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BUS 110
Final Exam
185
Business
Undergraduate 3
11/24/2013

Additional Business Flashcards

 


 

Cards

Term
Marketing
Definition
The activity, set of institutions, and pricesses for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
Utility
Definition
The ability of a good or service to satisfy a human need
Term
Form Utility
Definition
Utility created by converting production inputs into finished products
Term
Place Utility
Definition
Utility created by making a product available at a location where customers wish to purchase it
Term
Time Utility
Definition
Utility created by making a product available when customers wish to purchase it
Term
Possession Utility
Definition
Utility created by transferring title (or ownership) of a product to a buyer
Term
Relationship Marketing
Definition
Establishing long-term, mutually satisfying buyer-selfer relationships
Term
Customer Relationship Management (CRM)
Definition
Using information about customers to create marketing strategies that develop and sustain desirable cutomer relationships
Term
Customer Lifetime Value
Definition
A measure of a customer's worth (sales minus costs) to a business over one's lifetime
Term
Marketing Concept
Definition
A business philosophy that a firm should provide goods and services that satify customers' needs through a coordinated set of activities that allow the firm to achieve its objectives
Term
Market
Definition
A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
Term
Marketing Strategy
Definition
A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
Term
Marketing Mix
Definition
A combination of product, price, distribution, and promotion developed to satisfy a particular target market
Term
Target Market
Definition
A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specfic for the specific needs and preferences of that group
Term
Undifferentiated Approach
Definition
Directing a single marketing mix at the entire market for a particular product
Term
Market Segment
Definition
A group of individuals or organizations within a market that share one or more common characteristics
Term
Market Segmentation
Definition
The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
Term
Marketing Plan
Definition
A written document that specifies an organization's resources, objectives, strategy, and implematation and control efforts to be used in marketing a specific product or product group
Term
Sales Forecast
Definition
An estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort
Term
Marketing Information System
Definition
A system for managing marketing information that is gathered continually from internal and external sources
Term
Marketing Research
Definition
The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
Term
Buying Behavior
Definition
The decisions and actions of people involved in buying and using products
Term
Consumer Buying Behavior
Definition
The purchasing of products for personal or household use, not for business purposes
Term
Business Buying Behavior
Definition
The purchasing of products by producers, resellers, governmental units, and institutions
Term
Personal Income
Definition
The income an individual receives from all sources less the social security taxes the individual must pay
Term
Disposable Income
Definition
Personal income less all additional personal taxes
Term
Discretionary Income
Definition
Disposable income less savings and expenditures on food, clothing, and housing
Term
Product
Definition
Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; it may be a good, a service, or an idea
Term
Consumer Product
Definition
A product purchased to satisfy personal and family needs
Term
Business Product
Definition
A product bought for resale, for making other products, or for use in a firm's operations
Term
Covenience Product
Definition
A relatively inexpensive, frequently purchased item for which buyers want to exert only minimal effort
Term
Shopping Product
Definition
An item for which buyers are willing to expend considerable effort on planning and making the purchase
Term
Specialty Product
Definition
An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort
Term
Raw Material
Definition
A basic material that actually becomes part of a physical product; usually comes from mines, forest, oceans, or recycled solid wastes
Term
Major Equipment
Definition
Large tools and machines used for production purposes
Term
Accessory Equipment
Definition
Standardized equipment used in a firm's production or office activities
Term
Component Part
Definition
An item that becomes part of a physical product and its either a finished item ready for assembly or a product that needs little processing before assembly
Term
Process Material
Definition
A material that is used directly in the production of another product but is not readily identifible in the finished product
Term
Supply
Definition
An item that facilitates production and operations but does not become part of a finished product
Term
Business Service
Definition
An intangible product that an organization uses in its operations
Term
Product Line
Definition
A group of similar products that differ only in relative minor characteristics
Term
Product Mix
Definition
All the products a firm offers for sale
Term
Product Modification
Definition
The process of changing one or more of a product's characteristics
Term
Line Extension
Definition
Development of a new product that is closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs
Term
Product Deletion
Definition
The elimination of one or more products from a product line
Term
Trademark
Definition
