Marketing Final Exam Review Terms

Front 1

supply chains

Back 1

sequence of linked suppliers and customers such that every customer is in turn a supplier to another customer until finished products reach consumers

Front 2

reach and frequency in ads

Back 2

Reach is the number of different people exposed to an ad at least once during a certain time period; Frequency is the number of times one person is exposed to an ad during a certain period of time; (reach)(frequency) = gross rating point

Front 3

Commercial viewing index

Back 3

measure of audience retention rate during the ads. It equals number of commercial viewers divided by the number of program views all multiple by 100

Front 4

advertising campaign

Back 4

series of ads messages that share single idea and theme. Can be different ads but same theme ex) All State Mayhem guy

Front 5

marketing channels

Back 5

group of interdependent organizations that help make a product or service available to consumers or business users. Decisions can affect other marketing mix decisions such as pricing product and promotions. can be a source of competitive advantage

Front 6

media research

Back 6

how many got the message? assesses how well medium delivered the message

Front 7

product placement

Back 7

non-personal selling in which the marketer pays to place a product in a movie or television show

Front 8

advertising flights

Back 8

scheduled unevenly over time period used during “best” purchase cycles (ex. Snowboards in the winter season Sunscreen in the summer)

Front 9

Logistics management

Back 9

decisions needed to move “products” from sources of raw materials to end user consumption. Made cost effectively while satisfying every customer’s requirements who are part of the chain. Major functions include: capabilities facilities

Front 10

psychological pricing

Back 10

ex) Smirnoff vs. Wolfschmidt Vodkas

Front 11

break-even analysis

Back 11

Total Revenue = Total Cost

Hint 11

Anything above break-even is a chance to make a profit

Front 12

sales promotion

Back 12

short term incentives to encourage the purchaser or sales of a product or a service

Front 13

Corporate vertical marketing system

Back 13

A corporate vertical marketing system streamlines the process by bringing all of the elements of the distribution channel

Hint 13

from manufacturing to the store under the ownership of a single business. (Luxottica eyewear Zara clothing chain)

Front 14

Contractual VMS (franchises)

Back 14

the pieces of the distribution channel continue to operate as individual entities. (coca cola licenses bottlers (wholesalers)

Hint 14

fast food

Front 15

Just-in-time concept

Back 15

An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process

Hint 15

thereby reducing inventory costs.

Front 16

supply chains

Back 16

sequence of linked suppliers and customers such that every customer is in turn a supplier to another customer until finished products reach consumers

Front 17

reach and frequency in ads

Back 17

Reach is the number of different people exposed to an ad at least once during a certain time period; Frequency is the number of times one person is exposed to an ad during a certain period of time; (reach)(frequency) = gross rating point

Front 18

Commercial viewing index

Back 18

measure of audience retention rate during the ads. It equals number of commercial viewers divided by the number of program views all multiple by 100

Front 19

advertising campaign

Back 19

series of ads messages that share single idea and theme. Can be different ads but same theme ex) All State Mayhem guy

Front 20

marketing channels

Back 20

group of interdependent organizations that help make a product or service available to consumers or business users. Decisions can affect other marketing mix decisions such as pricing

Hint 20

product

Front 21

media research

Back 21

how many got the message? assesses how well medium delivered the message

Front 22

product placement

Back 22

non-personal selling in which the marketer pays to place a product in a movie or television show

Front 23

advertising flights

Back 23

scheduled unevenly over time period used during “best” purchase cycles (ex. Snowboards in the winter season Sunscreen in the summer)

Front 24

Logistics management

Back 24

decisions needed to move “products” from sources of raw materials to end user consumption. Made cost effectively while satisfying every customer’s requirements who are part of the chain. Major functions include: capabilities and facilities

Front 25

psychological pricing

Back 25

ex) Smirnoff vs. Wolfschmidt Vodkas

Front 26

break-even analysis

Back 26

Total Revenue = Total Cost

Hint 26

Anything above break-even is a chance to make a profit

Front 27

sales promotion

Back 27

short term incentives to encourage the purchaser or sales of a product or a service

Front 28

Corporate vertical marketing system

Back 28

A corporate vertical marketing system streamlines the process by bringing all of the elements of the distribution channel from manufacturing to the store under the ownership of a single business. (Luxottica eyewear Zara clothing chain)

Front 29

Contractual VMS (franchises)

Back 29

the pieces of the distribution channel continue to operate as individual entities. (coca cola licenses bottlers (wholesalers) fast food auto rentals motels franchisees)

Front 30

Just-in-time concept

Back 30

An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process thereby reducing inventory costs.

