study_guide_for_marketing_130.docx

study_guide_for_marketing_130.docx - Chapter 9 vocab...

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Chapter 9 vocab benchmarking Picking a basis of comparison for evaluating how well a job is being done. brand managers Manage specific products, often taking over the jobs formerly handled by an advertising manager—sometimes called product managers. concept testing Getting reactions from customers about how well a new product idea fits their needs. Consumer Product Safety Act A 1972 law that set up the Consumer Product Safety Commission to encourage more awareness of safety in product design and better quality control. continuous improvement A commitment to constantly make things better one step at a time. empowerment Giving employees the authority to correct a problem without first checking with management. fashion Currently accepted or popular style. Federal Trade Commission (FTC) Federal government agency that polices antimonopoly laws. fishbone diagram A visual aid that helps organize cause and effect relationships for "things gone wrong." market growth A stage of the product life cycle when industry sales grow fast—but industry profits rise and then start falling. market introduction A stage of the product life cycle when sales are low as a new idea is first introduced to a market. market maturity A stage of the product life cycle when industry sales level off and competition gets tougher. new product A product that is new in any way for the company concerned. Pareto chart A graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent. product liability The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products. product life cycle The stages a new product idea goes through from beginning to end. product managers Manage specific products, often taking over the jobs formerly handled by an advertising manager—sometimes called brand managers. sales decline A stage of the product life cycle when new products replace the old. total quality management (TQM) The philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs. Chapter 10 vocab accumulating Collecting products from many small producers. administered channel systems Various channel members informally agree to cooperate with each other. assorting Putting together a variety of products to give a target market what it wants. bulk-breaking Dividing larger quantities into smaller quantities as products get closer to the final market. channel captain/manager A manager who helps direct the activities of a whole channel and tries to
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avoid, or solve, channel conflicts. channel of distribution Any series of firms or individuals who participate in the flow of products from producer to final user or consumer. contractual channel systems
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This note was uploaded on 09/08/2010 for the course BUS 130 at San Jose State.

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study_guide_for_marketing_130.docx - Chapter 9 vocab...

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