Term
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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. |
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Definition
| The ability of a good or service to satisfy a human need |
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Definition
| Utility created by converting production inputs into finished products |
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Definition
| Utility created by making a product available at a location where customers wish to purchase it |
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Definition
| Utility created by making a product available when customers wish to purchase it |
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Definition
| Utility created by transferring title (or ownership) of a product to a buyer |
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Definition
| Establishing long-term, mutually satisfying buyer-selfer relationships |
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| Customer Relationship Management (CRM) |
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Definition
| Using information about customers to create marketing strategies that develop and sustain desirable cutomer relationships |
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Definition
| A measure of a customer's worth (sales minus costs) to a business over one's lifetime |
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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 |
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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 |
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Definition
| A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives |
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Definition
| A combination of product, price, distribution, and promotion developed to satisfy a particular target market |
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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 |
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| Undifferentiated Approach |
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Definition
| Directing a single marketing mix at the entire market for a particular product |
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Definition
| A group of individuals or organizations within a market that share one or more common characteristics |
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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 |
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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 |
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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 |
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Term
| Marketing Information System |
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Definition
| A system for managing marketing information that is gathered continually from internal and external sources |
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Definition
| The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem |
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Definition
| The decisions and actions of people involved in buying and using products |
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Definition
| The purchasing of products for personal or household use, not for business purposes |
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Definition
| The purchasing of products by producers, resellers, governmental units, and institutions |
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Definition
| The income an individual receives from all sources less the social security taxes the individual must pay |
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Definition
| Personal income less all additional personal taxes |
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Definition
| Disposable income less savings and expenditures on food, clothing, and housing |
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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 |
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Definition
| A product purchased to satisfy personal and family needs |
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Definition
| A product bought for resale, for making other products, or for use in a firm's operations |
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Definition
| A relatively inexpensive, frequently purchased item for which buyers want to exert only minimal effort |
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Definition
| An item for which buyers are willing to expend considerable effort on planning and making the purchase |
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Definition
| An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort |
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Definition
| A basic material that actually becomes part of a physical product; usually comes from mines, forest, oceans, or recycled solid wastes |
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Definition
| Large tools and machines used for production purposes |
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Definition
| Standardized equipment used in a firm's production or office activities |
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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 |
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Definition
| A material that is used directly in the production of another product but is not readily identifible in the finished product |
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Definition
| An item that facilitates production and operations but does not become part of a finished product |
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Definition
| An intangible product that an organization uses in its operations |
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Definition
| A group of similar products that differ only in relative minor characteristics |
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Definition
| All the products a firm offers for sale |
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Definition
| The process of changing one or more of a product's characteristics |
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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 |
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Definition
| The elimination of one or more products from a product line |
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Term
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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 |
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Term
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Definition
| The complete and legal name of an organization |
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Term
| Manufacturer (or producer) Brand |
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Definition
| A brand that is owned by a manufacturer |
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Term
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Definition
| A brand that is owned by an individual wholesaler or retailer |
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Term
| Generic Product (or brand) |
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Definition
| A product with no brand at all |
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Term
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Definition
| Extent to which a customer is favorable toward buying a specific brand |
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Definition
| Marketing and financial value associated with a brand's strength in a market |
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Term
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Definition
| The strategy in which a firm uses a different brand for each of its products |
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Term
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Definition
| The strategy in which a firm uses the same brand for all or most of its products |
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Term
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Definition
| Using an exsiting brand to brand a new product in a different product category |
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Definition
| All the activites involved in developing and providing a container with graphics for a product |
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Term
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Definition
| The presentation of information on product or information on a product ir its package |
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Definition
| A written explanation of the producer's responsibilities in the event that a product is found to be defective or otherwise unsatisfactory |
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Definition
| The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances |
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Term
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Definition
| The quantity of a product that producers are willing to sell at each of various prices |
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Definition
| The quantity of a product that buyers are willing to purchase at each of various prices |
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Definition
| An emphasis on settinga price equal to or lower than competitors prices to gain sales or market share |
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Term
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Definition
| Competition based on factors other than price |
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Term
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Definition
| The process of developing and promoting differences between one's product and all similar products |
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Term
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Definition
| The amount a seller adds to the cost of a product to determine its basic selling price |
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Term
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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) |
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Term
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Definition
| The total amount received from sales of a product |
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Term
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Definition
| A cost incurred no matter how many units of a product are purchased or sold |
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Term
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Definition
| A cost that depends on the number of units produced |
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Term
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Definition
| A sum of the fixed costs and the variable costs attributed to a product |
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Term
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Definition
| The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle |
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Term
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Definition
| The strategy of setting a low price for a new product |
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Term
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Definition
| Establishing a final price through bargaining |
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Term
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Definition
| Setting one price for the primary target market and a different price for the other market |
