Term
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Definition
| all activities involved in selling, renting and providing products and services to ultimate consumers for personal, family or household use |
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Term
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Definition
| making the product easy to possess- different financing options |
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Term
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Definition
| distinguishes retail firms based on whether individuals, corporate chains or contractual systems own the outlet |
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Term
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Definition
| used to describe the level of service provided to the customer: self-serve, limited-service and full-service |
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Term
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Definition
| describes how many different types of products a store carries and in what assortment |
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Term
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Definition
| most common type, advantage is that the owner can be their own boss, offers convenience, personal service and life style compatibility to customer |
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Term
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Definition
| multiple outlets under one ownership - allows for consistency for customers, advantage in dealing with suppliers |
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Term
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Definition
| independently owned stores that band together and act like a chain: retail-sponsored cooperatives, wholesaler-sponsored voluntary chains and franchise. ex: IGA |
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Term
| business-format franchise |
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Definition
| type of franchise ex: McDonalds |
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Term
| production-distribution franchise |
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Definition
| type of franchise, ex: Ford dealership |
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Term
| two types of merchandise line |
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Definition
| depth of product line and breadth of product line |
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Term
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Definition
| large assortment of each item ex: Sports Authority, Victorias Secret AKA: specialty outlets |
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Term
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Definition
| large variety in items carried ex: Macy's, Sears AKA: general merchandise stores |
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Term
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Definition
| specialty discount outlets that focus on one type of product, dominate the market |
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Term
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Definition
| offering several unrelated product lines at a single retail store |
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Term
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Definition
| type on non-store retailing - vending machines |
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Term
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Definition
| type of non-store retailing - mail sent directly to consumer - eliminates costs of store/clerk but is affected by the green movement |
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Term
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Definition
| ex: QVC - call in and buy, infomercials |
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Term
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Definition
| store websites - allows 24/7 shopping |
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Term
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Definition
| using the telephone to interact with and sell directly to customers |
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Term
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Definition
| door-to-door retailing - involves direct direct sale of products and services to consumers through personal interactions and demonstrations |
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Term
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Definition
| the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication and merchandise |
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Term
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Definition
| how much should me added to the cost the retailer paid for the product to reach the final selling price |
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Term
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Definition
| difference between retailer cost and initial selling price |
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Term
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Definition
| AKA gross margin - difference between retailer cost and final selling price |
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Term
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Definition
| discounting a product - when it does not sell at original price and adjustment is necessary |
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Term
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Definition
| when retailers emphasize consistently low prices and eliminate most markdowns |
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Term
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Definition
| when retailers opt out of the lowest price but try to create value through service and total buying experience |
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Term
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Definition
| item that consumers use to form an overall impression of a stores' prices |
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Term
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Definition
| selling brand-name merchandise at a lower than regular price |
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Term
| central business district |
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Definition
| oldest retail setting - a community's downtown area |
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Term
| regional shopping centers |
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Definition
| consist of 50 to 150 stores that typically attract customers who live or work within a 5-10mile range |
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Term
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Definition
| well known national or regional store ex: Sears, Saks, Macys |
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Term
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Definition
| clusters of stores that serve people usually within a 5-10 minute drive ex: gas station, grocery store, pharmacy |
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Term
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Definition
| variation of strip mall that is a huge shopping strip with multiple anchor stores such as Home Depot, Best Buy |
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Term
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Definition
| retailers that use a combination of traditional store formats and non-store formats such as catalogs, television and online retailing |
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Term
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Definition
| an approach to managing the assortment of merchandise that maximizes sales and profits |
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Term
| consumer marketing at retail (CMAR) |
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Definition
| conducting research, analyzing data to identify shopper problems, translating data into retailing mix actions, executing in-store programs and monitoring performance of merchandise |
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Term
| two most popular measures of retailer success |
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Definition
| sales per square foot and same store sales growth |
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Term
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Definition
| a concept that describes how new forms of retail outlets enter the market |
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Term
| steps in wheel of retailing |
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Definition
1. low prices, low margins, low status
2. higher prices, higher margins, higher status
3. still higher prices, still higher margins, still higher status
4. new form of outlet enters environment with characteristics of outlet in box 1 |
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Term
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Definition
| the process of growth and decline that retail outlets experience over time |
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Term
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Definition
| independently owned firms that take title to the merchandise they handle |
