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58 Cards in this Set
- Front
- Back
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private brand |
a brand name owned by a wholesaler or retailer |
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Problem Child (Question Mark) |
In the portfolio matrix, a business unit that shows rapid growth but poor profit margins EX: the market for electric vehicles is growing rapidly however they are very costly to produce and the market will only take prices that allow for a 10% profit margin. |
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product |
everything, both favorable and unfavorable, received in an exchange |
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Product Development |
new product for current customers |
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product item |
a specific version of a product that can be designated as a distinct offering among an organizations products |
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product line |
group of closely related products |
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product line depth |
number of products in a line |
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product line extension |
adding additional products to an existing product line to compete more broadly in the industry |
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product mix |
all products that an organization sells |
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product mix width |
the number of product lines an organization offers |
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product modification |
changing 1 or more of a products characteristics |
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product seeding |
placing a new product with a group of trendsetters who in turn influence others to purchse the product |
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Product/Service Differentiation Competitive Advantage |
The provision of a unique benefit that is valuable to buyers beyond simply offering a low price EX: Burrito Boyz has recently had to raise its prices to keep up with the cost of dairy and meat. They justify this price increase by providing higher quality, fresher ingredients than their competitors |
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Profit Equation (C, 334) |
Profit = Total Revenue - Total Cost, or Profit =(Unit Price x Quantity Sold) - Total Cost |
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prospecting |
a systematic procedure for developing sales leads |
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public relations |
a variety of activities and communications that organizations undertake to monitor, evaluate, influence, and adapt to the attitudes, opinions, and behaviours of their publics |
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publicity |
the communication of newsworthy information about a product, service, company, or idea, usually in the form of a press release |
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Pull Strategy |
Creating demand by directing promotional efforts at consumers or final users of a product, who, in turn, put pressure on the retailers to carry it EX: Marketers aggressively sample new product to condumers so that they build a demand for it and begin to ask for it at stores |
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Push Strategy |
Creating demand for a product by directing promotional efforts at middlemen who, in turn, promote the product among consumers EX: LeClerc offers promotional prices to No Frills on its muffin bars so that No Frills will carry the brand and consumers will try it. |
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QR code (Quick Response Code) |
A two dimensional barcode that can be scanned and read by smartphones; allows for the sharing of text and data. EX: Pepsi uses these 2-letter codes to direct consumers to a website that promotes their products |
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Reach |
The total audience potentially exposed one or more times, to an advertisers schedule of messages in a given period, usually a week. EX: The TTC has a large ridership and hence transit ads have a large what? |
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redemption rate |
the number of coupons returned to an organization expressed as a percentage of the total number of coupns in distribution for a particular coupon offer |
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referral |
occurs when a salesperson secures names of potential customers from satisfied customers and makes an initial contact by telephone to arrange a time for a face to face meeting |
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Reverse logistics (C, 395) |
A process of reclaiming recyclable and reusable materials, returns, and reworksfrom the point of consumption or use for repair, remanufacturing, redistribution, or disposal |
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Rich media |
A form of online advertising that incorporates greater use of, and interaction with, animation, audio and video. EX: Chipotle uses a rich media animated short to engage consumers about their brand |
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sales promotion |
activity that provides speacial incentives to bring about immediate action from consumer, distributors, and organization's sales force.Rich Media |
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Search Advertising |
An advertiser's listing is placed alongside search results in exchange for paying a fee each time someone clicks on the listing in those search results (pay-per-click advertising) EX: The first few results that come up in Google searches are paid advertising |
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Selling Agents (C, 377) |
Represent a single producer and are responsible for the entire marketing function of that producer |
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service mark |
a trademark of service |
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shopping product |
a product that requires comparison shopping because it is usually more expensive than convenience products and is found in fewer stores |
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specialty product |
a particular item that consumers search extensively for and are very reluctant to accept substitutes for |
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Sponsorship |
The financial support of an event by an organization in return for certain advertising rights and privileges associates with the event. EX: Scotiabank sponsors Toronto's annual Nuit Blanche festival and therefore gets naming rights making the festival "Scotiabank Nuit Blanche" |
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Standard markup pricing (C, 346) |
Adding a fixed percentge to the cost of all items in a specific product class |
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Star |
fastest growing and market leaders |
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Strategic Business Unit (SBU) |
A subgroup of a single business or a collection of related businesses within the organization EX: Gymboree has several incarnations of its children's wear lines for babies, kids and tweens |
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Strategic channel alliances (C, 376) |
A practise whereby one firm's marketing channel is used to sell another firm's products |
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Strategic Planning |
The managerial process of creating and maintaining a fit between the organizaton's objectives and resources and evolving market opportunities. EX: One of Zara's objectives is to increase sales of shoes by 15% over the next year. Marketers see an opportunity to sell boots during the fall months and decide to make us of store space resources to create displays that highlight footwear |
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Supply Chain (C, 385) |
A sequence of firms that perform activities required to create and deliver a good orservice to consumers or industrial users |
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Supply chain management (C, 385) |
The integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering goods and servicesthat provide value to customers |
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Sustainable Competitive Advantage |
an advantage that cannot be copied by another competitor |
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sweepstakes |
a type of contest In which large prixes, such as cash, cars, homes, and vacations, are given away to randomly selected participants. |
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Target pricing (C, 345) |
The practice of delibertely adjusting the composition and features of a product to achieve the target price to consumers |
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Target profit pricing (C, 346) |
Pricing method based on an annual targetof a specific dollar volume of profit EX We need to make $100,000 in profit this year and will likely sell 5000 units, therefor we must charge $20 for each unit to reach the target (this is a perfect world with no costs) |
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Target return-on-investment pricing (C, 347) |
Setting prices to achieve return-on-investment (ROI) targets |
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Target return-on-sales pricing (C, 347) |
Setting typical prices that will give a firm profit that is a specific percentage |
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Total Cost (C, 341) |
The total expenses incurred by a firm in producing and marketing a product |
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trademark |
exclusive rights to use a brand or part of a brand |
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trial close |
an attempt to close that failed |
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universal product codes (UPCs) |
a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that match the codes of brand names, package sizes, and prices (In 1974 the barcode was introduced) |
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unsought product |
a product unknown to the potential buyer or a known product that the buyer does not actively seek |
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Value Pricing (C,333) |
Increaseing Product or service benefits while maintaining or decreasing price EX increasing battery life while maintaining current price |
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Variable Cost (C, 341) |
The sum of the expenses of a firm that vary directly with the quantity of products that is produced and sold EX the material used to create T-Shirts |
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Vendor-managed inventory (C, 395) |
An inventory management systm whereby the supplier determines the product amountand assortment a customer (such as a retailer) needs and automatically delivers the appropriate items |
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venue marketing |
a form of event marketing in which a company or a brand is linked to a physical site, such as a stadium, arena, or theatre |
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Vertical Marketing System (C, 377) |
Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact |
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Viral Marketing |
A situation whereby the receiver of an online message is encouraged to pass it on to friends. EX: Jimmy Fallon sent out a YouTube challenge to viewers to pretend they ate all their kids' Halloween candy and post the video reactions |
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Yield management pricing (C, 345) |
The changing of different prices to maximize revenue for a set amount of capacity at any given time |
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warranty |
confirms the quality or performance of a good/service. |
