Word Bank 2 Flashcards
(12) convenience stores
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.
(12) specialty stores
Retailers that carry only a few product lines but offer good selection within the lines that they sell.
(12) factory outlet stores
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.
(12) multilevel marketing
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.
(12) pyramid scheme
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.
(12) experiential shoppers
Shoppers who shop because it satisfies their experiential needs, that is, their desire for fun.
*(12) gap analysis
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
(12) idea marketing
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.
(12) intangibles
Experience-based products.
*(12) non-store retailing
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.
(12) off-price retailers
Retailers that buy excess merchandise from well-known manufacturers and pass the savings on to customers.
(12) services
Intangible products that are exchanged directly between the producer and the customer.
(13) Integrated marketing communication
A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences.
(13) source
An organization or individual that sends a message.
(13) message
The communication in physical form that goes from a sender to a receiver.
(13) medium
A communication vehicle through which a message is transmitted to a target audience.
(13) receiver
The organization or individual that intercepts and interprets the message.
(13) noise
Anything that interferes with effective communication
(13) advertising
Nonpersonal communication from an identified sponsor using the mass media.
(13) sale promotion
Programs designed to build interest in or encourage purchase of a product during a specified period.
(13) top-down budgeting
Allocation of the promotion budget based on management’s determination of the total amount to be devoted to marketing communication.
(13) creative brief
A guideline or blueprint for the marketing communication program that guides the creative process.
(13) advertising appeal
The central idea or theme of an advertising message.
(13) advertising campaign
A coordinated, comprehensive plan that carries out promotion objectives and results in a series of advertisements placed in media over a period of time.
(13) advocacy advertising
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.
(13) bottom-up budgeting
Allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them.
(13) competitive-parity method
A promotion budgeting method in which an organization matches whatever competitors are spending.
(13) corporate advertising
Advertising that promotes the company as a whole instead of a firm’s individual products.
(13) corrective advertising
Advertising that clarifies or qualifies previous deceptive advertising claims.
(13) creative strategy
The process that turns a concept into an advertisement.
(13) decoding
The process by which a receiver assigns meaning to the message.
(13) digital media
Media that are digital rather than analog, including websites, mobile or cellular phones, and digital video, such as YouTube.
(13) encoding
The process of translating an idea into a form of communication that will convey meaning.
(13) institutional advertising
Advertising messages that promote the activities, personality, or point of view of an organization or company.
(13) Percentage of sale method
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.
(13) product advertising
Advertising messages that focus on a specific good or service.
(13) public service advertisements
Advertising run by the media for not-for-profit organizations or to champion a particular cause without charge.
(13) puffery
Claims made in advertising of product superiority that cannot be proven true or untrue.
(13) pull strategy
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.
(13) push strategy
The company tries to move its products through the channel by convincing channel members to offer them.
(13) unique selling proposition
An advertising appeal that focuses on one clear reason why a particular product is superior.
(14) social media
Internet-based platforms that allow users to create their own content and share it with others who access these sites.
(14) direct marketing
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.
(14) personal selling
Marketing communication by which a company representative interacts directly with a customer or prospective customer to communicate about a good or service.
(14) transactional selling
A form of personal selling that focuses on making an immediate sale with little or no attempt to develop a relationship with the customer.
(14) relationship selling
A form of personal selling that involves securing, developing, and maintaining long-term relationships with profitable customers.
(14) prospecting
A part of the selling process that includes identifying and developing a list of potential or prospective customers.
(14) qualify
be entitled to a particular benefit or privilege by fulfilling a necessary condition. Meet the requirements for a product.
(14) pre-approach
A part of the selling process that includes developing information about prospective customers and planning the sales interview.
(14) approach
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.
(14) public relations
Communication function that seeks to build good relationships with an organization’s publics, including consumers, stockholders, and legislators.
(14) close
The stage of the selling process in which the salesperson asks the customer to buy the product.
(14) press release
Information that an organization distributes to the media intended to win publicity.
4Cs
- Customer
- Cost
- Convenience
- Communication
4Ps
- Product
- Price
- place
- Promotion
(13) advertising appeal
The central idea or theme of an advertising message.
(8) augmented product
The actual product plus other supporting features, such as a warranty, credit, delivery, installation, and repair service after the sale.
(9) brand
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
(9) brand equity
The value of a brand to an organization.
(10) break-even point
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.
(9) cannibalization
The loss of sales of an existing brand when a new item in a product line or product family is introduced.
(10) captive pricing
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)
(11) channel intermediaries
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.
(8) commercialization
The final step in the product development process in which a new product is launched into the market.
(10) Contribution per unit
The difference between the price the firm charges for a product and the variable costs.
(13) creative brief
A guideline or blueprint for the marketing communication program that guides the creative process.
(13) creative strategy
The process that turns a concept into an advertisement.
(11) distribution intensity
The number of intermediaries at each level of the channel.
(8) durable good
Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances.
(8) nondurable good
Consumer products that provide benefits for a short time because they are consumed, such as food, or are no longer useful, such as newspapers.
(8) convenience product
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.
(10) elastic demand
Demand in which changes in price have large effects on the amount demanded. ex. luxury goods, airline tickets and fast food.
(11) enterprise resource planning
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.
(10) FOB delivered pricing
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.
(10) FOB origin pricing
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.
(8) impulse product
A product people often buy on the spur of the moment.
(10) inelastic demand
Demand in which changes in price have little or no effect on the amount demanded.
(9) ingredient branding
A type of branding in which branded materials become “component parts” of other branded products.
(8) innovation
A product that consumers perceive to be new and different from existing products.
(11) Inventory control
Activities to ensure that goods are always available to meet customers’ demands.
(11) Inventory turns
The number of times a firm’s inventory completely cycles through during a defined time frame.
(11) Just in time
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.
(10) market share
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).
(12) merchandise breadth
The number of different product lines available.
(12) merchandise depth
The variety of choices available for each specific product line.
(12) Merchandise mix
The total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups.
(11) merchant wholesalers
Intermediaries that buy goods from manufacturers (take title to them) and sell to retailers and other B2B customers.
(11) order processing
The series of activities that occurs between the time an order comes into the organization and the time a product goes out the door.
(12) point of sale systems
Retail computer systems that collect sales data and are hooked directly into the store’s inventory-control system.
(10) prestige products
Products that have a high price and that appeal to status-conscious consumers.
(10) price
The assignment of value, or the amount the consumer must exchange to receive the offering.
(10) price bundling
Selling two or more goods or services as a single package for one price.
(9) private-label brand
Brands that a certain retailer or distributor owns and sells.
(9) product management
The systematic and usually team-based approach to coordinating all aspects of a product’s strategy development and execution
(9) product mix
The total set of all products a firm offers for sale.
(13) puffery
Claims made in advertising of product superiority that cannot be proven true or untrue.
(12) retailing
The final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use.
(8) shopping product
Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.
(10) Skimming price
A very high, premium price that a firm charges for its new, highly desirable product.
(11) slotting allowance
A fee paid in exchange for agreeing to place a manufacturer’s products on a retailer’s valuable shelf space.
(8) specialty product
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.
(11) supply chain
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.
(8) test marketing
Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.
(10) variable costs
The costs of production (raw and processed materials, parts, and labor) that are tied to and vary by the number of units produced.
(10) fixed costs
Costs of production that do not change with the number of units produced.
(11) warehousing
Storing goods in anticipation of sale or transfer to another member of the channel of distribution.
