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Principles of Marketing > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

accessory equipment

A

Capital goods used in the production process (e.g., assembly line equipment, drill presses, lathes).

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2
Q

accumulation

A

The process of assembling and pooling relatively small individual shipments so that they can be transported more economically.

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3
Q

administered

A

Arrangements that coordinate channel operations through a dominant channel member.

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4
Q

advertising budget

A

The determination of a specific dollar allocation; reflects the costs associated with alternative media and production costs.

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5
Q

advertising effectiveness

A

Assessed by both direct (sales, store traffic, coupon redemption rates) and indirect (consumers ’ recall of ads) measures.

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6
Q

agents

A

Independent wholesalers that do not take title of the products that they handle.

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7
Q

all available funds

A

Technique that allocates remaining resources to promotional activities.

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8
Q

allowances

A

Price reductions that are intended to achieve specific goals.

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9
Q

alternative pricing objectives

A

A firm’s pricing strategy may reflect short-term goals other than profit maximization.

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10
Q

approach

A

Seller first meets the prospective buyer; goal at this stage is to gain the interest and attention of the buyer.

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11
Q

assorting

A

The process of acquiring a wide variety of merchandise to meet the diverse preferences of consumers.

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12
Q

atmosphere

A

Those characteristics that contribute to consumers’ general impression of the store— its image.

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13
Q

behavioral dimensions

A

Include purchase occasion, user status, user rate, and brand loyalty as well as customer attitudes toward products and product benefits. Boston Consulting Group matrix: Framework that classifies each product or product line within a firm’s “product portfolio.”

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14
Q

break-even analysis

A

Allows managers to estimate the impact of alternative price levels on profits.

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15
Q

brokers

A

Temporary wholesalers.

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16
Q

business analysis

A

Detailed evaluation of a concept’s commercial feasibility.

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17
Q

buyers

A

Individuals who identify suppliers, arrange terms of sale, and carry out purchasing procedures.

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18
Q

buying center

A

Entity comprised of all the people who participate in or influence the decision-making process.

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19
Q

buying situation

A

Can be characterized as one of three types—new-task buying, straight rebuy, or modified rebuy.

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20
Q

buying-related behaviors

A

Seeking out product information or shopping to compare alternative brands, stores, and prices.

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21
Q

cash cows

A

Generate large profits and require relatively little investment to maintain their market share in slow-growth industries.

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22
Q

cash discounts

A

Given to encourage buyers to provide payment promptly.

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23
Q

channel conflict

A

When disagreements arise between members over channel practices and policies.

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24
Q

channel control

A

The ability to influence the actions of other channel members.

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25
Q

channel length

A

The number of levels used to create a distribution channel.

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26
Q

channel width

A

The number of independent members at one level of the distribution channel (e.g., producer, wholesaler, retailer, final consumer).

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27
Q

closing the sale

A

Stage at which the seller tries to gain a purchase commitment from the prospect.

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28
Q

codes of conduct

A

Intended to eliminate opportunities for unethical behavior that will reflect badly on an organization.

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29
Q

cognitive dissonance

A

State of mental anxiety that can be caused by a consumer’s uncertainty about a purchase.

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30
Q

commercialization

A

Marks the start of full-scale production and the implementation of the complete marketing plan.

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31
Q

communication channels

A

Medium through which promotional messages are sent and delivered.

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32
Q

compensatory

A

Ethical models where the moral right or wrong of an action is determined by the consequences the action produces.

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33
Q

competition-based pricing

A

Prices set according to those charged by a firm’s closest competitors.

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34
Q

competitive parity

A

Approach establishes a budget based on the actions of a firm’s closest competitors.

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35
Q

component materials

A

Used in the production of finished goods.

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36
Q

concept testing

A

Subjects new ideas to consumer scrutiny

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37
Q

consumer goods

A

Classified as one of three product types—convenience, shopping, and specialty.

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38
Q

consumer products

A

Products targeted toward individuals and households for final consumption.

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39
Q

consumer-directed

A

Promotional tools that include coupons, contests, sweepstakes, rebates, premiums, refunds, etc.

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40
Q

containerization

A

The process of consolidating many items into one container.

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41
Q

contractual

A

Arrangements that specify performance terms for each independent channel member.

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42
Q

convenience goods

A

Goods purchased frequently and with a minimum of shopping effort (low-involvement decision-making).

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43
Q

corporate

A

Channel of distribution where one firm owns either all channel members or firms at the next level in the channel.

