Marketing Test #4

Front 1

Retailing

Back 1

All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use

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independent retailers

Back 2

Retailers owned by a single person or partnership and not operated as part of a larger retail instituition

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chain stores

Back 3

Stores owned and operated as a group by a single org.

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franchise

Back 4

The right to operate a business or to sell a product

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gross margin

Back 5

The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

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department store

Back 6

A store housing several departments under one roof.

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buyer

Back 7

A department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel.

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specialty store

Back 8

A retail store specializing in a given type of merchandise.

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supermarket

Back 9

A large, departmentalized, self-service retailer that specializes in food and some nonfood items

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scrambled merchandising

Back 10

The tendency to offer a wide variety of nontraditional goods and services under one roof.

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drugstore

Back 11

A retail store that stocks pharmacy-related products and services as its main draw.

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convenience store

Back 12

A miniature supermarket, carrying only a limited line of high-turnover convenience goods.

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discount store

Back 13

A retailer that competes on the basis of low prices, high turnover, and high volume.

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full-line discount store

Back 14

A retailer that offers consumers very limited service and carries a broad assortment of well-known, nationally branded "hard goods"

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mass merchandising

Back 15

A retailing strategy using moderate to low prices on large quantities of merchandise and lower service to stimulate high turnover of products.

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supercenter

Back 16

A retail store that combines groceries and general merchandise goods with a wide range of services.

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specialty discount store

Back 17

A retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover.

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category killers

Back 18

Specialty discount stores that heavily dominate their narrow merchandise segment.

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warehouse membership club

Back 19

A limited-service merchant wholesaler that sells a limited selection of brand-name appliances, household items, and groceries on a cash-and-carry basis to members, usually small businesses and groups.

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off-price retailer

Back 20

A retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn't ask for return privileges.

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factory outlet

Back 21

An off-price retailer that is owned and operated by a manufacturer.

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nonstore retailing

Back 22

Shopping without visiting a store

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automatic vending

Back 23

The use of machines to offer goods for sale.

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direct retailing

Back 24

The selling of products by representatives who work door-to-door, office-to-office, or at home parties.

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direct marketing (direct-response marketing)

Back 25

Techniques used to get consumers to make a purchase from their home, office, or other nonretail setting

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telemarketing

Back 26

The use of the telephone to sell directly to consumers.

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online retailing

Back 27

A type of shopping available to consumers with personal computers and access to the Internet.

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franchiser

Back 28

The originator of a trade name, product, methods of operation, and so on, that grants operating rights to another party to sell its product.

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franchisee

Back 29

An individual or business that is granted the right to sell another party's product.

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retailing mix

Back 30

A combination of the six Ps-product, price, presentation, place, promotion, and personnel-to sell goods and services to the ultimate consumer.

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product offering

Back 31

The mix of products offered to the consumer by the retailer; also called the product assortment or merchandise mix.

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destination stores

Back 32

Stores that consumers purposely plan to visit.

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atmosphere

Back 33

The overall impression conveyed by a store's physical layout, decor, and surroundings.

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promotion

Back 34

Communication by marketers that informs, persuades, and reminds potential buyers or a product in order to influence an opinion or elicit a response.

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promotional stategy

Back 35

A plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion

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competitive advantage

Back 36

One or more unique aspects of an org that cause target consumer to patronize that firm rather than competitors

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promotional mix

Back 37

The combo of promotional tools used to reach the target market and fulfill the organization's overall goals.

Front 38

advertising

Back 38

Impersonal, one-way mass communication about a product or org that is paid for by a marketer.

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public relations

Back 39

The marketing function that evaluates public attitudes, identifies areas within the org the public may be interested in, and executes a program of action to earn public understanding and acceptance.

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publicity

Back 40

Public info about a company, good, or service appearing in the mass media as a news item

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sales promotion

Back 41

Marketing activities that stimulate consumer buying and dealer effectiveness.

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personal selling

Back 42

A purchase situation in which two people communicate in an attempt to influence each other.

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communication

Back 43

The process by which we exchange or share meanings through a common set of symbols.

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interpersonal comm

Back 44

Direct, face-to-face communication between two or more people.

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mass communication

Back 45

The comm of a concept or message to large audiences

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sender

Back 46

The originator of the message in the communication process.

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encoding

Back 47

The conversion of a sender's ideas and thoughts into a message, usually in the form of words or signs.

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channel

Back 48

A medium of communication-such as a voice, radio, etc-for transmitting a message.

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noise

Back 49

Anything that interferes with the transmission of information.

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receiver

Back 50

The person who decodes the message

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decoding

Back 51

Interpretation of the language and symbols sent by the source through a channel.

