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Marketing > Untitled Deck > Flashcards

Untitled Deck Flashcards

1
Q

Appropriation (Tort)

A

Involves a business or person who uses, without permission, another person’s name, likeness, and other unique characteristics for the benefit or gain of the user

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2
Q

Torts

A

Civil wrongdoings that cause harm or injury to another party

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3
Q

Wrongful Interference (Tort)

A

Predatory behavior undertaken by a business to draw either customers or employees away from a competitor

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4
Q

Defamation (Tort)

A

Making false, malicious statements about a person or organization

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5
Q

Conversion (Tort)

A

When personal property is taken from the owner and given to someone else to use

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6
Q

Corporation

A

A type of business that is operated by several people and owned by stockholders

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7
Q

Partnership

A

A form of business ownership in which the business is owned by two or more persons

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8
Q

Sole Proprietorship

A

Form of business ownership in which the business is owned by one person

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9
Q

Cooperative

A

Owned and operated by its user-owners to supply goods and services to its members

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10
Q

Channel Management

A

Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels

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11
Q

Promotion

A

Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

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12
Q

Pricing

A

The marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value

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13
Q

Product/Service Management

A

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

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14
Q

Intermediarires

A

Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers

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15
Q

Direct Channels of Distribution

A

Involve producers and either industrial or ultimate consumers

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16
Q

Green Marketing

A

Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment

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17
Q

Consumer Protection

A

Deals with safety features and product labeling standards that protect the consumer

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18
Q

Social Awareness

A

The practice of enlightening the community of business actions to promote social welfare

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19
Q

International Marketing

A

Marketing goods and services in foreign countries

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20
Q

Hidden Complaint

A

Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction

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21
Q

Sincere Complaint

A

A complaint when the customer expresses an honest dissatisfaction

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22
Q

Service Complaint

A

A complaint which results from poor service

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23
Q

Business Complaint

A

A complaint in which the customer is dissatisfied with the business in general

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24
Q

Brand Promise

A

A business’s agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values

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25
Q

Time Utility

A

When products are available at the time they are needed or wanted by customers

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26
Q

Form Utility

A

Usefulness created by altering or changing the form or shape of a good to make it more useful to customers

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27
Q

Place Utility

A

Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.

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28
Q

Possession Utility

A

Usefulness created when ownership of a product is transferred from the seller to the user

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29
Q

Quality Control

A

Ensuring that products met predetermined standards for excellence; also part of operations

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30
Q

Purchasing

A

Acquiring necessary goods and services; part of operations

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31
Q

Inventory Management

A

Supervising inventory levels to make sure there is an appropriate balance; part of operations

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32
Q

Competition

A

Rivalry between two or more business to attract scarce (limited) customer dollars

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33
Q

Profit Motive

A

Desire to make profit, which moves people to invest in business

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34
Q

Inflation

A

Rapid rise in prices usually occurring when demand exceeds supply

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35
Q

Excise Tax

A

A special government tax on certain items, such as gasoline, certain businesses, cars, etc.

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36
Q

Subsidy

A

Government financial help given to a business

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37
Q

Bonds

A

A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time

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38
Q

Discount

A

the amount by which the price of something is reduced

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39
Q

Union Stewards

A

Union members elected by their peers to handle any grievances or problems members might have with management

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40
Q

Union President

A

Responsibilities include leading the union as a whole rather than assisting individuals

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41
Q

Mediator

A

Involved in union negotiations, clarifying issues, and making suggestions concerning the contract

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42
Q

Arbitrator

A

Assists with (union) negotiations; In binding arbitration, this person’s decisions regarding the contract are final and cannot be changed

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43
Q

Empathy

A

The ability to put yourself in another person’s place

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44
Q

Self-Understanding

A

Comprehending one’s personal needs interests, values, and motives and recognizing their effects on one’s behavior

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45
Q

Productivity

A

The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)

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46
Q

Consensus

A

Decision-making outcome that requires the substantial agreement of each group member

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47
Q

Minority Rule

A

Few people in the group make the decision

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48
Q

Vision

A

A desire for the future that is achieved over time with determination and hard work

