Business Terminology and Concepts

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Marketing

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the sum of all activities involved in the planning, pricing, and selling of goods/services.

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Branding

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Where a business makes itself known to the public and differentiates itself from competitors.

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Customer

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   A person who buys a good, product, or service.

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Fad

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A product that was popular for a short while but then quickly declined in sales and popularity

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Niche

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Product or service that is specific to certain mass markets

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Product Life Cycle

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   Length of time from a product first being introduced to consume

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4 P's in Marketing

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Product, Price, Place, and Promotion

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Logo

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Visual mark that represents the nature and objects of a brand to connect with people

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Slogan

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A short phrase or motto used in advertising

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Demographics

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Characteristics such as age, gender, education level, occupation, income, etc.