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44
Q

corporate chains

A

Several (usually 10 or more) stores that are owned and managed by the same firm.

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45
Q

cost-based pricing

A

Establishes product prices as a function of product costs.

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46
Q

cost-per-thousand

A

Advertising costs evaluated according to the cost of reaching a thousand prospects through a given vehicle.

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47
Q

creative platform

A

Provides the overall concept and theme for an advertising campaign.

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48
Q

customary prices

A

Attempt to combat rising costs by reducing the size of each package or changing the ingredients used in production.

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49
Q

customer service

A

Different customers requiring different levels of service.

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50
Q

customer size

A

Based on the purchasing power of buyers rather than the number of buyers.

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51
Q

customer type

A

Includes manufacturers, wholesalers, retailers, government agencies, and nonprofit institutions standard.

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52
Q

databases

A

Contain information about prior purchase behavior, demographics, psychographics, and geographic data.

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53
Q

dealer brands

A

Brands created by intermediaries (e.g., retailers); also known as private brands.

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54
Q

deciders

A

The individual( s) who makes the final purchase decision.

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55
Q

deep product mixes.

A

Focuses a firm’s resources on a smaller number of product lines which, in turn, allows the development of several products within each line

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56
Q

demand-based pricing

A

Sets prices based on consumer responses to product prices.

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57
Q

derived demand

A

Organizational buyers derive their demand for materials from the anticipated demand by consumers for finished goods.

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58
Q

differential advantage

A

The unique qualities of a product that encourage customer purchase and loyalty.

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59
Q

diffusion process

A

The typical rate of adoption exhibited by consumers in response to new products; there are five categories of adopters— innovators, early adopters, early majority, late majority, and laggards.

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60
Q

direct channels

A

: Channel systems that move goods from the producer to the final consumer without using independent intermediaries or “middlemen.”

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61
Q

direct marketing

A

: One-on-one communications with targeted customers; aimed primarily at obtaining an immediate response.

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62
Q

discounts

A

Reductions from list prices that are given by sellers to buyers.

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63
Q

distribution centers

A

Type of warehouse planned in relation to specific markets.

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64
Q

distribution-center concept

A

The most effective strategy may be a compromise between two extremes.

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65
Q

diversification strategy

A

: Aims new products at new markets.

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66
Q

dogs

A

: Characterized by low profitability and little opportunity for sales growth.

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67
Q

drawing account method

A

: Sales commissions are credited to each individual’s drawing account.

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68
Q

drop shippers

A

: Limited-service merchant wholesalers that buy products from manufacturers and arrange for the delivery to retailers.

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69
Q

economic order quantity (EOQ)

A

): The order size that minimizes the total cost of ordering and carrying inventory.

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70
Q

elastic demand

A

: Increase in price will produce a decrease in demand and a decrease in total revenue; conversely, price decreases will increase demand and increase total revenue.

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71
Q

electronic commerce

A

: All forms of buying and selling that are supported by electronic means.

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72
Q

electronic data interchange (EDI)

A

: Allows a company to integrate order processing, production, inventory planning, and transportation into a single system.

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73
Q

evaluation process

A

: Comparisons such as sales/ sales potential and sales expense/ sales that are made to the same salesperson’s performance in previous periods or to the performance standards established by others.

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74
Q

exclusive distribution

A

: Strategy that limits the number of outlets employed to one or two intermediaries within each market.

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75
Q

experimental research

A

: Compares the impact of marketing variables on individuals’ responses in a controlled setting.

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76
Q

extended product

A

: Includes both the tangible and intangible elements (such as brand image and accompanying service features) of a product; also known as augmented product.

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77
Q

fabricated parts

A

Used in the production of finished goods.

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78
Q

family brand

A

: Type of strategy in which the same brand is applied to several products.

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79
Q

focus group

A

: In-person data collection procedure in which the interviewer meets with five to ten persons at the same time.

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80
Q

follow-up

A

: Represents the salesperson’s efforts to assure customer satisfaction after the sale.

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81
Q

forecasting

A

: A highly specialized function of marketing information systems that estimates the demand for a brand or product category.

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82
Q

franchise systems

A

: Specific type of vertical marketing system in which the parent company (franchisor) provides franchisees with the legal right to use company trademarks.

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83
Q

freight forwarders

A

: Specialized agencies that provide alternate forms of transportation coordination.

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84
Q

frequency

A

: Refers to the average number of times that members of the target audience are exposed to an ad through a given vehicle.

