Shared Flashcard Set

Details

Marketing
Ba 390
196
Business
Undergraduate 1
03/18/2008

Additional Business Flashcards

 


 

Cards

Term
Advertising
Definition
Paid nonpersonal communication about an organization and its products transmitted to a target audience through mass media
Term
advertising appropriation
Definition
The advertising budget for a specific time period
Term
advertising campaign
Definition
The creation and execution of a series of advertisements to communicate with a particular target audience
Term
advertising platform
Definition
Basic issues or selling points to be included in an advertising campaign
Term
advocacy advertising
Definition
Advertising that promotes a company's position on a public issue
Term
advocacy advertising
Definition
Advertising that promotes a company's position on a public issue
Term
agent
Definition
An intermediary that represents either buyers or sellers on a permanent basis
Term
aided recall test
Definition
A posttest that asks respondents to identify recent ads and provides clues to jog their memories
Term
allowance
Definition
A concession in price to achieve a desired goal
Term
Approach
Definition
The manner in which a salesperson contacts a potential customer
Term
arbitrary approach
Definition
Budgeting for an advertising campaign as specified by a high-level executive in the firm
Term
artwork
Definition
An advertisement's illustrations and layout
Term
Atmospherics
Definition
The physical elements in a store's design that appeal to consumers' emotions and encourage buying
Term
automatic vending
Definition
The use of machines to dispense products
Term
average fixed cost
Definition
The fixed cost per unit produced
Term
average total cost
Definition
The sum of the average fixed cost and the average variable cost
Term
average variable cost
Definition
The variable cost per unit produced
Term
barter
Definition
The trading of products
Term
base-point pricing
Definition
Geographic pricing that combines factory price and freight charges from the base point nearest the buyer
Term
break-even point
Definition
The point at which the costs of producing a product equal the revenue made from selling the product
Term
broker
Definition
An intermediary that brings buyers and sellers together temporarily
Term
buy-back allowance
Definition
A sum of money given to a reseller for each unit bought after an initial promotion deal is over
Term
buying allowance
Definition
A temporary price reduction to resellers for purchasing specified quantities of a product
Term
captioned photograph
Definition
A photograph with a brief description of its contents
Term
cash and carry wholesaler
Definition
A limited service wholesaler whose customers pay cash and furnish transportation
Term
cash discount
Definition
A price reduction given to buyers for prompt payment or cash payment
Term
Catalog marketing
Definition
"A type of marketing in which an organization provides a catalog from which customers make selections and place orders by mail, telephone or the internet"
Term
Catalog showroom
Definition
"A warehouse showroom in which consumers use catalogs to place orders for products, which are then filled directly in the warehouse area and picked up by buyers in the showroom"
Term
catalog showroom
Definition
"A warehouse showroom in which consumers use catalogs to place orders for products, which are then filled directly in the warehouse area and picked up by buyers in the showroom"
Term
category killer
Definition
A very large specialty store that concentrates on a major product category and competes on the basis of low prices and enormous product availability
Term
category managment
Definition
"Category management is a retail strategy of managing groups of similar, often substitutable products produced by different manufacturers."
