Business Studies Marketing management Important terms:

Business Studies
Marketing management
Important terms:
Resource material:
1. market: it reers to the set of actual and potential buyers.
2. customer: the persons who wants to satisfy their needs.
3. marketing: it is a social process where people exchange goods and services for
money or something of value them.
4. Production concept: whwn products are widely available at an affordable price.
5. Product concept: where products of high quality were offered to customers.
6. Sales concept: in order to mould the customers according to product.
7. marketing concept: A firm can achive target by identifying needs and satisfying
them better than their competitors.
8. societal marketing concept: social goals must also be considered while satisfying
consumers needs.
9. marketing management: The process of planning , organizing, directing and
controlling the activities of marketing.
10. marketing mix: it is the sets of marketing tools that a firm use to achieve its
marketing targets.
11. consumers products: which are purchased by ultimate consumers for their
personal needs.
12. industrial products: which are used as inputs in producing other products.
13. brand: it is a name, term, sign, symbol, design etc. used to identify the products.
14. Brand name: the part of brand which can be spoken.
15. Brand mark: which appears in the form of symbol or design.
16. Trade mark: a brand that is given legal protection.
17. packing: it refers to the act of designing and producing the container or wrapper.
18. labeling: A label carries the information about the product.
19. Price: price is the amount paid by a customer in consideration of the product.
20. place: all activities required for the phiical movement of goods.
21. promotion: use of communication to inform about the product and motivate them
to buy it.
22. sales promotion: short term incentives which are designed to increase the sale of
23. personal selling: oral presentation of message in form of conversation with
customers for the purpose of making sales.
24. Publicity: it is non personal and non paid form of communication.