Front 31

Merchant wholesalers

Back 31

independently owned business that takes title to the merchandise it handles. full and limited services offered

Front 32

Objectives of Promotion

Back 32

1. to inform (develop initial demand for a product and important for new entry into the marketplace)
2. to persuade (increase demand for an existing products & suited for the growth stage and early maturity stage of life cycle)
3. to remind (reinforce previous promotional activity by keeping the name of the product before the public and used during latte maturity stage and throughout the decline stage of the product life cycle

Front 33

Optional Product Pricing

Back 33

A method of determining product costs whereby a business sets a low cost for its most basic product and then profits from selling more costly accessories. Optional product pricing is especially notable in the marketing of cell phones and computer printers that often have a very low initial entry price, while the cost of accessories like AC adaptors and printer ink is substantial.

Front 34

Exclusive distribution

Back 34

situation where supplies and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product (Bentleys, Versace)

Front 35

Publicity

Back 35

non-personal stimulation/inhibition of demand for a product through unpaid placement of significant news about it in all media

Front 36

Horizontal Marketing System

Back 36

2 or more companies combine financial, production, and/or marketing resources to accomplish more than what any one company could accomplish alone (McDonalds in Wal-Mart, starbucks in barnes and noble)

Front 37

Intensive Distribution

Back 37

A marketing strategy under which a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, and the like. Coca Cola, Tylenol

Front 38

Integrated Marketing Communications (IMC)

Back 38

coordinate all messages through different media so it can get to consumer, all promotional activities need to produce unified, customer focused message

Front 39

Guerrilla marketing

Back 39

innovative, low-cost ways of reaching their market; posters, flyers

Front 40

Disintermediation

Back 40

cutting out or displacing intermediaries (blockbuster, borders)

Front 41

Pre-testing vs Post Testing Ads

Back 41

Post- An ad research study that is aimed at determining if an ad that was already broadcast was remembered and liked; Pre- before ad is broadcast

Front 42

Captive product pricing

Back 42

Item made specifically for use with another item, usually from the same manufacture

Hint 42

Shaving blades for a razor

Front 43

Disintermediation

Back 43

Cutting out if displacing intermediaries

Hint 43

Blockbuster or Borders

Front 44

Break even analysis

Back 44

Anything a live break even is a chance to make a profit. Profitability occurs when sales>break even

Hint 44

Total revenue=total cost

Front 45

Google AdWords

Back 45

Program that enables you to create advertisements which will appear on relevant Google search results pages and their network of partner sites

Front 46

Google AdWords

Back 46

Program that enables you to create advertisements which will appear on relevant Google search results pages and their network of partner sites

Front 47

Google AdSense

Back 47

Program that differs in that it delivers AdWords ads to individuals websites. Google than lays web publishers for the ads did paled in their site based on user clicks on ads or on ad impressions, depending on the type of ad.

Front 48

Optional Product Pricing

Back 48

A method of determining product costs whereby a business sets a low cost for its most basic product and then profits from selling more costly accessories. Optional product pricing is especially notable in the marketing of cellphones and coaster printers that have item a very low initial entry price, while the costs of accessories like AD adapters and print ink cartridges is substantial.

Front 49

Public Relations

Back 49

Firms communications and relationship with its various publics including, customers, suppliers, employees, stockholders, the govt., and general public

Front 50

Selective Distribution

Back 50

Type of product distribution that lies between intensive and exclusive distribution in which only a few retail outlets cover a specific geographical area. Considered more suitable for high end items

Front 51

An effective promotional message must accomplish all of the following:

Back 51

1. Gains the attention of the receiver of the information
2. Suggests an appropriate way of satisfying the consumers' needs
3. Achieves understanding between the sender and the receiver of the information
4. Stimulates the receivers needs

Front 52

Disadvantage of using the Internet as an advertising medium:

Back 52

Audience controls ad exposure

Front 53

Branded Entertainment

Back 53

A company places its product in a movie scene

Front 54

Three primary rules of product advertisements are

Back 54

Informational, competitive, and reminder

Front 55

Everyday low pricing

Back 55

Involved charging a constant low price with few or no temporary price discounts

Front 56

The major difference between an off price retailer and a discount store is that off price retailers purchase merchandise from manufactures _________ and discount stores buy from wholesalers _________

Back 56

At below wholesale prices; at full price but take a less of a markup

Front 57

In the video shown in class, the advantages of online advertising shubas those offered through Google are that it is ______ and allows immediate assessment of its ______.

Back 57

Measurable; effectiveness

Front 58

________ is an external factor that affects pricing decisions.

Back 58

Competition

Front 59

SCM impacts all of the following in the marketing mix strategy

Back 59

Product decisions, pricing decisions, promotion decisions, and product availability decisions.