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Selling: Building Partnerships
flashcards for Chapter 4
38
Marketing
Undergraduate 2
02/11/2011

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Term
always-a-share
Definition
a buyer who will always allocate only a share to each vendor, never giving one vendor all of the business
Term
annual spend
Definition
the amount that is spent on each vendor and for what products
Term
automatic replenishment (AR)
Definition
a form on just-in-time inventory management where the vendor manages the customer's inventory, and automatically ships and stocks products at the customer's location based on mutually agreed-upon standards
Term
buying center
Definition
informal, cross-department group of people involved in a purchase decision
Term
capital equipment
Definition
major purchases made by a business, such as computer systems, that are used by the business for several years in its operations or production process
Term
creeping commitment
Definition
puchase decision process that arises when decisions made early in the process have significant influence on decisions made later in the process
Term
deciders
Definition
buying center members who make the final selection of the product to purchase
Term
derived demand
Definition
situation in which the demand for a producer's goods is based on what its customers sell
Term
efficient consumer response
Definition
distribution system that drives inventory to the lowest possible levels, increases the frequency of shipping, and automates ordering and inventory control processes without the problems of stockout and higher costs
Term
electronic data interchange
Definition
computer-to-computer linkages between suppliers and buyers for information sharing about sales, production, shipment, and receipt of products
Term
emotional needs
Definition
organizational and/or personal needs that are associated with some type of personal reward and gratification for the person buying the product
Term
end users
Definition
businesses that purchase goods and services to support their own production and operations
Term
gatekeepers
Definition
buying center members who influence the buying process by controlling the flow of information and/or limiting the alternatives considered
Term
influencers
Definition
buying center members inside or outside an organization who directly or indirectly influence the buying process
Term
initiators
Definition
the person who starts the buying process
Term
just-in-time (JIT) inventory control
Definition
planning system for reducing inventory by having frequent deliveries planned just in time for the delivered products to be assembled into the final product
Term
life-cycle costing
Definition
method for determining the cost of equipment or supplies over their useful life
Term
lost-for-good
Definition
a buyer who gives all business to one vendor is considered this for all of the out-suppliers, because the buyer has cemented this relationship for a long period of time
Term
material requirements planning (MRP)
Definition
planning system for reducing inventory levels by forecasting sales, developing a production schedule, and ordering parts and raw materials with specific delivery dates
Term
modified rebuy
Definition
purchase decision process associated with a customer who has purchased the product or service in the past but is interested in obtaining additional information
Term
MRO supplies
Definition
minor purchases made by businesses for maintenance and repairs such as towels and pencils
Term
new task
Definition
purchase decision process associated with the initial purchase of a product or service
Term
original equipment manufacturer (OEM)
Definition
business that purchases goods (components, subassemblies, raw and processed materials) to incorporate into products it manufactures
Term
producers
Definition
firm that buys goods and services to manufacture and sell other goods and services to its customers
Term
profit margin
Definition
the net profit the reseller makes, expressed as a percentage of sales
Term
quick-response system
Definition
system of minimizing order quantities to the lowest level possible while increasing the speed of delivery to drive inventory turnover; accomplished by prepackaging certain combinations of products
Term
rational needs
Definition
organizational and/or personal needs that are directly related to product performance
Term
resellers
Definition
businesses, typically distributors or retailers, that purchase products for resale
Term
reverse auctions
Definition
an auction but instead of a seller offering a product and buyers bidding, a buyer offers a contract and sellers bid; prices fall as sellers compete with the sale
Term
services
Definition
end-user purchases such as internet and television connections, employment agencies, consultant, and transportation
Term
straight rebuy
Definition
purchase decision process involving a customer with considerable knowledge gained from having purchased the product or service a number of times
Term
supplier relationship management (SRM)
Definition
the use of technology and statistics to identify important suppliers and opportunities for cost reduction, greater efficiency, and other benefits
Term
supply chain management (SCM)
Definition
set of programs undertaken to increase the efficiency of the distribution system that moves products from the producer's facilities to the end user
Term
turnover
Definition
an account is given to another salesperson because the buyer refuses to deal with the current salesperson
Term
users
Definition
members of a buying center that ultimately will use the product purchased
Term
value analysis
Definition
problem-solving approach for reducing the cost of a product while providing the same level of performance
Term
vendor analysis
Definition
a formal method used by organizational buyers to summarize the benefits and needs satisfied by a supplier
Term
vendor loyalty
Definition
commitment of a buyer to a specific supplier because of the supplier's performance
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