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49
Q

Store of Value

A

When money is saved rather than spent

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50
Q

Medium of Exchange

A

When money is used to obtain goods and services

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51
Q

Bartering

A

Trading one good or service for another good or service

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52
Q

Measure of Value

A

When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service

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53
Q

Commercial Bank

A

Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution

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54
Q

Taxation Department

A

Collects various types of taxes

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55
Q

High Interest Rates

A

A business condition that can create economic risks

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56
Q

Accounting

A

The process of keeping and interpreting financial records

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57
Q

Liability

A

Financial obligations a business has

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58
Q

Liquid Asset

A

Cash or any asset that can quickly be converted into cash

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59
Q

Accounts Receivable

A

Money owed to the business for purchases made by customers

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60
Q

Dividends

A

Sums of money paid to investors or stockholders as earnings on investments

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61
Q

Cash Conversion Cycle

A

The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials

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62
Q

Profit Margin

A

The amount of money that a business earns on sales after expenses; expressed as a ratio

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63
Q

Human Resources Management

A

The process of planning, staffing, leading, and organizing the employees of a business

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64
Q

Distribution Channels

A

Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user

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65
Q

Marketing Research

A

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern

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66
Q

Variable

A

Any factor that is subject to change

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67
Q

Case Study

A

An in-depth analysis of a person, group, or event

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68
Q

Experiment

A

A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups

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69
Q

Hypothesis

A

Proposed explanation for something

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70
Q

Semantic-Differential Rating Scales

A

Measure attitude

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71
Q

Volume-Tracking Scanner

A

A method of collecting information about customers’ buying habits and inventory status because the scanning system can track large volumes of goods

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72
Q

Secondary Data

A

Information that have been collected for purposes other than the project at hand.

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73
Q

Marketing-Information Management

A

This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions

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74
Q

Selling

A

This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity

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75
Q

Objectives

A

The things the business want to attain

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76
Q

Promotional Mix

A

The combination of marketing communication channels that a business uses to send its messages to consumers

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77
Q

Market Segmentation

A

Dividing the market into groups that have similar characteristics

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78
Q

Psychographic Segmentation

A

The market divided on the basis of a lifestyle choice

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79
Q

Geographic Segmentation

A

Dividing a market on the basis of location

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80
Q

Demographics

A

The physical and social characteristics of a population

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81
Q

Rate of Usage

A

A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product

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82
Q

Presentation

A

The way in which the information is communicated

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83
Q

Objectivity

A

Presenting unbiased information

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84
Q

Information System

A

A method of gathering, storing, and analyzing data for the purpose of making business decisions

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85
Q

Private Enterprise

A

An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system

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86
Q

Environmental Scan

A

An analysis of external forces that influence a business’s success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business

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87
Q

Consumer Spending Habits

A

An economic factor that may be a threat or an opportunity

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88
Q

Quality Inspection

A

Checking a sample item for defects after it has already been produced

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89
Q

Quality Assurance

A

The process businesses use to prevent defective products from being created

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90
Q

Platform Project

A

One that creates something entirely new

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91
Q

Derivative Project

A

Enhances, adds to, or extends an existing project

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92
Q

Breakthrough Project

A

Relies on the use of new technology

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93
Q

R&D Project

A

Takes on new visions or pursuits for the business

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94
Q

Process Orientation

A

A focus on how things are done, rather than just outcomes

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95
Q

Lean Production

A

Maximizing customer value while minimizing waste

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96
Q

Continual Improvement

A

A focus on increasing efficiency and effectiveness in all areas of the organization

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97
Q

Concurrent Engineering

A

Performing the stages of product design and development simultaneously, instead of one after another

98
Q

Product Innovation

A

Involves the development of totally new or improved products

99
Q

Process Innovation

A

Changing the way that a product is produced or delivered

100
Q

Positioning Innovation

A

Involves identifying new, different ways to position a product or a company

101
Q

Paradigm Innovation

A

A shift in the way of thinking that causes a change

102
Q

Below-Cost Pricing

A

When a company prices its products below cost, making it difficult for other companies to complete with the low prices causing the other companies to possibly go out of business

103
Q

One-Price Policy

A

When a business charges one price for all items it sells

104
Q

Price Skimming

A

A pricing strategy that involves setting prices higher than those of the competition

105
Q

Markup

A

The difference between the cost of a product and its selling price

106
Q

Mind-Mapping Process

A

A creative-thinking process that involves generating ideas by making associations

107
Q

Express Warranties

A

Warranties that are in writing or expressed verbally

108
Q

Positioning (Product-Mix Strategy)

