MarketingManagementVocabulary3 Flashcards
1
Q
The tasks involved in planning, implementing and controlling physical flow of materials and final goods from points of origin to points of use to meet the needs of customers at a profit.
A
Physical distribution (marketing logistics)
2
Q
Warehouse, transportation and other firms that help a company to stock and move goods from their points of origin to their destinations.
A
Physical distribution firms
3
Q
All the company activities that make the product or service available to target customers.
A
Place
4
Q
A strategy of causing products to become obsolete before they actually need replacement.
A
Planned obsolescence
5
Q
Products that give high immediate satisfaction, but may hurt consumers in the long run.
A
Pleasing products
6
Q
Displays and demonstrations that take place at the point of purchase or sale.
A
Point-of-purchase (POP) promotions
7
Q
Laws, government agencies and pressure groups that influence and limit various organizations and individuals in a given society.
A
Political environment
8
Q
A tool by which management identifies and evaluates the various businesses that make up the company.
A
Portfolio analysis
9
Q
The stage of the buyer decision process in which consumers take further action after purchase based on their satisfaction or dissatisfaction.
A
Post-purchase behavior
10
Q
The set of consumers who prefers some level of interest in a particular product or service.
A
Potential market
11
Q
The step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call.
A
Pre-approach
12
Q
Goods offered either free or at low cost as an incentive to buy a product.
A
Premiums
13
Q
The step in the selling process in which the salesperson tells the product story to the buyer, showing how the product will make or save money for the buyer.
A
Presentation
14
Q
The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service.
A
Price
15
Q
A measure of the sensitivity of demand to changes in price.
A
Price elasticity
16
Q
Reduced prices that are marked by the producer directly on the label or package.
A
Price packs
17
Q
Information collected for the specific purpose at hand.
A
Primary data
18
Q
The level of total demand for all brands of a given product or service - for example, the total demand for motor cycles.
A
Primary demand
19
Q
A brand created and owned by a reseller of a product or service.
A
Private brand (middlemen, distributor or store brand)
20
Q
The first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service.
A
Problem recognition
21
Q
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas.
A
Product
22
Q
Adapting a product to meet local conditions or wants in foreign markets.
A
Product adaptation
23
Q
Combining several products and offering the bundle at a reduced price.
A
Product-bin file pricing
24
Q
The idea that consumers will favor products that offer the most quality, performance and features, and that the organization should therefore devote its energy to making continuous product improvements.
A
Product concept
25
A strategy for company growth by offering modified or new products to current market segments. Developing the product concept into a physical product in order to ensure that the product idea can he turned into a workable product.
Product development
26
An idea for a possible product that the company can see itself offering to the market.
Product idea
27
The way consumers perceive an actual or potential product.
Product image
28
A new-product strategy statement formalizing managements reasons or rationale behind the firm's search for innovation opportunities, the product/market and technology to focus upon, and the goals and objectives to be achieved.
Product innovation charter (PIC)
29
Creating new products or services for foreign markets.
Product invention
30
The course of a product's sales and profits over its lifetime, it involves five distinct stages: product development, introduction, growth, maturity and decline
Product life cycle (PLC)
31
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlet, or fall within given price ranges.
Product line
32
Increasing the product line by adding more items within the present range of the line.
Product line filling
33
Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.
Product line pricing
34
Increasing the product line by lengthening it beyond its current range.
Product line stretching
35
The set of all product lines and items that a particular seller offers for sale to buyers.
Product mix (product assortment)
36
The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
Product position
37
The ability of a product to perform its functions; it includes the product's overall durability, reliability, precision, ease of operation and repair, and other valued attributes.
Product quality
38
A sales force organization under which salespeople specialize in selling only a portion of the company's products or lines.
Product sales force structure
39
The stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item.
Product specification
40
Services that augment actual products.
Product-support services
41
The philosophy that consumers will favor products that are available and highly affordable, and that management should therefore focus on improving production and distribution efficiency.
