Marketing

Front 1

Price

Back 1

moeny or other onsiderations (goods, services) exchanged for ownership or use of good / service

Front 2

Barter

Back 2

Exchanging goods and services for other goods and services rather than for money

Front 3

Price eqn

Back 3

Price = List price - allowances + extra fees

Front 4

Value

Back 4

ratio of perceived benefits to price

Front 5

Value-pricing

Back 5

Practice of simultaneously increasing product and service benefits while maintaining or decreasing price

Front 6

Profit eqn

Back 6

Profit = total revenue - total cost
Total revenue = unit price x quantity sold

Front 7

What are the 6 steps in pricing-setting process?

Back 7

identify pricing objectives and constraints, estimate demand and revenue, determine cost, volume, and profit relationships, select an approximate price level, set list or quoted price, make special adjustments to list or quoted price

Front 8

Pricing objectives

Back 8

specifying the role of price in an organization's marketing and strategic plans

Front 9

Market share

Back 9

Ratio of firm's sales revenues or unit sales to those of the industry (competitors + firm itself)

Front 10

The 3 different pricing objectives

Back 10

Managing for long-run profits: giving up immediate profit in exchng fo rhigher market share by developing quality products to penetrate competitive markets; maximizing current proft; target return: set a profit goal determined by board of directors

Front 11

Pricing Constraints

Back 11

factors that limit range of prices a firm may set

Front 12

Demand curve

Back 12

Graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price

Front 13

Demand factors

Back 13

Factors that determine consumers' willingness and ability to pay for goods and services

Front 14

Difference between mvt ALONG and SHIFT of demand curve

Back 14

Mvt along curve: price change
Shift: Demand factors change

Front 15

Average revenue

Back 15

Avg amt of money received for sellign one unit of a product, or simply the price of that unit
Total revenue / Quantity

Front 16

Marginal revenue

Back 16

Change in total revenue tha tresutls from producing and marketing one additional unit:
Change in total revenue / 1 unit increase in Quantity = SLOPE of TR curve

Front 17

Price elasticity of demand

Back 17

percentage change in quantity demanded relative to percentage change in price

Front 18

Total cost

Back 18

total expense incurred by a firm in producing and marketing a product

Front 19

Fixed cost

Back 19

Sum of the expenses of the firm tha tvary directly with the quantity of a product that is produced and sold

Front 20

Variable cost

Back 20

cost varying directly with quantity of a product that's produced and sold

Front 21

Marginal cost

Back 21

Change in total cost that results from producing and marketing one additinal unit of a product: changein TC/ 1 unit increase in Q = slope of TC curve

Front 22

Marginal analysis

Back 22

a continuing, concise trade-off of incremental costs against incemental revenues
MR = MC

Front 23

Break-even analysis

Back 23

technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

Front 24

Break-even point

Back 24

= FC/(P-UVC)
total revenue and total cost are equal

Front 25

skimming pricing

Back 25

setting the highest initial price that customers really desiring the product are willing to pay

Front 26

penetration pricing

Back 26

setting a low initial price on a new product to appeal immediately to the mass market

Front 27

prestige pricing

Back 27

setting a high price so that quality or status conscious consumers will be attracted to the product and buy it

Front 28

price lining

Back 28

a firm selling not just a single product but a line of products may price them at a number of different specific pricing points

Front 29

odd-even pricing

Back 29

setting prices a few dollars or cents under an even number

Front 30

target pricing

Back 30

manufacturer deliberately ajusting the ocmposition and features of a product to achieve the target price to consumers

Front 31

bundle pricing

Back 31

marketing of 2 or more products in a single package price

Front 32

yield management pricing

Back 32

charging of different prices to maximize revenue for a set amoutn of capacity at any given time

Front 33

standard markup pricing

Back 33

adding a fixed % to the cost of all items in a specific product class

Front 34

cost-plus pricing

Back 34

summing the total unit cost of providing a product or service and adding a specific amt to the cost to arrive at a price

