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118 Cards in this Set

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Public Relations
form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and products
Advertising
paid form of nonpersonal communication about an organization
Sales promotion
short-term inducement of value offered to arouse interest in buying a good or service
Personal Selling
two-way flow of communication between a buyer and seller (often face-to-face)
Choiceboard
interactive system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of products or service attributes, prices, and delivery options
Public Relations
form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and products
Advertising
paid form of nonpersonal communication about an organization
Sales promotion
short-term inducement of value offered to arouse interest in buying a good or service
Personal Selling
two-way flow of communication between a buyer and seller (often face-to-face)
Choiceboard
interactive system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of products or service attributes, prices, and delivery options
Viral Marketing
Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail
Bots
electronic agents that comb websites to compare prices and product or service features
Slotting Allowance
fee a manufacturer pays to a retailer in order to get distribution for a new product
Rebate
return of a portion of the purchase price in the form of cash by the seller to the buyer
Dialogue Marketing
monitor customer activity to spot when communication will have real impact - when condition occurs, system initiates contact with personalized messages
Just-In-Time
inventory management implemented to improve the return on investment of a business by reducing in-process inventory and associated costs
IMPACT Model
how successful your ad is
Dollar Sales = Traffic X Closure X Average
Two-Step Approach
1. Start with small, obscure publications then move to more important ones
2. As popularity increases, become selective (avoid negative publicity)
Hard sell
develop bond between brand and benefit; effective when product possesses a point of difference
Multi-dimensional scaling
Approach to measurement in which people's perceptions of the similarity of objects and their preferences among the objects are measured
Persuasive advertising
Advertisements that focus on selling a good or service and which take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder.
Push strategy
directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product
Pull strategy
directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product
Direct Marketing
uses direct communication with consumers to generate a response in the form of an order, a request for more info., or a visit to a retail store
dual distribution
arrangement where a firms reaches different buyers by employing 2 or more different types of channels for the same basic product
Split-cable technique
are two different commercials in the same area to see which is more effective
Hedonistic Benefits
value expression, entertainment, exploration (pleasurable)
Utilitarian Benefits
savings, quality, convenience (practical)
Channel Strategy
technique to determine the most effective method of selling and distributing products to customers
Logistics
activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
Disintermediation
channel conflict that arises when a channel member bypasses another member and sells or buys products direct
Tying Arrangement
distribution strategy whereby a seller requires the purchaser of one product to also buy another item in the line
Intensive distribution
Firm tries to place its products and services in as many outlets as possible
Exclusive distribution
only one retail outlet in a specific geographical area carries the firm's products
Selective distribution
firms select a few retail outlets in a specific geographic area to carry its products
Gross rating points
measures the total volume of delivery of your message to your target audience
Reach X Frequency
Cost per thousand
the cost, per 1000 people reached, of buying advertising space in a given media vehicle
Frequency
number of times an audience is exposed to a medium within a given period of time
Objective and Task Method
budgeting approach whereby the company (1) determines its promotion objectives, (2) outlines the tasks to accomplish these objectives, (3 determines the promotion cost of performing these tasks
Infomercial
program-length advertisements that take an education approach to communication with potential customers
Product placement
sales promotion tool that uses a brand-name product in a move, tv show, or commercial for another product
Point-of-purchase display
on and off shelf display material used to call special attention to the featured product
cooperative advertising
manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's product
free gifts
High hedonistic benefit, low utilitarian benefit
sweepstakes
people submit a kind of entry but are just games of chance requiring no effort
LOW hedonistic benefit, and low utilitarian benefits
Free Product Offers
high hedonistic benefits, high utilitarian benefits
Coupons and Rebates
Low Hedonistic benefits, high utilitarian benefits
Category management
approach to managing the assortment of merchandise that has the objective of maximizing sales and profits in the category
Telemarketing
using the telephone to interact with and sell directly to consumers
Shrinkage
breakage and theft of merchandise by customers and employees
Relationship selling
practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time
Formula selling
sales presentation is designed to move the customer through the stages in the decision making process; get attention, develop interest, build desire, and secure action
Suggestion Selling
salesperson suggests additional items that are related to the original item being purchased
Missionary Selling
selling a product while it's still in development
1-2-3 approach
events 1 and 2 have already happened, and event 3 is to be promoted --> next big idea avoid negative publicity
slow build-up technique
tackling markets 1 at a time and then capturing more markets faster as success improves
Consumer protection
sales tools used to support a company's advertising and personal selling directed to ultimate consumers
Trade promotion
Sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, or distributors
Direct marketing
