Marketing Managment Test 2

Front 1

Brand

Back 1

The name given to a product, or in some instances, the company name

Front 2

Brand extension

Back 2

The use of a firm's current brand name on new products and new versions of current products.

Front 3

Brand Loyalty

Back 3

A situation in which a consumer makes a concerted effort to find and purchase a specific brand due to an affinity with that brand

Front 4

Cobranding

Back 4

The name used when two firms work together in marketing a good or a service

Front 5

Corporate name

Back 5

The term used to identify the entire company

Front 6

Family brand

Back 6

Is the name used when a company offers a series or a group of products under one brand

Front 7

Flanker brand

Back 7

a term that is used when a company offers a series or group of products under a different brand name

Front 8

Focus group

Back 8

a set of individuals who are prompted to discuss an item or topic

Front 9

Global brand

Back 9

One that us used by a multinational corporation

Front 10

House mark

Back 10

a term used when a corporate name is attached to every company product

Front 11

Ingredient branding

Back 11

The name used when a product is featured as a key ingredient or component of another product

Front 12

Product development

Back 12

A marketing strategy of adding new goods and services to current lines for existing customers.

Front 13

Product diversification

Back 13

Attempting to create brand equity based on an actual difference or by creating the perception that there is a difference.

Front 14

Product life cycle

Back 14

A model of how sales of an item or industry move over its lifetime

Front 15

Consideration/evoke parity

Back 15

the set of brands a customer view as being approximately equal

Front 16

Cost-plus pricing

Back 16

setting the price of a product based on both the variable and fixed costs associated with producing the product and a desired contribution margin

Front 17

Deceptive pricing

Back 17

A pricing practice that misleads consumers

Front 18

Incremental approach

Back 18

Pricing a new product based on the incremental costs of producing the new product over the costs of producing a similar existing product

Front 19

Markup

Back 19

The difference between the selling price of an item and what it costs to product that item

Front 20

Penetration pricing

Back 20

Setting the price low to discourage competitors from entering the market and to build primary demand

Front 21

Predatory pricing

Back 21

Pricing designed to eliminate competition

Front 22

Price discrimination

Back 22

Selling merchandise to different buyers at different prices

Front 23

Price elasticity of demand

Back 23

Change in demand relative to change in price

Front 24

Price fixing

Back 24

An agreement between businesses to charge the same price for a good or service

Front 25

Price perceptual map

Back 25

A visual tool used to examine brand image or equality and brand market position relative to the competition

Front 26

Pricing strategy

Back 26

The basic direction the company's marketing and management teams take when setting prices

Front 27

Reference price

Back 27

The price customers initially identify with a new product

Front 28

Skimming price strategy

Back 28

Setting the price high in order to recover research and development costs as quickly as possible

Front 29

Advertising management

Back 29

The process of developing and overseeing a company's advertising program

Front 30

Arbitrary allocation

Back 30

An advertising budget that is a figure chosen based on what company leasers think should be spent of believe the firm can affored

Front 31

Buzz Marketing (WOM)

Back 31

reaching new customers by emphasizing consumers passing along info about a product

Front 32

Creative brief

Back 32

An outline of the major elements of an advertising campaign

Front 33

Guerrilla marketing

Back 33

Method to obtain instant results with limited resources using tactics that rely on creativity, quality relationships with customers, and the willingness to try unusual approached

Front 34

Lifestyle marketing

Back 34

Reaching customers by tapping into a target audience's core lifestyle, music, culture, and fashion

Front 35

Meet the competition

Back 35

An advertising budget that matches estimates of competitor spending

Front 36

Objective and task

Back 36

An advertising budget that is based on estimates of how much should be spend to achieve each advertising objective

Front 37

Percentage of sales

Back 37

Advertising budget that allocates funds based on either a percentage of the previous year's revenues or a projection of the upcoming year's sales

Front 38

Bonus pack

Back 38

The offer of additional or extra items in a special package at a reduced or special price

Front 39

Brand loyal customers

Back 39

People with high levels of emotional attachment to a brand combined with high levels of purchases

Front 40

Calendar Promotions

Back 40

Promotional campaigns the retailer plans for customers through manufacturer trade incentives

