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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 |
Created by:
matthew.j614
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