Marketing Final

Front 1

Integrated Marketing communications (IMC)

Back 1

The company carefully integrated and coordinates its many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands

Front 2

Advertising

Back 2

The placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms

Front 3

Advertising objective

Back 3

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

Front 4

Reach advertising media

Back 4

Percentage of those in the target market exposed to an as at least once during a specified time period

Front 5

Frequency advertising media

Back 5

Average number of times a person from the target market is exposed to advertising during a specified time period

Front 6

Media impact

Back 6

Reach x Frequency, sometimes expressed as GRP's or Gross Rating Points

Front 7

Territorial Sales force structure

Back 7

salesperson assigned to exclusive area and sells full line of product

Front 8

Product sales force structure

Back 8

Sales force sells only certain product lines

Front 9

Customer sales force structure

Back 9

Sales force organizes along customer or industry lines

Front 10

Complex sales force structure

Back 10

Combination of several types of sales force structures

Front 11

Inside sales force

Back 11

Conduct business from their offices via telephone, visits from prospective buyers, or support outside sales force

Front 12

Prospective and qualifying selling process

Back 12

The salesperson identifies qualified potential customers

Front 13

Preapproach selling process

Back 13

The salesperson learns as much as possible about a prospective customer before make a sales call

Front 14

Approach selling procees

Back 14

The salesperson meets the customer for the first time

Front 15

Presentation selling process

Back 15

The salesperson listens to customer needs, and tells the product story to the buyer, highlighting customer benefits

Front 16

Handling objection selling proccess

Back 16

The salesperson seeks out, clarifies, and overcomes customer objections to buying

Front 17

Closing selling process

Back 17

The salesperson asks the customer for commitment

Front 18

Follow-up selling process

Back 18

The salesperson follows up after the sale to ensure customer satisfaction and repeat business

Front 19

Sales promotion

Back 19

Short-term incentives to encourage the purchase or sale of a product or service (generate immediate sales)

Front 20

Consumer promotions

Back 20

Increase short-term sales or help build long-term market share

Front 21

Trade promotions

Back 21

Get retailers to: carry new items and more inventory, advertising products, give products more shelf space, buy ahead

Front 22

Samples

Back 22

Offers a trace amount of a product

Front 23

Coupons

Back 23

Savings when purchasing specified products

Front 24

Cash refunds "rebates"

Back 24

Refund of part of the purchase price by mail

Front 25

Patronage rewards

Back 25

Cash or other award offered for regular use of a product or service

Front 26

Games

Back 26

Consumers receive something each time they buy which may help them win a prize

Front 27

International trade system

Back 27

Provide restriction to trade including: tariffs, quotas, embargo, exchange controls, and non-tariff trade barriers

Front 28

The World Trade Organization (GATT)

Back 28

Organization that helps trade: reduces tariffs and other international trade barriers

Front 29

Regional free trade zone

Back 29

Groups of nations organized to work toward common goals in the regulation of international trade

Front 30

Indirect exporting

Back 30

Working through independent international marketing intermediaries

Front 31

Direct exporting

Back 31

Company handles its own exports

Front 32

Joint venture

Back 32

Joining or partnering with foreign companies to produce or market products or services

Front 33

Licensing

Back 33

Agreement involving royalty payments to company that issues the license

Front 34

Joint ownership

Back 34

Shared ownership and control

Front 35

Standardized marketing mix

Back 35

Selling largely the same products and using the same marketing approaches worldwide

Front 36

Adapted marketing mix

Back 36

Producer adjusts the marketing mix elements to each target market, bearing more costs but hoping for a larger market share and return (adapt promotion, or product, or both)

Front 37

False advertising

Back 37

Any advertising or promotion that misrepresents the nature, characteristics qualities or geographic origin of goods, services or commercial activities

Front 38

Deceptive pricing

Back 38

Falsely advertising "factory" or "wholesale" prices or large reductions from phony high retail list prices

Front 39

Deceptive Promotion

Back 39

Overstating a product's features or performance, running rigged contests

Front 40

Deceptive packaging

Back 40

Exaggerating package contests through subtle design, using misleading labeling

Front 41

Planned Obsolescence

Back 41

Products need replacement before they should be obsolete

Front 42

Consumerism

Back 42

An organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers

Front 43

Ralph Nader

Back 43

The Godfather of Consumerism

Front 44

Environmentalism

Back 44

An organized movement of concerned citizens and government agencies to protect and improve people's living environment

Front 45

Al Gore

Back 45

An important force in Environmentalism

Front 46

Enlightened marketing

Back 46

A marketing philosophy holding that a company's marketing should support the best long-run performance of the marketing system

Front 47

Consumer-oriented marketing

Back 47

the philosophy of enlightened marketing that holds that the company should view and organize its marketing activities from the consumer's point of view

Front 48

Innovative marketing

Back 48

A principle that requires that a company seek real product and marketing improvements (Tesla and Elon Musk)

Front 49

Value marketing

Back 49

A principle that holds that a company should put most of its resources into value-building marketing investments

Front 50

Sense of mission marketing

Back 50

A principle that holds that a company should define its mission in broad social terms rather than narrow product terms (Patagonia outdoor apparel)

Front 51

Supply chain revolution and logistical renaissance

Back 51

Two highly interrelated massive shifts in expectation and practice concerning best practice performance of business operations