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feedback

Back 52

The receiver's response to a message.

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AIDA concept

Back 53

A model outlining the process of achieving goals: stand for attention, interest, desire, and action

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push strategy

Back 54

uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise.

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pull strategy

Back 55

stimulates consumer demand to obtain product distribution

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integrated marketing communications (IMC)

Back 56

The careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer.

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advertising response function

Back 57

A phenomenon in which spending for advertising and sales promotion increases sales or market share up to a certain level but then produces diminishing returns.

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institutional advertising

Back 58

designed to enhance a company's image rather than promote a particular product.

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product advertising

Back 59

A form of advertising that touts the benefits of a specific good or service.

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advocacy advertising

Back 60

when an org expresses its views on controversial issues or responds to media attacks

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pioneering advertising

Back 61

designed to stimulate primary demand for a new product or product category

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competitive advertising

Back 62

A form of advertising designed to influence demand for a specific brand.

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comparative advertising

Back 63

compares two or more specifically named or shown competing brands on one or more specific attributes.

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advertising campaign

Back 64

A series of related advertisments focusing on a common theme, slogan, and set of advertising appeals.

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advertising objective

Back 65

A specific comm task that a campaign should accomplish for a specified target audience during a specified period.

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advertising appeal

Back 66

A reason for a person to buy a product.

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unique selling proposition

Back 67

A desirable, exclusive, and believable advertising appeal selected as the theme for a campaign.

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medium

Back 68

The channel used to convey a message to a target market.

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media planning

Back 69

The series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost-effectively communicate the message to the target audience.

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cooperative advertising

Back 70

An arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturer's brand

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infomercial

Back 71

A 30-minute or longer advertisement that looks more like a TV talk show than a sale pitch

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media mix

Back 72

The combo of media to be used for a promotional campaign.

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cost per contact

Back 73

The cost of reaching one member of the target market.

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reach

Back 74

The number of target consumers exposed to a commercial at least once during a specific period, usually four weeks.

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frequency

Back 75

Number of times someone sees a message

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audience selectivity

Back 76

The ability of an advertising medium to reach a precisely define market.

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media schedule

Back 77

Designation of the media, the specific publications or programs, and the insertion dates of advertising.

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continuous media schedule

Back 78

advertising is run steadly thruout the adv period; used for products in the latter stages of the PLC

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flighted media schedule

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ads are run heavily every other month or every two weeks, to achieve a greater impact with an increased frequency and reach at those times.

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pulsing media schedule

Back 80

uses continuous scheduling thruout the year coupled with a flighted schedule during the best sales periods.

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seasonal media schedule

Back 81

Does it by season

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crisis management

Back 82

A coordinated effort to handle all the effects of unfavorable publicity or of another unexpected unfavorable event.

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consumer sales promotion

Back 83

Sales promotion activities targeting the ultimate customer

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trade sales promotion

Back 84

Sales promotion activities targeting a channel member, such as a wholesaler or retailer.

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coupon

Back 85

A certificate that entitles consumers to an immediate price reduction when they buy the product.

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rebate

Back 86

A cash refund given for the purchase of a product during a specific period

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premium

Back 87

An extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product

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loyalty marketing program

Back 88

A promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers.

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sampling

Back 89

promotional program that gives free samples

Front 90

point-of-purchase display

Back 90

A promotional display set up at the retailer's location to build traffic, advertise the product, or induce impulse buying.

Front 91

trade allowance

Back 91

A price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers.

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push money

Back 92

Money offered to channel intermediaries to encourage them to "push" products-that is, to encourage other members of the channel to sell the products.

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relationship selling (consultative)

Back 93

involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships

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sales process (sales cycle)

Back 94

The set of steps a salesperson goes through in a particular org to sell a particular product or service.

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lead generation

Back 95

ID of those firms and people most likely to buy the seller's offerings

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referral

Back 96

A recommendation to a salesperson from a customer or business associate.

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networking

Back 97

A process of finding out about potential clients from friends, contacts, etc.

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cold calling

Back 98

A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status.

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lead qualification

Back 99

Determination of a sales prospect's 1. recognized need 2. buying power, and 3. receptivity and accessibility

Front 100

preapproach

Back 100

A process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect.

Front 101

needs assessment

Back 101

A determination of the customer's specific needs and wants and the range of options the customer has for satisfying them.

Front 102

sales proposal

Back 102

A formal written document or professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs.

Front 103

sales presentation

Back 103

A formal meeting in which the salesperson presents a sales proposal to a prospective buyer.

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negotiation

Back 104

The process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement.

