Question: Business

Answer: All of the activities involved in developing and exchanging products and services.

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Question: Career

Answer: Series of related jobs in the same profession

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Question: Career clusters

Answer: Sixteen groups of occupational and career specialties that share common knowledge and skills.

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Question: Career pathways

Answer: Career areas included in the career clusters that consist of careers ranging from entry-level to those requiring advanced college degrees and years of experience.

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Question: Function

Answer: General word for a category of activities

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Question: Consumer

Answer: Person who buys products or services and also uses them

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Question: Functions of business

Answer: Elements of production, finance, marketing, and management

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Question: Goal

Answer: Something a person wants to achieve in a specified time period.

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Question: Goal setting

Answer: Process of deciding what a person wants to achieve

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Question: Job

Answer: Work a person does regularly in order to earn money.

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Question: Long-term goal

Answer: Goal that will take a longer time to achieve, usually longer than one year.

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Question: Market

Answer: Anywhere a buyer and a seller convene to buy and sell goods.

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Question: marketing professional

Answer: Person who helps determine the marketing needs of a company, develops and implements marketing plans, and focuses on customer satisfaction.

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Question: need

Answer: Something necessary for survival, such as food, clothing, and shelter

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Question: profession

Answer: Term used for jobs in a business field requiring similar education, training, or skills.

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Question: short-term goal

Answer: Goal that can be achieved in less than one year.

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Question: SMART goals

Answer: Goals that are Specific, Measurable, Attainable, Realistic, and Timely

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Question: want

Answer: Something that a person desires, but could live without, such as a new cell phone or a vacation.

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Question: channel

Answer: Different routes products take from the producers to the customers.

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Question: channel management

Answer: Handling activities involved in getting products through the different routes from the producers to the customers.

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Question: customer

Answer: Individual or group who buys products

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Question: customer satisfaction

Answer: Degree to which customers are pleased with a company's goods or services.

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Question: dynamic

Answer: Something that is constantly changing, such as the needs and wants of customers

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Question: four Ps of marketing

Answer: Element of product, price, place, and promotion.

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Question: good

Answer: Physical item that can be touched.

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Question: idea

Answer: Concept, cause, issue, image, or philosophy that can be marketed.

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Question: market planning

Answer: Creating an actionable marketing plan designed to achieve business goals.

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Question: marketing concept

Answer: Approach to business that focuses on satisfying customers as the means of achieving profit goals.

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Question: marketing mix

Answer: Plan of action for marketing a product; it consists of the decisions made about each of the four Ps for that product.

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Question: marketing-information management (MIM)

Answer: Gathering and analyzing information about markets, customers, industry trends, new technology, and the competing businesses.

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Question: place

Answer: Activities involved in getting a product or service to the end users, and is also known as distribution

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Question: price

Answer: Amount of money requested or exchanged for a product.

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Question: product

Answer: Anything that can be bought or sold

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Question: product/service management

Answer: Determining which products a business should offer to meet customer needs.

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Question: profit

Answer: Money that a business has left after all the expenses and costs of running the business are paid

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Question: promotion

Answer: Process of communicating with potential customers in an effort to influence their buying behavior.

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Question: public relations

Answer: Type of promotion that focuses on creating a positive image of a company rather than the product

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Question: purchase incentive

Answer: Item that helps persuade a customer to make a purchase, such as rewarding loyal customers with discounts or free products.

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Question: selling

Answer: All personal communications with customers.

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Question: service

Answer: Action that is done for you, usually for a fee.

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Question: target market

Answer: Specific group of customers at whose needs a company will focus on satisfying with its products and services.

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Question: adding value

Answer: Enhancing a feature or service to inspire a customer to purchase

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Question: barter

Answer: Exchange of one good or service for another good or service.

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Question: business market

Answer: Customers who buy products for use in a business.

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Question: business-to-business (B2B)

Answer: Business market of businesses selling primarily to other businesses.

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Question: business-to-consumer (B2C)

Answer: Consumer market of businesses selling primarily to individual consumers.

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Question: commercial

Answer: Buying and selling on a large scale.

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Question: consumer market

Answer: Customers who buy products for their own use.

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Question: contract

Answer: Legally-binding agreement.

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Question: corporation

Answer: As defined by the US Supreme Court, is "an artificial being, invisible, intangible, and existing only in contemplation of the law."

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Question: finance

Answer: All activities involving money

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Question: form utility

Answer: Value that is added when a business changes the form of something to make it more usefu

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Question: industry

Answer: Group of businesses that produce similar goods or services.

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Question: information utility

Answer: Value that is added when marketing provides information about a product to a customer.

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Question: liability

Answer: Legal responsibility.

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Question: management

Answer: Process of controlling and making decisions about a business.

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Question: medium of exchange

Answer: Concept that money is used in exchange for goods and services.

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Question: money

Answer: Anything of value that is accepted in return for goods or services.

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Question: nonprofit organization

Answer: Organization that is an entity that exists to serve some public purpose.

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Question: partnership

Answer: Relationship between two or more people who join to create a business.

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Question: phishing

Answer: Use of fraudulent e-mails and copies of legitimate websites to trick people into providing personal, financial, and other data.

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Question: place utility

Answer: Value that is added when products are available at convenient places.

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Question: production

Answer: Any activity related to making a product.

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Question: sole proprietorship

Answer: Business owned by one person.

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Question: store of value

Answer: Item that can be saved, or stored, and used at a later date while holding its value

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Question: time utility

Answer: Value that is added when products are made available at the times that customers need and want them.

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Question: time value of money

Answer: Idea that money is worth more today than it would be in the future.

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Question: unit of value

Answer: Common measure of what something is worth or what something costs.

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Question: utility

Answer: Characteristics of a product that satisfies human wants and needs.

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Question: wages

Answer: Money earned for working.

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Question: action plan

Answer: Detailed time line, the budget, and the metrics to evaluate the effectiveness of a campaign.

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Question: market segmentation

Answer: Process of dividing a large market into smaller groups.

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Question: market share

Answer: Percentage of total sales in a market that is held by one business.

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Question: marketing objective

Answer: Goals a business wants to achieve during a given time, usually one year, by implementing the marketing plan.

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Question: marketing plan

Answer: Document describing business and marketing objectives and the strategies and tactics to achieve them.

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Question: marketing strategy

Answer: Decision made about product, price, place, and promotion.

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Question: marketing tactic

Answer: Specific activity to carry out the marketing strategies.

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Question: metric

Answer: Standard of measurement

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Question: mission statement

Answer: Company message to customers about why the business exists.

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Question: place strategy

Answer: Decision about how and where the products will be produced, acquired, shipped, and sold to customers.

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Question: price strategy

Answer: Business decision about pricing and how prices are set to make a profit

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Question: product strategy

Answer: Decision marketers use to help make about what products a business should sell.

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Question: promotion strategy

Answer: Decision about which selling, advertising, sales promotions, and public relations activities to pursue in the promotional mix

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Question: promotional mix

Answer: Combination of the elements used in a promotional campaign.

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Question: return on investment (ROI)

Answer: Common measure of profitability based on the amount earned from the investment made in the business

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Question: situation analysis

Answer: Snapshot of the environment in which a business has been operating over a given time, usually the last 12 to 16 months

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Question: SWOT analysis

Answer: Strengths, weaknesses, opportunities, and threats the business faces.

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Question: template

Answer: Document that already has a basic format that can be used many times.

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Question: unique selling proposition (USP)

Answer: Statement summarizing the features and benefits of company, how it is different from the competition, or how its products are better than the competition.

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Question: vision statement

Answer: Overall goal for the future of the company.

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