Front 41

Consumer promotions

Back 41

Incentives directed toward end users with the goal of pulling a product through the channel

Front 42

Contests

Back 42

Events that normally require the participant to perform some type of activity to compete for the prize

Front 43

Cooperative merchandising agreement (CMA)

Back 43

A formal agreement between the retailer firm's strategy and competiveness

Front 44

Cooperative advertising promotion

Back 44

Type of promotion i which the manufacturer agrees to reimburse the retailer a certain percentage of the costs associated with advertising the manufacturer products in the retailers ad

Front 45

Coupon

Back 45

Price reduction offer to a consumer or end user

Front 46

Cross ruffing coupons

Back 46

placement of a coupon on one product for another product

Front 47

Diversion

Back 47

A tactic in which a retailer buys a product oon deal in one location and ships it to another location where it is off-deal

Front 48

Forward buying

Back 48

Tactic in which a retailer buys extra amounts of a product while it is on deal from the manufacturer

Front 49

Freestanding inserts

Back 49

Sheets of coupons placed in newspapers or sent by mail

Front 50

Opportunity cost

Back 50

Monies not received from one activity because they were spend or forgone another

Front 51

Preferred brand customers

Back 51

people who have certain brands they prefer but who are not completely loyal to any one brand

Front 52

Premiums

Back 52

prizes, gifts, and special offers that consumers receive when purchasing products, or trade incentives offered to members of a channel

Front 53

Price-off

Back 53

temporary reduction in the price of a product

Front 54

Price-sensitive consumers

Back 54

people who see price as the primary, it not only, criterion to be used in making purchase decisions

Front 55

Promotion prone consumers

Back 55

people who regularly respond to coupons, premiums, or other promotional programs.

Front 56

Rebate

Back 56

cash return on hard goods, such as cars

Front 57

refund

Back 57

cash return on soft goods, such as food or clothing

Front 58

Sampling

Back 58

delivery of a good or service for a trial use

Front 59

Slotting fees

Back 59

funds charged by retailers to stock new products

Front 60

Sweepstakes

Back 60

events with prizes that are given to people who enter, with no purchase

Front 61

trade allowances

Back 61

financial incentives offered to other channel members to motivate them to purchase products for sale

Front 62

trade incentives

Back 62

incentives that require retailers to perform some type of marketing function in order to receive funds

Front 63

trade promotions

Back 63

methods used by channel members and directed to other channel members to push the product through the channel

Front 64

Trade shows

Back 64

gatherings of buyers and sellers for the purposes of making contacts and sales

Front 65

aptitude

Back 65

persons natural abilities, including verbal, math, and reasoning

Front 66

bonuses

Back 66

payments for the completion of a single project of given out on an annual basis

Front 67

Commission sales

Back 67

jobs in which employees sell bigger ticket items and receive a percentage of the sale

Front 68

commissions

Back 68

payments for sales by the unit of over a period of time, typically one month

Front 69

field salespeople

Back 69

those who make sales calls on businesses

Front 70

missionary salespeople

Back 70

those who make contact with businesses to deliver samples, leave info, check up and build relationships

Front 71

mission sharing

Back 71

form of sales presentation in which who organization develop a common mission

Front 72

need satisfaction

Back 72

form of sales presentation in which the approach is to discover a customer's needs and then provide solutions to those needs

Front 73

order taker

Back 73

sales job where the person works primarily near the cash register and may also stock shelves, answer questions, and process sales

Front 74

personal characteristics

Back 74

traits that make an individual unique

Front 75

problem-solution

Back 75

form of sales presentation that requires employees from the selling organization to analyze the buyers operations and then offer feasible solutions

Front 76

relationship selling

Back 76

process of turning initial transactions into stronger partnerships over time

Front 77

salary

Back 77

fixed amount of pay for a given time

Front 78

service salesperson

Back 78

employee who sells the services offered by a company

Front 79

skill level

Back 79

person's learned proficiencies such as product knowledge

Front 80

stimulus response

Back 80

form of sales presentation using specific statements to elicit specific responses from customers

Front 81

telemarketers

Back 81

salespersons who take in bound or make out bound sales calls