Untitled Deck Flashcards
Appropriation (Tort)
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
Torts
Civil wrongdoings that cause harm or injury to another party
Wrongful Interference (Tort)
Predatory behavior undertaken by a business to draw either customers or employees away from a competitor
Defamation (Tort)
Making false, malicious statements about a person or organization
Conversion (Tort)
When personal property is taken from the owner and given to someone else to use
Corporation
A type of business that is operated by several people and owned by stockholders
Partnership
A form of business ownership in which the business is owned by two or more persons
Sole Proprietorship
Form of business ownership in which the business is owned by one person
Cooperative
Owned and operated by its user-owners to supply goods and services to its members
Channel Management
Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
Promotion
Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
Pricing
The marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
Product/Service Management
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Intermediarires
Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers
Direct Channels of Distribution
Involve producers and either industrial or ultimate consumers
Green Marketing
Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
Consumer Protection
Deals with safety features and product labeling standards that protect the consumer
Social Awareness
The practice of enlightening the community of business actions to promote social welfare
International Marketing
Marketing goods and services in foreign countries
Hidden Complaint
Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction
Sincere Complaint
A complaint when the customer expresses an honest dissatisfaction
Service Complaint
A complaint which results from poor service
Business Complaint
A complaint in which the customer is dissatisfied with the business in general
Brand Promise
A business’s agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values
Time Utility
When products are available at the time they are needed or wanted by customers
Form Utility
Usefulness created by altering or changing the form or shape of a good to make it more useful to customers
Place Utility
Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.
Possession Utility
Usefulness created when ownership of a product is transferred from the seller to the user
Quality Control
Ensuring that products met predetermined standards for excellence; also part of operations
Purchasing
Acquiring necessary goods and services; part of operations
Inventory Management
Supervising inventory levels to make sure there is an appropriate balance; part of operations
Competition
Rivalry between two or more business to attract scarce (limited) customer dollars
Profit Motive
Desire to make profit, which moves people to invest in business
Inflation
Rapid rise in prices usually occurring when demand exceeds supply
Excise Tax
A special government tax on certain items, such as gasoline, certain businesses, cars, etc.
Subsidy
Government financial help given to a business
Bonds
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
Discount
the amount by which the price of something is reduced
Union Stewards
Union members elected by their peers to handle any grievances or problems members might have with management
Union President
Responsibilities include leading the union as a whole rather than assisting individuals
Mediator
Involved in union negotiations, clarifying issues, and making suggestions concerning the contract
Arbitrator
Assists with (union) negotiations; In binding arbitration, this person’s decisions regarding the contract are final and cannot be changed
Empathy
The ability to put yourself in another person’s place
Self-Understanding
Comprehending one’s personal needs interests, values, and motives and recognizing their effects on one’s behavior
Productivity
The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Consensus
Decision-making outcome that requires the substantial agreement of each group member
Minority Rule
Few people in the group make the decision
Vision
A desire for the future that is achieved over time with determination and hard work
Store of Value
When money is saved rather than spent
Medium of Exchange
When money is used to obtain goods and services
Bartering
Trading one good or service for another good or service
Measure of Value
When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service
Commercial Bank
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
Taxation Department
Collects various types of taxes
High Interest Rates
A business condition that can create economic risks
Accounting
The process of keeping and interpreting financial records
Liability
Financial obligations a business has
Liquid Asset
Cash or any asset that can quickly be converted into cash
Accounts Receivable
Money owed to the business for purchases made by customers
Dividends
Sums of money paid to investors or stockholders as earnings on investments
Cash Conversion Cycle
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
Profit Margin
The amount of money that a business earns on sales after expenses; expressed as a ratio
Human Resources Management
The process of planning, staffing, leading, and organizing the employees of a business
Distribution Channels
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Marketing Research
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Variable
Any factor that is subject to change
Case Study
An in-depth analysis of a person, group, or event
Experiment
A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups
Hypothesis
Proposed explanation for something
Semantic-Differential Rating Scales
Measure attitude
Volume-Tracking Scanner
A method of collecting information about customers’ buying habits and inventory status because the scanning system can track large volumes of goods
Secondary Data
Information that have been collected for purposes other than the project at hand.
