Culture - The common beliefs and behaviors of a group of people who have a similar heritage and experience

17.Decoding - Interpreting the message or symbols and converting them into concepts and ideas

Demand - quantity of a product consumers are willing and able to purchase at a specific price.
Demand curve - graph showing the relationship between a product's price and the quantity demanded.
Demographics - the descriptive characteristics of a market such as age, gender, race, income, and educational level.
Demonstration - a personalized presentation of the features of the marketing mix in a way that emphasizes the benefits and value to the customer.
Distribution - a part of the marketing mix that is the locations and methods used to make the product available to customers.
Economic market -all of the consumers who will purchase a particular product or service.
Economic resources - natural resources, capital, equipment, and labor.
Economic utility - the amount of satisfaction a consumer receives from the consumption of a particular product or service.
Encoding - putting the message into language or symbols that are familiar to the intended receiver.
Entrepreneur - develops, implements, and evaluates the plans and activities of a business.
Ethics - decisions and behavior based on honest and fair standards.
Experiment - tightly controlled situations in which all important factors are the same except the one being studied.
External information- provides an understanding of factors outside of the organization.
Features -a description of a product characteristics.
Feedback – the receiver's reaction or response to the source's message.
Focus group - a small number of people brought together to discuss a problem or issue.
Follow-up - making contact with the customer after the sale to ensure satisfaction .
Form utility - increasing economic utility by changing the tangible parts of a product or service
Free economy or private enterprise - a market situation in which independent decisions are made by businesses and consumers with only a limited government role regulating those relationships.
Free economy or private enterprise - resources are owned by individuals rather than the government, and decisions are made independently with no attempt at regulation or control by the government.
Intangible - the service cannot be touched, seen, tasted, heard, or felt.
Internal information - information developed from activities that occur within the organization.
Interpersonal - communication two or more people in some kind of person-to-person exchange.
Law of demand -when the price of a product is increased, less will be demanded, and when the price is decreased, more will be demanded.
Law of supply - when the price of a product is increased, more will be produced, and when the price is decreased, less will be produced.
Macroeconomics - study of relationships between the entire society and producers.

44.Markdown - A reduction from the original selling price

Market potential -the total revenue that can be obtained from the market segment.
Market price - the point where supply and demand for a product are equal.

47.Market research - A procedure designed to identify solutions to a specific marketing problem through the use of scientific problem-solving

Market segment - a group of individuals or organizations within a larger market that share one or more important characteristics.

49.Market share - The portion of the total market potential that each company expects to get in relation to its competitors

Marketing - the creation and maintenance of satisfying exchange relationships.
Marketing concept- using the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
Mass communication– communicating to huge audiences, usually through mass media such as magazines, radio, television, or newspapers.

53.Microeconomics - Study of relationships between individual consumers and producers

Monopolistic competition - market situation in which there are many firms competing with products that are somewhat different.
Monopoly - a type of market in which there is one supplier offering a unique product.
Noise - interference that can cause the message to be interpreted by the receiver incorrectly.
Observations - collecting information by recording actions without interacting or communicating with the participant.
Oligopoly - a type of market in which a few businesses offer very similar products or services.
Open ended - a type of survey question that allows respondents to develop their own answers without information about possible choices.
Operating expenses - all costs associated with actual business operations.

61.Patronage -Buying motives based on loyalty

Place utility - results from making the product or service available when the customer wants it.
Population - all of the people in the group the company is interested in studying.
Possession utility - results from the affordability of the product or service.
Pre-approach - gathering needed information and preparing for the sales presentation before contacting the customer.

66.Price - The actual amount that customers pay.

Primary data - information collected for the first time to solve the problem being studied.
Product - anything offered to a market by a business to satisfy needs, including physical products, services, and ideas.
Profit motive - a decision to use resources in a way that results in the greatest profit for the producer.
Promotion Mix - a blend of the promotional elements of advertising, personal selling, publicity, and sales promotion into a strategy for delivering a message to the target market.
Promotional Plan - a carefully arranged sequence of promotions designed around a common theme responsive to specific objectives.
Promotions - activities or materials that offer consumers a direct incentive to buy a good or service.
Publicity - a non-paid form of communication about a business or organization (or its products and services) that is transmitted through a mass medium.
Pure competition - a type of market in which there are a large number of suppliers offering very similar products.
Random sampling - a procedure in which everyone in the population has an equal chance of being selected in the sample.

76.Rational - Buying motives based on facts or logic

Receiver - the person or persons to whom the encoded message is directed.
Sales promotions - person-to-person communication with potential customers in an effort to inform, persuade, or remind them to purchase an organization's products or services.
Scarcity - unlimited wants and needs, combined with limited resources.
Secondary data - information already collected for another purpose that can be used to solve the current problem.

81.Self sufficient - Not relying on others for the things needed in order to survive

82.Services - Activities that are intangible, exchanged directly from producer to consumer, and consumed at the time of production

Simulation - operated in laboratories where researchers create the situation to be studied.

84.Supply - The quantity of a product that producers are willing and able to provide at a specific price

85.Survey - A planned set of questions to which individuals or groups of people respond

Target market - a clearly identified segment of the market to which the company wants to appeal.

87.Test market - Specific cities or geographic areas in which marketing experiments are conducted

Want - an unfulfilled desire.