Complete List of Terms and Definitions for Marketing 28
| Terms | Definitions |
|---|---|
| Traffic flow | the direction in which the shoppers will move through the store and what areas they will pass or avoid |
| SBU stands for? | StrategicBusinessUnit |
| Retrenchment | Retain Product, Eliminate Markets |
| discount store | "A self-service, general-merchandise store offering brand name and private-brand products at low prices" |
| Facilitating Function | Financing, Grading, Marketing information and research |
|
Regulatory Agencies |
Consumer Product Safety Commission Federal Trade Commission Food and Drug Administration |
| business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. | optimizers |
| noise | extraneous factors that can work against effective communication by distorting a message or the feedback received; simple error (printing mistake), misunderstood message by salesperson (ex. accent) |
|
Door-to-Door Interviews |
Interview people at their home Popular before the 70's Intimate, comfortable atmosphere now, a lot of rejections and vert costly Still used in underdeveloped countries |
| accumulating | collecting products from many small producer example small crops gathered into larger quantities in an effort to lower transportation costs. |
| Consumer Interview | One-on-one discussion between a consumer and a researcher |
| Breakeven | Breakeven is achieved when total contribution is equal to total fixed costs. Addition contribution earned after this point becomes profit |
| All activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use. | retailing |
| product diversificationWhere on matrix? | new productnew market |
| Middleman | someone who specializes in trade rather than production, sometimes called an intermediary. |
| Media research | Advertising research, ratings, media activeness |
| field of understanding | similar understanding and knowledge they apply to the message ex. avoid "Finger Lickin' Good" --> "Eat Your Fingers Off" |
| job specification | A description of the qualifications necessary for a specific job in terms of education, experience, and personal and physical characteristics. |
| product placement | a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, videogame, video or audio clip, book, or commercial for another product; on the internet; or at special events. |
| Whistle Blowers | employees who report unethical or illegal actions of their employers |
| Merchant Wholesaler | An independently owned business that takes title to the merchandise it handles. |
| Public Relations |
used to create good relations between company and stakeholders ie: annual reports, sponsorships also non-personal: news releases |
| open-ended question | An interview question that encourages an answer phrased in the respondent's own words. |
|
Derived Demand |
the demand for business products derives from the demand for final consumer products - total industry demand for business products is fairly inelastic; however sharp business buyers try to buy as economically as possible |
| Data Mining and Warehousing | Mining-In-depth, computerized search of available information to find profitable marketing opportunities that may otherwise be hidden.Warehousing - Involves retaining all types of relevant company records and information collected by continuous monitoring and marketing research. |
| Off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturers surplus, discontinued, or irregular goods. | factory outlet |
| direct investment | a domestic firm actually investing and owning a foreign subsidary or division |
| Unsought Products | Items that the consumer does not know about or knows about but does not initially want. |
| implementation | the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives |
| types of environmental trends | social, economic, technological, competitive, regulatory |
| Promotional Mix | 1. Advertising. 2. Public Relations. 3. Sales Promotion. 4. Personal Selling. 5. Direct marketing. |
| to encourage retailers to pay their bills quickly manufacturers offer this | cash discounts |
| warehouse showroom | "A retail facility in a large, low-cost building with large on-premise inventories and minimal services" |
| order getter | A salesperson who sells to new customers and increases sales to current customers |
| marketing orientation | trying to carry out the marketing concept |
| Price Fixing | Occurs when two or more companies conspire to keep prices at a certain level-Horizontal price fixing-Vertical price fixing |
| Site Selection | store trade area- the geographic zone that accounts for the majority of retailer sales. -saturated -under-stored -over-stored |
| Descriptive Research | A tool that probes more sytematically into the problem and beses its conclusions on large numbers of observations. |
| New Product Development | Refers to original products, product improvements, product modifications, and new brands developed from the firm's own research and development.New products are a key source of growth.New products are risky.90% of all products introduced to America fail.Companies lose an estimated 20 to 30 billion dollars on failed food products alone. |
| Preconventional Morality |