Term
cents-off offer
Definition
"A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise"
Term
closing
Definition
The stage in the personal selling process when the salesperson asks the prospect to buy the product
Term
combination compensation plan
Definition
Paying salespeople a fixed salary plus a commission based on sales volume
Term
Commission merchant
Definition
"An agent that receives goods on consignment from local sellers and negotiates sales in large, central markets"
Term
community shopping center
Definition
"A shopping center with one or two department stores, some specialty stores, and convenience stores"
Term
Comparative advertising
Definition
Advertising that compares two or more brands on the basis of one or more product characteristics
Term
comparative advertising
Definition
Advertising that compares two or more brands on the basis of one or more product characteristics
Term
competition-matching approach
Definition
Determining an advertising budget by trying to match competitors' advertising outlays
Term
Competitive advertising
Definition
"Advertising that points out a brands special features, uses, and advantages relative to competing brands"
Term
consumer contest
Definition
Sales promotion methods in which individuals compete for prizes based on their analytical or creative skills
Term
consumer game
Definition
Sales promotion method in which individuals compete for prizes based primarily on chance
Term
consumer jury
Definition
A panel of a product's existing or potential buyers who pretest ads
Term
consumer sales promotion methods
Definition
Sales promotion techniques that encourage consumers to patronize specific stores or try particular products
Term
consumer sweepstakes
Definition
A sales promotion in which entrants submit their names for inclusion in a drawing for prizes
Term
Convenience store
Definition
"A small self-service store that is open long hours and carries a narrow assortment of products, usually convenience items"
Term
convenience store
Definition
"A small self-service store that is open long hours and carries a narrow assortment of products, usually convenience items"
Term
cooperative advertising
Definition
An arrangement in which a manufacturer agrees to pay a certain amount of a retailer's media costs for advertising the manufacturer's products
Term
copy
Definition
The verbal portion of advertisements
Term
cost comparison indicator
Definition
A means of comparing the costs of advertising vehicles in a specific medium in relation to the number of people reached
Term
coupon
Definition
A written price reduction used to encourage consumers to buy a specific product
Term
cumulative discount
Definition
A quantity discount aggregated over a stated period
Term
Cycle time
Definition
The time needed to complete a process.
Term
dealer listings
Definition
An advertisement that promotes a product and identifies the names of participating retailers that sell the product
Term
dealer loader
Definition
"A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise"
Term
demand curve
Definition
A graph of the quantity of products expected to be sold at various prices if other factors remain constant
Term
demonstration
Definition
A sales promotion method a manufacturer uses temporarily to encourage trial use and purchase of a product or to show how a product works
Term
Department store
Definition
A large retail organization characterized by a wide product mix and organized into separate departmetsn to facilitate marketing efforts and internal management
Term
Direct marketing
Definition
"The use of the telephone, internet and non-personal media to introduce products to customers, who can then purchase them via mail, telephone or the internet"
Term
direct marketing
Definition
"The use of the telephone, Internet, and nonpersonal media to introduce products to customers, who can then purchase them via mail, telephone, or the Internet"
Term
direct selling
Definition
Marketing products to ultimate consumers through face-to-face sales presentations at home or in the workplace
Term
Direct-response marketing
Definition
A type of marketing in which a retailer advertises a product and makes it available through mail or telephone orders
Term
direct-response marketing
Definition
A type of marketing in which a retailer advertises a product and makes it available through mail or telephone orders
Term
discount store
Definition
"A self-service, general-merchandise store offering brand name and private-brand products at low prices"
Term
Distribution center
Definition
"A large, centralized warehouse that focuses on moving rather than storing goods"
Term
drop shipper
Definition
A limited service wholesaler that takes title to goods and negotiates sales but never actually takes possession of products
Term
Electronic data interchange(EDI)
Definition
"A computerized means of integrating order processing with production, inventory, accounting, and transportation"
Term
external reference price
Definition
A comparison price provided by others
Term
F.O.B. destination
Definition
A price indicating the producer is absorbing shipping costs
Term
F.O.B. factory
Definition
"The price of merchandise at the factory, before shipment"
Term
feature article
Definition
"A manuscript of up to 3,000 words prepared for a specific publication"
Term
fixed costs
Definition
Costs that do not vary with changes in the number of units produced or sold
Term
franchising
Definition
An arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration
Term
free merchandise
Definition
A manufacturer's reward given to resellers that purchase a stated quantity of products
Term
free sample
Definition
A sample of a product given out to encourage trial and purchase
Term
freight absorption pricing
Definition
Absorption of all or part of actual freight costs by the seller
Term
Freight forwarder
Definition
An organization that consolidates shipments from several firms into efficient lot sizes
Term
full-service wholesaler
Definition
A merchant wholesaler that performs the widest range of wholesaling functions
Term
general line wholesaler
Definition
A full service wholesaler that carries only a few product lines but many products within those lines
Term
General-Merchandise Retailer
Definition
A retailed establishment that offers a variety of product lines that are stocked in considerable depth
Term
General-merchandise wholesaler
Definition
A full service wholesaler with a wide product mix but limited depth within product lines
Term
geographic pricing
Definition
Reductions for transportation and other costs related to the physical distance between buyer and seller
Term
Hypermarket
Definition
A store that combines supermarket and discount store shopping in one location
Term
hypermarket
Definition
A store that combines supermarket and discount store shopping in one location
Term
illustrations
Definition
"Photos, drawings, graphs, charts, and tables used to spark audience interest in an advertisement"
Term
institutional advertising
Definition
"Advertising that promotes organizational images, ideas, and political issues"
Term
institutional advertising
Definition
"Advertising that promotes organizational images, ideas, and political issues"
Term
Intermodal Transportation
Definition
Two or more transportation modes used in combination
Term
internal reference price
Definition
A price developed in the buyer's mind through experience with the product
Term
Inventory management
Definition
developing and maintaining adequate assortments of products to meet customers needs
Term
Just in time(JIT)
Definition
An inventory management approach in which supplies arrive just when needed for production or resale
Term
layout
Definition
The physical arrangement of an advertisement's illustration and copy
Term
lifestyle shopping center
Definition
"A type of shopping center that is typically open-air and features upscale specialitty, dining, and entertainment stores."
Term
limited service wholesaler
Definition
A merchant wholesaler that provides some services and specializes in a few functions
Term
mail order wholesaler
Definition
A wholesaler who uses catalogs instead of a sales force to sell products to retail and business buyers
Term
Manufacturers agent
Definition
An independent intermediary that represents two or more sellers and ussually offers customers complete prodct lines
Term
marginal cost (MC)
Definition
The extra cost incurred by producing one more unit of a product
Term
materials handling
Definition
"Physical handling of tangible goods, supplies, and resources."
Term
media plan
Definition
A plan that specifies the media vehicles to be used and the schedule for running advertisements
Term
Megacarrier
Definition
A freight transportation firm that provides several modes of shipment
Term
merchandise allowance
Definition
"A manufacturer's agreement to pay resellers certain amounts of money for providing special promotional efforts, such as setting up and maintaining a display"
Term
merchant wholesaler
Definition
"An independently owned business that takes title to goods, assumes ownership risks, and buys and resells products to other wholesalers, business customers, or retailers."
Term
missionary salespeople
Definition
"Support salespeople, usually employed by a manufacturer, who assist the producer's customers in selling to their own customers"
Term
money refund
Definition
"A sales promotion technique offering consumers a specified amount of money when they mail in a proof of purchase, usually for multiple product purchases"
Term
noncumulative discount
Definition
"A one-time price reduction based on the number of units purchased, the size of the order, or the product combination purchased"
Term
nonprice competition
Definition
Emphasizing factors other than price to distinguish a product from competing brands
Term
Nonstore retailing
Definition
The selling of products outside the confines of a retail facility
Term
nonstore retailing
Definition
The selling of products outside the confines of a retail facility
Term
objective-and-task approach
Definition
Budgeting for an advertising campaign by first determining its objectives and then calculating the cost of all the tasks needed to attain them
Term
Off-price retailer
Definition
"A store that buys manufactures' seconds, overruns, returns and off-season merchandise for resale to consumers at deep discounts"
Term
online retailing
Definition
Retailing that makes products available to buyers through computer connections
Term
order getter
Definition
A salesperson who sells to new customers and increases sales to current customers
Term
Order Processing
Definition
The receipt and transmission of sales order information
Term
order takers
Definition
A salesperson who primarily seeks repeat sales
Term
outlet shopping center
Definition
A type of shopping center that features discount and factory outlet stores carrying manufacturer brands
Term
Outsourcing
Definition
