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mk 901 glossary
Term | Definition |
---|---|
advertising | any paid form of nonpersonal presentation of iedes, goods, or services |
competitive advantage | the edge achieved by businesses that offer something better than their competitors |
customers | the people who buy goods and services |
durable goods | tangible items that should last a long time |
economy | the system in which people make and spend their incomes |
feature | a fact about or characteristic of a product |
goods | tangible objects that can be manufactured or produced for resale |
marketing | the activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large |
marketing concept | a philosophy of conducting business that is based on the belief that all business activities should be aimed towards satisfying customer wants and needs while achieving company goals |
nondurable goods | a tangible items that are consumed within short time |
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 |
planning | the management function of deciding what will be done and how it will be accomplished |
pricing | a marketing function that involves determining and adjusting prices to maximize return and meet customers perceptions of value |
producers | the people who make or provide goods and services |
product | marketing element referring to what goods, services, or ideas a business will offer its customers |
publicity | any nonpersonal prestation of ideas, goods or services that is not paid for by the individual or organization |
sales promotion | promotional activities that stimulate customer purchases |
services | intangible activities that are performed by other people for money, productive acts that satisfy economic wants |
societal marketing concept | a philosophy of conducting business which involves creating and marketing products that benefit individual customers as well as contribute to the good of society as a whole |
standard of living | the general conditions in which people live quality of life |