4.03 Key Terms-Business Essentials

Promotion

A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

Publicity

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it

Advertising

Any paid form of nonpersonal presentation of ideas, goods, or services

Place

Marketing element focusing on considerations in getting a selected product in the right place at the right time

Product

Marketing element referring to what goods, services, or ideas a business will offer its customers

Price

Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products

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

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