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follow-up

Back 105

The final step of the selling process, in which the salesperson ensures that delivery schedules are met, that the g&s perform as promised, and that the buyers' employees are properly trained to use the products.

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price

Back 106

That which is given up in exchange

Front 107

revenue

Back 107

The price charged to customers times the number of units sold

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profit

Back 108

Revenue minus expenses

Front 109

ROI

Back 109

Net profit after taxes divided by total assests

Front 110

market share

Back 110

A company's product sales as a % of total sales for that industry

Front 111

status quo pricing

Back 111

A pricing objective that maintains existing prices or meets the competition's prices.

Front 112

demand

Back 112

The quantity of a product that will be sold in the market at various prices for a specified period.

Front 113

supply

Back 113

The quantity of a product that will be offered to the market by a supplier at various prices for a specified period.

Front 114

Yield management systems (YMS)

Back 114

A tech for adjusting prices that uses complex mathematical software to profitablility fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity

Front 115

elasticity of demand

Back 115

Consumers' responsiveness to changes in price

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elastic demand

Back 116

A situation in which consumer demand is sensitive to changes in price.

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inelastic demand

Back 117

price changes wont affect demand

Front 118

variable cost

Back 118

A cost that varies with changes in the level of output.

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fixed cost

Back 119

A cost that does not change as output is increased or decreased

Front 120

markup pricing

Back 120

The cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for.

Front 121

break-even analysis

Back 121

A method of determining what sales volume must be reached before total revenue equals total cost

Front 122

extranet

Back 122

A private electronic network that links a company with it suppliers and customers.

Front 123

prestige pricing

Back 123

Charging a high price to help promote a high-quality image

Front 124

price strategy

Back 124

A basic, long-term pricing framework, which establishes the initial price for a product and the intended direction for price movements over the product life cycle.

Front 125

price skimming

Back 125

A pricing policy whereby a firm charges a high intro price, often couple with heavy promotion.

Front 126

penetration pricing

Back 126

a firm charges a relatively low price for a product intially as a way to reach the mass market.

Front 127

unfair trade practices acts

Back 127

Laws that prohibit wholesalers and retailers from selling below cost.

Front 128

price fixing

Back 128

An agreement between two or more firms on the price they will charge for a product.

Front 129

predatory pricing

Back 129

The practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market.

Front 130

base price

Back 130

The general price level at which the company expects to sell the good or service.

Front 131

quantity discount

Back 131

A price reduction offered to buyers buying in multiple units or above a specified dollar amount.

Front 132

cumulative quantity discount

Back 132

A deduction form list price that applies to the buyer's total purchases made during a specific period

Front 133

noncumulative quantity discount

Back 133

A deduction from list price that applies to a single order rather than to the total volume of orders placed during a certain period.

Front 134

cash discount

Back 134

A price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill.

Front 135

functional discount (trade)

Back 135

A discount to wholesalers and retailers for performing channel functions.

Front 136

promotional allowance

Back 136

A payment to a dealer for promoting the manufacturer's products.

Front 137

rebate

Back 137

A cash refund

Front 138

value-based pricing

Back 138

Setting the price at a level that seems to the customer to be a good price compared to the prices of other options.

Front 139

FOB orgin pricing

Back 139

A price tactic that requires the buyer to absorb the freight costs form the shipping point ("free on board")

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uniform delivered packaging

Back 140

A price tactic in which the seller pays the actual freight charges and bills every purchaser an identicla, flat freight charge.

Front 141

zone pricing

Back 141

A mod of uniform delivered pricing that divide the US into segments or zones and charges a flat freight rate to all customers in a given zone

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freight absorption pricing

Back 142

A price tactic in which the seller pays all or part of the actual freight charges and does not pass them on to the buyer

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basing-point pricing

Back 143

A price tactic that charges freight from a given (basing) point, regardless of the city form which the goods are shipped.

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single-price tactic

Back 144

offers all goods and services at the same price

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flexible pricng (variable)

Back 145

different customers pay different prices for essentially the same merchandise bought in equal quantities.

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leader pricing (loss-leader)

Back 146

a product is sold near or even below cost in the hope the shoppers will buy other items once they are in the store.

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bait pricing

Back 147

tires to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise.

Front 148

odd-even pricing

Back 148

odd-numbered prices to connote bargains and even-numbered prices to imply quality.

Front 149

price bundling

Back 149

Marketing two or more products in a single package for a special price.

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unbundling

Back 150

Reducing the bundle of servcies that comes with the basic product.

Front 151

two-part pricing

Back 151

A price tactic that charges two separate amounts to consume a single good or service.

Front 152

consumer penalty

Back 152

An extra fee paid by the consumer for violating the terms of the purchase agreement