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Term
| general merchandise (full-line) wholesalers |
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Definition
| carry a broad assortment of items and perform all channel functions - not much depth within specific product lines |
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Term
| specialty merchandise (limited-line) wholesalers |
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Definition
| offer a relatively narrow range of products but have an extensive assortment within product lines - perform all channel functions |
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Term
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Definition
| type of limited wholesaler: furnish the racks or shelves that display merchandise in retail stores, perform all channel functions and sell on consignment to retailers |
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Term
| Cash and carry wholesalers |
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Definition
| type of limited-line, take title to merchandise but sell only to buyers who call on them, pay for merchandise and furnish their own transportation |
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Term
| drop shippers/desk-jobbers |
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Definition
| type or limited-line, own the merchandise they sell but do not physically handle, stock or deliver it - solicit orderes |
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Term
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Definition
| type of limited service - small wholesalers that have a small warehouse from which they stock their trucks for distribution to retailers - handle limited assortments of fast-moving or perishable items sold for cash directly from trucks - ex: farmers market |
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Term
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Definition
| agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory |
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Term
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Definition
| represent a single producer and are responsible for the entire marketing function of that producer |
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Term
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Definition
| independent firms or individuals whose main function is to bring buyers and sellers together to make sales |
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Term
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Definition
| the combo of one or more of the communication tools used to inform, persuade or remind prospective buyers |
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Term
| integrated marketing communications |
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Definition
| the concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences |
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Term
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Definition
| the process of conveying a message to others; it requires six elements: a source, a message, a channel of communication, a receiver and the process of encoding and decoding |
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Term
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Definition
| the process of having the sender transform an idea into a set of symbols |
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Term
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Definition
| the process of having the receiver take a set of symbols, the message and transform the symbols back into an idea |
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Term
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Definition
| a similar understanding and knowledge that can be applied to a message |
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Term
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Definition
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Term
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Definition
| the sender's interpretation of the response and indicates whether the message was decoded and understood as intended |
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Term
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Definition
| extraneous factors that can work against effective communication by distorting a message or the feedback received |
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Term
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Definition
| any paid form of nonpersonal communication about an org, product, service or idea by an identified sponsor |
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Term
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Definition
| the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision - immediate feedback, very persuasive, can select audience, can give complex info - weaknesses: expensive, inconsistent messages |
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Term
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Definition
a form of communication management that seeks to influence the feelings, opinions or beliefs held by customers, potential customers, stockholders, suppliers, employees and others about a company, its products or services.
strengths: often most credible source in consumers mind
weaknesses: difficult to get media cooperation |
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Term
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Definition
| a nonpersonal, indirectly paid presentation of an organization, product or service |
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Term
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Definition
a short-term offer designed to arouse interest in buying a product or service
strengths:effective in short run, flexible
weaknesses: easily abused, can lead to promo wars, easily duplicated |
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Term
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Definition
promo element that uses direct communication with consumers to generate a response in the form of an order, a request for further info or a visit to a retail outlet
strengths: messages prepared quickly, facilitates relationship with customer
weaknesses: declining customer response, database management is expensive
ex: catalogs, mail |
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Term
|
Definition
| directing the promo mix to channel members to encourage them to order and stock a product |
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Term
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Definition
| directing the promo mix at ultimate consumers to encourage them to ask the retailer for the product |
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Term
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Definition
| the group of prospective buyers toward which a promo program is directed |
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Term
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Definition
| the sequence of stages a prospective buyer goes through: awareness, interest, evaluation, trial and adoption |
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Term
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Definition
| the consumer's ability to recognize and remember the product or brand name |
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Term
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Definition
| an increase in the consumer's desire to learn about some of the features of the product or brand |
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Term
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Definition
| the consumer's appraisal of the product or brand on important attributes |
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Term
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Definition
| the consumer's actual first purchase and use of the product or brand |
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Term
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Definition
| through a favorable experience on the first trial, the consumer's repeated purchase and use of the product or brand |
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Term
| promo objectives should be... |
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Definition
1. designed for a well-defined target audience
2. measurable
3. cover a specified time period |
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Term
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Definition
promo budget
the amount of money spent on promo is a percentage of past or anticipated sales |
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Term
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Definition
promo budget
matches the competitor's absolute level or spending or the proportion per point of market share |
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Term
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Definition
promo budget
spend money on promo only after all other budget items have been paid for |
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Term
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Definition
promo budget
best approach, the company determines promo objectives, outlines the tasks to accomplish these objectives and determines the promo cost of doing so |
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Term