Front 35

experience curve pricing

Back 35

the unit cost of many products and services declines by 10 to 30% ea time a firm's experience at producing and selling them doubles

Front 36

target profit pricing

Back 36

set an annual target of a specific dollar volume of profit

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target return-on-sales (or investment) pricing

Back 37

set typical rpices that will give them aprofit that is a specified % of the sales volume
Target return on sales = target profit / total revenue

Front 38

customary pricing

Back 38

standardized channel of distribution, or other compeitive factors dictate the price

Front 39

loss-leader pricing

Back 39

for special promotion, retail sotres deliberately sell a product below its customary price to attract attention to it; hope customers will buy other products as well

Front 40

flexible price policy

Back 40

dynamic pricing; setting different prices for products and services depending on individual buys and purchase situations (like yield management pricing)

Front 41

product line pricing

Back 41

setting of prices for all items in a product line; manager seeks to cover the total cost and produce a profit for the complete line, not necessarily for ea item

Front 42

price war

Back 42

successive price cutting by competitior to increase or maintain their unit sales or market share

Front 43

discounts

Back 43

reductions from the list price that a seller gives a buyer as a reward for some activity of teh buyer that is favorable to the seller

Front 44

quantity discounts

Back 44

reductions in unit costs for a larger order

Front 45

trade or functional discounts

Back 45

these reduction off the list or base price are offered to resellers in the channel of distribution on the basis of where they are in the channel and the marketing activities they are expected to perform in the future

Front 46

cash discounts

Back 46

encourage retailers to pay their bills quickly

Front 47

allowances (trade-in / promotional)

Back 47

reductions from list or quoted prices to buyers for performing some activity

Front 48

everyday low pricing

Back 48

practice of replacing promotional allowances with lower manufacturer list prices

Front 49

geographical adjustments

Back 49

list or quoted prices to reflect the cost of transportation of the products from seller to buyer

Front 50

FOB origin pricing

Back 50

"free on board"; seller pays cost of loading the product onto the vehicle involves the seller's factory or warehouse as the location;
buyer responsible for picking specific mode of transportation, all the transport costs, and handling

Front 51

uniform delivered pricing

Back 51

price the seller quotes includes all transport costs

Front 52

single-zone pricing

Back 52

all buyers pay the same delievered price for the products, regardless of distance from the seller

Front 53

multiple-zone pricing

Back 53

divides its selling territory into geographic areas or zones

Front 54

FOB iwth freight-allowed pricing

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price quoted by seller; buyer allowed to deduct freight expenses form list price of goods

Front 55

base-point pricing

Back 55

selecting one or more geogrpahical ocations form which the list price for products plus freight expenses are charged to the buyer

Front 56

price fixing (horizontal and vertical)

Back 56

a conspiracy among firms to set prices for a product;
horizontal: 2 + competitors set prices
vertical: controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a min retail price (resale prie maintenance outlawed by Consumer goods pricing act)

Front 57

price discrimination

Back 57

practice of charging different prices to different buyers for goods of like grade and quality

Front 58

predatory pricing

Back 58

practice of charging a very low price for a product with the intent of driving competitors out of business (sherman act, FTC Act)

Front 59

marketing channel

Back 59

consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users

Front 60

What does intermediaries do?

Back 60

Make sellign goods and services more efficient b/w minimize # of sales contacts necesary to reach a target market (transactional, logisticla, and facilitating fxn)

Front 61

Transactional function of intermediaries

Back 61

buying, selling, risk taking (ownership of inventory)

Front 62

Logistical function

Back 62

assorting, storing, sorting, transporting

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Facilitating function

Back 63

financing, grading, marketing info and research

Front 64

direct channel

Back 64

producer and ultimate consumers deal directly with each other

Front 65

indirect channels

Back 65

intermediaries are inserted b/w producer and consumers and perform numerous channel fxns