A

A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

109
Q

Contraction

A

A product mix-strategy in which a business removes, or deletes, product items or product lines from its product mix

110
Q

Alteration

A

A product mix-strategy in which a business makes changes to its products or product lines

111
Q

Expansion

A

A product mix-strategy in which a business expands its product mix by adding additional product items or product lines

112
Q

Subheadline

A

Adds information to that expressed in the headline

113
Q

Tag Line

A

A slogan used in an advertisement

114
Q

Touch Points

A

The interactions that customers have with the business; can be divided into three categories: pre-purchase, purchase, and post-purchase experiences

115
Q

Product Promotion

A

Used to stimulate consumer purchases of goods or services

116
Q

Advertising

A

Any paid form of nonpersonal presentation of ideas, images, goods, or services

117
Q

Sales Promotion

A

Includes promotional activities other than advertising

118
Q

Publicity

A

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from it

119
Q

Personal Selling

A

The form of promotion that uses planned, personalized communication in order to influence purchase decisions and enhance future business opportunities

120
Q

Telemarketing

A

An advertising medium that utilizes telephone service to promote a product either by phoning prospective customers or providing a number for them to call

121
Q

“Do Not Call” Laws

A

Allow consumers to register their phone numbers with a “do not call” registry

122
Q

Direct Mail

A

A promotional medium that comes to consumers’ homes in the form of letters, catalogs, postcards, and folders

123
Q

Viral Marketing

A

A promotional tactic that involves sending or forwarding promotional messages over the Internet (e.g. email, social-media websites, and blogs) to generate buzz about a brand, company, or product

124
Q

Public Relations

A

Involves establishing good relationships between the business and the public

125
Q

Clientele

A

Consists of a body of customers upon which the organization can rely for significant repeat business

126
Q

Administrative Law

A

Deals with the rules and regulations that have been established by governmental agencies.

127
Q

Exclusive Distribution

A

Involves selling a product through just one middleman in a geographic area and allows the manufacturer to maintain tight control over the product

128
Q

Intensive Distribution

A

Involves selling a product through every available wholesaler and retailer in a geographic area where consumers might look for it

129
Q

Selective Distribution

A

Involves selling a product through a limited number of wholesalers and retailers in a geographical area

130
Q

Wholesalers

A

Intermediaries who help move goods between producers and retailers

131
Q

Agents

A

Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them

132
Q

Industrial Distributors

A

Intermediaries that sell products to industrial users (businesses)

133
Q

Radio Frequency Identification (RFID)

A

A small computer chip that is attached to the item. The tag contains product information such as price, style, model number, etc., and allows channel members to track the item’s movement from the time it leaves the production line to the point of purchase

134
Q

Universal Product Codes

A

Bar-coded tag that are read by a scanner

135
Q

Supplier Performance Index

A

A method to measure and evaluate a channel member’s performance

136
Q

Executive Summary

A

Provides an overview of the entire report and contains the most important information included in the body of the report

137
Q

Customer Relationship Management

A

An effort to build loyal, trusting, personal, and long-term associations with the clients or customers that have the potential to generate profit for the business

138
Q

Product/Service Management

A

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

139
Q

Human Resource Management

A

The process of planning, staffing, leading, and organizing the employees of the business

140
Q

Operations Management

A

The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning

141
Q

Law of Diminishing Returns

A

An economic principle stating that after a certain point, hiring additional employees will result in a decrease in the overall level of production

142
Q

Bank Notes

A

Currency

143
Q

Corporate Bonds

A

Bonds issued by corporations to fund operating expenses

144
Q

Mutual Fund

A

A collection of shareholders’ money that invested by professional fund managers in an assortment of different securities, such as stocks and bonds

145
Q

Municipal Bonds

A

Issued by local governments

146
Q

Sales Tax

A

A fee that the government charges on retail products

147
Q

Property Tax

A

A tax on land and buildings

148
Q

Income Tax

A

A tax on the income a person earns, such as wages earned by performing work for an employer

149
Q

Groupthink

A

A psychological phenomenon that evolves when conformity and the cohesiveness of the group become more important than the group’s objective, purpose, or problem

150
Q

FRUGGING (Fund-Raising Under the Guise of Research)

A

An unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization

151
Q

Test Marketing

A

The process of introducing a new product to a limited market to determine what its acceptance will be