Production concept
42
Activities that communicate the product or service and its merits to target customers and persuade them to buy.
Promotion
43
The specific mix of advertising, personal selling, sales promotion and public relations that a company uses to pursue its advertising and marketing objectives.
Promotion mix
44
A payment or price reduction to reward dealers for participating in advertising and sales- support programs.
Promotional allowance
45
Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales.
Promotional pricing
46
The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals.
Proposal solicitation
47
The step in the selling process in which the salesperson identifies qualified potential customers.
Prospecting
48
Dividing a market into different groups based on social class, lifestyle or personality characteristics.
Psychographic segmentation
49
The technique of measuring lifestyles and developing lifestyle classifications; it involves measuring the chief AIO dimensions (activities, interests, opinions).
Psychographics
50
A pricing approach that considers the psychology of prices and not simply the economics; the price is used to say something about the product.
Psychological pricing
51
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
Public
52
Building good relations with the company's various publics by obtaining favorable publicity, building up a good 'corporate image', and handling or heading off unfavorable rumors, stories and events. Major PR tools include press relations, product publicity, corporate communications, lobbying and counseling.
Public relations
53
Activities to promote a company or its products by planting news about it in media not paid for by the sponsor.
Publicity
54
A promotion strategy that calls for spending a lot on advertising and consumer promotion to build up consumer demand. If the strategy is successful, consumers will ask their retailers for the product, the retailers will ask the wholesalers, and the wholesalers will ask the producers.
Pull strategy
55
Scheduling ads unevenly, in bursts, over a certain time period. Purchase decision The stage of the buyer decision process in which the consumer actually buys the product.
Pulsing
56
A market in which many buyers and sellers trade in a uniform commodity - no single buyer or seller has much effect on the going market price
Pure competition
57
A market in which there is a single seller - it may be a government monopoly, a private regulated monopoly or a private non-regulated monopoly.
Pure monopoly
58
A promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producer promotes the product to wholesalers, the wholesalers promote lo retailers, and the retailers promote to consumers.
Push strategy
59
The set of consumers who have interest, income, access and qualifications for a particular product or service.
Qualified available market
60
Exploratory research used to uncover consumers' motivations, attitudes and behavior. Focus-group interviewing, elicitation interviews and repertory grid techniques are typical methods used in this type of research.
Qualitative research
61
The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
Quality
62
Research which involves data collection by mail or personal interviews from a sufficient volume of customers to allow statistical analysis.
Quantitative research
63
A price reduction to buyers who buy large volumes.
Quantity discount.
64
A surcharge paid by buyers who purchase high volumes of a product.
Quantity premium
65
Low-share business units in high-growth markets that require a lot of cash in order to hold their share or become stars.
Question marks
66
A limit on the amount of goods that an importing country will accept in certain product categories; it is designed to conserve on foreign exchange and to protect local industry and employment.
Quota
67
A brand strategy whereby the firm develops separate product range names for different families of product.
Range branding strategy
68
Message appeals that relate to the audience's self-interest and show that the product will produce the claimed benefits; examples are appeals of product quality, economy, value or performance.
Rational appeals
69
The percentage of people in the target market exposed to an ad campaign during a given period.
Reach
70
Groups that have a direct (face-to-face) or indirect influence on the person's attitudes or behavior.
Reference groups
71
Prices that buyers carry in their minds and refer to when they look at a given product
Reference prices
72
The process of creating, maintaining and enhancing strong, value-based relationships with customers and other stakeholders.
Relationship marketing
73
Advertising used to keep co it sinners thinking about a product.
Reminder advertising
74
The individuals and organizations that buy goods and services to resell at a profit.
Resellers
75
Contractual vertical marketing systems in which retailers organize a new, jointly owned business to carry on wholesaling and possibly production.
Retailer co-operatives
76
Businesses whose sales come primarily from retailing.
Retailers
77
All activities involved in selling goods or services directly to final consumers for their personal, non- business use.
