Marketing Final Exam (Chapters 10-15)

Front 1

Administered VMS

Back 1

A vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties.

Front 2

Channel Conflict

Back 2

Disagreements among marketing channel members on goals, roles, and rewards; who should do what and for what rewards.

Front 3

Channel Level

Back 3

A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.

Front 4

Contractual VMS

Back 4

A vertical marketing system in which independent firms at different levels of production and distribution join together through contracts.

Front 5

Conventional Distribution Channel

Back 5

A channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole.

Front 6

Corporate VMS

Back 6

A vertical marketing system that combines successive stages of production and distribution under single ownership; channel leadership is established through common ownership.

Front 7

Disintermediation

Back 7

The cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries.

Front 8

Franchise Organization

Back 8

A contractual vertical marketing system in which a channel member, called a franchisor, links several stages in the production-distribution process.

Front 9

Horizontal Marketing System

Back 9

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

Front 10

Integrated Logistics Management

Back 10

The logistics concept that emphasizes teamwork; both inside the company and among all the marketing channel organizations; to maximize the performance of the entire distribution system.

Front 11

Marketing Channel (Distribution Channel)

Back 11

A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

Front 12

Marketing Logistics (Physical Distribution)

Back 12

Planning, implementing, and controlling the physical flow of materials, final goods and related information from points of origin to points of consumption to meet customer requirements at a profit.

Front 13

Reverse Logistics

Back 13

reusing, recycling, refurbishing, or disposing of broken, unwanted, or excess products returned by consumers or resellers.

Front 14

Multichannel Distribution System

Back 14

A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments.

Front 15

Supply Chain Management

Back 15

Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers.

Front 16

Third-Party Logistics (3PL)

Back 16

An independent logistics provider that performs any or all of the functions required to get a client's product to market.

Front 17

Value Delivery Network

Back 17

A network composed of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.

Front 18

Vertical Marketing System (VMS)

Back 18

A channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.

Front 19

Agent

Back 19

A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods.

Front 20

Broker

Back 20

A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.

Front 21

Category Killer

Back 21

A giant specialty store that carries a very deep assortment of a particular line.

Front 22

Corporate Chains

Back 22

Two or more outlets that are commonly owned and controlled.

Front 23

Convenience Store

Back 23

A relatively small store located near residential areas, open long hours seven days a week, and carrying a limited line of high-turnover convenience products at slightly higher prices.

Front 24

Department Store

Back 24

A retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers.

Front 25

Discount Store

Back 25

A retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.

Front 26

Factory Outlet

Back 26

An off-price retailing operation that is owned and operated by a manufacturer and normally carriers the manufacturer's surplus, discontinued, or irregular goods.

Front 27

Independent Off-Price Retailer

Back 27

An off-price retailer that is either independently owned and run or is a division of a larger retail corporation.

Front 28

Merchant Wholesaler

Back 28

An independently owned wholesale business that takes title to the merchandise it handles.

Front 29

Off-Price Retailer

Back 29

A retailer that buys at less-than-regular wholesale prices and sells at less than retail.

Front 30

Retailer

Back 30

A business whose sales come primarily from retailing.

Front 31

Retailing

Back 31

All the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.

Front 32

Service Retailer

Back 32

A retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others.

Front 33

Shopping Center

Back 33

A group of retail businesses built on a site that is planned, developed, owned, and managed as a unit.

Front 34

Specialty Store

Back 34

A retail store that carries a narrow product line with a deep assortment within that line.

Front 35

Supermarket

Back 35

A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery household products.

Front 36

Superstore

Back 36

A store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services.

Front 37

Wholesaler

Back 37

A firm engaged primarily in wholesaling activities.

Front 38

Wholesaling

Back 38

All the activities involved in selling goods and services to those buying for resale or business use.

Front 39

Advertising

Back 39

Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Front 40

Advertising Budget

Back 40

The dollars and other resources allocated to a product or a company advertising program.

Front 41

Advertising Media

Back 41

The vehicles through which advertising messages are delivered to their intended audiences.

Front 42

Advertising Objective

Back 42

A specific communication task to be accomplished with a specific target audience during a specific period of time.

Front 43

Advertising Strategy

Back 43

The strategy by which the company accomplishes its advertising objectives. It consists of two major elements: creating advertising messages and selecting advertising media.