Marketing-Information Management
This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions
Selling
This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity
Objectives
The things the business want to attain
Promotional Mix
The combination of marketing communication channels that a business uses to send its messages to consumers
Market Segmentation
Dividing the market into groups that have similar characteristics
Psychographic Segmentation
The market divided on the basis of a lifestyle choice
Geographic Segmentation
Dividing a market on the basis of location
Demographics
The physical and social characteristics of a population
Rate of Usage
A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product
Presentation
The way in which the information is communicated
Objectivity
Presenting unbiased information
Information System
A method of gathering, storing, and analyzing data for the purpose of making business decisions
Private Enterprise
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
Environmental Scan
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
Consumer Spending Habits
An economic factor that may be a threat or an opportunity
Quality Inspection
Checking a sample item for defects after it has already been produced
Quality Assurance
The process businesses use to prevent defective products from being created
Platform Project
One that creates something entirely new
Derivative Project
Enhances, adds to, or extends an existing project
Breakthrough Project
Relies on the use of new technology
R&D Project
Takes on new visions or pursuits for the business
Process Orientation
A focus on how things are done, rather than just outcomes
Lean Production
Maximizing customer value while minimizing waste
Continual Improvement
A focus on increasing efficiency and effectiveness in all areas of the organization
Concurrent Engineering
Performing the stages of product design and development simultaneously, instead of one after another
Product Innovation
Involves the development of totally new or improved products
Process Innovation
Changing the way that a product is produced or delivered
Positioning Innovation
Involves identifying new, different ways to position a product or a company
Paradigm Innovation
A shift in the way of thinking that causes a change
Below-Cost Pricing
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
One-Price Policy
When a business charges one price for all items it sells
Price Skimming
A pricing strategy that involves setting prices higher than those of the competition
Markup
The difference between the cost of a product and its selling price
Mind-Mapping Process
A creative-thinking process that involves generating ideas by making associations
Express Warranties
Warranties that are in writing or expressed verbally
Positioning (Product-Mix Strategy)
A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
Contraction
A product mix-strategy in which a business removes, or deletes, product items or product lines from its product mix
Alteration
A product mix-strategy in which a business makes changes to its products or product lines
Expansion
A product mix-strategy in which a business expands its product mix by adding additional product items or product lines
Subheadline
Adds information to that expressed in the headline
Tag Line
A slogan used in an advertisement
Touch Points
The interactions that customers have with the business; can be divided into three categories: pre-purchase, purchase, and post-purchase experiences
Product Promotion
Used to stimulate consumer purchases of goods or services
Advertising
Any paid form of nonpersonal presentation of ideas, images, goods, or services
Sales Promotion
Includes promotional activities other than advertising
Publicity
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from it
Personal Selling
The form of promotion that uses planned, personalized communication in order to influence purchase decisions and enhance future business opportunities
Telemarketing
An advertising medium that utilizes telephone service to promote a product either by phoning prospective customers or providing a number for them to call
“Do Not Call” Laws
Allow consumers to register their phone numbers with a “do not call” registry
Direct Mail
A promotional medium that comes to consumers’ homes in the form of letters, catalogs, postcards, and folders
Viral Marketing
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
Public Relations
Involves establishing good relationships between the business and the public
Clientele
Consists of a body of customers upon which the organization can rely for significant repeat business
Administrative Law
Deals with the rules and regulations that have been established by governmental agencies.