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85
Q

full-service merchant wholesalers

A

: Perform the complete range of wholesaling functions.

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86
Q

gatekeepers

A

: People within an organization who control the flow of relevant purchase-related information.

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87
Q

geographic demographics

A

: Identifiable characteristics of towns, cities, states, regions, and countries; include county size, city or SMSA (Standard Metropolitan Statistical Area) size, population density, and climate.

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88
Q

geographic pricing

A

: Policy that reflects different levels of transportation and other costs related to the physical distance between buyers and sellers.

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89
Q

green marketing

A

: Design, development, and marketing of products that do not harm the environment.

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90
Q

gross rating points (GRPs)

A

Calculated by multiplying reach times frequency.

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91
Q

guaranteed draw

A

Salesperson is not obligated to pay back the difference when the draw exceeds commissions earned over a specified period.

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92
Q

homogeneous

A

: Potential buyers within each segment who are more similar to each other on key dimensions than to buyers assigned to other segments.

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93
Q

horizontal integration

A

: The process of acquiring firms that operate at the same channel level.

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94
Q

idea generation

A

: The process of searching for new product opportunities.

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95
Q

ideal points

A

: Identify consumers’ perception of the perfect bundle or combination of attributes.

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96
Q

independent stores

A

: Single retail units that are not affiliated with a corporate chain or cooperative.

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97
Q

indirect channels

A

: Channels that move goods with the cooperation and assistance of independent intermediaries.

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98
Q

individual brands

A

: Brands assigned to each product when there exists significant variation in product type and quality.

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99
Q

industrial products

A

: Products typically purchased for resale, operational needs, or use in further production; sometimes called business products.

100
Q

inelastic demand

A

: Increase in price will produce a decrease in demand and an increase in total revenue while price decreases will increase demand and decrease total revenue.

101
Q

influencers

A

: Individuals who establish product requirements and specifications based on their technical expertise or authority within an organization.

102
Q

information

A

: Function of packaging that permits consumers to critically evaluate products and compare brands.

103
Q

inseparability

A

: A service cannot be separated from the person providing it.

104
Q

installations

A

: Capital goods used in the production process (e.g., assembly line equipment, drill presses, lathes).

105
Q

intangible

A

: The fact that something is not actually experienced by buyers until the service is performed.

106
Q

integrated marketing communications (ICM)

A

: Planning a comprehensive program that coordinates all promotional activities. intensive distribution: Strategy in which a firm sells through every potential outlet that will reach its target market.

107
Q

interactive

A

: Presentations that rely heavily on learning more about each prospect’s needs and preferences through direct interaction.

108
Q

intermediary-directed

A

: Promotional activities ranging from push money, trade allowances, and quantity discounts to sales contests, trade shows, point-of-purchase display materials, and trade rebates.

109
Q

intermodal transportation

A

: Two or more transportation modes used in combination. involvement: The importance that consumers attach to the purchase of a particular product.

110
Q

just-in-time (JIT)

A

: Making products and materials available just as needed for production or resale.

111
Q

leader pricing

A

: Occurs when a firm sells select products below their usual price as a means of gaining attention or building store traffic.

112
Q

licensed brand

A

: A well-established brand name that other sellers pay to use.

113
Q

limited-service merchant wholesalers

A

: May not provide merchandising or market research assistance.

114
Q

long-term forecasts

A

: Typically done for a five-year period and play a significant role in strategic planning.

115
Q

macroenvironmental factors

A

: External forces that impact all firms within an industry; includes demographics or demography , economic conditions , competition , social and cultural factors, political and legal factors (government), and technological factors. manufacturer brands: Brands created by product manufacturers; sometimes called national brands.

116
Q

manufacturer wholesaling

A

When the product’s producer performs the wholesaling functions.

117
Q

market segmentation

A

The process of dividing the total market into distinct sub-markets or groups based on similarities in their wants, needs, behaviors, or other characteristics.

118
Q

markdowns

A

Retail price reductions.

119
Q

market

A

People or organizations that want or need a product and have the willingness and ability to buy.

120
Q

market development strategy

A

Attempts to increase sales by introducing existing products to new markets.

121
Q

market penetration strategy

A

Attempts to increase sales of a firm’s existing products to its current markets.

122
Q

market segments

A

Groups of customers who are similar to each other in a meaningful way and who will respond to a firm’s marketing mix similarly.