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Definition
| the result 0f direct marketing offers that contain all the info necessary for a potential buyer to make a decision to purchase and complete the transaction |
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Term
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Definition
| the result of a direct marketing offering designed to generate interest in a product of service and request additional info |
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Term
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Definition
| the outcome of direct marking offer designed to motive people to visit a business |
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Term
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Definition
| any paid form of nonpersonal communication about an org, product, service or idea by an identified sponsor |
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Term
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Definition
| advertisements that focus on selling a product or service forms include pioneering (informational, competitive (persuasive) and reminder |
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Term
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Definition
| tell people what a product is, what it can do and where it can be found - objective is to inform target market |
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Term
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Definition
| promotes a specific brand's features and benefits - objective is to persuade taregt market to select firm's brand rather than a competitor |
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Term
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Definition
| type of competitive advertising - shows one brand's strengths relative to those of competitors |
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Term
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Definition
| used to reinforce previous knowledge of a product |
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Term
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Definition
| used to assure customers that they made the right choice |
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Term
| institutional advertisements |
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Definition
| designed to build goodwill or an image for an organization, rather than promote a specific product or service |
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Term
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Definition
| institutional type - state position of the company on an issue |
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Term
| pioneering institutional advertisements |
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Definition
| used for announcements about what a company is, what it can do or where it is located |
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Term
| competitive institutional ads |
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Definition
| promote advantages of one product class over another and are used in markets where different product classes compete for the same buyers |
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Term
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Definition
| bring company's name to attention of the target market again |
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Term
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Definition
| suggest to the consumer that he or she can avoid some negative experience through the purchase and use of a product, service, change in behavior or reduction in the use of a product |
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Term
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Definition
| suggests to the audience that the product will increase the attractiveness of the user |
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Term
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Definition
| imply either directly or subtly that the product is more fun or exciting than competitors offereings |
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Term
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Definition
| the means by which the message is communicated to the target audience |
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Term
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Definition
| the number of different people or households exposed to an ad |
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Term
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Definition
| percent of households in a market that are tuned into a particular TV show or radio station |
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Term
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Definition
| average number of times a person in the target audience is exposed to the message |
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Term
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Definition
| cost of reaching 1000 individuals |
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Term
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Definition
| having people outside the market for the product see the ad |
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Term
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Definition
| program-length (30 min) ads that take and educational approach to communication with potential customers |
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Term
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Definition
| TV, radio, magazines, newpapers, yellow pages, internet, outdoor, direct mail |
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Term
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Definition
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Term
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Definition
| how often new buyers enter the market to buy a product |
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Term
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Definition
| the speed with which buyers forget the brand if ads arent seen |
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Term
| continuous (steady) schedule |
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Definition
| type of advertising schedule - used when seasonal factors are unimportant, ads are run continuously throughout the year |
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Term
| flighting (intermittent) schedule |
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Definition
| type of advertising schedule - periods of advertising are scheduled between periods of no advertising to reflect seasonal demand |
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Term
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Definition
| type of advertising schedule - flighting schedule is combined with a continuous schedule because of increases in demand, heavy periods of promotion or introduction of a new product |
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Term
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Definition
| tests conducted before an ad is placed in any medium to determine whether it communicates the intended message or to select among alternative versions of the ad |
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Term
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Definition
| tests conducted after an ad has been shown to the target audience to determine whether it has accomplished its purpose |
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Term
| consumer-oriented sales promotions |
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Definition
| sales tools, such as coupons, sweepstakes and samples used to support a company's ads and personal selling efforts directed to ultimate consumers |
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Term
| types of consumer-oriented sales promos |
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Definition
| coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, product-placements |
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Term
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Definition
| a consumer sales promo that uses a brand-name product in a movie, television show, video, or commercial for another product |
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Term
| trade-oriented sales promos |
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Definition
| sales tools used to support a company's advertising and personal selling directed to wholesalers, distributors or retailers |
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Term
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Definition
| reimbursing a retailer for extra in-store support of special featuring of the brand |
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Term
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Definition
| a discount on each case ordered during a specific time period |
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Term
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Definition
| involves paying retailers for financing costs or financial losses associated with consumer sales promos |
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Term
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Definition
