unit 3 Flashcards
(42 cards)
Advertising vs. Branding
Branding is who you are — your identity, values, and how people see your business.
Advertising is how you tell people about your product or service — using ads to promote it
National vs. Private Brand
National Brand: A well-known brand sold across the country, usually made by big companies (like Nike, Coca-Cola).
Private Brand (or Store Brand): A brand owned by a store or retailer, usually only sold in that store (like Target’s “Good & Gather” or Walmart’s “Great Value”).
Primary Data vs. Secondary Data
Primary data is information collected by the researcher themselves
Secondary data is information that has been collected by someone else, used by the researcher
Define Balance Sheet
A balance sheet is a financial statement that shows a company’s financial position at a specific point in time.
Assets vs. Liabilities
Assets are something that you own (cash, property)
Liabilities are something that you owe (loans, bills)
Define Publicity
- PUBLICITY is media information about a business that they do not have to pay for
Define Income Statement
An income statement (also called a profit and loss statement) shows a company’s revenues, expenses, and profits over a specific period, like a month, quarter, or year. It tells you whether the company is making money or losing money.
Define Owner’s Equity
Owner’s Equity is what the owner really owns in the business after paying off any debts.
Define Revenue
Revenue is the total money a business earns from selling products or services. It’s also called sales or income.
Define Gross Profit
Gross Profit is the money a business makes from sales after subtracting the cost of making or buying the products it sells (called cost of goods sold or COGS).
Define Cost of Goods Sold (COGS)
Cost of Goods Sold (COGS) is the direct cost of producing or purchasing the products a business sells. This includes things like raw materials, labor, and manufacturing costs.
Define Logo
A logo is a symbol or design that represents a business, brand, or product. It’s often made up of text, images, or both, and helps people recognize the brand quickly.
Define Target Market
Target market is the specific group of people a business aims to sell its products or services to. This group shares similar characteristics, like age, location, interests, or needs.
Define Demographics
Demographics are the characteristics of a group of people, like age, gender, income, education, and location.
Define Brand Name
A brand name is the name given to a product or company that helps people recognize and remember it.
Define Fiscal Year
A fiscal year is a 12-month period that a business or government uses for accounting and budgeting.
Define Liquidity
Liquidity in business is how easily a company can turn its assets into cash to pay off short-term debts.
Define Form
- Form: what the product looks like, makes a product different from other similar products
Define Function
what the product is designed to do, allows function, ads product is designed to look the way it does because of what it is supposed to do
Direct vs. Indirect Channels
Direct = Business to Customer (no middleman)
Indirect = Business to Middleman to Customer
Define Specialty Channels
Specialty channels are unique or non-traditional ways for a business to reach customers, outside of regular retail or direct selling.
Examples of specialty channels:
Online marketplaces (like Amazon or eBay)
Vending machines
Telemarketing or infomercials
Subscription boxes (like monthly product deliveries)
Define Fads
Fads are short-lived trends or products that become very popular for a brief period, then quickly fade away.
ex. fidget spinners
Define Marketing Mix
The Marketing Mix refers to the set of actions or tactics that a company uses to promote its brand or product in the market.
- the 4 p’s: product, price, promotion, place
Define Niches
Dominate a section of the market that very few companies enter. Often have solid but not spectacular maturity stage — eg. specialty parts for mechanized products
