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chapter 4 vocab

TermDefinition
Advertising effectiveness Advertising effectiveness is results of an advertising campaign in terms of increased sales, increase in market share or change in level of awareness; also includes assessment of the reasons for the campaign's success or failure.
business plan business plan is a comprehensive document in various parts including both a narrative and a financial description of a business or a proposed business.
business point of view business point of view is a position from which something is observed or considered from a business perspective.
change agent change agent is an attitude that a person, or in this case, a business person brings where they feel both the responsibility and ability to introduce positive change in the way things are done.
common barriers to entry common barriers to entry is conditions that create difficulty for competitors to enter the market. For example, copyrights, trademarks, patents, dedicated distribution channels and high initial investment requirements.
decision maker decision maker is someone who has the authority, responsibility and reputation for making decisions.
economic economic is pertaining to the economy, or the field of economics (as in "Council of Economic Advisors").
focus group focus group is a small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis.
fortune 500 companies fortune 500 companies are a list of the top 500 companies in the world, published annually by Fortune Magazine.
frequency frequency is a property of occurring at frequent intervals.
industry norms industry norms are accepted beliefs about an industry and the ways of doing business within that industry.
market place market place is a place to conduct commerce or sell goods.
marketing plan marketing plan is a portion of a business plan dealing with the marketing of the product or service; or similarly, a self-contained plan.
media mix media mix is utilizing more than one means of communication that reach the general public and usually carry advertising.
reach reach is to succeed in getting in contact with or communicating with: they reached us by phone.
rules rules are usual, customary, or generalized course of action or behavior.
target target is a desired goal. Used in the business sense, this normally means customers whom the business wants to reach.
theme theme is an implicit or recurrent idea; motif.
trade-offs trade-offs are an exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable.
unique value proposition unique value proposition are a clear and concise statement defining the particular attributes of a product or service which makes it different and valuable.
Created by: ihernandez19
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