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Marketing Final
Chapters 15, 16, 17, 18, 19, 3, and 8
| Term | Definition |
|---|---|
| Supply Chain Management | how firm efficiently and effectively integrate suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless operation in which merchandise is produced and distributed in the right quantities |
| Wholesaler | firms that buy products in large quantities from manufacturers and resell them in smaller quantities to retailers, who sell products to consumers |
| Distribution center | a facility for the receipt, storage, and redistribution of goods to company stores or consumers, may be operated by retailers, manufacturers, or distribution specialists. |
| Viral marketing plan | A promotional strategy that encourages people to pass along a marketing message to other potential consumers |
| fulfillment center | a warehouse facility use to ship merchandise directly to customers |
| Direct Marketing chanel | the manufacturer sells directly to the buyer |
| Indirect marketing chanel | one or more intermediaries work with manufacturers to provide goods and services to customers |
| Electronic Data Interchange | the computer-to-computer exchange of business documents from a retailer to a vendor and back |
| Vendor-managed inventory | an approach for improving supply chain efficiency in which the manufacturer is responsible for maintaining the retailer’s inventory levels in each of its stores |
| Dispatcher | the person who coordinated deliveries to distribution centers |
| RFID tags | tiny computer chips that automatically transmit to a special scanner all the information about a container’s contents or individual products |
| floor-ready merchandise | merchandise that has been ticketed and marked and is ready to be placed on the selling floor |
| cross-docking distribution center | ready-for-sale merchandise is routed from the unloading dock to the loading dock for the truck going to the specific store such that the merchandise is in the distribution center only for a few hours before it is shipped to the stores |
| Just-In-Time Inventory system | Inventory management systems designed to deliver less merchandise on a more frequent basis than traditional inventory systems |
| Pick time | tells how much of each item to get from specific storage areas |
| lead time | the amount of time between the recognition that an order needs to be placed and the arrival of the needed merchandise to the sellers stores. |
| vertical channel conflict | When upstream and downstream supply chain members are not in agreement about their goals, roles, or rewards |
| Horizontal channel agreement | when there is disagreement or discord at the same level of marketing channel, such as two competing retailers |
| Independent channel conflict | the several independent supply chain members—a manufacturer, a wholesaler, and a retailer—each attempt to satisfy their own objectives and maximize their own profits, often at the expense of the other members |
| vertical marketing system | a marketing channel in which the members act as a unified system |
| power | when one firm has the means or ability to have control over the actions of another member in a channel at a different level of distribution |
| franchising | a contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a retail outlet using a name and format developed and supported by the franchisor; it’s the most common type of contractual vertical marketing system |
| partnering relationship | a supply chain relationship in which the members are committed to maintaining long-term investment opportunities in eachother |
| Universal Product Code (UPC) | the black and white barcode found on most merchandise |
| retailing | selling to consumers for their personal or family use through stores, catalogs, the internet, and including services like fast-food restaurants, airlines, and hotels. |
| omnichannel marketing | selling in more than one channel |
| Distribution intensity | intensive, selective, or exclusive |
| intensive strategy | distribution designed to place products in as many outlets as possible |
| Selective strategy | distribution that relies on a somewhat limited number of retailers to sell products |
| conventional supermarket | a self-service retail food store offering groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and generalmerchandise |
| Stock Keeping Unit | represents each unique product item at a store |
| Supercenter | very large stores (185000 sq ft) that combine a supermarket with a full line discount market |
| Warehouse clubs | large retailers that offer a limited and irregular assortment of foods and general merchandise, large package sizes, little service, and low prices to general public and small businesses. |
| convenience store | a limited variety and assortment of merchandise at a convenient location with a speedy checkout |
| full-line discount store | retailers that offer a broad variety of merchandise, limited service, and low prices. |
| department store | retailers that carry a broad variety and deep assortment, offer customer service, and organize their stores into very distinctive departments for displaying merchandise |
| Specialty store | stores that concentrate on a limited number of complementary merchandise categories and provide a high level of service |
| drugstore | specialty stores that focus on pharmaceuticals and health and personal grooming merchandise |
| Category specialist | big box retailers that offer a narrow but deep assortment of merchandise with low prices and a predominantly self-service approach (big box retailers or category killers) |