| advertising programs by which a manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's products |
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Term
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Definition
| methods of obtaining nonpersonal presentation of an org, product or service without direct cost - news release, news conference, public service announcement |
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Term
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Definition
| the two-way flow of communication between a buyer and a seller, often in face-to-face encounters, designed to influence a person's or group's purchase decision |
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Term
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Definition
| planning the selling program and implementing and evaluating the personal selling effort of the firm |
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Term
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Definition
| the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time |
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Term
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Definition
| a salesperson who processes routine orders or reorders for products that were already sold by the company. Two kinds - outside: visit customers inside: answer questions and complete transactions |
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Term
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Definition
| a salesperson who sells in a conventional sense and identifies prospective customers, provides customers with info, persuades customers to buy, closes sales, and follows up on customer's use of a product or service |
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Term
|
Definition
sales activites occuring beofre and after the sale itself, consisting of six stages:
1. prospecting
2. preapproach
3. approach
4. presentation
5. close
6. follow-up |
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Term
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Definition
| a needs-satisfaction sales presentation style that involves adjusting the presentation to fit the selling situation |
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Term
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Definition
| a need-satisfaction sales presentation style that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution |
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Term
| techniques to deal with objections |
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Definition
PAGE 390
1. acknowledgement and convert the objection
2. postpone
3. agree and neutralize
4. accept the objection
5. denial
6. ignore the objection |
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Term
| three functions of sales management |
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Definition
1.sales plan formulation
2. sales plan implementation
3. salesforce eval |
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Term
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Definition
a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed
three tasks:
1. setting objectives
2. organizing salesforce
3. developing account management policies |
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Term
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Definition
| the practice of using team selling focus on important customers so as to build mutually beneficial, long-term, cooperative relationships; AKA account management |
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Term
| account management policies |
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Definition
| policies that specify who salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out |
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Term
| three tasks in implementing a sales plan |
|
Definition
1. salesforce recruitment and selection
2. salesforce training
3. salesforce motivation and compensation |
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Term
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Definition
| specific goals assigned to a salesperson, sales team, branch sales office or sales district for a stated time period |
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Term
| salesforce automation (SFA) |
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Definition
| the use of technology to make the sales function more effective and efficient |
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Term
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Definition
| buyers and sellers engage in face-to-face exchange relationships in a material environment |
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Term
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Definition
| an internet-enabled digital environment characterized by face-to-screen exchange relationships and electronic images and offerings |
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Term
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Definition
| two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of info received from the seller |
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Term
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Definition
| an interactive, internet-enabled system that allows individual customers to design their own products and services |
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Term
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Definition
| a process that automatically groups people with similar buying intentions, and predicts future purchases |
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Term
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Definition
| the consumer-initiated practice of generating content on a marketer's web site that is custom tailored to an individual's specific needs and preferences |
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Term
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Definition
| asking for a consumer's consent (called opt-in) to receive email and advertising based on personal data supplied by the consumer |
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Term
| customer experience (interactive marketing) |
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Definition
| the sum total of the interactions that customer has with a company's website, from initial look at a home page through the entire purchase decision |
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Term
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Definition
| site layout and visual design |
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Term
|
Definition
| site's abilities to enable commercial transactions |
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Term
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Definition
| degree that the site is linked to other sites |
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Term
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Definition
| the ways the site enables site-to-user, user-to-site or two-way communication |
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Term
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Definition
| site's ability to tailor itself to different users or to allow users to personalize site |
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Term
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Definition
| the ways that they site enables user-to-user communication |
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Term
|
Definition
| text, pictures, sound, and video that the site contains |
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Term
|
Definition
| electronic shopping agents or robots that comb web sites to compare prices and product or service features |
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Term
| C's of why consumers shop online |
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Definition
| convenience, choice, customization, communication, cost, control |
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Term
|
Definition
| web sites that allow people to meet online and exchange views on topics of common interest |
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Term
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Definition
| a web page that serves as a publicly accessible personal journal for an individual or org |
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Term
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Definition
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Term
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Definition
| an internet enabled promo strategy that encourages users to forward marketer-initiated message to others via email |
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Term
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Definition
| the practice of changing prices for products/services in real time in response to supply and demand |
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Term
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Definition
| computer files that a marketer can download onto a compute of an online shopper who visits the marketers website |
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Term
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Definition
| an online consumer who researches products online and then purchases them at a retail store |
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