MarketingManagementVocabulary2 Flashcards
A vertical marketing system that combines successive stages of production and distribution under single ownership - channel leadership is established through common ownership.
Corporate VMS
A site set up by a company on the Web, which carries information and other features designed to answer customer questions, build customer relationships and generate excitement about the company, rather than to sell the company’s products or services directly. The site handles
Corporate Web site
…
interactive communication initiated by the consumer.
The direct costs-allocated to goods sold. These include variable cost items such as raw materials and labor used in making a product
Cost of goods sold
Adding a standard mark-up to the cost of the product.
Cost-plus pricing
International trade involving the direct or indirect exchange of goods for other goods instead of cash. Forms include barter compensation
Counter trade
…
(buyback) and counter purchase.
Certificates that give buyers a saving when they purchase a product.
Coupons
The strengths and weaknesses that most critically affect an organization’s success. These are measured relative to competition.
Critical success factors
An understanding of and true feeling for a culture.
Cultural empathy
Institutions and other forces that affect society’s basic values, perceptions, preferences and behaviors.
Cultural environment
Characteristics and attributes that are found in a wide range of cultures: that is features that transcend national cultures.
Cultural universals cultural
The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions.
Culture
The section of a marketing plan that describes the target market and the company’s position in it .
Current marketing situation
A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers.
Customer-centered company
An organized collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic and buying behavior data.
Customer database
The difference between total customer value and total customer- cost of a marketing offer - ‘profit’ to the customer.
Customer delivered value
The amount by which revenues from a given customer over time will exceed the company’s costs of attracting, selling and servicing that customer.
Customer lifetime value
A sales force organization under which salespeople specialize in selling only to certain customers or industries.
Customer sales force structure
The extent to which a product’s perceived performance matches a buyer’s expectations. If the product’s performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or delighted.
Customer satisfaction
The consumer’s assessment of the product’s overall capacity to satisfy his or her needs.
Customer value
Analysis conducted to determine what benefits target, customers value and how they rate the relative value of various competitors’ offers.
Customer value analyses
The system made up of the value chains of the company and its suppliers, distributors and ultimately customers, who work together to deliver value to customers.
Customer value delivery system
The medium-term wavelike movement of sales resulting from changes in general economic and competitive activity.
Cycle
The person who ultimately makes a buying decision or any part of it - whether to buy, what to buy, how to buy, or where to buy.
Decider
People in the organization’s buying centre who have formal or informal powers to select or approve the final suppliers.
Deciders
Formal and informal operating procedures that guide planning, targeting, compensation and other activities.
Decision-and-reward system
All the individuals who participate in, and influence, the consumer buying-decision process.
Decision-making unit (DMU)
The product life-cycle stage at which a product’s sales decline.
Decline stage
Products that have neither immediate appeal nor long-term benefits.
Deficient products
A curve that shows the number of units the market will buy in a given time period, at different prices that might he charged.
Demand curve
Human wants that are hacked by buying power.
Demands
Marketing to reduce demand temporarily or permanently - the aim is not to destroy demand, but only to reduce or shift it.
Demarketing
Dividing the market into groups based on demographic variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race and nationality.
Demographic segmentation
The study of human populations in terms of size, density, location, age, sex, race, occupation and other statistics.
Demography
A retail organization that carries a wide variety of product lines: typically clothing, home furnishings and household goods; each line is operated as a separate department managed by specialist buyers or merchandisers.
Department store
Business demand that ultimately comes from (derives from) the demand for consumer goods.
Derived demand
Marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Descriptive research
Products that give both high immediate satisfaction and high long-run benefits.
Desirable products
A sustainable internal or external strength that an organization has over its competitors.
Differential advantage
A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Differentiated marketing
Entering a foreign market by developing foreign-based assembly or manufacturing facilities.
Direct investment
Direct marketing through single mailings that include letters, ads, samples, fold-outs and other ‘salespeople on wings’ sent to prospects on mailing lists.
Direct-mail marketing
Marketing through various advertising media that interact directly with consumers, generally calling far the consumer to make a direct response.
Direct marketing
A marketing channel that has no intermediary levels.
Direct-marketing channel
The marketing of products or services via television commercials and programs which involve a responsive element, typically the use of a free phone number that allows consumers to phone for more information or to place an order for the goods advertised.
Direct-response television marketing (DRTV)
A straight reduction in price on purchases during a stated period of time.
Discount
A retail institution that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.
Discount store
Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands.
Dissonance-reducing buying behavior
A large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible.
Distribution centre
A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or industrial user.
Distribution channel (marketing channel)
A strategy for company growth by starting up or acquiring businesses outside the company’s current products and markets.
Diversification
Low-growth, low-share businesses and products that may generate enough cash to maintain themselves, but do not promise to be large
Dogs
…
sources of cash.
Selling door to door, office to office, or at home-sales parties.
Door-to-door retailing
A consumer product that is usually used over an extended period of time and that normally survives many uses.
Durable product
Factors that affect consumer buying power and spending patterns.
Economic environment
A general term for a buying and selling process that is supported by electronic means.
Electronic commerce
A ban on the import of a certain product.
Embargo
Message appeals that attempt to stir up negative or positive emotions that will motivate purchase; examples are fear, guilt, shame, love, humor, pride and joy appeals.
Emotional appeals