Retailing
78
A phenomenon describing how the width of retailers' product assortment or operations shifts over time: there tends to be a general- specific general cycle. However, it is possible that many retailing businesses evolve along a specific- general-specific cycle.
Retailing accordion
79
The activities a person is expected to perform according to the people around him or her.
Role
80
The analysis, planning, implementation and control of sales force activities. It includes setting sales force objectives: designing sales forcestrategy: and recruiting, selecting, training, supervising and evaluating the firms salespeople.
Sales force management
81
Sales promotion designed to motivate the sales force and make sales force selling efforts more effective, including bonuses, contests and sales rallies.
Sales force promotion
82
Short-term incentives to encourage purchase or sales of a product or service.
Sales promotion
83
Standards set for salespeople, slating the amount they should sell and how sales should lie divided among the company's products.
Sales quotes
84
An individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing and information gathering.
Salesperson
85
Products that have raw appeal bin may benefit consumers in the long run.
Salutary products
86
A segment of the population selected for marketing research to represent the population as a whole.
Sample
87
Offers to consumers of a trial amount of a product.
Samples
88
Setting price based on how the firm thinks competitors will price rather than on its own costs or demand used when a company bids for jobs.
Scaled-bid pricing
89
A price reduction to buyers who buy merchandise or services out of season.
Seasonal discount
90
The recurrent consistent pattern of sales movements within the year.
Seasonally
91
Information that already exists somewhere, having been collected for another purpose.
Secondary data
92
Adapting a company's offerings so they more closely match the needs of one or more segments.
Segment marketing
93
Pricing that allows for differences in customers, products and locations. The differences in prices are not based on differences in costs
Segmented pricing
94
The tendency of people lo screen out most of the information to which they are exposed.
Selective attention
95
The demand for n given brand of a product or service.
Selective demand
96
The tendency of people to adapt information to personal meanings
Selective distortion
97
The use of more than one, but less than all of the intermediaries that are willing to carry the company's products.
Selective distribution
98
The tendency of people to retain only part of the information to which they are exposed usually information that supports their attitudes or beliefs.
Selective retention
99
Suit-image, or complex mental pictures that people have of themselves.
Self-expect
100
Retailers that provide few or no services to shoppers; shoppers perform their own locate- compare- select process.
Self-service retailers
101
The idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort.
Selling concept
102
The steps that the salesperson follows when selling, which include prospecting and qualifying, pre-approach, approach, presentation and demonstration, handling objections, closing and follow-up.
Selling process
103
A principle of enlightened marketing which holds that a company should define its mission in broad social terms rather than narrow product terms.
Sense-of-infusion marketing
104
A new-product development approach in which one company department works individually to complete its stage of the process before passing the new product along to the next department and stage.
Sequential product development
105
The part of the qualified available market that the company decides to pursue.
Served market (target market)
106
Any activity or benefit that one party can offer to another which is essentially intangible and does not result in the ownership of anything.
Service
107
A major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers, whether the providers are people or machines.
Service inseparability
108
A major characteristic of services - they cannot be seen, tasted, felt, heard or studied before they are bought.
Service intangibility
109
A major characteristic of services - they cannot be stored for later sale or use.
Service perishability
110
A major characteristic of services - their quality may vary greatly, depending on who provides them and when, where and how.
Service variability
111
Activities, benefits or satisfactions that are offered for sale.
Services
112
A consumer product that the customer, in the process of selection and purchase, characteristically compares with others on such bases as suitability, quality, price and style.
Shopping product
113
An approach to developing new. products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Simultaneous product development
114
Electronic monitoring systems that link consumers' exposure to television advertising and promotion (measured using television meters with what they buy in stores measured using store checkout scanners).
Single-source data systems
115
Relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors.
Soda classes
116
A principle of enlightened marketing which holds that a company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests and society's long-run interests.
Societal marketing
117
The idea that the organization should determine the needs, wants and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and society's well-being.
Societal marketing concept
118
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Specialty product
119
A retail store that carries a narrow product line with a deep assortment within that line.
