DECA Marketing – Flashcards
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Marketing
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The dynamic activities that focus on the customer to generate a profitable exchange
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The Goal of Marketing
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To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy
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Dynamic
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constantly changing
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Customer
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an individual or group who buys products
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Target Market
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The specific group of customers whose needs a company will focus on satisfying
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The Four Ps of Marketing
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Product, Place, Price, and Promotion
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Product
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Anything that can be bought or sold
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Good
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A physical item
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Service
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An action that is done for you
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Idea
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A concept, cause, issue, image, or philosophy that can be marketed
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Place
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The process of making products available to customers
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Distribution
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the process of physically delivering goods to customers
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Price
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The amount of money requested or exchanged for a product
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Marketing Plan
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A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan
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SWOT Analysis
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An analysis of a company's strengths, weaknesses, opportunities, and threats
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Forecast
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A prediction of future sales or revenue
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Need
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Something that is necessary for survival
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Want
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Something a person desires but could function without
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Economic Needs and Wants
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Needs and wants that you can satisfy by buying something
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Economic Goods and Services
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The products that you buy to satisfy economic needs
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Exchange
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To trade something of value for something you want
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Money
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A consistent item people accept in exchange for goods or work
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Value
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How much something is worth
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Time Value of Money
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The greater potential worth in the future than it does today
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Store of Wealth
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Money's ability to keep and store wealth for long periods of time.
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Business
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The general term for all the activities involved in the development and exchange of products
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Profit
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The money that a business has left after all the expenses and costs of running the business are paid
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Sole Proprietorship
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A business owned by one person [who] has all the responsibility and gets all the profits from the business
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Partnership
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A business owned by a small number of people, usually two or three
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Legal Entity
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An artificial person that exists separately from [other people]
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Corporation
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A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued
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Stockholders
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People who own a corporation
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Stock
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The right of partial ownership in a corporation
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Two Categories of Business Organizations
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For-profit and not-for-profit
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For-Profit
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A business organization whose goal is to make a profit for the owners
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Not-for-Profit
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A legal entity whose goal is to benefit society
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NPO Categories
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Social services, recreation and sport, arts and culture, food and health, housing, religion, and education
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Functions of Business
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Production, Finance, Marketing, and Management
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Production
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Any activity related to making a product
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Finance
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All activities involving money
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Management
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All activities required to plan, organize, lead, and control a business
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Utility
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Making a product more useful or accessible
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Marketing Concept
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An approach to business that says that the way to make a profit is to focus on customer satisfaction
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Customer Satisfaction
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The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations
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Total Company Approach
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The idea that all company employees can have an effect on the customers
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Elements of the Marketing Concept
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Customer satisfaction, Total Company Approach, Profit
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Marketing Function
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The function a company takes to learn about customer needs and wants through production, finance, and management
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Channel-Management
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Handles activities involved in getting products from producers to customers
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Marketing-information Management
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Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers.
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Market Planning
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This function is used to determine and target marketing strategies to select audiences
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Pricing
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All activities involved in setting prices for products
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Product/Service Management
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The function of developing new products and improving an old product
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Promotion
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the nonpersonal communication with customers that is designed to influence them to purchase products
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Selling
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The function which consists of personal communications with customers [...] including helping customers in a store, making sales presentations, answering questions on the phone, and demonstrating how a complex product works
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Scarcity
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A condition in which there are not enough resources to meet needs
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Traditional Economy
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An economy in which people perform activities the way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices.
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Command Economy
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An economy in which the national government answers economic questions. The goal of this economy is to ensure all members of the nation share limited resources, get a job, and receive other social services
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Mixed economy
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An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance.
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Market Economy
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Private property, economic freedom, and market forces are properties of this type of economy.
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Private Property
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The right of individuals to own land, goods, and make products.
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Economic Freedom
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The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell.
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Market Forces
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Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy.
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Profit Motive
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The drive to earn more money
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Law of Demand
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The economic principle that says when prices fall, demand rises.
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Law of Supply
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The economic principles that says when prices are high, supply will rise.
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Productivity
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The amount of product a worker produces per hour
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Competition
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The rivalry between two or more businesses to attract scarce (limited) customer dollars
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Business Opportunity
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The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product.
