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Principals of Marketing > Word Bank 2 > Flashcards

Word Bank 2 Flashcards

1
Q

(12) convenience stores

A

Neighborhood retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home.

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2
Q

(12) specialty stores

A

Retailers that carry only a few product lines but offer good selection within the lines that they sell.

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3
Q

(12) factory outlet stores

A

Manufacturer-owned brick-and-mortar or online retail stores that sell only a single brand and are almost always located in an outlet mall with other similar stores.

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4
Q

(12) multilevel marketing

A

A system in which a master distributor recruits other people to become distributors, sells the company’s product to the recruits, and receives a commission on all the merchandise sold by the people recruited.

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5
Q

(12) pyramid scheme

A

An illegal sales technique that promises consumers or investors large profits from recruiting others to join the program rather than from any real investment or sale of goods to the public.

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6
Q

(12) experiential shoppers

A

Shoppers who shop because it satisfies their experiential needs, that is, their desire for fun.

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7
Q

*(12) gap analysis

A

a method of assessing the performance of a business unit to determine whether business requirements or objectives are being met and, if not, what steps should be taken to meet them

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8
Q

(12) idea marketing

A

Marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target market’s attitude or behavior.

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9
Q

(12) intangibles

A

Experience-based products.

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10
Q

*(12) non-store retailing

A

Methods include kiosks, carts, vending machines, direct selling, telemarketing, direct marketing and e-tailing. Organizations can also choose to use a combination of two or more methods to suit the nature of their products or the nature of the marketing it is targeting.

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11
Q

(12) off-price retailers

A

Retailers that buy excess merchandise from well-known manufacturers and pass the savings on to customers.

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12
Q

(12) services

A

Intangible products that are exchanged directly between the producer and the customer.

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13
Q

(13) Integrated marketing communication

A

A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences.

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14
Q

(13) source

A

An organization or individual that sends a message.

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15
Q

(13) message

A

The communication in physical form that goes from a sender to a receiver.

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16
Q

(13) medium

A

A communication vehicle through which a message is transmitted to a target audience.

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17
Q

(13) receiver

A

The organization or individual that intercepts and interprets the message.

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18
Q

(13) noise

A

Anything that interferes with effective communication

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19
Q

(13) advertising

A

Nonpersonal communication from an identified sponsor using the mass media.

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20
Q

(13) sale promotion

A

Programs designed to build interest in or encourage purchase of a product during a specified period.

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21
Q

(13) top-down budgeting

A

Allocation of the promotion budget based on management’s determination of the total amount to be devoted to marketing communication.

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22
Q

(13) creative brief

A

A guideline or blueprint for the marketing communication program that guides the creative process.

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23
Q

(13) advertising appeal

A

The central idea or theme of an advertising message.

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24
Q

(13) advertising campaign

A

A coordinated, comprehensive plan that carries out promotion objectives and results in a series of advertisements placed in media over a period of time.

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25
Q

(13) advocacy advertising

A

A type of public service advertising where an organization seeks to influence public opinion on an issue because it has some stake in the outcome.

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26
Q

(13) bottom-up budgeting

A

Allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them.

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27
Q

(13) competitive-parity method

A

A promotion budgeting method in which an organization matches whatever competitors are spending.

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28
Q

(13) corporate advertising

A

Advertising that promotes the company as a whole instead of a firm’s individual products.

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29
Q

(13) corrective advertising

A

Advertising that clarifies or qualifies previous deceptive advertising claims.

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30
Q

(13) creative strategy

A

The process that turns a concept into an advertisement.

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31
Q

(13) decoding

A

The process by which a receiver assigns meaning to the message.

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32
Q

(13) digital media

A

Media that are digital rather than analog, including websites, mobile or cellular phones, and digital video, such as YouTube.

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33
Q

(13) encoding

A

The process of translating an idea into a form of communication that will convey meaning.

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34
Q

(13) institutional advertising

A

Advertising messages that promote the activities, personality, or point of view of an organization or company.

