Marketing Basics
This 5-letter word describes tangible items you can physically touch and buy, like a bag of chips or a hoodie.
What are goods?
This phrase describes any extra perk a store adds to a product to make it better—such as expert staff, free gift wrapping, or Apple Pay options.
What is value-added retailing
This 3-letter economic abbreviation (GDP) refers to the total market value of all goods and services produced within a country in a year.
What is Gross Domestic Product?
This three-word phrase means a level of material comfort measured by the goods, services, and luxuries available to people
What is standard of living?
This incredibly popular battle royale video game is famous for its seasons, virtual concerts, and characters doing dances like "The Griddy."
What is Fortnite?
This term refers to intangible activities performed for a customer, such as hailing an Uber, getting a haircut, or streaming music.
What are services?
Retailers carefully choose background music, cozy lighting, and pleasant scents to get shoppers to do this inside the store.
What is spend more time (and spend more money)
Because Americans love to shop, retail sales contribute to roughly this massive fraction of the United States' total GDP.
What is two-thirds (or 2/3)?
This three-letter concept (CSR) is when a business is not only concerned with its own profits, but also with the welfare of and interests of society in mind.
What is Corporate Social Responsibility?
This pop superstar's massive, record-breaking global stadium tour is named "The Eras Tour."
Who is Taylor Swift?
While a customer is the person who physically pays for an item, this term refers specifically to the "end user" who actually wears or consumes it.
What is a consumer?
If you can instantly identify McDonald's by just seeing the golden arches without reading the name, the company has achieved this visual branding goal.
What is brand recognition?
Retailing thrives best in this type of economic system, which allows businesses to freely compete with very little government interference.
What is a free-enterprise system (or free market)?
This is an intangible asset a business has due to its good reputation, which socially responsible retailers help build by giving back.
What is goodwill?
If someone tells you that your outfit or your shoes are "cooked," they are using this slang term to mean this
What is ruined, bad
This 3-letter business abbreviation describes a retail model where a store sells directly to individual everyday shoppers rather than to other businesses.
What is B2C (or Business-to-Consumer)?
This is the smart shopping habit of visiting different stores or websites to check prices and features before spending your money.
What is comparison shopping?
This is the specific business term for the total amount of money a retail store takes in from sales before any bills are paid.
What is revenue?
This 12-letter word means the action that contributes to the improvement of the welfare of others, often defined as giving gifts of “time, talent, and treasure.”
What is philanthropy?
This yellow, square-shaped animated Nickelodeon character lives in a pineapple under the sea and is the king of internet memes.
Who is SpongeBob SquarePants?
In marketing, a "want" is a luxury you desire, but this 4-letter word describes a basic requirement for survival, like water, food, or basic shelter.
What is a need?
This acronym represents the "National Retail Federation," the massive group that tracks the top holiday shopping statistics every year.
What is the NRF?
To calculate a store's true profit, you must take their total revenue and subtract these business costs.
What are expenses (or costs)?
These are the two specific ways highlighted in your slides that retail stores help to enhance our standard of living.
What are supply and influence?
Maneesh on the beat
What is Shabang?