Exclusive Distribution
Involves selling a product through just one middleman in a geographic area and allows the manufacturer to maintain tight control over the product
Intensive Distribution
Involves selling a product through every available wholesaler and retailer in a geographic area where consumers might look for it
Selective Distribution
Involves selling a product through a limited number of wholesalers and retailers in a geographical area
Wholesalers
Intermediaries who help move goods between producers and retailers
Agents
Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them
Industrial Distributors
Intermediaries that sell products to industrial users (businesses)
Radio Frequency Identification (RFID)
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
Universal Product Codes
Bar-coded tag that are read by a scanner
Supplier Performance Index
A method to measure and evaluate a channel member’s performance
Executive Summary
Provides an overview of the entire report and contains the most important information included in the body of the report
Customer Relationship Management
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
Product/Service Management
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Human Resource Management
The process of planning, staffing, leading, and organizing the employees of the business
Operations Management
The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
Law of Diminishing Returns
An economic principle stating that after a certain point, hiring additional employees will result in a decrease in the overall level of production
Bank Notes
Currency
Corporate Bonds
Bonds issued by corporations to fund operating expenses
Mutual Fund
A collection of shareholders’ money that invested by professional fund managers in an assortment of different securities, such as stocks and bonds
Municipal Bonds
Issued by local governments
Sales Tax
A fee that the government charges on retail products
Property Tax
A tax on land and buildings
Income Tax
A tax on the income a person earns, such as wages earned by performing work for an employer
Groupthink
A psychological phenomenon that evolves when conformity and the cohesiveness of the group become more important than the group’s objective, purpose, or problem
FRUGGING (Fund-Raising Under the Guise of Research)
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
Test Marketing
The process of introducing a new product to a limited market to determine what its acceptance will be
Observation
Involves gathering data by watching consumers
Surveys
Involve asking consumers questions to learn their opinions and the reasons behind those opinions
Consumer Panel
A group of consumers formed for the purpose of discussing a specific topic, usually a good or service
Internal Secondary Data
Data from within the business that has been collected for purposes other than the project at hand
Warranty Agreements
Outline condition under which the seller will repair or replace a product
Exploratory Research
Involves collecting information to help the business define its issue, situation, or concern, and decide how to proceed with its research
Sampling Plan
The course of action for gathering marketing information from a section or portion of a target market
Constant Sum
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
Likert Scale
Rates respondents’ attitudes or feelings according to a degree
Semantic Differential Scale
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.
Frequency
A type of category scale and provides respondents with options such as very often, often, sometimes, rarely, and never
Meta Tags
HTML codes that display information about web pages
Stock Plan
A list of items that a business needs to purchase for inventory
Income Statement
A financial summary that shows how much money the business has made or has lost over a period of time
Data Cleansing
The process of detecting incorrect or insufficient data
Respondent-Selection Error
When interviewers survey an inappropriate sample of the population
Deliberate-Falsification Error
When people provide false information on purpose
Respondent-Inability Error
When respondents forget the answer to a question (e.g. What did you have for lunch last Tuesday)
Structured Questions
Provide options from which the respondent can chose
Unstructured Questions
Open-ended questions that allow respondents to provide qualitative information and in-depth responses
Focus Group
A group that gathers to discuss a specific topic
In-Depth Personal Interview
Involves a face-to-face discussion between the research interviewer and a respondent
Habitual/Routine Buying Behavior
Buying inexpensive goods on a frequent basis, such as computer printer paper
Complex Buying Behavior
Involves much customer involvement because the items are expensive and purchased infrequently, such as cars, laptop computers, and homes
Mass Marketing
Involves designing products and directing marketing activities to appeal to the whole market
Situation Analysis
A determination of a business’s current situation and the direction in which the business is headed
Sales Forecast
A prediction of future sales over a specific period of time
Qualitative Methods
Based on expert opinions and feedback, as well as personal experience
Trademark
A symbol, design, or word used by a producer to identify a good or service
Obstruction of Justice
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
Arrest Warrant
An order issued by a judge that instructs law-enforcement officers to bring to jail an individual who has been charged with a crime
Integrated Software Applications
Consist of two or more related computer programs that work together to record information or perform specific business tasks or functions
Request For Quotation (RFQ)
Summarizes the details about the business’s needs, bid requirements, and deadlines
Lean Operations
When businesses optimize their resources and productivity levels and reduce wasted resources, including time, materials, money, etc.
Scanner Fraud
A deliberate action that involves overcharging customers, usually for smaller goods, with the expectation that the customer will not notice or fuss about it.
