Principles of Marketing, Exam #3 – Flashcards
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advertising
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any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
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agent/broker
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Any intermediary with legal authority to act on behalf of the manufacturer
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AIDA
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Attention, Interest, Desire, Action
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automatic vending
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Selling and delivering products through vending machines.
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bait pricing
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A price tactic that tries 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
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blog
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A diary or personal journal kept on a website, usually updated frequently, that might be private or might be intended for public viewing.
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bonus pack
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Type of Consumer Sales Promo; more goods for the same price
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category killer
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A very large specialty store that concentrates on a major product category and competes on the basis of low prices and product availability
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chain store
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a store that is part of a group of the same stores owned and operated by a single organization
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collectors
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Trained salespeople to telemarketers
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competitive pricing
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Occurs when producers sell products at lower prices to lure customers away from rival producers, while still making a profit.
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consumer sales promotion
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A type of sales promotion designed to induce household consumers to purchase a firm's brand rather than a competitor's brand.
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convenience stores
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neighborhood retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home
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creators
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..., Those who produce and share online content like blogs, web sites, articles and videos
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critics
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..., Those who post comments, ratings, and reviews of products and services on blogs and forums.
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customer relationship marketing
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..., programs designed to build long-term loyalty and bonds with customers through the use of a personal touch facilitated by technology
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demand
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..., the ability and desire to purchase goods and services
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department stores
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..., larger stores that are organized into many separate departments and offer many product lines
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direct marketing
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..., marketing via a promotion delivered directly to the individual prospective customer
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direct retailing
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..., the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties
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discount stores
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..., self-service, general merchandise stores offering brand name and private brand products at low prices
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distribution
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..., the commercial activity of transporting and selling goods from a producer to a consumer
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distribution/marketing channel
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..., A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or industrial user.
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earned media
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..., A PR term connoting free media such as mainstream media coverage
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elastic demand
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..., Demand that is sensitive to a change in price of the product.
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elasticity of demand
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..., the relationship between the percentage change in quantity demanded and the percentage change in price
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electronic retailing
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..., selling goods and services to ultimate customers over the internet
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exclusive distribution
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..., a form of distribution that establishes one or a few dealers within a given area
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factory outlet store
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..., A discount retailer, owned by a manufacturer, that sells off defective merchandise and excess inventory
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field selling
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..., Sales presentations made at prospective customers' locations on a face-to-face basis.
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fixed cost
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..., a periodic charge that does not vary with business volume (as insurance or rent or mortgage payments etc.)
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flexible pricing
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..., A price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities
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freebies
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..., Anything given away by public relations practitioners to promote a favorable relationship with media gatekeepers
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full-line discount store
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..., A retailer that offers consumers very limited service and carries a broad assortment of well-known, nationally branded "hard goods".
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general merchandise stores
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..., Retailers that offer a broad assortment of items at low prices with minimal service.
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hypermarket
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..., a huge supermarket (usually built on the outskirts of a town)
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independent retailer
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..., owned by a single person or partnership and not part of a larger retail institution
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inactives
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..., portion of the population that rarely votes, does not get involved in organizations, and probably does not even talk about politics very much
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inelastic demand
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..., A situation in which an increase or a decrease in price will not significantly affect demand for the product
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inside selling
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..., Selling by phone, mail, and electronic commerce.
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institutional advertising
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..., a form of advertising designed to enhance a company's image rather than promote a particular product
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intensive distribution
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..., a form of distribution aimed at having a product available in every outlet where target customers might want to buy it
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joiners
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..., Those who maintain a social networking profile and visit other sites.
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limited line stores
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..., Stores that specialize in certain lines of related products rather than a wide assortment--sometimes called single-line stores
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location-based social networking
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..., an extension of mobile social networking whereby the geographical location of the user becomes an integral component of the service, enabling efficient access to context-dependent services
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loss leader pricing
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..., the pricing policy of setting prices very low or even below cost to attract customers into a store
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marketing communications
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..., messages that deal with buyer-seller relationships
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mass merchandiser
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..., Store that stocks a wider line of goods than a department store, usually without the same depth of assortment within each line.
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m-commerce
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..., Communicating with or selling to consumers through wireless handheld devices such as cellular phones.