Specialty store
120
An industry where there are many opportunities for firms to create competitive advantages that are huge or give a high pay-off.
Specialized industry
121
An industry that produces commodities and is characterized by a few opportunities to create competitive advantages, with each advantage being small .
Stalemate industry
122
An international marketing strategy for using basically the same product, advertising, distribution channels and other elements of the marketing mix in all the company's international markets.
Standardized marketing mix
123
High-growth, high-share businesses or products that often require heavy investment to finance their rapid growth.
Stars
124
A set of statistical procedures used to discover the most important real factors affecting sales and their relative influence; the most commonly analyzed factors are prices, income, population and promotion.
Statistical demand analysis
125
The general esteem given to a role by society.
Status
126
Marketing product in a foreign market without any change.
Straight product extension
127
A business buying situation in which the buyer routinely reorders something without any modifications.
Straight rebuy
128
A slogan often used in conjunction with a brand's name, advertising and other promotions.
Strapline
129
A portfolio planning method that evaluates a company's strategic business units using indices of industry attractiveness and the company's strength in the industry.
Strategic business-planning grid
130
A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses. An SBU can be a company division, a product line within a division, or sometimes a single product or brand.
Strategic business unit (SBU)
131
Checking whether the company's basic strategy matches its opportunities and strengths.
Strategic control
132
A strategic planning tool to help marketers identify ways of achieving sales and profit growth. Two routes productivity increases and volume expansion form the basis of analysis.
Strategic focus
133
A group of firms in an industry following the same or a similar strategy.
Strategic group
134
A plan that describes how a firm will adapt to take advantage of opportunities in its constantly changing environment, thereby maintaining a strategic fit between the firm's goals and capabilities and its changing market opportunities.
Strategic plan
135
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and it's changing marketing opportunities. It relies on developing a clear company mission, supporting objectives, a sound business portfolio and coordinated functional strategies.
Strategic planning
136
A basic and distinctive mode of expression.
Style
137
A group of people with shared value systems based on common life experiences and situations.
Subculture
138
The degree to which a market segment is sufficiently large or profitable.
Substantiality
139
Large, low-cost, low-margin, high-volume, self-service stores that carry a wide variety of food, laundry and household products.
Supermarkets
140
A store almost twice the size of a regular supermarket that carries a large assortment of routinely purchased food and non-food items and offers such services as dry cleaning, post offices, film developing, photo finishing , cheque cashing, petrol forecourts and self-service car-washing facilities.
Superstore
141
The stage of the business buying process in which the buyer tries to find the best vendors.
Supplier search
142
The stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers.
Supplier selection
143
Firms and individuals that provide the resources needed by the company and its competitors to produce goods and services.
Suppliers
144
Industrial products that do not enter the finished product at all.
Supplies and services
145
The gathering of primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior.
Survey research
146
A distillation of the findings of the internal and external audit which draws attention to the critical organizational strengths and weaknesses and the opportunities and threats facing the company.
SWOT analysis
147
Buying a packaged solution to a problem and without all the separate decisions involved.
Systems buying
148
A technique to support pricing decision, which starts with deciding a target cost for a new product and works back to designing the product.
Target costing
149
A set of buyers sharing common needs or characteristics that the company decides to serve.
Target market
150
Directing a company's effort towards serving one or more groups of customers sharing common needs or characteristics.
Target marketing
151
See Break-even pricing.
Target profit pricing
152
A tax levied by a government against certain imported products. Tariffs are designed to raise revenue or to protect domestic firms.
Tariff
153
Using teams of people from sales, marketing, production, finance, technical support, and even upper management to service large, complex accounts.
Team selling
154
Forces that create new technologies, creating new product and market opportunities.
Technologies environment
155
Using the telephone to sell directly to consumers.
Telemarketing
156
Direct-response television marketing (DKTV).
Television marketing
157
A sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson carries the company's full line.
Territorial sales force structure
158
The stage of new-product development where the product and marketing program are tested in more realistic market settings.
