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BE 4.03
MK-901
Term | Definition |
---|---|
Advertising | Any paid for, of nonpersonal presentaions of ideas, goods, or services |
Competitive advantage | The edge achieved by businesses that offer something better than their competitors |
Customer | 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 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 toward satisfying customer wants and needs while achieving company goals |
Nondurable Goods | Tangible items that are consumed within a short time |
Personal Selling | The form of promotion that determines client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities |
Planning | The management function of deciding what will be done how it will be accomplished |
Pricing | A marketing function that involves determining and adjusting pricing to maximize return and meet customer's 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 presentation of ideas, goods, or services that is not paid for by the individual or organization benefiting from or harmed by it |
Sales Promotions | Promotional activities (other than advertising, personal selling, and publicity) that stimulate customer purchase |
Societal marketing concept | A philosophy of conducting business which involves creating and marketing products that benefits individual customers as well as contribute to good of society as a whole |
Standard of living | The general conditions in which people live; quality of life |