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Term
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Definition
| Temporary reduction of prices on an unsystematic basis |
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Term
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Definition
| The strategy of setting proces on an unsystematic basis |
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Term
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Definition
| The strategy of setting a single price for two or more units |
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Term
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Definition
| Pricing a product at a moderate level and positioning it next to a more expensive model or brand |
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Term
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Definition
| Packaging together two or more complementary products and selling them for a single price |
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Term
| Everyday Low Prices (EDLPs) |
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Definition
| Setting a low price for products on a consistent basis |
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Term
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Definition
| Pricing on the basis of tradition |
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Term
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Definition
| Pricing the basic product in a product line low, but pricing related items at a higher level |
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Term
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Definition
| Pricing the highest-quality or most-versatile products higher than other models in the product line |
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Term
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Definition
| The strategy of selling goods only at a certain predetermined prices that reflect definite price breaks |
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Term
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Definition
| Products priced below the usual markup, near cost, or below cost |
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Term
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Definition
| Advertised sales or price cutting linked to a holiday, season, or event |
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Term
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Definition
| Setting a price at a specific level and comparing it with a higher price |
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Term
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Definition
| Prices charged in sales between an organization's units |
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Term
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Definition
| A deduction from the price of an item |
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Term
| Channel of Distribution (or marketing channel) |
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Definition
| A sequence or marketing organizations that directs a product from the producer to the ultimate user |
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Term
| Middleman (or marketing intermediary) |
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Definition
| A marketing organization that links a producer and user within a marketing channel |
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Term
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Definition
| A middleman that actually takes title to products by buying them |
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Term
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Definition
| A middleman that helps in the transfer of ownership of prducts but does not take title to the products |
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Term
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Definition
| A middleman that buys from producers or other middlemen and sells to consumers |
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Term
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Definition
| A middleman that sells products to other firms |
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Term
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Definition
| The use of all available outlets for a product |
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Term
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Definition
| The use of only a portion of the available outlets for a product in each geographic area |
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Term
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Definition
| The use of only a single retail outlet for aproduct in a large geographic area |
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Term
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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 |
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Term
| Veticle Channel Integration |
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Definition
| The combining of two or more stages of a distribution channel under a single firm's management |
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Term
| Verticle Marketing System (VMS) |
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Definition
| A centrally managed distribution channel resulting from vertical channel integration |
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Term
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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 |
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Term
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Definition
| A middleman that performs the entire range of wholesaler functions |
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Term
| General-merchandise Wholesaler |
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Definition
| A middleman that deals in a wide variety of products |
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Term
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Definition
| A middleman that stocks only a few product lines but carries numerous product items within each line |
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Term
| Specialty-line Wholesaler |
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Definition
| A middleman that carries a select group of products with a single line |
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Term
| Limited-service Wholesaler |
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Definition
| A middleman that assumes responisibility for a few wholesale services only |
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Term
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Definition
| A middleman that carries merchandise and negotiates sales for manufacturers |
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Term
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Definition
| A middleman that expedites exchanges, represents a buyer or a seller, anf often is hired permanently on a commission agent |
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Term
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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 |
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Term
| Manufacturer's Sales Branch |
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Definition
| Essentially a merchant wholesaler that is owned by a manufacturer |
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Term
| Manufacturer's Sales Office |
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Definition
| Essentially a sales agent owned by a manufacturer |
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Term
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Definition
| A firm that operates only one retail outlet |
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Term
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Definition
| A company that operates more than one retail outlet |
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Term
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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 |
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Term
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Definition
| A self-service general-mechandise outlet that sells products at a lower-than-usual prices |
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Term
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Definition
| A retail outlet that displays well-known brands and sells them at discount prices through catalogs within the store |
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Term
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Definition
| A retail facility in a large, low-cost building with a large on-premises inventory and minimal service |
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Term
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Definition
| A small food store that sells alimited variety of products but remains open well beyond normal business hours |
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Term
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Definition
| A large self-service store that sells primarily food and household products |
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Term
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Definition
| A large retail store that carries not only food and nonfood products ordinarily found in supermarkets but also addtional product lines |
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Term
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Definition
| A large-scale members-only establishment that combines features of cash-and-carry wholesaling with discount retailing |
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Term
| Traditional Specialty Store |
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Definition
| A store that carries a narrow product mix with deep product lines |
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Term
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Definition
| A store that buys manufacturers' seconds, overruns, returns, and off-season merchandise for resale to consumers at deep discounts |
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Term
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Definition
| A very large specialty store that concentrates on a single product line and competes on the basis of low proces and product availability |
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Term
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Definition
| A type of retailing whereby consumers purchase products without visiting a store |
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Term
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Definition
| The marketing of products to consumers through face-to-face sales presentations at home or in the workplace |
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Term
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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 |
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Term
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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 |
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Term
| Direct-response Marketing |
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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 |
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Term
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Definition
| The performance of marketing-related activities by telephone |
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Term
