Marketing
Project Knowledge
Information about a good or service that can include its application, function, features, and use.
Market indentification
The process of a marketer in identifying the most profitable areas to offer a new product or service.
Patent
Authorization or license granted to an inventor that prevents others from making, using, or selling their invention
Internal audit
An examination of an organization’s financial statements that is conducted by an employee of the organization
Electronic Purchase Order
A legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery that is transmitted electronically over the Internet.
Data collection instrument
To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications and trade association publications
Market Planning
The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.
Business Valuation
An estimate of the worth of a business entity and its assets
Risk retention
A strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy
Confidentiality
Keeping information secret
Marketing strategies
Identifies a target market and coordinated marketing mix selections to create sales.
Financial analysis
Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.
LLC
Limited Liability Company. A legal entity that is not taxable itself and distributes the profits to its owners, but shields personal assets from business debt like a corporation
Securities
An investment tool such as bonds, debentures, notes, options, and shares
Supply Chain Management
Oversees the materials, information and finances as a product moves through the channel of distribution from manufacturer to consumer
Behavior Intention Scale
A method used to collect information on the likelihood that people will demonstrate some type of predictable behavior regarding the purchase of a product or service
Visual merchandising
Conveying a certain image to customers through the manipulation of physical elements within a business
Value Proposition
A statement or promise of value of a given product or service, including features and benefits
COGS
Cost of Goods Sold: This line on an income statement shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer
Blanket Purchase Order
A long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. After its acceptance by the supplier, purchases can be made on an as-and-when-required basis, or as specified in the order, without calling for new purchase orders.
Standing Room Only Close
When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur
Buzz Marketing
Develops from a viral marketing technique used to get consumers talking about a product
Fledgling
Refers to a company or startup that is young, lacking experience, and still struggling with their business ideas, business model, market, and products or services
Insurance Market
Composed of the companies involved in buying and selling of insurance
Risk Transfer
A strategy in which an insurable risk is shifted to another party (the insurer) by means of an insurance policy