Front 44

Affordable Method

Back 44

Setting the promotion budget at the level management thinks the company can afford.

Front 45

Competitive-Parity Method

Back 45

Setting the promotion budget to match competitors' outlays.

Front 46

Direct Marketing

Back 46

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

Front 47

Execution Style

Back 47

The approach, style, tone, words and format used for executing an advertising message.

Front 48

Integrated Marketing Communications (IMC)

Back 48

Carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products.

Front 49

Media Reach

Back 49

A measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.

Front 50

Media Frequency

Back 50

A measure of how many times the average person in the target market is exposed to the message.

Front 51

Objective and Task Method

Back 51

Developing the promotion budget by defining specific objectives, determining the tasks that must be performed to achieve these objectives, and estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.

Front 52

Percentage of Sales Method

Back 52

Setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price.

Front 53

Personal Selling

Back 53

Personal customer interactions by the firm's sales force for the purpose of making sales and building customer relationships.

Front 54

Promotion Mix (Marketing Communications Mix)

Back 54

The specific blend of promotion tools that the company uses to engage customers, persuasively communicate customer value, and build customer relationships.

Front 55

Public Relations (PR)

Back 55

Building good relations with the company various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events.

Front 56

Sales Promotion

Back 56

Short-term incentives to encourage the purchase or sale of a product or a service.

Front 57

Allowance

Back 57

Promotional money paid by manufacturer's to retailers in return for an agreement to feature the manufacturer's products in some way.

Front 58

Business Promotions

Back 58

Sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople.

Front 59

Cash Rebate

Back 59

Manufacturers offer these to consumers who buy the product from dealers within a specified time; the manufacturer sends the rebate directly to the customer.

Front 60

Closing

Back 60

The sales step in which a salesperson asks the customer for an order.

Front 61

Consumer Promotions

Back 61

Sales Promotion tools used to boost short-term customer buying and engagement or enhance long-term customer relationships.

Front 62

Coupon

Back 62

Certificates that save buyers money when they purchase specified products.

Front 63

Customer (or market) Sales Force Structure

Back 63

A sales force organization in which salespeople specialize in selling only to certain customers or industries.

Front 64

Discount

Back 64

A straight reduction in price on purchases during a stated period of time or in larger quantities.

Front 65

Follow-Up

Back 65

The sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business.

Front 66

Inside-Sales Force

Back 66

Salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers.

Front 67

Outside Sales Force (Or Field Sales Force)

Back 67

Salespeople who travel to call on customers in the field.

Front 68

Patronage Reward

Back 68

Marketers use specific marketing tools to develop stronger bonds with customers and reward customers who buy frequently or in large amounts.

Front 69

Personal Selling

Back 69

Personal customer interactions by the firm's sales force for the purpose of making sales and building customer relationships.

Front 70

Product Sales Force Structure

Back 70

A sales force organization in which salespeople specialize in selling only a portion of the company's products or lines.

Front 71

Prospecting

Back 71

The sales step in which a salesperson or company identifies qualified potential customers.

Front 72

Sales Force Management

Back 72

Analyzing, planning, implementing, and controlling sales force activities.

Front 73

Sales Promotion

Back 73

Short-term incentives to encourage the purchase or sale of a product or a service.

Front 74

Salesperson

Back 74

An individual who represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building.

Front 75

Selling Process

Back 75

The steps that salespeople follow when selling, which include prospecting and qualifying, pre approach, approach, presentation and demonstration, handling objections, closing and follow-up.

Front 76

Territorial Sales Force Structure

Back 76

A sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line.

Front 77

Trade (Dealer) Promotions

Back 77

Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising.

Front 78

Brick-and-Mortar Companies

Back 78

This term is used to differentiate between companies that are based solely online, and those that have a real-world counterpart.

Front 79

Blogs

Back 79

Online journals where people and companies post their thoughts and other content, usually related to narrowly defined topics.

Front 80

Business-to-Business (B2B) Online Marketing

Back 80

Describes the commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer.

Front 81

Business-to-Consumer (B2C) Online Marketing

Back 81

Business or transactions conducted directly between a company and consumers who are the end-users of its products or services.

Front 82

Catalog Marketing

Back 82

Direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online.

Front 83

Click-and-Mortar Companies

Back 83

A type of business model that includes both online and offline operations, which typically include a website and physical store.