A brand name or brand mark is registered with the U.S. Patent and Trademark Office and thus is legally protected from the use by anyone except its owner
Term
Trade Name
Definition
The complete and legal name of an organization
Term
Manufacturer (or producer) Brand
Definition
A brand that is owned by a manufacturer
Term
Stroe (or private) Brand
Definition
A brand that is owned by an individual wholesaler or retailer
Term
Generic Product (or brand)
Definition
A product with no brand at all
Term
Brand Loyalty
Definition
Extent to which a customer is favorable toward buying a specific brand
Term
Brand Equity
Definition
Marketing and financial value associated with a brand's strength in a market
Term
Individual Branding
Definition
The strategy in which a firm uses a different brand for each of its products
Term
Family Branding
Definition
The strategy in which a firm uses the same brand for all or most of its products
Term
Brand Extension
Definition
Using an exsiting brand to brand a new product in a different product category
Term
Packaging
Definition
All the activites involved in developing and providing a container with graphics forĀ a product
Term
Labeling
Definition
The presentation of information on product or information on a product ir its package
Term
Express Warranty
Definition
A written explanation of the producer's responsibilities in the event that a product is found to be defective or otherwise unsatisfactory
Term
Price
Definition
The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances
Term
Supply
Definition
The quantity of a product that producers are willing to sell at each of various prices
Term
Demand
Definition
The quantity of a product that buyers are willing to purchase at each of various prices
Term
Price Competition
Definition
An emphasis on settinga price equal to or lower than competitors prices to gain sales or market share
Term
Nonprice Competition
Definition
Competition based on factors other than price
Term
Product Differentiation
Definition
The process of developing and promoting differences between one's product and all similar products
Term
Markup
Definition
The amount a seller adds to the cost of a product to determine its basic selling price
Term
Breakeven Quantity
Definition
The number of units that must be sold for the total revenue (from all units sold) to equal the told cost (of all units sold)
Term
Total Revenue
Definition
The total amount received from sales of a product
Term
Fixed Cost
Definition
A cost incurred no matter how many units of a product are purchased or sold
Term
Variable Cost
Definition
A cost that depends on the number of units produced
Term
Total Cost
Definition
A sum of the fixed costs and the variable costs attributed to a product
Term
Price Skimming
Definition
The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle
Term
Penetration Pricing
Definition
The strategy of setting a low price for a new product
Term
Negotiated Pricing
Definition
Establishing a final price through bargaining
Term
Secondary-market Pricing
Definition
Setting one price for the primary target market and a different price for the other market
Term
Random Discounting
Definition
Temporary reduction of prices on an unsystematic basis
Term
Odd-numbering Pricing
Definition
The strategy of setting proces on an unsystematic basis
Term
Multiple-unit Pricing
Definition
The strategy of setting a single price for two or more units
Term
Reference Pricing
Definition
Pricing a product at a moderate level and positioning it next to a more expensive model or brand
Term
Bundle Pricing
Definition
Packaging together two or more complementary products and selling them for a single price
Term
Everyday Low Prices (EDLPs)
Definition
Setting a low price for products on a consistent basis
Term
Customary Pricing
Definition
Pricing on the basis of tradition
Term
Captive Pricing
Definition
Pricing the basic product in a product line low, but pricing related items at a higher level
Term
Premium Pricing
Definition
Pricing the highest-quality or most-versatile products higher than other models in the product line
Term
Price Lining
Definition
The strategy of selling goods only at a certain predetermined prices that reflect definite price breaks
Term
Price Leaders
Definition
Products priced below the usual markup, near cost, or below cost
Term
Special-event Pricing
Definition
Advertised sales or price cutting linked to a holiday, season, or event
Term
Comparison Discounting
Definition
Setting a price at a specific level and comparing it with a higher price
Term
Transfer Pricing
Definition
Prices charged in sales between an organization's units
Term
Discount
Definition
A deduction from the price of an item
Term
Channel of Distribution (or marketing channel)
Definition
A sequence or marketing organizations that directs a product from the producer to the ultimate user
Term
Middleman (or marketing intermediary)
Definition
A marketing organization that links a producer and user within a marketing channel
Term
Merchant Middleman
Definition
A middleman that actually takes title to products by buying them
Term
Functional Middleman
Definition
A middleman that helps in the transfer of ownership of prducts but does not take title to the products
Term
Retailer
Definition
A middleman that buys from producers or other middlemen and sells to consumers
Term
Wholesaler
Definition
A middleman that sells products to other firms
Term
Intensive Distribution
Definition
The use of all available outlets for a product
Term
Selective Distribution
Definition
The use of only a portion of the available outlets for a product in each geographic area
Term
Exclusive Distribution
Definition
The use of only a single retail outlet for aproduct in a large geographic area
