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MKTG 3
Ch 12-16, 20
164
Marketing
Undergraduate 3
11/27/2010

Additional Marketing Flashcards

 


 

Cards

Term
value delivery network
Definition
the network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system in delivering customer value
Term
marketing channel (distribution channel)
Definition
a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
Term
channel level
Definition
a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer
Term
direct marketing channel
Definition
a marketing channel that has no intermediary levels
Term
indirect marketing channel
Definition
channel containing one or more intermediary levels
Term
channel conflict
Definition
disagreement among marketing channel members on goals and roles-who should do what and for what rewards
Term
horizontal conflict
Definition
occurs among firms at the same level of the channel
Term
vertical conflict
Definition
conflicts between levels of the same channel. more common
Term
conventional distribution channel
Definition
a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, even at the expense of profits for the system as a whole
Term
vertical marketing system
Definition
a distribution channel structure in which producers, wholesalers, and retailers act as a unified system. one channel member owns the others, has contract with them, or has so much power that they all cooperate
Term
corporate VMS
Definition
a vertical marketing system that combines successive stages of production and distribution under single ownership- channel leadership is established through common ownership
Term
contractual VMS
Definition
a vertical marketing system in which interdependent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could achieve alone
Term
franchise organization
Definition
a channel member (franchisor) links several stages in the production-distribution process
Term
administered VMS
Definition
a vertical marketing system that coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties
Term
horizontal marketing system
Definition
a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity
Term
multichannel distribution systems
Definition
a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments
Term
disintermediation
Definition
the cutting out of marketing channel intermediaries by product or service producers, or the displacement of traditional resellers by radical new types of intermediaries
Term
marketing channel design
Definition
designing effective marketing channels by analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating them
Term
intensive distribution
Definition
stocking the product in as many outlets as possible
Term
exclusive distribution
Definition
giving a limited number of dealers the exclusive right to distribute the company's products in their territories
Term
selective distribution
Definition
the use of more that one, but fewer than all, of the intermediaries who are willing to carry the company's products
Term
marketing channel management
Definition
selecting, managing, and motivating individual channel member and evaluating their performance over time
Term
marketing logistics (physical distribution)
Definition
planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit
Term
supply chain management
Definition
managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers
Term
distribution center
Definition
a large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible
Term
intermodal transportation
Definition
combining two or more modes of transportation
Term
electronic data interchange
Definition
the computerized exchange of data between organizations
Term
integrated logistics management
Definition
concept that emphasizes teamwork, both inside the company and among all the marketing channel organizations, to maximize the performance of the entire distribution system
Term
third-party logistics (3PL) provider
Definition
an independent logistics provider that performs any or all of the functions required to get its client's product to market
Term
retailing
Definition
all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
Term
retailer
Definition
a business whose sales come primarily from retailing
Term
self-service retailers
Definition
serve customers who are willing to perform their own "locate-compare-select" process to save time or money. Ex: supermarkets & Walmart
Term
limited-service retailer
Definition
provide more sales adssistance because they carry more shopping goods about which customers need information- increased operating costs result in higher prices. Ex: Sears or JC penny
Term
full-service retailer
Definition
salespeople assist customers in every phase of the shopping process and usually carry more specialty goods for which customers need or want assistance or advice. Ex: Tiffany and Nordstrom
Term
specialty store
Definition
a retail store that carries a narrow product line with a deep assortment within that line
Term
department store
Definition
a retail organization that carries a wide variety of product lines- each line is operated as a separate department managed by specialist buyers or merchandisers
Term
supermarket
Definition
a large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of frocery and household products
Term
convenience store
Definition
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods
Term
superstore
Definition
a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services
Term
category killer
Definition
a giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees
Term
service retailer
Definition
a retailer whose product line is actually a service, including hotels, airlines, banks, colleges, and many others
Term
discount store
Definition
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume
Term
off-price retailer
Definition
a retailer that buys at less-than-regular wholesale prices and sells at less than retail. Examples are factory outlets, independents, and warehouse clubs
Term
independent off-price retailer
Definition
an off-price retailer that is either independently owned and run or is a division of a larger retail corporation
Term
factory outlet
Definition
an off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturer's surplus, discontinued, or irregular goods
Term
warehouse club
Definition
an off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees
Term
chain stores
Definition
two or more outlets that are commonly owned and controlled
Term
voluntary chain
Definition
a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising
Term
retailer cooperative
Definition
a group of independent retailers that band together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts
Term
franchise
Definition
a contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the franchise system
Term
merchandising conglomerates
Definition
corporations that combine several different retailing forms under central ownership
Term
shopping center
Definition
a group of retail businesses planned, developed, and owner, and managed as a unit
Term
wheel-of-retailing concept
Definition
a concept that states that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaces
Term
retail convergence
Definition
the merging of consumers, products, and retailers
Term
wholesaling