uses direct communication with consumers to generate a response
Pre-approach
gather information and decide how to approach the prospect with regards to personal selling
Closing
meeting for completing a transaction
Trial Close
asking the prospect to make a decision on some aspect of the purchase
Assumptive close
asking the prospect to consider choices concerning delivery, warranty, or financing terms
Urgency Close
used to commit the prospect quickly by making references to the timeliness of the purchase
Presentation
begin converting a prospect into a customer by creating desire for the product or service
Consultative selling
need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution
Straight salary
a salesperson is paid a fixed fee per week, month, or year
commission
A salesperson’s earnings are directly ties to the sales or profit generated
Bonus
special compensation option that is a payment made at the discretion of management for doing something superb
Financing
paying retailers for financing costs or financial losses associated with consumer sales promotions
Hybrid Marketing Channel
A company decides to sell to consumers via multiple distribution systems
Strategic Channel Alliance
one firm's marketing channel is used to sell another firm's products
Rack Jobber
a type of limited wholesaler who furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers
Truck Jobber
small wholesalers with small warehouses from which they stock their trucks for distribution to retailers - handle fast-moving or perishable items sold for cash
Desk Jobber
Wholesalers that own the merchandise they sell but do not physically handle, stock, or deliver it. They simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer
Cash-and-carry wholesaler
take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise. They carry a limited product assortment, and do not make deliveries, extend credit, or supply market information
Manufacturer's agent
self-employed sales person who represents one or more manufacturers on a commission basis
Selling agent
represent a single producer and are responsible for the entire marketing function of that producer
Broker
independent firms or individuals whose principal function is to bring buyers and sellers together to make sales
Branch office
Carries a producer’s inventory and performs the functions of a full service wholesaler
Corporate vertical marketing system
the combination of successive stages of production and distribution under a single ownership
Contractual vertical marketing system
independent firms at different levels in the channel operate contractually to obtain the economies and market impacts that couldn't be obtained by unilateral action
Administered vertical marketing system
designed to control a line or classification of merchandise, not an entire store's operation
permission based advertising
marketing centered around obtaining customer consent to receive information from a company
Functional products
serve a purpose
innovative products
do it first, do it well, or re-imagine what's been done before
Replenishment time
time between the initiation of stock replenishment action and submittal of requisition or order
Lead time
time interval between the initiation and completion of a production process
Retailing mix
activities relating to managing the store and the merchandise in the store - pricing, store location, retail communication, and merchandise
Product mix
number of product lines offered by a company
Promotional Mix
Combo. of one or more of the communication tools used to inform prospective buyers about the benefits, persuade them to try it, and remind them later about the benefits they enjoyed by using the product
Stock out
running out of inventory
buffer Stock
stock held in reserve to minimize the effect of price fluctuations
Category killer
specialty discount outlets focus on one type of product; dominate that market
Off-price retailer
retail store that sells merchandise at prices lower than usual
Scrambled Merchandising
offering several unrelated product lines in a single store
Value Leverage
provide total solutions to customers... measure resulting customer value against cost of delivering that value
Life Relevance
solve more important customer problems and develop long-term relationships
Convenience Store
locational convenience; high-margin, high inventory turnover retail institution
Supermarket
A large departmentalized retail establishment offering a relatively broad and complete stock of dry groceries, fresh meat, perishable produce, and dairy products, supplemented by a variety of convenience, nonfood merchandise and operated primarily on a self service basis
Catalog retailer
sells all products through catalogs
Warehouse club
in return for a membership fee, the warehouse clubs provide low prices, limited selection, wholesale packaging
Sales calls
part of sales for activity; input variable effort
Sales volume
how much you sell
merchant wholesaler
independent marketing middleman buying and taking title to goods and reselling them to retailers or industrial users
Account management
specifies whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out
Database marketing
computer database technologies are harnessed to design, create, and manage customer data
Vendor managed inventory
supplier determines the product amount and assortment a customer needs and automatically delivers the appropriate terms
markdown
amount of reduction from the selling price
Traffic generation
outcome of a direct marketing offer designed to motivate people to visit a business
Hierarchy of effects
concept related to the manner in which advertising supposedly works; it is based on the premise that advertising moves individuals systematically through a series of psychological stages such as awareness, interest, desire, conviction, and action
Inquiry test
testing the effectiveness of an advertising message and/or medium based on the number of customer inquiries that can be directly attributed to the message
Sales test
involve controlled experiments and consumer purchase tests
Unaided recall
ability to recall information about an advertisement, product, service or brand without any prompting
Collaborative filtering
process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases
Interactive marketing
2 way buyer-selling electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller
Banner advertisement
graphical web advertising unit
Information Age
exchanges initiated/controlled by customer; gardening metaphor