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Strategy
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A plan developed to reach a goal
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Target Market
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The specific group of customers whose wants and needs you will try to meet with a specific marketing mix
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Qualities of a Target Market
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Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable
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Marketing Mix
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The decisions made about the product, place, price, and promotion for one product
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Product Strategies
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All decisions made about what product to offer
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Price Strategies
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All the decisions made about pricing a product
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Place Strategies
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All decisions made about where the product will be sold
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Promotion Strategies
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All the decisions made about how to tell customers about the company and the product
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Mass Market
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All the customers for a specific type of product
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Mass Marketing
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The development of only one marketing mix for a specific product [...] assumed everyone has exactly the same wants and needs for the product
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Nature of Consumer Markets
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Diverse, consisting of many groups of consumers with different needs
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Target Marketing
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The development of a unique marketing mix for a specific market
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Approaches to Choosing a Target Market
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(1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product
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Market Niche
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A small segment of the market whose needs are not being met
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Market Segmentation
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The process of dividing a large market into smaller parts
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Segmentation Variable
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A customer characteristic that is used to segment a market
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Categories of Market Segmentation
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Geography, Demographics, Psychology, Behavioral
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Geographic Segmentation
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Segmenting a market based on where customers live
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Census
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A count of the people in a country made by the government
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Demographic Information
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Statistics that describe the characteristics of a population
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Generation
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A group of people born during a particular period of history
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Discretionary Income
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The income left after taxes and after the necessities of life have been paid for
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Psychographic Segmentation
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Segmenting a market based on psychological characteristics of customers
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Behavioral Segmentation
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Segmenting a market based on the way customers use a product
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Market Segment Profile
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A detailed description of the typical consumer in a market segment
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Categories of Customer Influences
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(1) Psychological, (2) social, (3) situational
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Psychological Influences
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The influences that come from within a person
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Buying Motive
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The reason that a customer seeks a product
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Social Influence
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The influences that come from the society in which you live
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Categories of Social Influence
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(1) Culture, (2) family, (3) friends and coworkers
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Reference Group
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The people who influence your buying decisions
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Peer Pressure
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The social influence that comes from the people your age with whom you interact daily
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Situational Influences
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Influences that come from the environment
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Consumer decision-making process
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1. Awareness of need or problem 2. Information search 3. Evaluation of options 4. Decision to buy 5. Purchase 6. Post-purchase evaluation
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Impulse Purchase
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A purchase decision made with no planning or research
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Routine Buying Decision
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A buying decision that is made quickly and without much thought
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Limited Decision Making
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Decision making that is made with some research and planning
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Extensive Decision Making
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Decision making which involves a great deal of research and planning
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Competitor
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One of the businesses that competes for customers
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Monopoly
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The exclusive control of a product by one company
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Direct competitors
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Businesses that sell similar products
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Competitive Edge
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The special feature or aspect of a product that makes it different from and better than other businesses
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Price competition
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Competing on the basis of price
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Nonprice Competition
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Competition that is based on something other than price
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Market Share
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One competitor's percentage of the total sales in a specific market
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Equation of Market Share
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Company Sales / Total Sales in Market x 100%
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Competition Grid
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A chart used for recording information about competitors
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Marketing Research
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The gathering of information to make marketing decision
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Areas of Marketing Research
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(1) Customers, (2) competition, and (3) opportunity
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Primary Data
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Data collected for and about a specific company
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Secondary Data
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Data collected for someone else or for nonmarketing reasons, but is available for you to use
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Secret Shopper
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A person hired by a business to observe the quality of service
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Five Ways to Collect Primary Data
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(1) Observation, (2) Interview, (3) Survey, (4) Diaries, (5) Experiment
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Interview
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A formal meeting between two or more people, during which questions are asked of one person
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Focus Group
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A small group or panel of individuals who discuss topics of interest to the researcher
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Bias
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A prejudice for or against something
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Survey
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An organized study in which a researcher asks questions of a number of people
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Questionnaire
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A series of questions
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Database
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A computerized file of information
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Data Mining
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The process of analyzing company data to find answers to questions
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Industry Publication
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A magazine or newsletter that focuses on a specific industry
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Trade Association
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An organization of people in a specific type of business
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Chamber of Commerce
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A group of businesses whose primary purpose is to promote businesses in their area
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Hypothesis
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A statement that can be tested and proven to be true or false
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Trend
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A direction of movement of consumer behavior
