6th Six Weeks Flashcards
Distribution strategy: the process of transferring goods from one place to another.
Transportation
Distribution strategy: the process of keeping goods for future use.
Storage
Distribution strategy: the process of unpacking repacking, packaging, and moving goods.
Product Handling
Distribution strategy: the process of ensuring the appropriate stock of goods is kept.
Inventory Control
The process of supplying goods to stores and other businesses that sell to customers.
Distribution
The business of and materials used for wrapping and protecting goods.
Packaging
A deduction in the retail price of a good for a retailer from a wholesaler.
Trade Discounts
Storing goods that will later be sold or distributed.
Warehousing
Delivering goods to their desired destination, such as a customer or a retail location.
Shipping
What happens to defective or damaged goods at the cost of the manufacturer.
Sales Returns
Market research step: define issue, create research objectives, research questions.
Identify the Problem
Market research step: determine information needed, research methods, determine responsible parties.
Develop the Research Plan
Market research step: review secondary data, collect primary data, determine suitable methods and techniques.
Conduct Research
Market research step: format data and analysis, interpret results, create reports and recommendations.
Analyze and Report Findings
Market research step: thought and planning, evaluation of options, course adjustment and execution.
Take Action
Market research result: understand the general direction businesses are developing.
Identify Industry Trends
Market research result: understand the willingness and ability of customers to purchase a good or service.
Analyze Demand
Market research result: predict the outcome of moving goods to customers.
Forecast Sales
Market research result: the ability to take business action with clarity based on accumulated information.
Make Decisions
Market data gained through the business’s own research.
Primary Data
Market data gained through other companies’ research
Secondary Data
Statistical data relating to the population and particular groups within it.
Demographics
Division into separate parts or sections.
Segementation
A particular group of consumers at which a product or service is aimed.
Target Market
The functional or emotional desires of a target market.
Market Need
A condition where different economic firms seek to obtain a share of a limited market.
Competition
The existence of high startup costs or other obstacles that prevent new competitors from easily entering an industry or area of business.
Barriers to Entry
An imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behavior of individuals and firms in the private sector.
Regulation
The manufacturing or technically productive enterprises in a particular field, country, region, or economy viewed collectively, or one of these individually.
Industry
A person or organization that buys goods or services from a store or business.
Customer
A framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place or person.
SWOT Analysis
SWOT Analysis: what an organization excels at and separates it from the competition.
Strengths
SWOT Analysis: what stops an organization from performing at its optimum level.
Weaknesses
SWOT Analysis: favorable external factors that an organization can use to give it a competitive advantage.
Opportunities
SWOT Analysis: factors that have the potential to harm an organization.
Threats