Term
Supply-chain Management
Definition
Long-term partnership among channel members working together to create a distribution system that reduces inefficiencies, costs, and redundancies while creating a competitive advantage and satisfying customers
Term
Veticle Channel Integration
Definition
The combining of two or more stages of a distribution channel under a single firm's management
Term
Verticle Marketing System (VMS)
Definition
A centrally managed distribution channel resulting from vertical channel integration
Term
Merchant Wholesaler
Definition
A middleman that purchases goods in large quantities and then sells them to other wholesalers or retailers and to institutional, farm, government, professional, or industrial users
Term
Full-servie Wholesaler
Definition
A middleman that performs the entire range of wholesaler functions
Term
General-merchandise Wholesaler
Definition
A middleman that deals in a wide variety of products
Term
Limited-line Wholesaler
Definition
A middleman that stocks only a few product lines but carries numerous product items within each line
Term
Specialty-line Wholesaler
Definition
A middleman that carries a select group of products with a single line
Term
Limited-service Wholesaler
Definition
A middleman that assumes responisibility for a few wholesale services only
Term
Commission Merchant
Definition
A middleman that carries merchandise and negotiates sales for manufacturers
Term
Agent
Definition
A middleman that expedites exchanges, represents a buyer or a seller, anf often is hired permanently on a commission agent
Term
Broker
Definition
A middleman that specializes in a particular commodity, represents either a buyer or a seller, and is likely to be hired on a temporary basis
Term
Manufacturer's Sales Branch
Definition
Essentially a merchant wholesaler that is owned by a manufacturer
Term
Manufacturer's Sales Office
Definition
Essentially a sales agent owned by a manufacturer
Term
Independent Retailer
Definition
A firm that operates only one retail outlet
Term
Chain Retailer
Definition
A company that operates more than one retail outlet
Term
Department Store
Definition
A retail store that (1) employs 25 or more persons and (2) sells at least home furnighings, appliances, family apparel, and household linens and dry goods, each in a different part of the store
Term
Discount Store
Definition
A self-service general-mechandise outlet that sells products at a lower-than-usual prices
Term
Catalog Showroom
Definition
A retail outlet that displays well-known brands and sells them at discount prices through catalogs within the store
Term
Warehouse Showroom
Definition
A retail facility in a large, low-cost building with a large on-premises inventory and minimal service
Term
Convenience Store
Definition
A small food store that sells alimited variety of products but remains open well beyond normal business hours
Term
Supermarket
Definition
A large self-service store that sells primarily food and household products
Term
Superstore
Definition
A large retail store that carries not only food and nonfood products ordinarily found in supermarkets but also addtional product lines
Term
Warehouse Club
Definition
A large-scale members-only establishment that combines features of cash-and-carry wholesaling with discount retailing
Term
Traditional Specialty Store
Definition
A store that carries a narrow product mix with deep product lines
Term
Off-price Retailer
Definition
A store that buys manufacturers' seconds, overruns, returns, and off-season merchandise for resale to consumers at deep discounts
Term
Category Killer
Definition
A very large specialty store that concentrates on a single product line and competes on the basis of low proces and product availability
Term
Nonstore Retailing
Definition
A type of retailing whereby consumers purchase products without visiting a store
Term
Direct Selling
Definition
The marketing of products to consumers through face-to-face sales presentations at home or in the workplace
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
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
Direct-response Marketing
Definition
A type of marketing in which the seller adveritses a product and makes it available, usually for a short time perios, through mail, telephone, or online orders
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
Online Retailing
Definition
Retailing that makes products available to buyers through computer connections
Term
Automatic Vending
Definition
The use of machines to dispense products
Term
Lifestyle Shopping Center
Definition
An open-air-environment shopping center with upscale chain specialty stores
Term
Neighborhood Shopping Centers
Definition
A planned shopping center consisting of several small convenience and specialty stores
Term
Community Shopping Center
Definition
A planned shopping center that includes one or two department stores and some specialty stores, along with convenience stores
Term
Regional Shopping Center
Definition
A panned shopping center containing a large department stores, numerous shopping stores, restaurants, movies, and sometimes even hotels
Term
Physical Distribution
Definition
All the activities concerned with the efficient movement of products from the producer to the ultimate user
Term
Inventory Management
Definition
The process of managing inventories in such a way as to minimize inventory costs, inlcuding both holding costs and potential stock-out costs
Term
Order Processing
Definition
Activities involved in receiving and filling cutomers' purchase orders
Term
Warehousing
Definition
The set of activities involved in receiving and storing goods and preparing them for reshipment