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Three Trends of Interest
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(1) Social Trends, (2) Demographic Trends, (3) Product Trends
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Social Trends
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Changes in society which lead to changes in consumer behavior
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Demographic Trends
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Changes in the size of various segments of the population
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Product Trends
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The direction of development of products
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Fad
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Something that enjoys high popularity for a short amount of time and then disappears
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Sales forecast
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A prediction of future sales based on past sales and an analysis
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Sales Forecast Formula
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Past sales + Percentage increase factor = Sales Forecast
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Not-for-profit Organization
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An organization whose goal is to benefit society
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Corporate Sponsorship
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A financial contribution by a business to an NPO that pays for specific products or events
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Mission
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What the organization will do to improve quality of life by addressing some aspect of human needs or wants
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Mission Statement
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States the NPO's goal and may include additional information, such as the organization's activities or who is involved in their organization
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Fundraising
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Collecting money from individuals, organizations, or governments in order to achieve the NPO's mission
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Registered Charities
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Organizations that have obtained registered charitable status from the Government of Canada
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Board of Governors
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The group of people that runs the organization and makes decision about its activities
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Public Service Announcement
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A type of advertisement intended to raise awareness about an issue and encourage people to change their behavior
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Telemarketing
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The selling of goods, services, or ideas through telephone calls
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Cause-related marketing
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An ongoing relationship between an NPO and a business
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Mobile App
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Software that can be used on a mobile device
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3-D Tour
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A video-based tour that lets you 'walk' through a place
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Canvass
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To go door-to-door to ask for donations
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Lottery funding
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Involves selling numbered tickets to raise money for the NPO
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E-commerce
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Business activities conducted via the Internet
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Online
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The condition of being connected to the Internet or being available on the Internet
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Search Engine
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Software that searches the Web to find websites on your topic
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Dot-com
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A business that conducts all of its sales and most of its promotion online via a website
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Bricks-and-mortar business
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A business that serves customers from a building or store
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Electronic Data Interchange
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A business-to-business exchange of information via computers using standard formats
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Information Technology
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When businesses use computer technology to store and transmit information
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E-tailing
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Selling products to consumers over the Internet
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Social Media
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Interactive forms of media that let users communicate with each other online
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E-marketing
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Marketing using computer technology, including websites, e-mail, and mobile phones
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Microblogging
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A short, immediate form of blogging -- usually about 20 to 25 words
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Nonsecure connection
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An Internet connection over which anyone can see any of the information
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Encryption
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A process that converts data into a form that can be read only by a person with an authorized code
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Secure Connection
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An Internet connection that uses encryption
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Tangible
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An object that exists physically and can be touched
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Intangible
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Something that exists but is not physical and cannot be touched
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Consumer products
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Products sold to customers for personal use
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Business products
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Products sold to businesses for business uses
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Service Economy
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An economy in which most of the GDP comes from services and most of the workers have jobs in services
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Differences between services and goods
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(1) Intangible, (2) inseparable, (3) variable, (4) perishable
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Inseparable
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Production of the service cannot be separated from the use of the service
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Perishable
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Cannot be stored for later use
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Installation
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The process of placing a good where it will be used and making the good ready for use
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Technical Support
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People who are available to help customers with problems
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Standards
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Measurable attributes that describe the value and utility of a product
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Warranty
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A written document stating the quality of a product and promising to correct specific problems that may occur
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Guarantee
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A promise that a product has a certain quality or will provide a satisfaction
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Product Strategy
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All the decisions made about the product
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Product Life Cycle
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The stages that a product or a product category goes through from its beginning to its end
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Stages of Product Life
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(1) Introduction, (2) growth, (3) maturity, and (4) decline
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Industry Sales
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All the sales of a product
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Saturated Market
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A market in which most of the potential customers who need, want, and can afford a product have bought it
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Brand
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A mark or design placed on a product to distinguish it from other products to identify the owner of the brand
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Brand Name
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Works, numbers, or letters that can be spoken as part of a company's brand
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Logo
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The picture, design, or graphic image that is associated with a brand
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Trade Character
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A logo or brand mark that has been given human characteristics
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Slogan
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A phrase or sentence that summarizes some essential aspect of the product
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Corporate Brand
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The brand that represents the whole company
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Product Brand
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The brand of a specific product
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Manufacturer Brand
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A brand created by a manufacturer for its own products
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Private Brand
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A brand owned by a reseller
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Generic Brand
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A product that is not branded
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Customer Functions of Branding
