5575908
Description
Flashcards by Saharsh Joshi, updated more than 1 year ago
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Created by Saharsh Joshi
over 9 years ago
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| Question | Answer |
| 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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