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agent / broker

Back 66

intermediary w/ legal authority to act on behalf of manufacturer

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middleman

Back 67

intermediary b/w manufacturer and end-user markets

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industrial distributor

Back 68

selling, stocking, delivering a full product assortment and financing (like wholesalers)

Front 69

electronic marketing channels

Back 69

employ the internet to make goods and services available for consumption or use by consuemrs or business buyers

Front 70

direct marketing channels

Back 70

allow consumers to buy products by interacting with various advertising media without a face-to-face meeting with a salesperson (mail order, direct mail, catalog, telemarketing, televise)

Front 71

dual distribution

Back 71

arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product

Front 72

strategic channel alliances

Back 72

one firm's marketing channel is used to sell another firm's products

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merchant wholesalers

Back 73

independently owned firms that take title to the merchandise they handle

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manufacturer's agents or representatives

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work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory

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selling agents

Back 75

represent a single producer and are responsible for the entire marketing function of that producer

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brokers

Back 76

independent firms or individuals whose principal fxn is to bring buyers and sellers together to make sales

Front 77

what does a manufacturer's branch office do?

Back 77

carries a producer's inventory and performs the fxns of a full-service wholesaler

Front 78

manufacturer's sales office

Back 78

does not carry inventory, typically performs only a sales fxn and serves as an alternative to agents and brokers

Front 79

vertical marketing systems

Back 79

professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact

Front 80

Forward and backward integration

Back 80

forward: proudcer own intermediary at the next level down in channel
backward: retailer own manufacturing operature

Front 81

wholesaler-sponsored voluntary chains

Back 81

wholesaler that develops a contractual relationship with small, independent retailers

Front 82

retailer sponsored cooperatives

Back 82

small, independent retailers form an organization that operates a wholesale facility cooperatively

Front 83

franchising

Back 83

contractual arrangement b/w parent company and individual/firm tha tallows the franchisee to operate certain type of business under an established name and according to specific rules

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administered vertical marketing systems

Back 84

achieve coordination at successive stages of production and distribution by the size and influence of one channel member rather than thru ownership

Front 85

channel partnership

Back 85

agreements and procedures among channel members for ordering and physically distributing a producer's products thru the channel to the ultimate consumer

Front 86

intensive distribution

Back 86

a firm tries to place its products and services in as many outlets as possible

Front 87

exclusive distribution

Back 87

extreme opposite of intensive distribution b/c only 1 retail outlet in a specified geographical area carries the firm's proudcts

Front 88

selective distribution

Back 88

a firm selects a few retail outlets in a specific geographical area to carry its products

Front 89

what are the categories of consumer's interests firms might wnat to fulfill when designing channels?

Back 89

info, convenience, variety, attendant services

Front 90

What are 3 considerations when designing channels?

Back 90

target market coverage, satisfying buyer requirements, and profitability

Front 91

channel conflict

Back 91

when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals

Front 92

channel captain

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a channel member that coordinates, directs, and supports other channel members

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disintegration

Back 93

when channel member bypasses another memebr and sells or buys products direct

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exclusive dealing

Back 94

a supplier requires channel members to sell only its products or restricts distributors from selling directly competitive products

Front 95

tying arrangements

Back 95

occur when a supplier requires a distributor purchasing some products to buy others from the supplier

Front 96

logistics

Back 96

inovles those activities that focus on getting the right amt of the right porducts to the right place at the right time at the lowest possible price

Front 97

logistics management

Back 97

the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related info from pt of ori to pt of consumption to satisfy customer requirements

Front 98

supply chain

Back 98

sequence of firms that perform activities required to create and deliver a good or service to consumers or industrial users; includes suppliers that provide raw material inputs to a manufacturer as well as the wholeslaers and retailers that deliver finsihed goods

Front 99

supply chain management

Back 99

the integration and organization of info and logistics activities across firms in a supply chain for the purpose of creating and delivering goods and services that provide value to consumers

Front 100

What are 3 steps that marketers recognize in determining a marketing strategy and choice of a supply chain?