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(1) Identifies the product, (2) provides assurance of quality, and (3) provides assurance of consistency
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Marketing Functions of Branding
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(1) Create a unique image of the brand, (2) create a positive image of the brand, and (3) develop brand loyalty
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Benefit
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The need-satisfying ability of a product
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Functional Benefits
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Benefits which meet physical and safety needs
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Emotional Benefits
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Benefits which meet acceptance and esteem needs
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Self-expressive Benefits
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Benefits which meet esteem and self-actualization needs
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Visual Symbol
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The graphic design; it may include the brand name, logo, or slogan
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Metaphor
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A comparison between two unlike objects or ideas, for the purpose of implying a similarity between them
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Positioning
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The actions marketers take to create a certain image of a product in the minds of customers
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Brand Position
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The image that a brand has in the mind of the customer
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Brand Loyalty
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A situation in which the customer will buy only a certain brand of a product
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Trademark
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Another term for brand; it refers to the word, phrase, symbol, or design, or a combination of words, phrases, symbols, and designs that identifies and distinguishes the source of goods
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Service Mark
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The same as a trademark, except that it identifies and distinguishes the source of a service
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Generic Name
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The general name for an entire product category
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List Price
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The established price of a product, as published in a catalog, on a price tag, or in a price list
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Market Price
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The actual price you pay for a product, after any discounts or coupons are deducted
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MSRP
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The price that the manufacturer recommends
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Price Factors
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(1) Company goals, (2) expenses, (3) other marketing mix variables, (4) customer response, (5) competition, (6) economic conditions, (7) government regulations, (8) product life cycle, and (9) supply and demand
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Expenses
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Money that goes out of the business to pay for the things that a business buys
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Profit Equation
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Profit = Revenue - Expenses
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Price Fixing
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A situation in which a group of competitors gets together and sets the price for a specific product; they then all agree to sell that product for the same price
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Price Discrimination
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A situation in which a company plays favorites by charging lower prices to some companies for the same products
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Elastic Demand
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The term used for demand that changes with price
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Marginal Utility
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The additional satisfaction you get when you use an additional unit of the same product
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Law of Diminishing Marginal Utility
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As a consumer consumes more units of the same product, the marginal utility from each unit goes down
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Inelastic Demand
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Demand that is not affected by price
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Pricing Objectives
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The goals that tell what a marketer wants to achieve through pricing
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Common Pricing Objectives
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(1) Maximize profit, (2) maximize sales, (3) increase market share, (4) meet competition, (5) return on investment
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Return on Investment
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A ratio that tells you how much you earned as a percentage of the investment you made to earn the money
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Return on Investment Formula
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Simple ROI = Profit / Investment
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Return on Marketing Investment
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A metric that measures the overall effectiveness and impact of a marketing campaign
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ROMI Formula
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Simple ROMI = (Gross Profit - Marketing Investment) / Marketing Investment
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Revenue
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The money a business takes in for the products it sells
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Break-Even Point
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The point at which revenue from sales equals costs
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Break-Even Point Formula
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Break-Even Point = (Cost/item)(Number of items purchased) / Selling Price
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Psychological Pricing
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A set of pricing techniques used to create an image of a product and to entice customers to buy
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Unit Pricing
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Displaying the price of an item based on a standard unit of measure, such as by grams or meters
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Discount Pricing
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A reduction from the regular or list price of the product
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Channel of Distribution
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The route a good takes from its original source to its final customer
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Intermediaries
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The businesses between the original source and the customer
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Wholesaler
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A business that buys products from a products, and then sells them to another business
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Retailer
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A business that buys products from a producer or a wholesaler and then sells the product to the final customer in the consumer market
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Nonstore Retailer
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A business that sells directly to consumers through ways other than a retail store
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Segment
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Each step in a supply chain
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Supply Chain
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A channel of distribution
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Agent
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Another type of intermediary is the agent or broker
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Broker
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Another term for agent
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Direct Distribution
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A channel of distribution with no intermediaries
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Indirect Distribution
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A channel of distribution that uses one or more intermediaries
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Inventory
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Items held in a storage
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Physical Distribution
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The physical movement of goods in the distribution channel
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Logistics
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A general term for the handling of detail of any complex activity
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Components of Physical Distribution
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(1) The products which are shipped in a channel of distribution, (2) channel members, (3) transportation companies, and (4) warehouses
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Merchandise
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Finished consumer goods to be shipped to a retailer
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Shipment
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A group of products which are shipped to fill an order
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Suppliers
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Channel [of distribution] members
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Carrier
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Another term for a transportation company
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Major Modes of Transportation
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(1) Truck, (2) Ship, (3) Train, (4) plane, and (5) pipeline
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Terms of Sale
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The conditions governing a sale
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Purchase Order
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A document authorizing the purchase and delivery of certain goods at specific prices and time
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Contract
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A legal written agreement
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Order processing
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Receiving and filling orders
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Pick Ticket
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A list of the items requested for one order
