Commerce Terms Flash Cards

Frage	Antworten
Wants	Luxury or Non-essential goods or services
Customer Loyalty Program	Strategies used by retailers to reward customers for making regular purchases from their business.
Collective Wants	Goods and services provided for the community by the government.
Consumer	Anyone who buys a good or service
Contract	An agreement(either written or spoken) between two parties e.g. buyer and seller
Comparison marketing	The process of comparing the price and quality of similar products before making a purchasing decision
Good	An item that it tangible. it can be seen or touched
Needs	A good essential to our survivial
Service	An intangible good that is provided by an individual or organisation
Complementary Good	A good that is usually consumed with another good- car and petrol
Disposable Income	A person's income after the tax has been deducted
Gross income	A person's income before their tax has been deducted
Hire purchase	An agreements that enables a customer for a purchase in instalments over a period of time
Durable good	A good that will last for a l,ong time
Impulse buying	The unplanned purchase of a good or service
Non-durable good	A good that is purchased frequently and has a small lifespan
Substitute	A good that can be purchased in alternative to another good
Warranty	An agreement that outlines the conditions under which a customer is entitled to have a good repaired or replaced
Advertising	The promotion of a good or service in order to increase sales or profit or to inform the public of their product
Direct marketing	Contacting households personally, by name via business like phone calls or letters
Ethical	Relating to ethics, which are a set of morals that help govern human conduct
Guerrilla Marketing	a flexible, non-traditional way of marketing
Junk Mail	Advertising flyers delivered via the letter box
Marketing	Promotional campaigns, including advertising, to make products known to customers
Naming Rights	The right of a company to include its name in the name of a competition or sporting facility in return for the company financially supporting or sponsoring the event or venue.
Product Endorsement	The use of sporting stars and media personalities to promote a good or service
Product Placement	The prominent display of products in movies or tv shows
Sponsorship	Brand strengthening via the funding of elite sport stars
Telemarketing	The promotion of goods or services via the telephone
Market Research	The gathering of information about the needs and desires of potential customers
Mass marketing	Promotional campaigns targeting a large proportion of the population
Niche Marketing	Promotional campaigns which target small groups of the population
Self-Regulation	Ethical standards and complaint resolution procedures put into place and maintained by an industry group
Target Marketing	A specific demographic or social group to which an advertiser wishes to appeal

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