| off-price retailer | offer an inconsistent assortment of brand name merchandise at a significant discount from the MSRP |
| Service retailer | firms that primarily sell services rather than merchandise |
| short of wallet | the percentage of the customer's purchases made from that particular retailer |
| retail brands | brands developed and marketed by a retailer and available only from that retailer (store brands) |
| mobile commerce | communicating with or selling to customers through a cell phone |
| cooperative advertising | an agreement between a manufacturer and a retailer in which the manufacturer agrees to defray some of the advertising costs |
| Online chat | Instant messaging or voice conversation with an online sales representative. |
| Integrated Marketing Communications | coordinates an organization's various communication methods so they present a clear and consistent message |
| AIDA | Awareness, Interest, Desire, Action |
| Aided recall | when consumers indicate they know the brand when the name is presented to them |
| lagged effect | a delayed response to marketing communication |
| Advertising | a paid form of communication from an identifiable source, delivered through a mass communication channel, and designed to persuade the user to take some action |
| Top-of-Mind awareness | the highest level of awareness, occurs when consumers mention a specific brand name first when they are asked about a product or service |
| Public Relations | organizational function that manages communications for a variety of objectives: building a positive image, handling unfavorable stories/events, maintaining positive relationships |
| Sales Promotion | special incentives that encourage the purchase of a product or service. Ex: coupons, rebates, contests, free samples |
| Personal selling | The two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision |
| Direct Marketing | marketing that communicates individually targeted customers to generate a response or transaction through mail, catalogs, email |
| mobile marketing | marketing through cell phones |
| online marketing | websites, blogs, social media |
| frequency | how often the audience is exposed to a communication within a specified period of time |
| reach | The percentage of the target population exposed to a specific marketing communication |
| Gross rating points | reach times frequency |
| Search Engine Marketing | marketing based on the keywords potential customers use |
| impressions | the number of times an ad appears in front of the user |
| click-through rate | number of times a user clicks on ad divided by number of impressions |
| relevance | describes how useful an ad message is to the consumer doing the search |
| web-tracking software | software used to assess how much time viewers spend on particular web pages and the number of pages they view |
| Social shopping | using the internet to communicate about product preferences with other shoppers |
| Three goals of advertising | inform, persuade, remind |
| Informative advertising | advertising that's used to convey basic company and/or product information and to create and build brand awareness |
| Persuasive advertising | advertising that aims to change consumers' beliefs or feelings and to motivate them to take action |
| Reminder advertising | advertising that's used to help consumers recall information they've heard before and perhaps prompt repurchase |
| Product-focused advertisements | advertising that informs, persuades, or reminds about a specific product or service |
| Institutional advertisement | advertising that aims to build the image of an organization or an industry by informing, persuading, or reminding consumers about the relevant issues or distinctions |
| Public Service Announcements | focuses on public welfare and generally is sponsored by a group |
| Social marketing | the application of marketing principles to social issues to bring about attitudinal behavioral change among people |
| unique selling position | the part of advertising message that communicates a product's unique features and benefits and often becomes the basis for the common theme or slogan of an advertising campaign |
| Informational appeal | help customers make decisions by offering factual information and encouraging consumers to evaluate the brand favorably on the basis of the key features and benefits it provides |
| emotional appeal | appeals that aim to satisfy the consumer's emotional desires rather than their utilitarian needs, often focusing on feelings about the self |
| media mix | the combination of media used and the frequency of advertising in each medium |
| mass media | media that include national newspapers, magazines, radio, and televisions and that are ideal for reaching large numbers of anonymous audience members |
| continuous ad schedule | an advertising schedule that runs steadily throughout the year and therefore is suited to products and services that are consumed continually at relatively steady rates |
| flighting ad schedule | an advertising schedule that is implemented in spurts, with periods of heavy advertising followed by periods of no advertising; often used for seasonal products |
| pulsing ad schedule | combines the continuous and flighted schedules by maintaining a base level of advertising but increasing advertising intensity during certain periods |
| headline | large type designed to draw attention and be the first thing read in an ad |
| body copy | the main text portion of an ad |
| tracking | the process of monitoring key advertising indicators, such as daily or weekly sales volume, when an ad is running in order to gauge the effectiveness of the ad and the medium |
| Posttesting | the evaluation of the campaign's impact after it has been implemented |