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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 |
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Term
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Definition
| Retailing that makes products available to buyers through computer connections |
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Term
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Definition
| The use of machines to dispense products |
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Term
| Lifestyle Shopping Center |
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Definition
| An open-air-environment shopping center with upscale chain specialty stores |
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Term
| Neighborhood Shopping Centers |
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Definition
| A planned shopping center consisting of several small convenience and specialty stores |
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Term
| Community Shopping Center |
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Definition
| A planned shopping center that includes one or two department stores and some specialty stores, along with convenience stores |
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Term
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Definition
| A panned shopping center containing a large department stores, numerous shopping stores, restaurants, movies, and sometimes even hotels |
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Term
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Definition
| All the activities concerned with the efficient movement of products from the producer to the ultimate user |
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Term
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Definition
| The process of managing inventories in such a way as to minimize inventory costs, inlcuding both holding costs and potential stock-out costs |
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Term
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Definition
| Activities involved in receiving and filling cutomers' purchase orders |
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Term
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Definition
| The set of activities involved in receiving and storing goods and preparing them for reshipment |
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Term
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Definition
| The actual physical handling of goods, in warehouses as well as during transportation |
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Term
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Definition
| The shipment of products to customers |
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Term
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Definition
| A firm that offers transportation services |
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Term
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Definition
| Communication about an organization and its products that is intended to inform, persuade, or remind target-market members |
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Term
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Definition
| The particualr combination of promotion methods a firm uses to reach a traget market |
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Term
| Integrated Marketing Communications |
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Definition
| Coordination of promotion efforts to ensure their maximal informational and persuasive impact on customers |
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Term
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Definition
| A paid nonpersonal message communicated to a select audience through a mass medium |
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Term
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Definition
| Personal communication aimed at informing customers and persuading them to buy a firm's products |
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Term
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Definition
| Communication activities used to create and maintain favorable relations between an organization and various public groups, both internal and external |
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Term
| Primary-demand Advertising |
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Definition
| Advertising aimed at increasing the demand for all brands of a product within a specific industry |
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Term
| Selective-demand (or brand) Advertising |
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Definition
| Advertising that is used to sell a particular brand of product |
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Term
| Institutional Advertising |
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Definition
| Advertising designed to enhance a firm's image or reputation |
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Term
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Definition
| The various forms of communication through which advertising reaches its audience |
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Term
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Definition
| Promotional material mailed directly to individuals |
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Term
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Definition
| Simple listing or display advertisements presented under specific product categories appearing in print and online telephone directories |
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Term
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Definition
| Short promotional messages on billboards, posters, signs, andtransportation vehicles |
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Term
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Definition
| A program-length televised commercial message resembling an entertainment or consumer affairs program |
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Term
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Definition
| An independent firm that plans, produces, and places advertising for its clients |
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Term
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Definition
| A salesperson who is responsible for selling a firm's products to new customers and increasing sales to present customers |
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Term
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Definition
| Selling products to new customers and increasing sales to present customers |
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Term
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Definition
| A salesperson who handles repeat sales in ways that maintain positive relationships with customers |
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Term
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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 |
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Term
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Definition
| A salesperson--generally employeed by a manufacturer--who visits retailers to persuade them to buy the maufacturer's products |
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Term
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Definition
| A salesperson--generally employess by a food producer or processor-- who assists customers in promoting products, especially in retail stores |
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Term
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Definition
| A salesperson who assists a company's current customers in technical matters |
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Term
| Customers Sales Promotion Method |
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Definition
| A sales promotion method designed to attract consumers to particular retail stores and to motivate them to purchase certain new or established products |
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Term
| Trade Sales Promotion Method |
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Definition
| A sales promotion method designed to encourage wholesalers and retailers to stock and actively promote a manufacturer's product |
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Term
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Definition
| A return of part of the product's purchase price |
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Term
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Definition
| An offer that reduces the retail price of a particular item by a stated amount at the time of purchase |
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Term
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Definition
| A free product given to customers to encourage trial and purchase |
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Term
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Definition
| A gift that a producer offers a customer in return for buying its product |
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Term
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Definition
| A program developed to reward customers who engage in repeat (frequent) purchases |
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Term
| Point-of-Purchase Display |
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Definition
| Promotional material placed within a retail store |
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Term
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Definition
| An industry-wide exhibit at which many sellers display their products |
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Term
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Definition
| A temporary price reduction to resellers for purchasing specified quantities of a product |
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Term
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Definition
| An arrangement whereby a manufacturer agrees to pay a certain amount of a retailer's media cost for advertising the manufacturer's product |
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Term
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Definition
| Communication in news-story form about an organization, its products, or both |
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Term
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Definition
| A typed page of about 300 words provided by an organization to the media as a form of publicity |
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Term
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Definition
| A piece (of up to 3,000 words) prepared by an organization for inclusion in a particular publication |
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Term
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Definition
| A picture accompanied by a brief explanation |
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Term
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Definition
| A meeting at which invited media personnel hear important news announcements and receive supplementary textual materials and photographs |
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Term
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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 |
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Term
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Definition
| The development of a product image in buyers' minds relative to the images they have of competing products |
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