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35
Q

(13) Percentage of sale method

A

A method for promotion budgeting that is based on a certain percentage of either last year’s sales or estimates of the present year’s sales.

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36
Q

(13) product advertising

A

Advertising messages that focus on a specific good or service.

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37
Q

(13) public service advertisements

A

Advertising run by the media for not-for-profit organizations or to champion a particular cause without charge.

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38
Q

(13) puffery

A

Claims made in advertising of product superiority that cannot be proven true or untrue.

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39
Q

(13) pull strategy

A

The company tries to move its products through the channel by building desire for the products among consumers, thus convincing retailers to respond to this demand by stocking these items.

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40
Q

(13) push strategy

A

The company tries to move its products through the channel by convincing channel members to offer them.

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41
Q

(13) unique selling proposition

A

An advertising appeal that focuses on one clear reason why a particular product is superior.

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42
Q

(14) social media

A

Internet-based platforms that allow users to create their own content and share it with others who access these sites.

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43
Q

(14) direct marketing

A

Any direct communication to a consumer or business recipient designed to generate a response in the form of an order, a request for further information, or a visit to a store or other place of business for purchase of a product.

44
Q

(14) personal selling

A

Marketing communication by which a company representative interacts directly with a customer or prospective customer to communicate about a good or service.

45
Q

(14) transactional selling

A

A form of personal selling that focuses on making an immediate sale with little or no attempt to develop a relationship with the customer.

46
Q

(14) relationship selling

A

A form of personal selling that involves securing, developing, and maintaining long-term relationships with profitable customers.

47
Q

(14) prospecting

A

A part of the selling process that includes identifying and developing a list of potential or prospective customers.

48
Q

(14) qualify

A

be entitled to a particular benefit or privilege by fulfilling a necessary condition. Meet the requirements for a product.

49
Q

(14) pre-approach

A

A part of the selling process that includes developing information about prospective customers and planning the sales interview.

50
Q

(14) approach

A

The first step of the actual sales presentation in which the salesperson tries to learn more about the customer’s needs, create a good impression, and build rapport.

51
Q

(14) public relations

A

Communication function that seeks to build good relationships with an organization’s publics, including consumers, stockholders, and legislators.

52
Q

(14) close

A

The stage of the selling process in which the salesperson asks the customer to buy the product.

53
Q

(14) press release

A

Information that an organization distributes to the media intended to win publicity.

54
Q

4Cs

A
  1. Customer
  2. Cost
  3. Convenience
  4. Communication
55
Q

4Ps

A
  1. Product
  2. Price
  3. place
  4. Promotion
56
Q

(13) advertising appeal

A

The central idea or theme of an advertising message.

57
Q

(8) augmented product

A

The actual product plus other supporting features, such as a warranty, credit, delivery, installation, and repair service after the sale.

58
Q

(9) brand

A

a name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from the competition

59
Q

(9) brand equity

A

The value of a brand to an organization.

60
Q

(10) break-even point

A

The point at which the total revenue and total costs are equal and above which the company makes a profit; below that point, the firm will suffer a loss.

61
Q

(9) cannibalization

A

The loss of sales of an existing brand when a new item in a product line or product family is introduced.

62
Q

(10) captive pricing

A

A pricing tactic for two items that must be used together; one item is priced very low, and the firm makes its profit on another, high-margin item essential to the operation of the first item. ex. Razors and blades, gaming consoles and video games)

63
Q

(11) channel intermediaries

A

Firms or individuals, such as wholesalers, agents, brokers, or retailers, who help move a product from the producer to the consumer or business user. An older term for is middlemen.

64
Q

(8) commercialization

A

The final step in the product development process in which a new product is launched into the market.

65
Q

(10) Contribution per unit

A

The difference between the price the firm charges for a product and the variable costs.

66
Q

(13) creative brief

A

A guideline or blueprint for the marketing communication program that guides the creative process.

67
Q

(13) creative strategy

A

The process that turns a concept into an advertisement.

68
Q

(11) distribution intensity

A

The number of intermediaries at each level of the channel.

69
Q

(8) durable good

A

Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances.