123
Q

market targeting

A

Once the segmentation process is complete, each resulting segment is evaluated in terms of its attractiveness for a firm, and a firm’s target market( s) is chosen based on this evaluation.

124
Q

marketing

A

The process of planning and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals.

125
Q

marketing concept

A

Customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals.

126
Q

marketing environment

A

Composed of two types of factors—those that an organization can control and those that it cannot control.

127
Q

marketing ethics

A

Moral principles that define right and wrong behavior in marketing practice.

128
Q

marketing functions

A

Consist of environmental analysis, consumer analysis , product planning, price planning, promotion planning, and physical distribution (place) planning.

129
Q

marketing information system (MIS)

A

The people, equipment , and procedures used to gather, sort, analyze, evaluate, and distribute accurate information to marketing decision makers.

130
Q

marketing mix

A

Combination of four variables (product, price, promotion, and physical distribution) that comprise an organization’s marketing program.

131
Q

marketing myopia

A

Term used to characterize short-sighted marketing strategy.

132
Q

marketing objectives

A

The goals of a firm in both quantitative (e.g., sales, profit, market share) and qualitative (e.g., market leadership, corporate image) terms.

133
Q

marketing plan

A

An organization’s statement of marketing strategy and the specification of the activities required to carry out the strategy.

134
Q

marketing plan development

A

Focuses on how the elements of the marketing mix can be most effectively used.

135
Q

marketing research

A

The systematic process of planning, collecting, analyzing, and communicating information that is relevant to making better marketing decisions.

136
Q

marketing research process

A

Designed to yield reliable and objective answers to specific marketing questions; can be described in six distinct steps.

137
Q

marketing strategy

A

Defines the way in which the marketing mix is used to satisfy the needs of the target market and to achieve organizational goals.

138
Q

markups:

A

Percentages or dollar amounts added to the cost of sales to arrive at the product’s selling price.

139
Q

materials handling

A

The physical handling of goods in both warehouse and transportation functions.

140
Q

media planning

A

The choice of media-type and the selection of specific vehicles within each medium.

141
Q

medium-term forecasts

A

Typically done annually and provide input to annual marketing plan review and revision.

142
Q

meeting objections

A

May represent a request for clarification or additional information.

143
Q

megacarriers

A

Freight transport companies that provide several shipment modes.

144
Q

merchant wholesalers

A

Independent firms that take title and possession of the products they sell; sometimes referred to as distributors or jobbers.

145
Q

microenvironmental factors

A

External forces that impact each specific company uniquely, such as suppliers, marketing intermediaries, and the target market.

146
Q

mix expansion

A

Provides a firm with new opportunities for growth.

147
Q

modified rebuy

A

Process used when the purchase situation is less complex than new-task buying and more involved than a straight rebuy; some information is required to reach decisions and a limited number of alternatives may be evaluated.

148
Q

monitoring the performance

A

Requires the collection of either qualitative or quantitative information.

149
Q

multiple channels

A

When a firm develops two or more separate and distinct distribution channels; also called dual distribution.

150
Q

multiple segmentation strategy

A

The choice to pursue more than one target market with corresponding marketing mixes for each; also known as differentiated marketing.

151
Q

multi-variable segmentation

A

Recognizes the importance of interrelationships between factors in defining market segments , such as age, income, and education.

152
Q

new product opportunities

A

Can stem from the modification of existing products or the development of wholly new product innovations. .

153
Q

observation

A

An unobtrusive data collection procedure in which subjects’ behaviors are observed without their knowledge.

154
Q

objectives

A

Determined by the marketing strategy for the product or firm.

155
Q

objective and task

A

Procedure relies on the matching of promotional objectives to the funding required to achieve specific, objective-related tasks.

156
Q

non-store retailing

A

Retail transactions that occur outside of traditional store settings; two-way interaction between a marketer and individual consumers to both obtain an immediate response and cultivate lasting customer relationships; also known as direct marketing.

157
Q

new-task buying

A

The most complex of the three buy classes; requires greater effort in gathering information and evaluating alternatives; frequently employed in the purchase of high-cost products.

158
Q

non-probability samples

A

Nonrandom samples

159
Q

noncompensatory

A

Ethical models that maintain a universally true moral principle with no exceptions.

160
Q

odd-even pricing

A

Sets prices just below even dollar values (e.g., $ 99.99 or $ 99 v. $ 100).

161
Q

opportunities

A

Favorable environmental conditions that could bring a firm rewards if exploited.