Predatory Pricing
The practice of pricing goods extremely low with the goal of driving the competition out of business
Retail Price Maintenance
Involves producers pressuring retailers to sell goods at the suggested retail price
Price Fixing
An illegal agreement in which businesses agree on prices of their goods or services, resulting in little choice for customers
Optimal Pricing Software
Makes calculations using a variety of product and pricing data
Opportunity Cost
The benefit that is lost when you decide to use scarce resources for one purpose rather than another
Maturity Phase
When sales of a product peak and then slowly start to decline
Decline Phase
When sales of a product drop sharply, and businesses then tend to reduce advertising
Trend
A general direction in which people or events are moving
Elasticity
An indication of how changes in price will affect changes in the amounts demanded and supplied
Contract
Agreements among two or more parties stating that one party is to do something in return for something provided by another party
Parternship
A form of business ownership in which the business is owned by two or more persons
Guarantee
A promise to the consumer that a product’s purchase price will be refunded if the product is not satisfactory
Consumer Channel Activities
Delivery, Installation, and Price
Distribution
Takes place through one or more channel members, such as supermarkets
Extranet
Refers to a computer network that connects certain businesses, and allows the members of a distribution channel to efficiently communicate
Intranet
Refers to the computer network that allows employees to collaborate and exchange information within the business
Reverse Distribution
Involves customers returning used products to the manufacturer
Informal Report
A short report that presents facts without analysis
Formal Report
A report that is more complex, has several different parts, and provides an analysis of the facts int he report
Activity Report
An account of sales calls or other business activities carried out by staff
Product Utility
Refers to the usefulness of a product
Financial Analysis
The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources
Strategic Management
The process of planning, controlling, and organizing an organization or department
Marketing
The process of creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organizations and its stakeholders
Closing the Sale
Occurs when a salesperson gains an agreement to purchase from a customer
Competition Oriented Pricing
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Cost-Plus Pricing
This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business
Customer Service
The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made
Data Collection Instrument
To gather information; surveys, interviews, observations, federal and state government agencies, research companies, business publications, trade association publication
Demand Oriented Pricing
A pricing method in which the price of the product is changed according to its demand
Direct Marketing Channels
Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience
Feature Benefit Selling
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Greeting Approach
When a salesperson first interacts with a customer by welcoming them to the store and saying that they are available for questions
Headline
A phrase in an advertisement that grabs the consumer’s attention, creates interest and encourages them to read a promotional message
Illustration
A photograph, drawing, or other graphic that is used in a promotional message
Market Identification
Identifying the most profitable areas to offer a new product or service
Marketing Information Management
The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business
Marketing Plan
A formal document that specifies a company’s activities for a determined amount of time
Mark-up Pricing
Adding a constant percentage to the price of an item to determine its selling price
Objections
Concerns or doubts that a customer has for not making a purchase
Primary Research
Data that is gathered for the first time
Product Knowledge
Information about a good/service; can include its application, function, features, use
Product Life Cycle
Stages that product goes through: Introduction, Growth, Maturity, Decline
Product Mix
The different goods/services that a company provides
Product Service Management
Creating and changing the information about a company’s catalog of offereings
Promotional Plan
An outline of the marketing tools, strategies, and resources that a company tends to use to promote a product or service
ROMI
Return on Marketing Investment; the profitability returned to the business based on funds spent on marketing
Secondary Research
Data that has been previously collected for a non marketing activity and is now available for the business’s use
Selling Policy
A business’s decisions regarding forms of payment, returns and exchanges, sales quotas, sales commission, and ethical issues
Service Close
When a salesperson encourages a customer to purchase with information regarding services available
Situation Anaylsis
The study of internal and external factors that affect marketing strategy
Slogan
A catchy phrase or words that identify a product or business
Statistics
Numbers that represent a fact or presents a view of a situation
Target Marketing
The process of communicating with a particular group who is most likely to become customers
Warranty
A promise that is given to a customer that a product will meet certain standards