Back 100

understand the customer, understand the supply chain, and harmonize supply chain w/ marketing strategy

Front 101

cross-docking

Back 101

practice that involves unloading products from suppliers, sorting products for individual stores, and reloading products onto trucks for a particular store

Front 102

electronic data interchanges (EDIs)

Back 102

combine proprietary computer and telecommunication tech to exchange electronic invoices, payments, and info among suppliers, manufacturers, and retailers

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extranet

Back 103

an internet/web-based network that permits secure business-to-business communication b/w manufacturer and its suppliers, distributors, and stimes other partners

Front 104

Total logistics cost

Back 104

includes expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling

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customer service

Back 105

the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience

Front 106

lead time (order cycle/replenishment time)

Back 106

the lag from ordering an item until it is received and rady for use or sale

Front 107

quick response, efficient consumer response

Back 107

reduce retailer's lead time for receiving merchandise, lowering a retailer's inventory investment, improving customer service levels, and reducing logistics expense

Front 108

What is dependability when it comes to supply chains?

Back 108

consistent lead time, safe delivery, complete delivery

Front 109

What are 4 key logistic fxns in a supply chain?

Back 109

transportation, warehousing and materials handling, order processing, and inventory management

Front 110

third-party logistics providers

Back 110

firms that perform most or all of the logistics fxns that manufacturers, suppliers, and distributors would normally perform themselves

Front 111

What are some concerns with transportation?

Back 111

cost, time, capability, dependability, acessibility, frequency

Front 112

What is intermodal transportation?

Back 112

combining different transportation modes to get the best features of each (truck-rail... piggyback/trailer on flatcar)

Front 113

What are freight forwarders?

Back 113

firms that accumulate small shipments into larger lots and then hire a carrier to move them, usually at reduced rates

Front 114

What happens if an item is out of stock?

Back 114

Backorder

Front 115

What are some inventory costs?

Back 115

captial costs: opportunity costs tyed up in inventory instead of using them in other investments (interest rates);
inventory service costs: items such as insurance and taxes that are present in many states;
storage costs; risk costs: possible loss, damage, etc

Front 116

just-in-time (JIT) concept

Back 116

inventory supply sys that operates w/ very low inventories and requires fast, on-time delivery

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vendor-managed inventory (VMI)

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inventory-management sys whereby the supplier determines the product amt and assortmt a customer needs and automatically delivers tha ppropriate items

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reverse logistics

Back 118

process of reclaiming recylclable and reusable materials, returns, and reworks from the pt of consumption or use for repaire, remanufacturing, redistribution, or disposal

Front 119

retailing

Back 119

include activities involved in selling, renting, and providign goods and services to ultimate customers for personal, family, or household use

Front 120

what are the consumer utilities offered by retailing?

Back 120

time, place, form, and possession

Front 121

form of ownership

Back 121

distinguishes retail outlets based on whether individuals, corporate hains, or contractal sys own the outlet

Front 122

level of service

Back 122

describes the degree of service provided to the customer (self, limited, and full)

Front 123

merchandise line

Back 123

how many different types of products a store carries and in what assortment

Front 124

what are contractual systems in retailing?

Back 124

they involve independently owned stores that band together to act like a chain (retailersponsored cooperatives, wholesaler-sponsored voluntary chains, and franchises)

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What are the 2 types of franchises?

Back 125

business-format franchises: franchisor rpovides step-by-step procedures for most aspects o teh business and guidelines for the most likely decisions a franchisee will face;
and product-distribution franchises

Front 126

What's the difference b/w breadth and depth of a product line?

Back 126

Breadth: variety of different items a store carries;
depth: the store carries a large assortment of each item

Front 127

scrambled merchandising

Back 127

offers several unrelated product lines in a single store

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hypermarket

Back 128

large stores based on a the concept: offer consumers everything in a signle outlet, eliminating need to stop at more than one location

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intertype competition

Back 129

competition b/w very dissimilar types of retailer outlets (local bakery compete with department store or gas station)

Front 130

what are some types of nonstore retailing?