162
Q

operating supplies

A

Low-cost items that aid in the production process (e.g., lubricating oils, pencils, janitorial supplies).

163
Q

online marketing

A

All marketing activities conducted through interactive online computer networks or systems that link buyers and sellers.

164
Q

one-price

A

Policy that offers the same price to all buyers for purchases of essentially the same quantities in comparable situations.

165
Q

order getters

A

Responsible for securing new business for a firm.

166
Q

partnership selling

A

Formal arrangements between buyers and sellers that create unique, customized products and services for the buyer.

167
Q

ownership

A

Classification method for retailers.

168
Q

order takers

A

Service customer accounts that have already been established.

169
Q

order processing

A

The receipt and transmission of sales order information.

170
Q

order leadtime

A

The average length of time between the customer placing an order and receiving it.

171
Q

penetration pricing

A

Alternative pricing strategy for new product introductions that uses low introductory prices to gain a large share of the market more quickly than price skimming would allow.

172
Q

presentation

A

Message is intended to persuade buyers to purchase based on the attributes and benefits of the seller’s product.

173
Q

percent-of-sales

A

Allocates a fixed percentage of the previous year’s sales for promotional programs.

174
Q

personal demographics

A

Identifiable characteristics of individuals and groups of people; variables include age, sex, family size, income, occupation, and education

175
Q

pre-approach

A

Salesperson must decide how to best initiate a face-to-face meeting.

176
Q

perishable

A

Notion that services cannot be inventoried, returned, or resold.

177
Q

prestige pricing

A

Establishes retail prices that are high, relative to competing brands; intended to suggest higher product quality.

178
Q

price elasticity of demand coefficient (E d)

A

Equal to the absolute value or nonnegative value of the price elasticity of demand formula.

179
Q

price lining

A

Simplifies consumers’ evaluation of alternative products by establishing a limited number of price points for groups or lines of products.

180
Q

price skimming:

A

Strategy that introduces new products at relatively high prices.

181
Q

primary data

A

Information collected specifically for the current research study.

182
Q

problem child

A

Does not provide great profits but still requires high levels of investment to maintain or increase market share.

183
Q

probability samples

A

persons selected at random from the designated population.

184
Q

product

A

Good, service, idea, place, or person.

185
Q

product adoption

A

When the buyer decides to continue using a product regularly.

186
Q

product adoption process

A

The stages that consumers go through in learning about new products.

187
Q

product/ market opportunity matrix

A

Specifies four fundamental alternative marketing strategies available to a firm—market penetration, market development, product development , and diversification.

188
Q

product screening

A

Potential products sorted relative to their strengths and weaknesses.

189
Q

product positioning

A

The process of developing a product or brand image in the consumer’s mind.

190
Q

product mix

A

Comprised of all the product lines that a firm offers.

191
Q

product development

A

Stage in which viable ideas are first produced in tangible form and the initial marketing strategy is created.

192
Q

product development strategy

A

Entails offering new products to a firm’s current markets.

193
Q

product differentiation

A

When a product or brand is perceived as different from its competitors on any tangible or intangible characteristic.

194
Q

product line

A

Consists of a group or set of closely related items that usually share some common attributes.

195
Q

promotion

A

Function of packaging that represents the last opportunity to influence decision making.

196
Q

promotion objectives:

A

Address three goals (inform, persuade, remind) within the marketing mix.

197
Q

prospecting

A

The process of seeking and identifying prospective buyers or “leads.”

198
Q

protection

A

Function of packaging that can prevent product damage and spoilage

199
Q

psychographics

A

Factors that influence consumers’ patterns of living or lifestyle, such as activities, interests, opinions (AIOs) as well as social class, personality, and values.

200
Q

promotion mix

A

Elements that contribute to a firm’s overall communications program; includes advertising, personal selling, publicity, public relations, and sales promotions.

201
Q

seasonal discounts

A

Used to encourage buyers to make their purchases off-season.

202
Q

selling process:

A

Sequence of stages that are essential to effective personal selling.

203
Q

Sherman Act

A

Prevents businesses from restraining trade and interstate commerce.

204
Q

shopping goods

A

Goods for which consumers typically make price-quality comparisons at several stores before buying (high-involvement decision-making).

205
Q

short-term forecasts

A

Typically predict sales for the next month or quarter and are used for production scheduling and evaluating the impact of short-term promotions.

206
Q

simulation

A

Technique that utilizes computer-based programs to assess the impact of alternative marketing strategies.

