Term
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Definition
Competition
Costs
Company objectives
Customers
Channel members |
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Term
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Definition
Profit Oriented
Sales oriented
Competitor oriented
Customer oriented |
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Term
| Price elasticity of demand |
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Definition
| % change in quantity demanded/ % change in price |
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Term
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Definition
| Price sensitive. Price will affect demand |
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Term
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Definition
| Not price sensitive. Price has no effect on demand |
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Term
| Upward sloping product on a demand curve are |
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Definition
| Prestigious projects (products purchase for status rather than functionality) |
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Term
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Definition
| Costs that are unaffected by production value |
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Term
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Definition
| Costs that vary with production value |
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Term
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Definition
| Sum of variable and fixed costs |
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Term
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Definition
| Point at which the number of units sold generates just enough revenue to eqaul the total costs and profits are zero |
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Term
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Definition
| Variable cost per unit X Quantity |
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Term
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Definition
| Fixed costs + Total variable cost |
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Term
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Definition
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Term
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Definition
| One firm controls the market |
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Term
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Definition
| Handul of firms control the market |
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Term
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Definition
| Many firms sells differentiated products at different products |
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Term
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Definition
| Many firms selling the commodities for the same prices |
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Term
| EDLP (Everday low pricing) |
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Definition
| Companies stress the continuity of their retail prices at a level somewhere between te regular, nonsale price and the deep-discount sale prices their competitors may offer |
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Term
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Definition
| Relies on the promotions of sales. |
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Term
| Market penetration strategy |
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Definition
| When firms set the initial price low for the introduction of the new product or service. |
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Term
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Definition
| Selling a new product at a high price that innovators and early adopters ae willing to pay for it |
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Term
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Definition
| No intermediaries between the buyer and seller |
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Term
| Indirect marketing channel |
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Definition
| One or more intermediaries work with manufacturers to provide goods and services to customers. |
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Term
| Vertical channel conflict |
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Definition
| When supply chain members that buy and sell to one another are not in agreement about their goals, roles or rewards |
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Term
| Horizontal channel conflict |
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Definition
| Occurs when there is a disagreement or discord among members at the same level of marketing channel, such as two competing retailers or two competing manufacturers. |
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Term
| Independent (Conventional marketing channel) |
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Definition
| A manufacturer, whoelsaler and retailer each attempt to satisfy its own objectives and maximize its profits often at the expense of the other members |
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Term
| Vertical marketing channel |
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Definition
| Members act as a unified system. |
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Term
| Administered vertical marketing system |
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Definition
| There is no common ownership or contractual relationships but the dominant channel members controls or holds the balance of power. |
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Term
| Contractual vertical marketing systems |
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Definition
| Independent firms at different levels of t he marketing channel join through contracts to obtain economies of scale and coordination to reduce conflict. |
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Term
| Corporate vertical marketing system |
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Definition
| The parent company has complete control and can dictate the priorities and objectives of the marketing channel because it owns multiple segments of the channel |
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Term
| Distribution center is in charge of |
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Definition
Inbound transportation
Receiving and checking
Storing and cross docking |
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Term
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Definition
| Transporting goods to a distribution center |
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Term
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Definition
| Process of recording the receipt of merchandise as it arrives at a distribution center |
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Term
| Storing and cross-docking |
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Definition
| Storing is unloading the cartons and placing them in racks until they are to be distributed. Cross-docking is merchandise cartons that are prepackaged by the vendor for a specific store, placed on a conveyor belt that routes it from the unloading dock to the truck going to the specific store. |
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Term
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Definition
| Merchandise allocated to stores based on previous sales forecasts. |
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Term
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Definition
| Amount of merchandise sent to the store is determined based on sales data captured by POS terminals. |
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Term
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Definition
| Inventory managment systems designed to deliver less merchandise on a more frequent basis than traditional inventory systems. It is to be used in the manufacture of another product or for sale when the customer wants it. |
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Term
Larger firms are less likely to?
