Marketing definitions Flashcards
operating expenses
cost of running a business
vertical conflict
members of different levels
horizontal conflict
members of same level
retail price maintenance
manufacturer and distributer agree on a certain price to sell the manufacturer’s product
price fixing
agreeing with competitors to sell a product at a certain price
predatory pricing
lower costs to drive out competition and then raising those costs to make up for the losses and make profit
scanner fraud
charging at a higher cost at the checkout/poin of purchase than what was advertised/on the shelves
gray marketing
using unofficial but legal channels of distribution
slotting allowance
the fee manufacturer’s pay retailers to get their prodcuts on the shelves
channel strategies
methods a company uses to deliver goods and services to consumers in the most efficient way
misrepresentation
providing false or misleading information. exaggerating, omitting info, etc.
exclusivity
making a product/service only available to an exclusive/limited group of customers –> raises desirability of the product/service
commercial bank
accepts deposits, provides loans, offers various services to business and individuals, focused on generating profit
savings and loan association
focused on accepting saving deposits and providing home mortgage loans. promotes homeownership
finance company
provides loans and credut typically personal and auto loans and equipment financing
credit unions
non profit organizations that prioritize consumer needs over high prices. membership based on common bond (shared employment, community, affiliation, etc.)
styles of management: controlling
monitoring performace and comparing to goals
styles of management: organizing
arrangment of resources and tasks to achieve organizational goals (defining roles, responsibility, and structure)
styles of management: planning
process of goal setting and determining action plans to achieve them (forecasting and decision making)
styles of management: directing
guiding and motivating employees to work effectively toward goals (communication and leadership)
social responsibility
business’s social and ethical responsibilities, acting in the interest of consumers, employees, the community, etc. (sustainable practices, transparency, etc.)
quantities: demand
amount of product/service consumers are willing and able to purchase at a specific price and time period
quantities: market price
amount of product/service available at a specific price in the market. indicates the amount consumers are willing to buy at that price.
quantities: supply
amount of product/service producers are willing to sell at a specific price and time.
quantities: elasticity
how quantity demanded of goods/services responds to changes in price. (sensitivity of customers to price change)
SWOT analysis
strengths, weaknesses, opportunities, threats
deviation
difference between the expected outcomes vs the actual outcomes
trade journals
publications focused on specific industries. contain info like news, trends, research, etc.
investment bank
helps companies raise capital, facilitates buying and selling of securities
asset-management firm
manages investments on behalf of clients to grow wealth through various investment strategies
financial auditing firm
examines and verifies a company’s finaincial records and documents to ensure accuracy
brand insistence
customers are so loyal to a brand and they go out of their way to only purchase that specific brand
brand preference
consumers tendency to favour one brand over others
product positioning
defining how products are perceived in the eyes of consumers
product screening
evaluating and assessinf potential new products
enclosure notation
something being attached to/with the letter at the bottom of an email or something
aptitudes
natural skills or abilities an individual possesses
relationships: fiduciary
legal/ethical bond of trust where one party is obligated to act in the best interest of the other
relationships: principal
where one party gives the other the authority to act on their behalf
memorandum
short, written message used to communicate information, reminders or updates. usually internal communications
markup
certain amount prices are increased by
markdown
certain amount prices are decreased by
research method: causal
cause and effect. change a variable and observe affect on the other
research method: experimental
test hypotheses by changing variables in controlled settings to establish causal (cause and effect) links
research method: exlploratory
preliminary investigation to understand the problem when little is known. involves open-ended methods (interviews, focus groups, surveys, etc.)
anti-trust laws
promote competition to prevent monopolies.
relationships: interrelated
relationships between customers, employees, etc. that influence each other
relationships: subsidiary
fully or partially owned by another company (known as parent company)
relationships: dependent
one entity relies on/is influenced by another
relationships: one to one
one entity corresponds directly to another (for example, tailoring a marketing plan to a specific community/individual)
marginal cost
change in total cost/# produced
big Q
total quality management
aggregate demand
total demand for all goods and services in an economy at a certain price level at a certain time
big data
large and complex data sets that aren’t easily managed
data encryption
converting info to a coded format to prevent unauthorized access
primary market research
collecting original data directly from sources to gain insights about specific markets or audiences
pretest idea measurement
evaluating a concept or product before its release to gather feedback
target readership evaluation
assessing the specific audience for a publication or content to understand their preferences and interests
concept testing
process of testing a new product with potential customers to gather feedback
multiprocessing example
users to access the same program on multiple computers
rebate
partial fund given to a customer after purchase
wage garnishment
legal process where a portion of someone’s earnings is withheld by an employer
transfer payment
payment made by the government to individuals or organizations without any exchange of goods or services in return
economic risk
potential for financial loss bc of changes in economic conditions (inflation, recession, currency fluctuations, etc.)
human risk
potential for loss or harm due to human actions (fraud, negligence, etc.)
natural risk
potential for loss or damage due to natural disasters and events (storm, hurricane, etc.)
incompetence risk
potential for loss bc of an individual’s or organization’s inability to perform tasks (bc lack of knowledge, experience, etc.)
data mining
analyzing large datasets to discover patterns and trends that inform decision-making
keyboarding
inputting data or information into a computer