Definition
all activities involved in selling goods and services to those buying for resale or business use
Term
wholesaler
Definition
a firm engaged primarily in wholesaling activities
Term
merchant wholesaler
Definition
an independently owned business that takes title to the merchandise it handles
Term
broker
Definition
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
Term
agent
Definition
a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods
Term
manufacturers' sales branches and offices
Definition
wholesaling by sellers or buyers themselves rather than through independent wholesalers
Term
promotion mix (marketing communications mix)
Definition
the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships
Term
advertising
Definition
any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
Term
sales promotion
Definition
short-term incentives to encourage the purchase or sale of a product or service
Term
personal selling
Definition
personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
Term
public relations
Definition
building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
Term
direct marketing
Definition
direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
Term
integrated marketing communications
Definition
carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products
Term
sender
Definition
the party sending the message to another party
Term
encoding
Definition
the process of putting thought into symbolic form
Term
message
Definition
the set of symbols that the sender transmits
Term
media
Definition
the communication channels through the message moves from sender to receiver
Term
decoding
Definition
the process by which the receiver assigns meaning to the symbols encoded by the sender
Term
receiver
Definition
the party receiving the message sent by another party
Term
response
Definition
the reactions of the receiver after being exposed to the message
Term
feedback
Definition
the part of the receiver's response communicated back to the sender
Term
noise
Definition
the unplanned static or distortion during the communication process, which results in the receiver's getting a different message than the one the sender sent
Term
buyer-readiness stages
Definition
the stages consumers normally pass through on their way to purchase, including awareness, knowledge, liking, preference, conviction, and purchase
Term
rational appeals
Definition
relate to the audience's self-interest
Term
emotional appeals
Definition
attempt to stir up either negative or positive emotions that can motivate purchase
Term
moral appeals
Definition
directed to the audience's sense of what is "right" and "proper"
Term
personal communication channels
Definition
channels through which two or more people communicate directly with each other, including face to face, on the phone through mail or e-mail, or even through an Internet "chat"
Term
word-of-mouth influence
Definition
personal communication about a product between target buyers and neighbors, friends, family members, and associates
Term
buzz marketing
Definition
cultivating opinion leaders and getting them to spread information about a product or service to others in their communities
Term
opinion leaders
Definition
people whose opinions are sought by others
Term
nonpersonal communication channels
Definition
media that carry messages without personal contact or feedback, including major media, atmospheres, and events
Term
major media
Definition
include print media, broadcast media, display media, and online media
Term
atmospheres
Definition
designed environments that create or reinforce the buyer's leanings toward buying a product
Term
events
Definition
staged occurrences that communicate messages to target audiences
Term
affordable method
Definition
setting the promotion budget at the level management thinks the company can afford
Term
percentage-of-sales method
Definition
setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price
Term
competitive-parity method
Definition
setting the promotion budget to match competitors' outlays
Term
objective-and-task method
Definition
developing the promotion budget by defining specific objectives, determining the tasks that must be performed to achieve these objectives, and estimating the costs of performing these tasks. the sum of these costs is the proposed promotion budget
Term
push strategy
Definition
a promotion strategy that calls for using the sales force and trade promotion to push the product through channels. the producer promotes the product to channel members who in turn promote it to final consumers
Term
pull strategy
Definition
a promotion strategy that calls for spending a lot on advertising and consumer promotion to induce final consumers to buy the product, creating a demand vacuum that pulls the product through the channel
Term
advertising objective
Definition
a specific communication task to be accomplished with a specific target audience during a specific period of time
Term
informative advertising
Definition
used heavily when introducing a new product category. The objective is to build primary demand
Term
persuasive advertising
Definition
becomes more important as competition increases- objective is to build selective demand
Term
comparative advertising
Definition
a company directly or indirectly compares its brand with one or more other brands
Term
reminder advertising
Definition
important for mature products. helps to maintain customer relationships and keep consumers thinking about the product
Term
advertising budget
Definition
the dollars and other resources allocated to a product or company advertising program.
Term
advertising strategy
Definition
the strategy by which the company accomplishes its advertising objectives.It consists of 2 major elements: creating advertising messages and selecting advertising media
Term
Madison & Vine
Definition
a term that has come to represent the merging of advertisement and entertainment in an effort to break through the clutter and create new avenues for reaching consumers with more engaging messages
Term
creative concept
Definition
the compelling "big idea" that will bring the advertising message strategy to life in a distinctive memorable way
Term
execution style
Definition
the approach, style, tone, words, and format used for executing an advertising message
Term
advertising media
Definition
the vehicles through which advertising messages are delivered to their intended audiences
Term
reach
Definition
a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time
Term
frequency
Definition
a measure of how many times the average person in the target market is exposed to message
Term
media impact
Definition
the qualitative value of a message exposure through a given medium
Term
return on advertising investment
Definition
the net return on advertising investment divided by the costs of the advertising investment
Term
advertising agency
Definition
a marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs
Term
public relations
Definition
building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
Term
press relations or press agency
Definition
creating and placing newsworthy information in the news media to attract attention to a person, product, or service
Term
product publicity