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Channel Management
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To oversee physical distribution first by selecting, motivating, and evaluating Shipping Mode, Warehouse Storage, and Inventory Control
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Just-in-time
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A distribution strategy: material should not be delivered to the factory until the moment they are needed for production
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Marketing Communication
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Another term commonly used for promotion
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Persuasion
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The use of logic, argument, or pleading to get another person to agree with you or to act in a certain way
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Effective Promotion
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Promotion that achieves its goals
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Promotion Categories
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(1) The target market, (2) what is being promoted, or (3) the elements of promotion
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Business-to-business promotion
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The promotion that occurs when a business promotes its products to another business
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Product Promotion
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Marketing communication that focuses on the product and selling the product
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Institutional Promotion
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Communication that focuses on the image of the organization
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Four Elements of Promotion
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(1) Personal selling, (2) advertising, (3) sales promotion, and (4) public relations
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Personal Promotion
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The marketer and the customer communicate in person
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Nonpersonal Promotion
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Promotion that communicates the same message to all potential customers
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Nonpersonal Elements of Promotion
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(1) Advertisement, (2) sales promotion, and (3) public relations
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Advertising
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A written or spoken media message designed to interest consumers in purchasing a product or service
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Sales Promotion
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Marketing activities designed to entice customers to buy a company's products
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Visual Merchandising
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The physical presentation of merchandise for the purpose of increasing sales
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Coupon
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An offer that indicates the product and the amount of price reduction when the coupon is used
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Rebate
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The return of a portion of the money paid for a purchase
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Premium
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An item given to the customer for free or at a reduced price along with the purchase of a product
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Sweepstakes
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Competitions that offer participants a chance to win a price
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Promotional Tie-In
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Promotion involving the products of two or more companies
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Product Placement
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In this form of promotion, the advertiser work with a media company to place one of its products in a movie or TV show, so that the brand name can clearly be seen
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Trade Promotion
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Another term for business-to-business sales promotion
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Trade Show
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An exhibit of products of interest to a specific industry
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Trade Allowance
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A discount or money paid to the intermediary who buys the product
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Buying Allowance
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A discount given to retailers for the goods purchased
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Promotional Allowance
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Money that the manufacturer pays to the reseller to cover the costs of promotion done by the reseller
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Slotting Allowance
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Money that the manufacturer or wholesaler pays to the retailer to cover the costs of carrying a new product
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Point-of-purchase advertising
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A promotional display located at the place where the customer makes the buying decision
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Sales Incentives
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Contests and rewards used by manufacturers and other channel members to motivate wholesalers and retailers to sell more of the product
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Public Relations
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Promotional activities designed to create goodwill between a company and the public
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Proactive Public Relations
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Communications initiated within the company for the purpose of image building
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Reactive Public Relations
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Communications in response to negative events or damaging information that appears in the media
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Publicity
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Information about a company and its products that appears in the media
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Press Release
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A story about the company that the public relations specialist writes and sends to the media
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Press Kit
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information about the company and its products
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Press Conference
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A meeting called by a business to which the media is invited
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AIDA
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(1) Attention, (2) interest, (3) desire, and (4) action
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Call to Action
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Words to motivate action
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Pull Strategy
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Promotion efforts are focused on the consumer in this strategy
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Push Strategy
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Promotional efforts are focused on the wholesalers, distributors, and retailers in this strategy
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Integrated Marketing Communications
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A process designed to convey a single, unified message through all promotional activities
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Personal Selling
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The process of helping customers find solutions to problems created by their needs and wants
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Inside Sales
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Selling that is done from the seller's place of business
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Outside Sales
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Selling that is done outside the seller's place of business
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Retail Sales/Consumer Sales
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Selling to the final consumer in a store
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Call Centre
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An office equipped with a large number of telephones
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Sales Representatives
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Salespeople in B2B sales
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Government Sales
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When a business sells to a government
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Institutional Sales
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When a business sells to an NPO
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Direct Selling/Consumer Field Sales
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Situations in the consumer market in which salespeople go to the customer's home
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Party Plan
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When a sales representative holds a party to demonstrate or sell products
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Sales Tasks Categories
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(1) Order getting, (2) order taking, and (3) sales support
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Order Getting
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The process of finding customers and then influencing them to buy your product
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Order Taking
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The recording of orders
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Sales Support
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The people behind the scenes who help sales representatives
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Sales Process
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A series of steps that a salesperson goes through to help the customer make a satisfying buying decision
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Sales Process Stages
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(1) Approach, (2) presentation, and (3) close
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Tax
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Money collected by a government from its citizens to pay for government activities
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Counterfeiting
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The process of making fake money with the intent of using it as real money
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Public Good
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This benefits everyone in society, is difficult to monitor and charge, and there is usually no way to prevent use of it.