More efficient and effective in? |
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Definition
Use intermediaries
More efficient and effective in control |
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Term
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Definition
| Strategy designed to place products in as many outlets as possible. |
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Term
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Definition
| Strategy of granting exclusive geographic territories to one or very few retail customers so no other retailers in the territory can sell a particular. |
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Term
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Definition
| Strategy that relies on a few selected retail customers in a territory to sell products. |
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Term
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Definition
| A self-service retail food store offering groceries, meat and produce with limited sales of nonfood items |
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Term
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Definition
| Large stores that combine supermarkets with discount stores. |
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Term
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Definition
| Large retailers that offer a limited and irregular assortment of food and general merchandise |
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Term
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Definition
| Provide limited variety and assortment of merchandise at a convenient location with speedy checkout. |
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Term
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Definition
| Broad variety and deep assortment |
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Term
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Definition
| Broad variety at low prices |
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Term
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Definition
| Limited merchandise with service in small store |
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Term
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Definition
| Specialty for pharmaceutical and heath |
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Term
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Definition
| Discount with narrow but deep assortment |
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Term
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Definition
| Full line, limited, very low prices |
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Term
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Definition
| Inconsistent assortment of brand name at low prices |
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Term
| What are the Benefits of the Internet and Multichannel Retailing? |
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Definition
Deeper and broader selection
Personalization
Expand market presence |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| A model that suggests that awareness lead to interest which leads to desire which interest |
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Term
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Definition
| Integrated marketing communications. Represents promotion of the four P's. It encompasses all types of communication to provide maximum communicative impact. |
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Term
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Definition
Advertising
Direct Marketing
Online Marketing
Personal selling
Public Relations
Sales Promotions |
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Term
| Characteristics of IMC: Interactive offline |
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Definition
Personal selling
contests
telemarketing |
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Term
| Characteristics of IMC: Interactive online |
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Definition
M-Marketing
Online marketing |
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Term
| Characteristics of IMC: Passive offline |
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Definition
Advertising
Coupons
Public relations
Catalogs |
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Term
| Characteristics of IMC: Passive online |
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Definition
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Term
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Definition
Normally short term objectives
trade promotion vs. consumer promotion |
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Term
| How do companies direct market? |
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Definition
Targeting via emails and m-commerce
Database technology
Multicultural groups |
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Term
| IMC budget can be based on either |
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Definition
Rule of thumb methods
objective and task method |
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Term
| IMC Plan: Marketing metrics |
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Definition
Reach
Frequency
Gross rating points |
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Term
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Definition
Impressions
Clicks
Click through rate
Return on investments (ROI) |
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Term
| Transit: Search engine marketing |
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Definition
| Clicks relate to revenue based on the ROI |
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Term
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Definition
| A subsection of a firm's overall marketing plan that explicitly analyzes the marketing and advertising situation, identifies the objectives of the advertising campaign, clarifies a specific strategy for accomplishing those objectives and indicates how the firm can determine whether the campaign was successful. |
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Term
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Definition
Target audience
Advertising objectives
Advertising Budget
Message
Media
Create advertisements
Assess impact |
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Term
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Definition
Inform the audience
Persuade the audience
Remind the audience |
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Term
| The USP (unique selling proposition) |
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Definition
| Strategy of differentiating a product by communicating its unique attributes |
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Term
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Definition
| More cognitive. Persuades the audience using rational thought |
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Term
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Definition
| Persuades the audience through triggering emotional response |
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Term
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Definition
| The usage context of each medium affects how marketers design messages for them |
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Term
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Definition
| Specifies the timing and duration of advertising. |
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Term
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Definition
| Runs steadily throughout the year and therefore is suites to products and services that are consumed continually at relatively steady rates and require a steady level of persuasive or reminder advertising. |
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Term
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Definition
| Refers to an advertising schedule implemented in spurts, with periods heavy advertising followed by period of no advertising. |
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Term
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Definition
| Combines the continuous and flighting schedules by maintaining a base level of advertising but increasing intensity during certain periods. |
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Term
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Definition
Samples
Coupons
Cash refunds
Price packs
Premiums
Advertising specialties
Point-of-purchase displays
Contests
Sweepstakes
Games |
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Term
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Definition
| Sales data from the past is used to forecast the future |
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Term
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Definition
| Additional sales caused by advertising usually marked on a time-series analysis |
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Term
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Definition
Generate and qualify leads
Preapproach
Sales presentation and overcoming reservations
Closing the sale
Follow-up |
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Term
| Generate and qualify leads |
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Definition
Generate list of potential customers and assess their potential
May involve trade shows, telemarketing and cold calls |
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Term
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Definition
Occurs before meeting the customer for the first time when the salesperson conducts additional research and makes plans to meet with the customer
Uses CRM program |
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Term
| Sales presentation and overcoming reservations |
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Definition
| Presentation of information and listen to customer reservations (Objections about the product) |
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Term
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Definition
| Obtaining commitment for a customer to make a purchase |
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Term
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Definition
| Involves reliability, responsiveness, assurance, empathy and tangibles |
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Term
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Definition
| Delivering the right product or service on time |
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Term
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Definition
| Salesperson must be ready to deal quickly with any issue, question or problem that may arise |
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Term
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Definition
| Customers must be assured through adequate guarantees that their product will perform as expected |
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Term
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Definition
| Salesperson must have a good understanding of the problems and issues faced by their customers |
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Term
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Definition
| Tangibles reflect the physical characteristics of the seller's business, such as website, marketing communications and delivery materials |
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Term
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Definition
| Comprises people who are employees of the selling company |
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Term
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Definition
| Involves planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating and evaluating |
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Term
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Definition
Order getting
Order taking
Sales support personnel |
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Term
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Definition
| A salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale |
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Term
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Definition
| A salesperson whose primary responsibility is to process routine orders, reorders or rebuys for products. |
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Term
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Definition
| Enhance and help with the overall selling effort. |
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Term
| Aspects of managers and sales experts |
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Definition
Personality
Optimism
Resilience
Self-motivation
Empathy |
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Term
| Motivating and compensating sales people |
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Definition
Financial rewards: Salary, commission, bonus, sales contests
Non financial rewards: Plaques, pens, rings, free trips |
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