207
Q

single-segment strategy

A

The decision to focus on one segment as a target market; also known as concentration strategy.

208
Q

single-variable segmentation

A

Characterized by one segmentation variable.

209
Q

situation analysis

A

Examines economic environment; technological developments; social changes, changes in buying behavior; legal and political developments; size of the existing market and the potential market; rate of market growth; buyer behavior; brand loyalty; competitive behavior, and market share trends; identifies a company_s relative strengths and weaknesses , as well as the opportunities and threats posed by its marketing environment.

210
Q

social responsibility

A

A firm_s obligations to society that is comprised of four dimensions_ economic, legal, ethical, and philanthropic.

211
Q

sorting

A

The process of separating goods by quality, color, or size.

212
Q

specialty goods

A

Goods for which buyers have strong brand loyalty; they_ll accept no substitutes.

213
Q

stars

A

Generate large profits but also consume substantial resources to finance their continued growth.

214
Q

stockout

A

A shortage of product resulting from carrying too few in inventory.

215
Q

straight rebuy

A

Process used to purchase inexpensive, low-risk products; in most instances, previous purchases are simply reordered to replace depleted inventory; alternative products or suppliers are not typically considered or evaluated.

216
Q

strategy development

A

Questions addressed by marketing research, such as: What business should we be in? How will we compete? What are the goals for the business?

217
Q

strengths

A

Competitive advantages or distinctive competencies that give a firm a superior ability to meet the needs of its target markets.

218
Q

suboptimization

A

Cost-reducing actions in one distribution function that increase the overall cost of other distribution functions.

219
Q

support salespeople

A

Provide assistance to both the order getters and order takers.

220
Q

survey research

A

Means of systematically acquiring information from individuals by communicating directly with them.

221
Q

sustainable competitive advantage

A

An enduring differential advantage held over competitors by offering buyers superior value either through lower prices or other elements of the marketing mix.

222
Q

SWOT matrix

A

Tool used to assess the potential value and fit of new opportunities.

223
Q

tangible product

A

Consists of those features that can be precisely specified (e.g., color, size, weight).

224
Q

target market

A

A particular group of potential customers that an organization seeks to satisfy with a product.

225
Q

test marketing

A

Provides a series of commercial experiments to test the acceptance of a product and the appropriateness of the proposed marketing strategy.

226
Q

threats

A

Competitive conditions or other barriers that might prevent a firm from reaching its goals.

227
Q

total-cost concept

A

Minimizing costs and satisfying customer demands, which can represent conflicting objectives.

228
Q

trade discounts

A

Reductions from the list price given to intermediaries in exchange for the performance of specified tasks.

229
Q

trademarks

A

Brand names, marks, or characters used to identify products.

230
Q

transportation modes

A

The means of moving goods from one location to another; five major modes are railroads, trucks, waterways, airways, and pipelines.

231
Q

types of warehouses

A

Includes private and public warehouses, distribution centers, and bonded storage.

232
Q

undifferentiated marketing

A

Treating the total potential market as a whole_ one vast target market; also known as mass marketing.

233
Q

unit loading

A

The grouping of boxes on a pallet or skid.

234
Q

unit pricing

A

Provides consumers with information on the price per unit on or near the product.

235
Q

unitary elasticity

A

Total revenue does not change in response to price increases or decreases.

236
Q

unsought goods

A

Goods for which no demand exists.

237
Q

usage rate

A

The rate at which inventory is sold per time period.

238
Q

users

A

People within a firm who will use the product.

239
Q

variable

A

Services are not performed in the same way each and every time

240
Q

vertical integration

A

The process of acquiring firms that operate at different channel levels.

241
Q

vertical marketing systems

A

A collective means of enhancing the market power of individually owned retail units.

242
Q

warehousing

A

The process of designing and operating facilities for both storing and moving goods.

243
Q

weaknesses

A

Limitations that a company might face in the development or implementation of a specific marketing strategy.

244
Q

wheel of retailing

A

Theory that new retailers enter markets as low-status, low -price competitors ; if successful, they tend to evolve into more traditional forms, adding customer -service features and raising prices to meet higher operating costs, which allows new retailers to enter the market.

245
Q

wholesaling

A

All the activities related to the resale of products to organizational buyers, other wholesalers, and retailers; typically include warehousing, transporting, and financing.

246
Q

wide product mix

A

A diversification strategy that offers several different product lines that enable a firm to meet several different types of customer needs.

Principles of Marketing (1 decks)

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