Front 84

Click-Only Companies

Back 84

Those companies who have a website/online presence without a physical store.

Front 85

Consumer-to-Business (C2B) Online Marketing

Back 85

A business model in which consumers (individuals) create value and businesses consume that value.

Front 86

Consumer-to-Consumer (C2C) Online Marketing

Back 86

A business model that facilitates an environment where customers can trade with each other.

Front 87

Corporate Web Site

Back 87

An informational website operated by a business or other private enterprise such as a charity or nonprofit foundation.

Front 88

Direct-Mail Marketing

Back 88

Marketing that occurs by sending an offer, announcement, reminder, or other item directly to a person at a particular address.

Front 89

Direct Marketing

Back 89

A channel-agnostic form of advertising which allows businesses and nonprofit organizations to communicate straight to the customer, with advertising techniques that can include cell phone text messaging, email, interactive consumer websites, online display ads, etc.

Front 90

Direct-Response Television (DRTV) Marketing

Back 90

Direct marketing via television, including direct-response television advertising (or infomercials) and interactive television (iTV) advertising.

Front 91

E-mail Marketing

Back 91

Sending highly targeted, highly personalized, relationship-building marketing messages via e-mail.

Front 92

Marketing Web Site

Back 92

A web site that interacts with consumers to move them closer to a direct purchase or other marketing outcome.

Front 93

Mobile Marketing

Back 93

Marketing messages, promotions, and other content delivered to on-the-go consumers through mobile phones, smartphones, tablets and other mobile devices.

Front 94

Online Advertising

Back 94

Advertising that appears while consumers are browsing online, including display ads, search related ads, online classifieds, and other forms.

Front 95

Online Marketing

Back 95

Marketing via the internet using company web sites, online ads and promotions, e-mail, online video, and blogs.

Front 96

Online social networks

Back 96

Online social communities; blogs, social networking web sites, and other online communities where people socialize or exchange information and opinions.

Front 97

Telemarketing

Back 97

Using the telephone to sell directly to customers.

Front 98

Viral Marketing

Back 98

The digital version of word-of-mouth marketing; videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends.

Front 99

Adapted Global Marketing

Back 99

An international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.

Front 100

Communication Adaptation

Back 100

A global communication strategy of fully adapting advertising messages to local markets.

Front 101

Contract Manufacturing

Back 101

A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service.

Front 102

Direct Investment

Back 102

Entering a foreign market by developing foreign-based assembly or manufacturing facilities.

Front 103

Exporting

Back 103

Entering foreign markets by selling goods produced in the company's home country, often with little modification.

Front 104

Global Firm

Back 104

A firm that, by operating in more than one country, gains R&D, production, marketing and financial advantages in its costs and reputation that are not available to purely domestic competitors.

Front 105

Joint Ownership

Back 105

A cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control.

Front 106

Joint Venturing

Back 106

Entering foreign markets by joining with foreign companies to produce or market a product or service.

Front 107

Licensing

Back 107

Entering foreign markets through developing an agreement with a licensee in the foreign market.

Front 108

Product Adaptation

Back 108

Adapting a product to meet local conditions or wants in foreign markets.

Front 109

Standardized Global Marketing

Back 109

An international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets.

Front 110

Contractor Bid

Back 110

The process of submitting a proposal to undertake, or manage the undertaking of a construction project.

Front 111

Cost of Goods Sold

Back 111

The direct costs attributable to the production of the goods sold by a company.

Front 112

Customer Satisfaction

Back 112

The extent to which a product's perceived performance matches a buyer's expectations.

Front 113

Domestic Market

Back 113

The supply and demand of goods, services, and securities within a single country.

Front 114

Foreign Market

Back 114

Part of a nation's internal market, representing the mechanisms for issuing and trading securities of entities domiciled outside that nation.

Front 115

Gross Margin

Back 115

A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.

Front 116

Home Market

Back 116

Country, state or city where a firm has its headquarters.

Front 117

Market Share

Back 117

The percentage of a market accounted for by a specific entity.

Front 118

Marketing Research

Back 118

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Front 119

Return on Marketing (ROM)

Back 119

A metric used to measure the overall effectiveness of a marketing campaign to help marketers make better decisions about allocating future investments.

Front 120

Return on Sales (ROS)

Back 120

A ratio widely used to evaluate a company's operational efficiency.