Vocab Flashcards
Unilateral agreements
Contracts where only one party makes promises
Protectionism
Governments policies to protect domestic industries and businesses from foreign competition
Advertising
Any paid form of NONPERSONAL presentation of ideas images goods or services
What’s the channel of distribution commonly used by producers of large industrials goods requiring installation?
Producer –> industrial user
Producers feel they are the most qualified to provide the installation required
*retailers are not a part of industrial distribution
Tying agreement
An illegal arrangement when a business requires a customer to buy another product in order to obtain the product that they really want.
*restricts competition
Antitrust laws
Protects people from unfair practices that restrain trade and competition such as tying agreements
Probate laws
Involves estate issues
Zoning laws
regulate property uses
Infringement laws
Addresses intellectual property issues
Memorandum
MEMO
a simple written report usually distributed to employees
Net income
The actual money that you take home
Gross income - withholdings
Gross income
Total income before deductions
Withholdings
Total deductions from gross income
Securities
Bonds and stocks
Securities fraud
Deception an investor to convince them to buy stocks
Fabulate
To condense info into tables
Marketing mix
A combo of the four elements of marketing
Product
Place
Promotional
Price
Marketing concept
Always fulfilling customers while reaching company objectives
Environmental scan
Analysis of external factors that will influence a business success
Retail buyer
Analyzes sale data and trend and supplies when selecting products for the store to sell
Loss leader
A product sold below cost to attract customers
Tariff
Tax on import goods
Organic marketing
Words of mouth marketing. When a satisfied customer naturally becomes an advocate for the product
Shill marketing
When company hires people to act like customers to do word of mouth marketing
Illegal in some jurisdictions
Transfer payments
Payments of tax dollars to recipients for which they do not produce goods or services. No increase in the total output of the economy is achieved.
*NOT COUNTED IN THE GDP
Cooperate bonds
Bonds issued by corporations to fund operating expenses
Identity theft
When someone takes your identity to use your money in your financial account
Hijacking
Using force to seize a vehicle in transit
Exploratory research
Collecting information to help a business define its issue, situation, concern, and decide how to proceed with the research
Time and cost efficient
Simple sampling strategy
When the researcher believe that the population is relatively homogeneous for the characteristic of interest. Eg people who study the same major would have the same interests
Proportionate sampling
When the size of subgroup populations very a lot. So in order to make sure that the population patterns are accurately represented, researchers would select more people from largely populated groups and less people from smaller groups.
Stratified random
When th subgroups would differ w lot in their responses. So researchers treat the large population as d it were many small populations and then randomly sample each of thse small groups.
Cluster sampling
Used when it is impossible to identify everyone in the sample.
Eg instead of sampling a percentage of employees company wide, the company picks random percetnage of employees in random departments
What is the value of using diaries as a marketing research collection method
They offer records of repetitive behaviours that occur at frequent intervals to offer marketing researchers insight into consumer behavioural and buying patterns and preferences
Focus group
For primary marketing research. A group that is formed for the purpose of discussing a specific topic. Businesses often use focus groups to obtain information and direct feedback about their product and image.
Express contract
promises to take action that are clearly stated verbally or in writing