Back 130

automatic vending, direct mail and catalogs, television home shopping, online retailing, telemarketing, direct selling

Front 131

retail positioning matrix

Back 131

positions reatil outlets on 2 dimensions: breadth of proudct line and value added (location, product reliability, or prestige)

Front 132

what is the key to positioning retail store?

Back 132

it must have an identity that has some advantages over the competitors yet is recognized by consumers

Front 133

retailing mix

Back 133

includes activities related to managing the store and the merchandise in the store; includes retail pricing, store location, retail communication, and merchandise

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shrinkage

Back 134

breakage and theft of merchandise by customers and employees

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off-price retailing

Back 135

selling brand-name merchandise at lower than regular prices

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central business district

Back 136

oldest retail setting, the community's downtown area

Front 137

regional shopping centers

Back 137

consist of 50 to 150 stores that typically attract customers who live or work within a 5- or 10- mile range

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community shopping center

Back 138

typically has one primary store and often about 20 to 40 smaller outlets

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strip location

Back 139

cluster of stores to serve peopel who are w/in a 5- to 10- min drive; a variation of this is power center, a huge shopping strip w/ multiple anchor stores

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category management

Back 140

assigns a manger with the responsibility for selecting all products tha tconsumers in a market segment mgiht view as substitutes for ea other, with the objective of maximizing sales and profits int he category

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wheel of retailing

Back 141

describes how new forms of retail outlets enter the market

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retail life cycle

Back 142

process of growth and declien that retail outlets, like products, experience (early growth, accelerated development, maturity, decline)

Front 143

multichannel retailers

Back 143

utilize and integrate a combo of traditional store formats and nonstore formats such as catalogs, tv, and online retailing

Front 144

promotional mix

Back 144

combo of communication tools (advertising, personal selling, sales promotion, public relations, direct marketing) used to inform prospective buyers about the benefits of product, persuade them to try it, and remind them later about eh benefits they enjoyed by using the product

Front 145

integrated marketing communications (IMC)

Back 145

concept of designing marketing communications programs that coordinate all promotinoal activities to provide a consistent msg across all audiences

Front 146

communication

Back 146

process of conveying a msg to others and requires source, msg, channel of communication, receiver, and the processes of encoding and decoding

Front 147

channel of communication

Back 147

salesperson, ad media, pr tools

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encoding

Back 148

process of having the sender transform an idea into a set of symbols

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decoding

Back 149

process of having the receiver take a set of symbols, the msg, and transformt them back to an idea

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field of experience

Back 150

a similar understanding and knowledge sender and receiver apply to the msg

Front 151

noise

Back 151

extraneous factors that can work against effective communication by distorting a msg or the feedback received

Front 152

advertising

Back 152

any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor

Front 153

personal selling

Back 153

2-way flow of communication b/w a buyer and a seller, designed to influence a person's or group's purchase decision; most expensive

Front 154

public relations

Back 154

form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services

Front 155

publicity

Back 155

nonpersonal, indirectly paid rpesentation of an org, good, or service

Front 156

sales promotion

Back 156

short-term inducement of value offered to arouse interest in buying a good/service (coupons, rebates); offered to intermediaries as well as consumers

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direct marketing

Back 157

uses direct communication w/ consumers to generate a response in the form of an order, a request for further info, or a visit to a retail store (face to face, direct mail, catalogs, etc)

Front 158

what are the stages of the buying decision? and describe the important of the element of promotional mix in each stage

Back 158

prepurchase: advertising, sales promotion;
purchase: sales promotion, personal selling;
postpurchase: personal selling, ads, sales promotion

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push strategy

Back 159

directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product; personal selling and sales promotions

Front 160

pull strategy

Back 160

directing promotional mix at ultimate consumers to encourage them to ask the retailer for a product

Front 161

hierarchy of effects

Back 161

sequence of stages a prospective buyer goes through from awareness of a product to eventual action: awareness, interest, evaluation, trial, adoption