70
Q

(8) nondurable good

A

Consumer products that provide benefits for a short time because they are consumed, such as food, or are no longer useful, such as newspapers.

71
Q

(8) convenience product

A

A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort. ex. bread, canned goods, pain reliever and coffee.

72
Q

(10) elastic demand

A

Demand in which changes in price have large effects on the amount demanded. ex. luxury goods, airline tickets and fast food.

73
Q

(11) enterprise resource planning

A

A software system that integrates information from across the entire company, including finance, order fulfillment, manufacturing, and transportation, and then facilitates sharing of the data throughout the firm.

74
Q

(10) FOB delivered pricing

A

A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price and is paid by the manufacturer.

75
Q

(10) FOB origin pricing

A

A pricing tactic in which the cost of transporting the product from the factory to the customer’s location is the responsibility of the customer.

76
Q

(8) impulse product

A

A product people often buy on the spur of the moment.

77
Q

(10) inelastic demand

A

Demand in which changes in price have little or no effect on the amount demanded.

78
Q

(9) ingredient branding

A

A type of branding in which branded materials become “component parts” of other branded products.

79
Q

(8) innovation

A

A product that consumers perceive to be new and different from existing products.

80
Q

(11) Inventory control

A

Activities to ensure that goods are always available to meet customers’ demands.

81
Q

(11) Inventory turns

A

The number of times a firm’s inventory completely cycles through during a defined time frame.

82
Q

(11) Just in time

A

Inventory management and purchasing processes that manufacturers and resellers use to reduce inventory to very low levels and ensure that deliveries from suppliers arrive only when needed.

83
Q

(10) market share

A

The percentage of a market (defined in terms of either sales units or revenue) accounted for by a specific firm, product line(s), or brand(s).

84
Q

(12) merchandise breadth

A

The number of different product lines available.

85
Q

(12) merchandise depth

A

The variety of choices available for each specific product line.

86
Q

(12) Merchandise mix

A

The total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups.

87
Q

(11) merchant wholesalers

A

Intermediaries that buy goods from manufacturers (take title to them) and sell to retailers and other B2B customers.

88
Q

(11) order processing

A

The series of activities that occurs between the time an order comes into the organization and the time a product goes out the door.

89
Q

(12) point of sale systems

A

Retail computer systems that collect sales data and are hooked directly into the store’s inventory-control system.

90
Q

(10) prestige products

A

Products that have a high price and that appeal to status-conscious consumers.

91
Q

(10) price

A

The assignment of value, or the amount the consumer must exchange to receive the offering.

92
Q

(10) price bundling

A

Selling two or more goods or services as a single package for one price.

93
Q

(9) private-label brand

A

Brands that a certain retailer or distributor owns and sells.

94
Q

(9) product management

A

The systematic and usually team-based approach to coordinating all aspects of a product’s strategy development and execution

95
Q

(9) product mix

A

The total set of all products a firm offers for sale.

96
Q

(13) puffery

A

Claims made in advertising of product superiority that cannot be proven true or untrue.

97
Q

(12) retailing

A

The final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use.

98
Q

(8) shopping product

A

Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.

99
Q

(10) Skimming price

A

A very high, premium price that a firm charges for its new, highly desirable product.

100
Q

(11) slotting allowance

A

A fee paid in exchange for agreeing to place a manufacturer’s products on a retailer’s valuable shelf space.

101
Q

(8) specialty product

A

Goods or services that have unique characteristics and are important to the buyer and for which he or she will devote significant effort to acquire.

102
Q

(11) supply chain

A

All the activities necessary to turn raw materials into a good or service and put it in the hands of the consumer or business customer.

103
Q

(8) test marketing

A

Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.

104
Q

(10) variable costs

A

The costs of production (raw and processed materials, parts, and labor) that are tied to and vary by the number of units produced.

105
Q

(10) fixed costs

A

Costs of production that do not change with the number of units produced.

106
Q

(11) warehousing

A

Storing goods in anticipation of sale or transfer to another member of the channel of distribution.

Principals of Marketing (2 decks)

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