Contracting physical distribution tasks to third parties that do not have managerial authority within the marketing channel
Term
percent-of-sales approach
Definition
Budgeting for an advertising campaign by multiplying the firm's past and expected sales by a standard percentage
Term
personal selling
Definition
Paid personal communication that attempts to inform customers and persuade them to buy products in an exchange situation
Term
Physical distribution
Definition
Activities used to move products from producers to consumers and other end users
Term
pioneer advertising
Definition
Advertising that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product
Term
pioneer advertising
Definition
Advertising that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product
Term
point-of-purchase (P-O-P) materials
Definition
"Signs, window displays, display racks, and similar devices used to attract customers"
Term
posttest
Definition
Evaluation of advertising effectiveness after the campaign
Term
premium
Definition
An item offered free or at a minimal cost as a bonus for purchasing a product
Term
premium (push) money
Definition
Extra compensation to salespeople for pushing a line of goods
Term
press conference
Definition
A meeting used to announce major news events
Term
prestige sensitive
Definition
Drawn to products that signify prominence and status
Term
pretest
Definition
Evaluation of advertisements performed before a campaign begins
Term
price
Definition
The value exchanged for products in a marketing exchange
Term
price competition
Definition
Emphasizing price as an issue and matching or beating competitors' prices
Term
price conscious
Definition
Striving to pay low prices
Term
price discrimination
Definition
Employing price differentials that injure competition by giving one or more buyers a competitive advantage
Term
price elasticity of demand
Definition
A measure of the sensitivity of demand to changes in price
Term
Private warehouse
Definition
A company operated facility for storing and shipping products
Term
product advertising
Definition
"Advertising that promotes the uses, features, and benefits of products"
Term
product advertising
Definition
"Advertising that promotes the uses, features, and benefits of products"
Term
prospecting
Definition
Developing a list of potential customers
Term
public relations
Definition
Communication efforts used to create and maintain favorable relations between an organization and its stakeholders
Term
Public warehouse
Definition
A business that leases storage space and related physical distribution facilities to other fims
Term
publicity
Definition
A news story type of communication about an organization and/or its products transmitted through a mass medium at no charge
Term
quantity discount
Definition
A deduction from list price for purchasing in large quantities
Term
rack jobber
Definition
A type of specialty line wholesaler that owns and maintains display racks in stores
Term
rebate
Definition
A sales promotion technique in which a consumer receives a specified amount of money for making a single product purchase
Term
recognition test
Definition
A posttest in which respondents are shown the actual ad and asked if they recognize it
Term
recruiting
Definition
Developing a list of qualified applicants for sales positions
Term
regional issues
Definition
Versions of a magazine that differ across geographic regions
Term
regional shopping center
Definition
"A type of shopping center with large department stores, the wide product mix, and the deepproduct lines of all shopping centers"
Term
Reinforcement Advertising
Definition
Advertising that assures users they chose the right brand and tells them how to get the most stisfaction from it
Term
relationship selling
Definition
The building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time
Term
Reminder Advertising
Definition
"Advertising used to remind consumers about an established brands uses, characteristics, and benefits"
Term
reminder advertising
Definition
"Advertising used to remind consumers about an established brand's uses, characteristics, and benefits"
Term
retail positioning
Definition
Identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment
Term
Retailer
Definition
An organization that purchases products for the purpose of reselling them to ultimate customers
Term
Retailing
Definition
"All transactions in which the buyer intends to consume the product through personal, family or household use"
Term
Sales branches
Definition
A manufacturer owned intermediary that sells products and provides support services to the manufactures sales force
Term
sales office
Definition
A manufacturer owned operation that provides services normally associated with agents
Term
sales promotion
Definition
An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it
Term
scan-back allowance
Definition
A manufacturer's reward to retailers based on the number of pieces scanned
Term
scrambled merchandising
Definition
"The addition of unrelated products and product lines to an existing product mix, particularly fast-moving items that can be sold in volume"
Term
seasonal discount
Definition
A price reduction given to buyers for purchasing goods or services out of season
Term
selling agent
Definition
An intermediary that markets a whole product line or a manufactures entire output
Term
specialty line wholesaler
Definition
A full service wholesaler that carries only a single product line or a few items within a product line.