Definition
publicizing specific products
Term
public affairs
Definition
building and maintaining national or local community relations
Term
lobbying
Definition
building and maintaining relations with legislators and government officials to influence legislation and regulation
Term
investor relations
Definition
maintaining relationships with shareholders and others in the financial community
Term
development
Definition
public relations with donors or members of nonprofit organizations to fain financial or volunteer support
Term
personal selling
Definition
personal presentation by the firm's sales force for the purpose of making sales and building customer relatioships
Term
salesperson
Definition
an individual representing a company to customers by performing one or more of the following: prospecting, communicating, selling, servicing, information gathering, and relationship building
Term
sales force management
Definition
the analysis, planning, implementation, and control of sales force activities. It includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating, and evaluating the firm's salespeople
Term
territorial sales force structure
Definition
a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line
Term
product sales force structure
Definition
a sales force organization under which salespeople specialize in selling only a portion of the company's products or lines
Term
customer sales force structure
Definition
a sales force organization under which salespeople specialize in selling only to certain customers or industries
Term
outside sales force (field sales force)
Definition
outside salespeople who travel to call on customers in the field
Term
inside sales force
Definition
inside salespeople who conduct business from their offices via telephone, the internet, or visits from prospective buyers.
Term
team selling
Definition
using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts
Term
sales quota
Definition
a standard that states the amount a salesperson should sell and how sales should be divided among the company's products
Term
selling process
Definition
the steps that the salesperson follows when selling, which include prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, and follow-up
Term
prospecting
Definition
the step in the selling process in which the salesperson or company identifies qualified potential customers
Term
preapproach
Definition
the step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call
Term
approach
Definition
the step in the selling process in which the salesperson meets the customer for the first time
Term
presentation
Definition
the step in the selling process in which the salesperson tells the "value story" to the buyer, sowing how the company's offer solves the customer's problems
Term
handling objections
Definition
the step in the selling process in which the salesperson seeks out, clarifies, and overcomes customer objections to buying
Term
closing
Definition
the step in the selling process in which the salesperson asks the customer for an order
Term
follow-up
Definition
the last step in the selling process in which the salesperson follows up after the sale to ensure customer satisfaction and repeat business
Term
sales promotion
Definition
short-term incentives to encourage the purchase or sale of a product or service
Term
consumer promotions
Definition
sales promotion tools used to boost short-term customer buying and involvement or to enhance long-term customer relationships
Term
samples
Definition
offers of a trial amount of a product
Term
coupons
Definition
certificates that give buyers a saving when they purchase specified products
Term
cash refunds (rebates)
Definition
like coupons except that the price reduction occurs after the purchase rather than at the retail outlet
Term
price packs (cents-off deals)
Definition
offer consumers savings off the regular price of a product. producer marks the reduced prices directly on the label or package
Term
premiums
Definition
goods offered either free or at low cost as an incentive to buy a product
Term
advertising specialties (promotional products)
Definition
useful articles imprinted with an advertiser's name, logo, or message that are given as gifts to consumers
Term
point of purchase promotions
Definition
include displays and demonstrations that take place at the point of sale.
Term
event marketing
Definition
creating a band-marketing event or serving as a sole or participating sponsor of events created by others
Term
trade promotions
Definition
sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, ad push it to consumers
Term
business promotions
Definition
sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople
Term
sustainable marketing
Definition
marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
Term
deceptive pricing
Definition
includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail list price
Term
deceptive promotion
Definition
includes practices such as misrepresenting the product's features or performance or luring the customers to the store for a bargain that is out of stock
Term
deceptive packaging
Definition
includes exaggerating package contents through subtle design, using misleading labeling,or describing size in misleading terms
Term
consumerism
Definition
an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers
Term
environmentalism
Definition
an organized movement of concerned citizens and government agencies to protect and improve people's current and future living environment
Term
environmental sustainability
Definition
a management approach that involves developing strategies that both sustain the environment and produce profits for the company
Term
product stewardship
Definition
minimizing not just pollution from production and product design but all environmental impacts throughout the full product life cycle, and all while reducing costs
Term
consumer-oriented marketing
Definition
the philosophy of sustainable marketing that holds that the company should view and organize its marketing activities from the consumer's point of view
Term
customer-value marketing
Definition
a principle of sustainable marketing that holds that a company should put most of its resources into customer-value-building marketing investments
Term
innovative marketing
Definition
a principle of sustainable marketing that requires that a company seek real product and marketing improvements
Term
sense-of-mission marketing
Definition
a principle of sustainable marketing that holds that a company should define its mission in broad social terms rather than narrow product terms
Term
societal marketing
Definition
a principle of sustainable marketing that holds that a company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
Term
deficient products
Definition
products that have neither immediate appeal nor long-run benefits
Term
pleasing products
Definition
products that give high immediate satisfaction but may hurt consumers in the long run
Term
salutary products
Definition
products that have low appeal but may benefit customers in the long run
Term
desirable products
Definition
products that give both high immediate satisfaction and high long-run benefits
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