Term
Materials Handling
Definition
The actual physical handling of goods, in warehouses as well as during transportation
Term
Transportation
Definition
The shipment of products to customers
Term
Carrier
Definition
A firm that offers transportation services
Term
Promotion
Definition
Communication about an organization and its products that is intended to inform, persuade, or remind target-market members
Term
Promotion Mix
Definition
The particualr combination of promotion methods a firm uses to reach a traget market
Term
Integrated Marketing Communications
Definition
Coordination of promotion efforts to ensure their maximal informational and persuasive impact on customers
Term
Advertising
Definition
A paid nonpersonal message communicated to a select audience through a mass medium
Term
Personal Selling
Definition
Personal communication aimed at informing customers and persuading them to buy a firm's products
Term
Public Relations
Definition
Communication activities used to create and maintain favorable relations between an organization and various public groups, both internal and external
Term
Primary-demand Advertising
Definition
Advertising aimed at increasing the demand for all brands of a product within a specific industry
Term
Selective-demand (or brand) Advertising
Definition
Advertising that is used to sell a particular brand of product
Term
Institutional Advertising
Definition
Advertising designed to enhance a firm's image or reputation
Term
Advertising Media
Definition
The various forms of communication through which advertising reaches its audience
Term
Direct-mail Advertising
Definition
Promotional material mailed directly to individuals
Term
Yellow Pages Advertising
Definition
Simple listing or display advertisements presented under specific product categories appearing in print and online telephone directories
Term
Out-of-home Advertising
Definition
Short promotional messages on billboards, posters, signs, andtransportation vehicles
Term
Infomercial
Definition
A program-length televised commercial message resembling an entertainment or consumer affairs program
Term
Advertising Agency
Definition
An independent firm that plans, produces, and places advertising for its clients
Term
Order-getter
Definition
A salesperson who is responsible for selling a firm's products to new customers and increasing sales to present customers
Term
Creative Selling
Definition
Selling products to new customers and increasing sales to present customers
Term
Order-taker
Definition
A salesperson who handles repeat sales in ways that maintain positive relationships with customers
Term
Sales Support Personnel
Definition
Employees who aid in selling but are more involved in locating prospects, educating customers, building goodwill for a firm, and providing follow-up service
Term
Missionary Salesperson
Definition
A salesperson--generally employeed by a manufacturer--who visits retailers to persuade them to buy the maufacturer's products
Term
Trade Salesperson
Definition
A salesperson--generally employess by a food producer or processor-- who assists customers in promoting products, especially in retail stores
Term
Technical Salesperson
Definition
A salesperson who assists a company's current customers in technical matters
Term
Customers Sales Promotion Method
Definition
A sales promotion method designed to attract consumers to particular retail stores and to motivate them to purchase certain new or established products
Term
Trade Sales Promotion Method
Definition
A sales promotion method designed to encourage wholesalers and retailers to stock and actively promote a manufacturer's product
Term
Rebate
Definition
A return of part of the product's purchase price
Term
Coupon
Definition
An offer that reduces the retail price of a particular item by a stated amount at the time of purchase
Term
Sample
Definition
A free product given to customers to encourage trial and purchase
Term
Premium
Definition
A gift that a producer offers a customer in return for buying its product
Term
Frequent-user Incentive
Definition
A program developed to reward customers who engage in repeat (frequent) purchases
Term
Point-of-Purchase Display
Definition
Promotional material placed within a retail store
Term
Trade Show
Definition
An industry-wide exhibit at which many sellers display their products
Term
Buying Allowance
Definition
A temporary price reduction to resellers for purchasing specified quantities of a product
Term
Cooperative Advertising
Definition
An arrangement whereby a manufacturer agrees to pay a certain amount of a retailer's media cost for advertising the manufacturer's product
Term
Publicity
Definition
Communication in news-story form about an organization, its products, or both
Term
News Release
Definition
A typed page of about 300 words provided by an organization to the media as a form of publicity
Term
Feature Article
Definition
A piece (of up to 3,000 words) prepared by an organization for inclusion in a particular publication
Term
Captioned Photograph
Definition
A picture accompanied by a brief explanation
Term
Press Conference
Definition
A meeting at which invited media personnel hear important news announcements and receive supplementary textual materials and photographs
Term
Promotional Campaign
Definition
A plan for combining and using the four promotional methods--advertising, personal selling, sales promotion, and publicity-- in a particular promotion mix to achieve one or more marketing goals
Term
Positioning
Definition
The development of a product image in buyers' minds relative to the images they have of competing products
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