152
Q

Observation

A

Involves gathering data by watching consumers

153
Q

Surveys

A

Involve asking consumers questions to learn their opinions and the reasons behind those opinions

154
Q

Consumer Panel

A

A group of consumers formed for the purpose of discussing a specific topic, usually a good or service

155
Q

Internal Secondary Data

A

Data from within the business that has been collected for purposes other than the project at hand

156
Q

Warranty Agreements

A

Outline condition under which the seller will repair or replace a product

157
Q

Exploratory Research

A

Involves collecting information to help the business define its issue, situation, or concern, and decide how to proceed with its research

158
Q

Sampling Plan

A

The course of action for gathering marketing information from a section or portion of a target market

159
Q

Constant Sum

A

A type of comparative rating scale that requires the respondent to assign a value (e.g., percentage or points) to the options provided on the questionnaire

160
Q

Likert Scale

A

Rates respondents’ attitudes or feelings according to a degree

161
Q

Semantic Differential Scale

A

Provides seven spaces, which are bounded by descriptive antonyms at each end, such as durable and fragile. The respondent places an “X” at the point or space on the continuum that best describes his/her feelings about the object or idea s/he is rating.

162
Q

Frequency

A

A type of category scale and provides respondents with options such as very often, often, sometimes, rarely, and never

163
Q

Meta Tags

A

HTML codes that display information about web pages

164
Q

Stock Plan

A

A list of items that a business needs to purchase for inventory

165
Q

Income Statement

A

A financial summary that shows how much money the business has made or has lost over a period of time

166
Q

Data Cleansing

A

The process of detecting incorrect or insufficient data

167
Q

Respondent-Selection Error

A

When interviewers survey an inappropriate sample of the population

168
Q

Deliberate-Falsification Error

A

When people provide false information on purpose

169
Q

Respondent-Inability Error

A

When respondents forget the answer to a question (e.g. What did you have for lunch last Tuesday)

170
Q

Structured Questions

A

Provide options from which the respondent can chose

171
Q

Unstructured Questions

A

Open-ended questions that allow respondents to provide qualitative information and in-depth responses

172
Q

Focus Group

A

A group that gathers to discuss a specific topic

173
Q

In-Depth Personal Interview

A

Involves a face-to-face discussion between the research interviewer and a respondent

174
Q

Habitual/Routine Buying Behavior

A

Buying inexpensive goods on a frequent basis, such as computer printer paper

175
Q

Complex Buying Behavior

A

Involves much customer involvement because the items are expensive and purchased infrequently, such as cars, laptop computers, and homes

176
Q

Mass Marketing

A

Involves designing products and directing marketing activities to appeal to the whole market

177
Q

Situation Analysis

A

A determination of a business’s current situation and the direction in which the business is headed

178
Q

Sales Forecast

A

A prediction of future sales over a specific period of time

179
Q

Qualitative Methods

A

Based on expert opinions and feedback, as well as personal experience

180
Q

Trademark

A

A symbol, design, or word used by a producer to identify a good or service

181
Q

Obstruction of Justice

A

A formal charge in which the judicial system accuses an individual with a crime of withholding critical evidence that can affect the outcome of a trial

182
Q

Arrest Warrant

A

An order issued by a judge that instructs law-enforcement officers to bring to jail an individual who has been charged with a crime

183
Q

Integrated Software Applications

A

Consist of two or more related computer programs that work together to record information or perform specific business tasks or functions

184
Q

Request For Quotation (RFQ)

A

Summarizes the details about the business’s needs, bid requirements, and deadlines

185
Q

Lean Operations

A

When businesses optimize their resources and productivity levels and reduce wasted resources, including time, materials, money, etc.

186
Q

Scanner Fraud

A

A deliberate action that involves overcharging customers, usually for smaller goods, with the expectation that the customer will not notice or fuss about it.