Front 52

Supply chain management

Back 52

Firms collaborating to leverage strategic positioning and improve operating efficiency

Front 53

Economic value

Back 53

High quality products at a low price achieve through efficiencies: economies of scale

Front 54

Market Value

Back 54

Convenient product/service assortment and choice: economies of slope

Front 55

Relevancy value

Back 55

Providing customization of value adding service to customers

Front 56

Integrative management

Back 56

Seeks to identify and achieve lowest total cost by capturing trade-offs that exist between functions; lowest total process cost

Front 57

Collaboration, enterprise extension, integrated service providers

Back 57

3 facets of supply chain logistics from increased attention to integrative management

Front 58

1984 Enactment of national cooperative research and development act

Back 58

Encouraged firms to develop collaborative initiatives to increase global competitiveness of US based firms

Front 59

Enterprise Extension

Back 59

Expanded managerial influence and control beyond ownership boundaries of single enterprise to facilitate joint planning with customers and suppliers (information sharing and process specialization)

Front 60

Industrialized globalization

Back 60

opportunities focus on upscale consumer products; offer substantial opportunities for sale of products combined with value-added services

Front 61

Emerging (Developing) Globalization

Back 61

Lower purchasing power but demand for basic products and necessities huge; consumers more interested in quality to basic life than in fashion or technology

Front 62

Logistics

Back 62

Managing of order processing, inventory, transportation, and combo of warehousing, materials handling, and packaging, all integrated throughout network of facilities

Front 63

Availability service benefit

Back 63

Inventory to consistency meet customer material or product requirements

Front 64

Operational performance service benefits

Back 64

Involves delivery speed and consistency - firms typically focus on consistency first, then delivery speed (frequency of malfunction and when malfunction occurs, typical recovery time)

Front 65

Service reliability service benefit

Back 65

Involves the quality attributes of logistics. The key to quality is accurate inventory availability and operational performance measurements

Front 66

Inventory strategy

Back 66

Achieve desired customer service with minimum financial investment in inventory

Front 67

Reverse logistics:

Back 67

The receipt, processing, and disposal of returns and damaged inventory (costly for businesses and growing trend)

Front 68

Material

Back 68

Inventory moving inbound to enterprise, regardless of its degree of readiness for resale

Front 69

Product

Back 69

Value-added inventory sold to customers

Front 70

Total supply chain

Back 70

Ultimate customer is end user of product or service whose needs/requirements must be accommodated

Front 71

Consumer

Back 71

An individual or a household that purchases products and services to satisfy personal needs

Front 72

Supply chain management perspective

Back 72

All firms in supply chain focus on meeting needs and requirements of end users, whether consumers or organizational users

Front 73

Stockout frequency

Back 73

No product to fulfill customer demand, no enough inventory on the shelves

Front 74

Fill out rate

Back 74

Impact of stockouts over time

Front 75

Order shipped complete

Back 75

Measure of successful order where success equals 100% fill rate (binary assignment)

Front 76

Speed operational performance

Back 76

Elapsed time from when a customer establishes a need to order until the product is delivered and is ready for customer use

Front 77

Consistency operational performance

Back 77

Number of times that actual cycles meet the time planned for completion

Front 78

Flexibility operational performance

Back 78

The ability to accommodate special situations and unusual or unexpected customer requests

Front 79

Malfunction recovery operational performance

Back 79

Contingency plans to accomplish recovery and measure compliance in place before a problem occurs

Front 80

Service reliability

Back 80

A firms ability to perform all order-related activities as well as provide customer with critical info regarding logistical operations and status

Front 81

Expectancy disconfirmation

Back 81

Simplest and most widely accepted method of defining customer satisfaction

Front 82

Previous performance (customer satisfaction)

Back 82

Experience with one supplier may influence customers' expectation regarding other suppliers

Front 83

Word of mouth (customer satisfaction)

Back 83

Related to perception of past performance (satisfaction)

Front 84

Communications coming from supplier itself

Back 84

Perhaps more important factor influencing customer expectations

Front 85

Corollary of continuous improvement

Back 85

Continues escalation of customers' expectations concerning supplier capabilities

Front 86

Continuous supply

Back 86

Core objective: to ensure continuous supply of materials, parts, and components available to maintain manufacturing operations

Front 87

Minimize inventory investment

Back 87

Maintain supply continuously with minimum inventory investment possible (balance costs of carrying materials against possibility of production stoppage)

Front 88

Just in time

Back 88

Ideal for materials to arrive at moment scheduled for use in production process

Front 89

Volume consolidation

Back 89

Reduction in # of suppliers

Front 90

Value engineering

Back 90

Examine material and component requirements at an early stage of new product design to ensure balance of lowest total cost and quality incorporated into design

Front 91

Economy of scale

Back 91

Product quantity should be increased as long as increases in volume decrease average per unit manufactures

Front 92

Equipment constraints

Back 92

Flexibility concerning use and sequencing of specific machines to perform multiple manufacturing tasks

Front 93

Setup/changeover

Back 93

Delay between runs of distinct products; directly related to need for variety

Front 94

Leadtime

Back 94

Elapsed between release of work order to shop floor and completion of all work necessary to achieve ready-to-ship product status

Front 95

Operational time (Leadtime)

Back 95

Combo of setup/changeover and running or actual product time, the greater amount of total leadtime accounted for by actual production, more efficient the conversion process