•Based on what will be punished or rewarded •Self-centered, calculating, selfish |
| product | a good, service, or idea consisting of a bundle of tangible and intangible benefits |
| NEED-SATISFACTION APPROACH | WHERE THE SALESPERSON STARTS WITH A SEARCH FOR THE CUSTOMER'S NEEDS BY GETTING THE CUSTOMER TO DO MOST OF THE TALKING. |
| pricing ovbjectives | expectations that specify the role of price in an organizations marketing and strategic plans |
| unsought product | a product unknown to the potential buyer or a known product that the buyer does not actively seek |
| barriers to entry | which are business pratices or conditions that make if difficult for new firms to enter the market-can be in the form of capital requirements, advertising expenditures, product identity, distribution access, or the cost to customers of switching suppliers-higher the expense of the barrier, the more likely it will deter new entrants |
| marketing concept | the idea that an organization should try to satisfy the needs of consumers & also try to achieve the organization's goals |
| The extent to which a product's perceived performance exceeds a buyer's expectations. | customer satisfaction |
| key account management | practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships |
| Segment profitability | (Segment size X Segmement adoption % X Purchase Behavior X profit margin % ) - fixed costs |
| Social Responsibility | idea that organizations are part of a larger society and are accountable to that society for their actions. There are three concepts of social responsibility:Profit ResponsibilityStakeholder ResponsibilitySocietal Responsibility (environment and public) |
| Pricing Objectives | specify the role of price in an organization's marketing and strategic plans |
| Countertrade | A type of trade in which goods are paid for with other items instead of with cash. |
| A problem many dot‐com companies faced in the mid to late 90’s was that they ignored______.a. market share or growthb. financial measurementsc. technology improvementsd. none of the above | b. financial measurementspage 35 |
| monopolistic competition | the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. Sellers can differentiate their offers to buyers |
| corporate image advertising | directed toward the general public or investors and stock holders, promotes an oranizations image and role in the community as a chorporate citizen, independant of any product or service. |
| trademark | the exclusive right to use a brand or part of a brand |
| basic promotion objectives | Informing - let consumers know our productsPersuading - develop a favorable set of attitudesReminding - donât let consumers forget |
| The term _____ would be used to describe Hispanic males between the ages of 12 and 19. | Marketing Segments |
| What is competitive parity? | strategy of setting prices similiar to those major competitors. |
|
Selecting marketing channels customer characteristics |
Consumers buy for personal use, want many choices. Business buys for profit, need more complex, technical products, direct channel. |
| Selective exposure | Our eyes and minds seek out and notice only information that interests us. |
| Wholesaling by sellers or buyers themselves rather than through independent wholesalers. | Manufacturers sales branches and offices |
| Preliminary or field edit | a quick examination of completed data collection forms, usually on the same day they are filled out. |
| Why are customer complaints valuable to evaluation customer relationship programs? | Customer complatins give the organization information about customer priorities so that managers can make changes to their systems if necessary and set appropriate, measurable goals for relationship programs. |
| what is culture and country culture? | culture is the shared meanings, beliefs, morals, values, and customs of a group of people. country culture is the visible nuances particular to a country, such as symbols, language, and food preferences, plus more subtle aspects. |
| packaging functions: facilitate use | how you use the product: pour spout, screw top, etc. |
| Developing Ad Campaigns: television (advantages) | wide, diverse audience, low cost per thousand, creative oppurtunites for demonstration, immediacy of messages, entertainment carry over, demographic selectivity with cable |
| TPB Theory of planned Behavior | The most famous model of hoe consumers form decisions whether to use a product. the model suggests that consumers base purchases on internal attitude, social influences and facilitating conditions ( have the $$ and time to purchase the product). |
| What are some costs of a JIT system? | the logistics function becomes much more complicated with more frequent deliveries. Require a strong commitment by the firm and its vendors to cooperate, share data, and develop systems like EDI and CPFR. require financial and psychological support. |
| why write a marketing plan? (3 things) |
1. provides a basis by which actual and expected performance can be compared. 2. provides clearly stated activities that help employees and managers understand and work toward common goals. 3. allows marketing manager to enter the marketplace with an awareness of possibilities and problems. |