Term
storyboard
Definition
A blueprint combining copy and visual material to show the sequence of major scenes in a commercial
Term
straight commission compensation plan
Definition
Paying salespeople according to the amount of their sales in a given time period
Term
straight salary compensation plan
Definition
"Paying salespeople a specific amount per time period, regardless of selling effort"
Term
Supermarket
Definition
"A large, self-service store that carries a compete line of food products, along with some nonfood products"
Term
superregional shopping center
Definition
"A type of shopping center with the largest department stores, the widest product mix, and the deepest product lines of all shopping centers"
Term
Superstore
Definition
"A giant retail outlet that carries food and nonfood products found in supermarkets, as well as most routinely purchased consumer products"
Term
superstore
Definition
"A giant retail outlet that carries food and nonfood products found in supermarkets, as well as most routinely purchased consumer products"
Term
support personnel
Definition
Sales staff members who facilitate selling but usually are not involved solely with making sales
Term
Target audience
Definition
The group of people at whom advertisements are aimed
Term
target audience
Definition
The group of people at whom advertisements are aimed
Term
team selling
Definition
"The use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process"
Term
technical salespeople
Definition
Support salespeople who give technical assistance to a firm's current customers
Term
telemarketing
Definition
The performance of marketing-related activities by telephone
Term
television home shopping
Definition
"A form of selling in which products are presented to television viewers, who can buy them by calling a toll-free number and paying with a credit card"
Term
total cost
Definition
The sum of average fixed and average variable costs times the quantity produced
Term
trade (functional) discount
Definition
A reduction off the list price a producer gives to an intermediary for performing certain functions
Term
trade sales promotion methods
Definition
Methods intended to persuade wholesalers and retailers to carry a producer's products and market them aggressively
Term
trade salespeople
Definition
Salespeople involved mainly in helping a producer's customers promote a product
Term
Traditional specialty retailer
Definition
A store that carries a narrow product mix with deep product lines
Term
transfer pricing
Definition
Prices charged in sales between an organization's units
Term
Transportation
Definition
The movement of products from where they are made to where they are used
Term
truck wholesaler
Definition
A limited service wholesaler that transports products directly to customers for inspection and selection
Term
unaided recall test
Definition
A posttest in which respondents are asked to identify ads they have recently seen but are given no recall clues
Term
uniform geographic pricing
Definition
"Charging all customers the same price, regardless of geographic location"
Term
value conscious
Definition
Concerned about price and quality of a product
Term
variable costs
Definition
Costs that vary directly with changes in the number of units produced or sold
Term
Warehouse club
Definition
A large-scale members-only establishment that combines features of cash and carry wholesaling with discount retailing
Term
Warehouse showroom
Definition
"A retail facility in a large, low-cost building with large on-premise inventories and minimal services"
Term
warehouse showroom
Definition
"A retail facility in a large, low-cost building with large on-premise inventories and minimal services"
Term
warehousing
Definition
The design and operation of facilities for storing and moving goods
Term
wheel of retailing
Definition
"A hypothesis holding that new retailers usually enter the market as low-status, low-margin, low-price operators but eventually evolve into high-cost, high-price merchants"
Term
Wholesaler
Definition
"An individual or organization that sells products that are bought for resale, for making other products, or for general bnusiness operations."
Term
Wholesaling
Definition
"Transactions in which products are bought for resale, for making other products, or for general business operations."
Term
zone pricing
Definition
Pricing based on transportation costs within major geographic zones
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