187
Q

Predatory Pricing

A

The practice of pricing goods extremely low with the goal of driving the competition out of business

188
Q

Retail Price Maintenance

A

Involves producers pressuring retailers to sell goods at the suggested retail price

189
Q

Price Fixing

A

An illegal agreement in which businesses agree on prices of their goods or services, resulting in little choice for customers

190
Q

Optimal Pricing Software

A

Makes calculations using a variety of product and pricing data

191
Q

Opportunity Cost

A

The benefit that is lost when you decide to use scarce resources for one purpose rather than another

192
Q

Maturity Phase

A

When sales of a product peak and then slowly start to decline

193
Q

Decline Phase

A

When sales of a product drop sharply, and businesses then tend to reduce advertising

194
Q

Trend

A

A general direction in which people or events are moving

195
Q

Elasticity

A

An indication of how changes in price will affect changes in the amounts demanded and supplied

196
Q

Contract

A

Agreements among two or more parties stating that one party is to do something in return for something provided by another party

197
Q

Parternship

A

A form of business ownership in which the business is owned by two or more persons

198
Q

Guarantee

A

A promise to the consumer that a product’s purchase price will be refunded if the product is not satisfactory

199
Q

Consumer Channel Activities

A

Delivery, Installation, and Price

200
Q

Distribution

A

Takes place through one or more channel members, such as supermarkets

201
Q

Extranet

A

Refers to a computer network that connects certain businesses, and allows the members of a distribution channel to efficiently communicate

202
Q

Intranet

A

Refers to the computer network that allows employees to collaborate and exchange information within the business

203
Q

Reverse Distribution

A

Involves customers returning used products to the manufacturer

204
Q

Informal Report

A

A short report that presents facts without analysis

205
Q

Formal Report

A

A report that is more complex, has several different parts, and provides an analysis of the facts int he report

206
Q

Activity Report

A

An account of sales calls or other business activities carried out by staff

207
Q

Product Utility

A

Refers to the usefulness of a product

208
Q

Financial Analysis

A

The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources

209
Q

Strategic Management

A

The process of planning, controlling, and organizing an organization or department

210
Q

Marketing

A

The process of creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organizations and its stakeholders

211
Q

Closing the Sale

A

Occurs when a salesperson gains an agreement to purchase from a customer

212
Q

Competition Oriented Pricing

A

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

213
Q

Cost-Plus Pricing

A

This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business

214
Q

Customer Service

A

The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made

215
Q

Data Collection Instrument

A

To gather information; surveys, interviews, observations, federal and state government agencies, research companies, business publications, trade association publication

216
Q

Demand Oriented Pricing

A

A pricing method in which the price of the product is changed according to its demand

217
Q

Direct Marketing Channels

A

Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience

218
Q

Feature Benefit Selling

A

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

219
Q

Greeting Approach

A

When a salesperson first interacts with a customer by welcoming them to the store and saying that they are available for questions

220
Q

Headline

A

A phrase in an advertisement that grabs the consumer’s attention, creates interest and encourages them to read a promotional message

221
Q

Illustration

A

A photograph, drawing, or other graphic that is used in a promotional message

222
Q

Market Identification

A

Identifying the most profitable areas to offer a new product or service

223
Q

Marketing Information Management

A

The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business

224
Q

Marketing Plan

A

A formal document that specifies a company’s activities for a determined amount of time

225
Q

Mark-up Pricing

A

Adding a constant percentage to the price of an item to determine its selling price

226
Q

Objections

A

Concerns or doubts that a customer has for not making a purchase

227
Q

Primary Research

A

Data that is gathered for the first time

228
Q

Product Knowledge

A

Information about a good/service; can include its application, function, features, use

229
Q

Product Life Cycle

A

Stages that product goes through: Introduction, Growth, Maturity, Decline

230
Q

Product Mix

A

The different goods/services that a company provides

231
Q

Product Service Management

A

Creating and changing the information about a company’s catalog of offereings

232
Q

Promotional Plan

A

An outline of the marketing tools, strategies, and resources that a company tends to use to promote a product or service

233
Q

ROMI

A

Return on Marketing Investment; the profitability returned to the business based on funds spent on marketing

234
Q

Secondary Research

A

Data that has been previously collected for a non marketing activity and is now available for the business’s use

235
Q

Selling Policy

A

A business’s decisions regarding forms of payment, returns and exchanges, sales quotas, sales commission, and ethical issues

236
Q

Service Close

A

When a salesperson encourages a customer to purchase with information regarding services available

237
Q

Situation Anaylsis

A

The study of internal and external factors that affect marketing strategy

238
Q

Slogan

A

A catchy phrase or words that identify a product or business

239
Q

Statistics

A

Numbers that represent a fact or presents a view of a situation

240
Q

Target Marketing

A

The process of communicating with a particular group who is most likely to become customers

241
Q

Warranty

A

A promise that is given to a customer that a product will meet certain standards

Marketing (2 decks)

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