| Puffery | the legal exaggeration of praise, stopping just short of deception, lavished on a product |
| Cause-related marketing | commercial activity in which businesses and charities form a partnership to market an image, product, or service for their mutual benefit |
| event sponsorship | when corporations support various activities usually in the cultural or sports and entertainment sectors |
| coupon | offers a discount on the price of specific items when they're purchased |
| Deal | short-term price reduction that can take several forms |
| premium | offers an item for free or at a bargain price to reward some type of behavior, such as buying, sampling, or testing |
| contest | a brand-sponsored competition that requires some form of skill or effort |
| sweepstakes | offers prizes based on a chance drawing of entrant's names |
| sampling | offers potential customers the opportunity to try a product or service before they make a buying decision |
| loyalty program | designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time |
| point-of-purchase display | merchandise displays located at the places where consumers complete transactions |
| rebate | a particular type of price reduction in which a portion of the purchase price is returned by the seller to the buyer in cash |
| product placement | when a company pays to have its product placed in a movie or tv program |
| cross-promoting | two or more firms join their promotional efforts to reach a specific target market |
| relationship selling | sales philosophy and process that emphasizes a commitment to maintaining a long-term, mutually beneficial relationship |
| lead | potential customers |
| qualify | assessing the potential of prospective customers |
| inbound marketing | marketing activities that draw the attention of the consumer to the sales company indirectly through blogs and other social posts |
| Trade shows | major events attended by buyers who choose to be exposed to products and services offered by potential industry suppliers |
| cold calls | salespersons call on potential customers with no warning and no prior connection |
| preapproach | when a salesperson does research on meeting with a customer |
| telemarketing | a method of prospecting in which salespeople telephone potential consumers |
| Company sales force | it's comprised of sales people who are employees of the sales company |
| independent agents | salespeople who sell a manufacturer's product on an extended contract basis but are not employees of the manufacturer (manufacturer's reps) |
| salary | a fixed sum of money paid at regular intervals |
| commission | money paid as a percentage of the sales volume or profitability |
| bonus | a payment made at management's discretion when the salesperson attains certain goals |
| Categories of social media | social network sites, media-sharing sites, though sharing sights |
| blog | a webpage that contains periodic posts: corporate, professional, personal, micro |
| App | small software specifically designed to run on mobile devices |
| Showrooming | customers visit a store to touch, feel, and discuss a product's features with a sales associate, but purchase the product elsewhere |
| Sentiment analysis | a technique for analyzing the favorableness and unfavorableness of customer's feedback on social media |
| hit | a request for a file made by web browsers made by search engines; doesn't mean that someone has actually visited the webpage |
| page view | the number of times an internet page gets viewed by any visitor |
| bounce rate | the number of times a viewer leaves the site almost immediately |
| click path | shows how users proceed through the information on a website |
| conversion rate | percentage of consumers who buy a product after using it |
| Keyword analysis | the keywords people use to search on the Internet for specific products or services |
| Globalization | The process by which goods, services, capital, people, information, and ideas flow across the national borders |
| Trade surplus | occurs when a country has a higher level of exports than imports |
| trade deficit | occurs when a country has a higher level of imports than exports |
| GDP | the market value of all final goods and services produced within a country in a given period of time |
| Gross national income (GNI) | GDP + net income earned from investments abroad |
| Purchasing Power Parity | A theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, if expressed in the same currency. |
| Infrastructure | The basic facilities, services, and installations needed for a community or society to function |
| tariff | A tax levied on a good imported into a country (also called duty) |
| Quota | the maximum quantity of a product that may be brought into a country during a specified time period |
| exchange rate | the measure of how much one currency is worth in relation to another |
| Trade agreement | Intergovernmental agreement designed to manage and promote trade activities for specific regions |
| Trading bloc | consists of those countries that have signed a particular trade agreement |
| European Union | An economic and monetary union that currently contains about 28 European countries |
| USMCA | trade agreement between US, Canada, and Mexico |
| CAFTA | trade agreement between US, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua |
| Mercosur | trade agreement that covers most of South America |
| exporting | producing goods in one country and and selling them in another |
| Glocalization | Firms standardizing their products globally but using different promotional campaigns to sell them |
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