Test marketing
159
Breaking clown past sales into its trend, cycle, season and erratic components, then recombining these components to produce a sales forecast.
Time-series analysis
160
The sum of the fixed and variable costs for any given level of production.
Total costs
161
The total of all the monetary, time, energy and psychic costs associated with a marketing offer.
Total customer cost
162
The total of all of the product, services, personnel and image values that a buyer receives from a marketing offer.
Total customer value
163
The total volume of a produce or service that would be bought by a defined consumer group in a
Total market demand
164
Programs designed to constantly improve the quality of products, services, and marketing processes.
Total quality management (TQM)
165
A price reduction given for turning in an old item when buying a new one.
Trade-in allowance
166
Sales promotion designed to gain reseller support and to improve reseller selling efforts, including discounts, allowances, free goods, cooperative advertising, push initiate the buying proposal and help define product specifications.
Trade (or retailer) promotion
167
A trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement and a place of agreement.
Transaction
168
The long-term, underlying pattern of sales growth or decline resulting from basic changes in population, capital formation and technology.
Trend
169
A strategy for pricing services in which price is broken into a fixed fee plus a variable usage rate.
Two-part pricing
170
A positioning error referring to failure to position a company, its product or brand.
Underpositioning
171
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market without offer into value-building marketing investments.
Undifferentiated marketing
172
A geographic pricing strategy in which the company charges the same price plus freight to all customers, regardless; of their location.
Uniform delivered pricing
173
The unique product benefit that a firm aggressively promotes in a consistent manner to its target market. The benefit usually reflects functional superiority best quality, best services, lowest price, most advanced technology.
Unique selling proposition (USP)
174
A consumer product that the consumer either does not know about or knows about but does not normally think of buying.
Unsought product
175
The person who consumes or uses a product or service.
User
176
Members of the organization who producers, wholesalers and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all co- operate.
Users
177
Offering just the right combination of quality and good service at a fair price.
Value pricing
178
An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized or made by less costly methods of production.
Value analysis
179
Setting price based on buyers' perceptions of product values rather than on cost.
Value-based pricing
180
A major tool for identifying ways to create more customer value.
Value chain
181
Costs that vary directly with the level of production.
Variable costs
182
Consumer buying behavior in situations characterized by low consumer involvement, but significant perceived brand differences.
Variety-seeking buying behavior
183
Self-service store that specializes in a wide range of merchandise. It offers a wider range than specialist stores, but a narrower variety than department stores.
Variety store
184
An industry characterized by few opportunities to create competitive advantages, but each advantage is huge and gives a high pay-off.
Volume industry
185
Off-price retailer that sells a limited selection of brand-name grocery items, appliances, clothing and a hodgepodge of other goods at deep discounts 10 members who pay annual membership fees.
Warehouse club (wholesale club, membership warehouse)
186
Process whereby the online marketer defined geographic area in a defined time will use the product or service; users often send advertisements or information over period in a defined marketing environment under a defined level and mix of industry marketing effort.
Webcasting (push programming)
187
A concept of retailing which states that new types of retailer usually begin as low-margin, low-price, low-status operations, but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.
Wheel of retailing
188
A firm engaged primarily in selling goods and services to those buying money, and conventions and trade shows company should put most of its resources for resale or business use.
Wholesaler
189
Personal communication about a product between target buyers and neighbors, friends, family members and associates.
Word-of-mouth influence
190
An approach to setting sales force size, whereby the company groups accounts into different size classes and then determines how many salespeople are needed to call on them the desired number of times.
Workload approach
191
A part of the Internet that uses a standard computer language to allow documents containing text, images, sound and video to be sent across the Internet directly to the desktops of target customers. Companies can also sign on with Web-casting service providers, which automatically download customized information to the personal computers of subscribers to their services.
World Wide Web (WWW or the Web)
192
A geographic pricing strategy in which the company sets up two or more zones. All customers within a zone pay die same total price; the more distant the zone, the higher the price.
Zone pricing
