MKTG Final Flashcards
Advertising
Paid, nonpersonal communication through various media about a business firm, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience
AIDA Concept
Steps through which an individual reaches a purchase decision (Attention, Interest, Desire, Action)
App
Short for application, a free or paid download that links users to a wide range of goods and services, media and text content, social media platforms, search engines, and the like.
Backward Integration
Process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials
Blogging
An online journal for an individual or organization where a writer posts information or opinions on various topics and followers may respond.
Bottom Line
overall company profitability
Brand Equity
added value that a respected well-known brand name gives to a product in the marketplace
Brand Recognition
Consumer awareness and identification of a brand.
Business Product
Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.
Buyers Market
A market in which there are more goods and services than people willing to buy them.
Cannibalization
loss of sales of an existing product due to competition from a new product in the same line.
Cause Marketing
Identification and marketing of a social issue, cause, or idea to selected target markets.
Celebrity Testimonials
celebrity endorses and promotes a product/business
Channel Conflicts
Conflicts among manufacturers, wholesalers, and retailers. For example retailers do not like it when manufacturers create a website where they can sell the goods that are sold in the retail store.
Cohort Effect
Variations in the characteristics of an area of study (such as the incidence of a characteristic or the age at onset) over time among individuals who are defined by some shared temporal experience or common life experience, such as year of birth, etc.
Consultative Selling Process
Primarily focused on the experience that the potential customer (the lead) feels and sees during their interactions with you. The steps are: research, ask, listen, teach, qualify and close.
Content Marketing
A marketing technique of creating and distributing relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience – with the objective of driving profitable customer action.
Contractual Marketing System
System in which independent firms at different levels of distribution are tied together by contract to achieve economies of scale and greater sales impact.
Convenience Products
Products that appeal to a very large market segment. They are generally consumed regularly and purchased frequently. Examples of such products include most household items including food, cleaning products, and personal care products.
Cooperative Advertising
Agreement between a manufacturer and a member of the distribution chain (distributor, wholesaler, or retailer) under which the manufacturer shares a certain percentage of the member’s advertising and promotion costs, or contributes a fixed sum.
Corporate Website
an informational website operated by a business or other private enterprise such as a charity or nonprofit foundation.
Cultural Differences
The variations in the way of life, beliefs, traditions and laws between different countries, religions, societies and people.
Cumulative Quality Discount
More than one discount. For instance: Take an additional 20% off the 30% off. You can’t just add it to each other, you have to do the 30% off. Then 20% off that total amount.
Currency Exchange Rates
The price of one nation’s currency in the terms of another country’s currency. Fluctuations in exchange rates can make a nation’s currency more or less valuable compared with those of other nations.