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media
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..., term applied to agencies of mass communication, such as newspapers, magazines, and telecommunications
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media sharing site
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..., Specific type of online social network that enables members to share media such as photos, music, and videos.
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microblog
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..., Publishes short sentences that only take a few seconds to write, rather than long stories or posts like a traditional blog.
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modes of transportation
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..., the various transportation options- such as planes, trains, and railroads- for moving products through the supply chain
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non-store retailing
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..., Selling without a conventional store facility; includes mail-order catalog sales, telecommunication retailing, and in-home selling.
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off-price retailer
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..., 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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over-the-counter selling
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..., Personal selling conducted in retail and some wholesale locations in which customers come to the seller's place of business.
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owned media
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..., Internet sites such as Web sites, blogs, facebook, and twitter accounts that are owned by an advertiser
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paid media
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..., internet media such as display ads, sponsorships, and paid key word searches that are paid for by an advertiser
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penetration pricing
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..., Setting a low initial price on a new product to appeal immediately to the mass market
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personal selling
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..., Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
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pop promotion
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...
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predatory pricing
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..., selling a product below cost to drive competitors out of the market
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price
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..., value measured by what must be given or done or undergone to obtain something
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price bundling
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..., Selling two or more goods or services as a single package for one price.
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price discrimination
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..., the practice of charging customers different prices for the same product
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price fixing
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..., an agreement among firms to charge one price for the same good
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price lining
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..., selling all goods in a product line at specific price points
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price skimming
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..., A pricing strategy that involves setting prices higher than those of the competition.
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pricing strategy
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..., the pricing policy of the business; price must fit the image and can range from full price to everyday discounted prices
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producer
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..., someone or a business who creates a good or service
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product advertising
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..., An advertising message that focuses on a specific good or service
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product placement
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..., a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the internet; or at special events
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professional service pricing
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..., Used by people with specialized training, consultants, docts, attorney, etc.
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promotion
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..., the advancement of some enterprise
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promotional mix
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..., The combination of advertising, sales promotion, personal selling, merchandising, public relations, and publicity used by hospitality and travel businesses for a particular time period.
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promotional pricing
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..., Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales
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psychological pricing
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..., pricing goods and services at price points that make the product appear less expensive than it is
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public relations
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..., any activity designed to create a favorable image of a business, its products, or its policies
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publicity
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..., a message issued in behalf of some product or cause or idea or person or institution
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pull strategy
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..., a promotion strategy that calls for spending a lot on advertising and consumer promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel
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push money
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..., A bonus paid by a manufacturer to a salesperson, customer, or distributor for selling its product
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push strategy
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..., a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
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retail marketing mix
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..., Consists of the product, price, place, and promotion of merchandise by a retailer.
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retailer
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..., A business that sells goods or services directly to the public.
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retailer markup
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...
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retailing
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..., the activities involved in selling commodities directly to consumers
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review site
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..., website where product and/or company reviews are posted by experienced consumers
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sales promotion
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..., Short-term incentives to encourage the purchase or sale of a product or service
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selective distribution
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..., Selling through only those intermediaries who will give the product special attention
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single pricing
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..., All buyers pay the same delivered price for the products, regardless of their distance from the seller.
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social media
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..., Media whose content is created and distributed through social interaction.
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social network
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..., a web of social relationships that link individuals or groups to one another
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social news site
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..., Web sites that allow users to decide which content is promoted on a given Web site by voting that content up or down
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specialty discount store
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..., 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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specialty stores
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..., A type of retailer that concentrates on a limited number of complementary merchandise categories in a relatively small store.
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spectators
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..., people who watch
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sponsorship
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..., A public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image.
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supercenter
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..., A retail store that combines groceries and general merchandise goods with a wide range of services.
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supply
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..., offering goods and services for sale
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telemarketing
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..., the use of the telephone to sell directly to consumers
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trade allowance
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..., a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
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trade sales promotion
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..., sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer
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variable cost
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..., a cost that rises or falls depending on how much is produced
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virtual worlds/online gaming
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..., Virtual worlds and online gaming include multiplayer online games (World of Warcraft) and online communities (Second Life). Almost 800 million people participate in some sort of virtual world experience. Annual revenue near $1 billion. Nearly 25 percent of people play games within social networking sites.
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warehouse clubs
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..., limited-service merchant wholesalers that sell 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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wholesaler
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..., someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers
