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BUSI test 2
Chapters 6, 7, 11, 12, 13
68
Business
Undergraduate 2
10/24/2013

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Term
Locus of Control
Definition
A theoretical construct designed to assess a person's perceived control over his or her own behavior.
Term
Conglomerate
Definition
a corporation consisting of a number of subsidiary companies or divisions in a variety of unrelated industries, usually as a result of merger or acquisition.
Term
Vertical Merger
Definition
Vertical mergers or vertical integration happens when the acquiring firm buys buyers or sellers of goods and services to the company. In other words, a vertical merger is usually between a manufacturer and a supplier. It is a merger between two companies that produce different products or services along the supp
Term
Horizontal Merger
Definition
Horizontal mergers are often a type of non-financial merger. In other words, a horizontal merger is undertaken for reason that have little to do with money, at least directly.
Term
Merger
Definition
the act or process of combining two or more businesses into one business
Term
Channel Intermediaries
Definition
Middlemen - They facilitate the movement of products from the producer to the consumer. They must add value to be effective.
Term
Multipreneur
Definition
Multipreneurship is a general term used to describe individuals who pursue multiple upwardly entrepreneurial and/or lifestyle business ownership initiatives.
Term
Form Utility
Definition
Turning Products into finished goods
Term
Time Utility
Definition
Providing Products at the right time
Term
Place Utility
Definition
Offering products at the right place
Term
Ownership Utility
Definition
Providing Credit, cashing checking, delivering products
Term
Information Utility
Definition
Offering helpful information
Term
Service Utility
Definition
Providing fast, friendly personalized service
Term
B2B
Definition
Business to Business selling
Term
B2C
Definition
Business to Consumer selling
Term
Drop Shipping
Definition
a supply chain management technique in which the retailer does not keep goods in stock, but instead transfers customer orders and shipment details to either the manufacturer or a wholesaler, who then ships the goods directly to the customer.
Term
Truck Jobbers
Definition
a jobber or wholesaler who makes calls carrying goods on a truck, thereby being able to take and deliver orders on the same call.
Term
Cash and Carry Wholesaler
Definition
a system of wholesale trading whereby goods are paid for in full at the time of purchase and taken away by the purchaser.
Term
Truck Jobbers
Definition
a jobber or wholesaler who makes calls carrying goods on a truck, thereby being able to take and deliver orders on the same call.
Term
Broker
Definition
a person who buys and sells goods or assets for others.
Term
Full Service Merchant Wholesaler
Definition
a wholesaler offering a complete range of services including buying, selling, storage, transporting, sorting, financing, providing market feedback and risk-taking
Term
Limited Service Merchant Wholesalers
Definition
a wholesaler providing less than the full range of services of some other wholesalers but attempting to compensate for this by offering lower prices
Term
Multi-level Marketing
Definition
Multi-level marketing (MLM) is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of the other salespeople that they recruit
Term
Multi Channel Marketing
Definition
Customer communications and product distribution are supported by a combination of digital and traditional channels at different points in the buying cycle.
Term
Category Killer
Definition
a large store, typically one of a chain, that specializes in a particular type of discounted merchandise and becomes the dominant retailer in that category.
Term
Liscencing
Definition
grant a license to (someone or something) to permit the use of something or to allow an activity to take place.
Term
Joint Venturing
Definition
Entering foreign markets by joining with foreign companies to produce or market a product or service.
Term
Cannibalization
Definition
Market cannibalization refers to a situation where a new product "eats" up the sales and demand of an existing product. This can negatively affect both the sales volume and market share of the existing product. Market cannibalization occurs when a new product intrudes on the existing market for the older product, rather than expanding the company's market base.
Term
Advergaming
Definition
Advertising in video games and in video game marketing is a long-standing practice in the video game industry. Various methods have been used to integrate advertising into video games to advertise products, organizations or viewpoints.
Term
Buzz Marketing
Definition
Marketing buzz or simply buzz — a term used in word-of-mouth marketing — is the interaction of consumers and users of a product or service which serves to amplify the original marketing message, a vague but positive association, excitement, or anticipation about a product or service.
Term
Selective Distribution
Definition
Allows manufacturers to maintain more control over the way their products are sold and discourages price competition among sellers of the products by distributing their products only to those wholesalers and retailers who follow the manufacturer's guidelines.
Term
Exclusive Distribution
Definition
Luxury goods only found in one place.
Term
Intensive distribution
Definition
Goods distributed everywhere - easy to aquire, high demand ie gas station items
Term
Limited Liability Partnership
Definition
A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
Term
Limited Partnership
Definition
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners, there are one or more limited partners. It is a partnership in which only one partner is required to be a general partner.
Term
General Partnership
Definition
In the commercial and legal parlance of most countries, a general partnership, refers to an association of persons or an unincorporated company with the following major features: Created by agreement, proof of existence and estoppel.
Term
Limited Liability Company
Definition
A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions.
Term
Penetration Pricing
Definition
Penetration pricing is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. The strategy works on the expectation that customers will switch to the new brand because of the lower price.
Term
Green Marketing
Definition
Green marketing is the marketing of products that are presumed to be environmentally safe. Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising.
Term
Environmental Scanning
Definition
Environmental scanning is one essential component of the global environmental analysis. Environmental monitoring, environmental forecasting and environmental assessment complete the global environmental analysis.
Term
Marketing Research
Definition
research that gathers and analyzes information about the moving of good or services from producer to consumer
Term
Marketing Mix
Definition
a combination of factors that can be controlled by a company to influence consumers to purchase its products.
Term
Demographic Segmentation
Definition
Dividing consumers into groups based on selected demographics, so that different groups can be treated differently.
Term
Geographic Segmentation
Definition
Geographic segmentation is the use of Analytics to categorize a site’s web traffic by the physical locations from which it originated.
Term
psychographic segmentation
Definition
A breakdown of customers according to different characteristics.
Term
Mass Customization
Definition
Mass customization, in marketing, manufacturing, call centres and management, is the use of flexible computer-aided manufacturing systems to produce custom output. Those systems combine the low unit costs of mass production processes with the flexibility of individual customization.
Term
Target Market
Definition
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy.
Term
Market Segmentation
Definition
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them.
Term
Cobranding
Definition
designate (a product or service) with the brands of joint manufacturers or sponsors.
Term
Brand Extension
Definition
an instance of using an established brand name or trademark on new products, so as to increase sales.
Term
Line Extension
Definition
A product line extension is the use of an established product’s brand name for a new item in the same product category.
Term
Branding
Definition
the promotion of a particular product or company by means of advertising and distinctive design.
Term
merger
Definition
a combination of two things, esp. companies, into one.
Term
C Corporation
Definition
C corporation refers to any corporation that, under United States federal income tax law, is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. Most major companies are treated as C corporations for U.S.
Term
S Corporation
Definition
An S corporation, for United States federal income tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any federal income taxes.
Term
Franchise
Definition
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.
Term
Advertising
Definition
the activity or profession of producing advertisements for commercial products or services.
Term
Department Store
Definition
a large store stocking many varieties of goods in different departments.
Term
Convenience Store
Definition
Capitalizing on the convenience & location, Necessity items. Think gas stations, CVS
Term
Discount Store
Definition
Sells goods at less than the average retail price
Term
Outlet Store
Definition
An outlet store or factory outlet is a brick and mortar or online retail store in which manufacturers sell their stock directly to the public.
Term
Specialty Store
Definition
a store that sells only one kind of merchandise
Term
Supermarket
Definition
a large self-service store selling foods and household goods.
Term
Supercenter
Definition
A big-box store is a physically large retail establishment, usually part of a chain. The term sometimes also refers, by extension, to the company that operates the store.
Term
Warehouse Club
Definition
an organization that operates from a large out-of-town store and sells goods in bulk at discounted prices to business and private customers who must first become club members.
Term
Types of Business Ownership
Definition
The sole proprietorship

The partnership

The corporation

The limited liability company
Term
Sole Proprietership
Definition
business that is owned, and usually managed, by a single individual. ADVANTAGES: Ease of formation, retention of control, pride of ownership, retention of profits, possible tax advantage
Term
Partnership
Definition
a voluntary agreement under which two or more people act as co owners of a business. ADVANTAGES: Ability to pool financial resources, share responsibilities, capitalize on complimentary skills, ease of formation, possible tax advantage
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