Front 162

percentage of sale budgeting

Back 162

funds are allocated to promotion as a % of past/anticipated sales, in terms of either dollars or units sold

Front 163

competitive parity budgeting

Back 163

marching the competitor's absolute lvl of spending/the proprtion/pt of market share

Front 164

objective and task budgeting

Back 164

company determines its promotion objectives, outlines the tasks to accomplish these objectvies, and determines the promotion cost of performing these thasks

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direct orders

Back 165

result of offers that contain all the info necessary for a prospecitve buyer to make a decision to purchase and ocmplete the transaction

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lead generation

Back 166

result of offer designed to generate interest in a product / service and a request for additional info

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traffic generation

Back 167

outcome of offer designed to motivate people to visit a business

Front 168

push strategy

Back 168

directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product; personal selling and sales promotions

Front 169

pull strategy

Back 169

directing promotional mix at ultimate consumers to encourage them to ask the retailer for a product

Front 170

hierarchy of effects

Back 170

sequence of stages a prospective buyer goes through from awareness of a product to eventual action: awareness, interest, evaluation, trial, adoption

Front 171

percentage of sale budgeting

Back 171

funds are allocated to promotion as a % of past/anticipated sales, in terms of either dollars or units sold

Front 172

competitive parity budgeting

Back 172

marching the competitor's absolute lvl of spending/the proprtion/pt of market share

Front 173

objective and task budgeting

Back 173

company determines its promotion objectives, outlines the tasks to accomplish these objectvies, and determines the promotion cost of performing these thasks

Front 174

push strategy

Back 174

directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product; personal selling and sales promotions

Front 175

direct orders

Back 175

result of offers that contain all the info necessary for a prospecitve buyer to make a decision to purchase and ocmplete the transaction

Front 176

pull strategy

Back 176

directing promotional mix at ultimate consumers to encourage them to ask the retailer for a product

Front 177

lead generation

Back 177

result of offer designed to generate interest in a product / service and a request for additional info

Front 178

hierarchy of effects

Back 178

sequence of stages a prospective buyer goes through from awareness of a product to eventual action: awareness, interest, evaluation, trial, adoption

Front 179

traffic generation

Back 179

outcome of offer designed to motivate people to visit a business

Front 180

percentage of sale budgeting

Back 180

funds are allocated to promotion as a % of past/anticipated sales, in terms of either dollars or units sold

Front 181

competitive parity budgeting

Back 181

marching the competitor's absolute lvl of spending/the proprtion/pt of market share

Front 182

objective and task budgeting

Back 182

company determines its promotion objectives, outlines the tasks to accomplish these objectvies, and determines the promotion cost of performing these thasks

Front 183

direct orders

Back 183

result of offers that contain all the info necessary for a prospecitve buyer to make a decision to purchase and ocmplete the transaction

Front 184

lead generation

Back 184

result of offer designed to generate interest in a product / service and a request for additional info

Front 185

traffic generation

Back 185

outcome of offer designed to motivate people to visit a business

Front 186

3 forms of product advertisement and their fxns

Back 186

pioneering: tell what the product is, what it can do, where to buy;
competitive (comparative): persuade target market to select the firm's brand rather than that of a competitor;
reminder: reinforce previous knowledge of a product

Front 187

institutional advertisement and types

Back 187

build goodwill or an image for an organization rather than promote a specific good/service;

advocacy, pioneering institutional, competitive institutional, and reminder institutional

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reach

Back 188

# of different people or households exposed to an advertisement

Front 189

rating

Back 189

% of households in a market tha tare tuned to a particular tv show/radio station

Front 190

gross rating points (GRPs)

Back 190

reach times frequency

Front 191

cost per thousand (CPM)

Back 191

cost of reaching 1000 individuals or households with the advertising message in a given medium

Front 192

place-based media

Back 192

msgs are placed in locations that attract a specific target audience such as airports, doctors' offices, health clubs, theaters

Front 193

what are the types of pretests for an ad

Back 193

portfolio tests: test ad is placed in a portfolio w/ several other ads and consumers are asked to read thru and evaluate them;
jury tests: showing ad copy to a panel of consumers and having them rate how they liked it;
theater tests: consumers view new tv shows/movies in which test commercials are also shown

Front 194

what are some types of posttests for an ad?

Back 194

aided recall (recognition-readership);
unaided recall;
attitude test;
inquiry tests

Front 195

consumer-oriented sales promotions

Back 195

sales tools used to support a company's advertising and personal selling

Front 196

point-of-purchase display

Back 196

these product displays take the form of advertising signs, which someties actually hold/display the product, and are often located in high-traffic areas near the cash register or end of an aisle

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product placement

Back 197

involves use of a brand-name product in a movie, tv show, video, or commercial for another product

Front 198

trade-oriented sales promotions and list types

Back 198

sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, or distributors;
allowances and discounts;
cooperative advertising;
training of distributors' salesforces

Front 199

cooperative advertising

Back 199

programs by which a manufacturer pays a % of retailer's local advertising expense for advertising the manufacturer's products

Front 200

personal selling

Back 200

2-way flow of communication b/w a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision

Front 201

sales management

Back 201

planning the selling program and implementing and controlling the personal selling effort of the firm

Front 202

relationship selling

Back 202

practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time

Front 203

partnership selling

Back 203

buyers and sellers combine their expertise and resources to creat customized solutions

Front 204

what is the difference b/w inbound and outbound telemarketing?

Back 204

inbound: toll free number customers can call
outbound: contacting current and prospective customers

Front 205

missionary salespeople

Back 205

do not directly solicit orders but concentrate on performing promotional activities and introducing new products

Front 206

sales engineer

Back 206

salesperson who specializes in identifying, analyzing, and solving customer problems, and brings know-how and technical expertise to eh seling situation but often doesn't actually sell products and services

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team selling

Back 207

practiec of using an entire team of proessionals in sellign to and servcing major customers

Front 208

personal selling process

Back 208

prospecting, preapproach, approach, presentation, close, follow-up

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stimulus-response presentation

Back 209

assumes that given the appropriate stimulus by a salesperson, the prospect will buy

Front 210

formula sellign format

Back 210

a presentation consists of info tha tmust be provided in a nccurate, thorough, and step-by-step manner to inform the prospect

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need-satisfaction format

Back 211

emphasizes probing and listening by the salesperson to identify needs and interests of prospecitve buyers

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sales plan

Back 212

statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed

Front 213

acct management policies

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specify whom salespeopel should contact, what kinds of sellign and customer service activities should be engaged in, and how these activities should be carried out

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interactive marketing

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2-way buyer-seller electronic communication in a computer-mediated environment in which the buyer ctrl the kind and amt of info received from seller

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choiceboard

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an interactive, internet-enabled sys that allows individual customers to design their own products and services by answering a few questions and choosing from a manu of product/service attributes, prices, and delivery options

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collaborative filtering

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automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases

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permission marketing (opt-in)

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soliciation of a consumer's consent to receive email and advertising based on personal data supplied by the consumer

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what are the 7 website design elements?

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context, content, community, customization, communication, conection, and commerce

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why do consumers shop online?

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convenience, choice, customization, communication, cost, and control

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bots

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electronic shopping agents or roborts that comb websites to compare prices and prodcuts or service features

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viral marketing

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internet-enabled promotional strategy that encourages individuals to forward marketer-initiated msgs to others via email

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dynamic pricing

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practice of changing prices for products and services in real time in response to supply and demand conditions

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portals

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electronic gateways to the internet that supply a broad array of news and entertainment, etc. (search engines)

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cookies

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computer files that a marketer can download onto the computer of an online shopper who visits the marketer's site

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multichannel marketing

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blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships w/ consumers who shop and buy in the traiditonal marketplace and marketspace.