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Safety Net
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Programs that work together to provide economic relief when people require it
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Business Cycle
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The alternating period of economic growth and slowdown
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Crown Corporation
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A type of business owned by the government
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Key Government Activities
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(1) Legal framework, (2) public order, (3) currency, (4) taxes, (5) infrastructure, (6) health, education, social welfare, (7) disaster relief, (8) data collection, (9) consumer of products, (10) producer of products
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Government Economic Stabilization Tools
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(1) Government spending, (2) taxes, and (3) interest rates
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International Trade/World Trade/Foreign Trade
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Trade between nations
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Domestic Trade
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Trade that occurs within the borders of a nation
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Gross Domestic Product
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The total value of all finished products in a country in a specific time period
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Emerging Markets
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These developing countries are often good markets in which to start or expand a business
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Reasons for Trade
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(1) Unequal distribution of natural resources, (2) products unique to certain nations, (3) lower prices, (4) opportunities for business growth
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Exports
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Products that are sold to another country
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Imports
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Products that are bought from another country
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Balance of Payments
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The income from exports minus the expenses from imports
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Trade Surplus
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A positive balance of payments
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Trade Deficit
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A negative balance of payments
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Foreign Exchange Rates
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The cost of one currency in terms of another currency
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Tariff
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A tax on an imported product
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Quota
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A limit on the amount of a specific product that can be brought into the country
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Marketing Board
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An organization that encourages the sale of a particular product
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Interdependence
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A situation in which countries rely on each other for economic goods and services
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Trading Bloc
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A group of countries that join together to trade as if they were one country
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Free Trade Zone
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A group of countries that have reduced trade barriers between them
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Globalization
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The process by which the economies of the world are gradually becoming more connected and interdependent
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Strategies for International Markets
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(1) Global strategy, (2) adaption strategy, (3) customized strategy
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Global Strategy
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One marketing mix that is used with minimal changes in all markets
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Adaption Strategy
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Making changes in product or promotion or both to meet that target market's culture, needs, and wants
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Customized Strategy
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Developing a totally new product to meet specific target market needs
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Social Responsibility
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The responsibility that each person has not to harm another person, the community, or the environment
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Business Social Responsibility
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The obligation to make business decisions that consider the impact on society
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Requirements of Social Responsibility
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(1) Be legal, (2) be ethical, and (3) be philanthropic
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Law's Effect of Business
answer
(1) Fair business practices, (2) safety, and (3) environmental protection
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Product Recall
answer
The withdrawal of a product from the market for consumer safety
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Greenhouse Gas Emissions
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Gases formed by human activity, including industry, that trap heat in the atmosphere and lead to climate change.
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Ethics
answer
Rules for deciding the right behavior in a situation
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Confidentiality
answer
The ability to keep confidential information private
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Code of Ethics
answer
A list of rules to help a person make ethical decisions
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Diversity
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A group that includes people from two or more different backgrounds
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Philanthropy
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Actions that improve human welfare and spread goodwill
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3-D Printing
answer
The creation of a 3-D object from a digital image using a laser printer
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Immigration
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The movement of people from their country of origin to another country in order to live there permanently
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Multicultural Marketing
answer
Marketing that reflects the heritage, attitudes, lifestyles, and media preferences of different cultural groups
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Multinational Corporation
answer
A corporation that has operation in more than one country, and both produces and sells products in many countries
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Foreign Trade Zone
answer
A pot designated by the government where goods can enter and leave the country duty-free
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Disposable Income
answer
Income that remains after paying taxes and fixed expenses
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Challenges of International Marketing
answer
(1) Corruption, and (2) political instability
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Corruption
answer
Dishonesty involving the payment of money
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Bribe
answer
The practice of offering a gift, usually money, to gain some sort of advantage
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Political Instability
answer
Occurs when a government can no longer fulfill its basic responsibilities to its citizens or is on the verge of collapse
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Customary
answer
According to customs or usual practices
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Vertical Conflict
answer
Conflict occurring between two or more different hierarchical members of a channel of distribution.
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Channel
answer
A set of practices or activities necessary to transfer the ownership of goods from the point of production to the point of consumption.
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Oligopoly
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A market form in which a market or industry is dominated by a small number of sellers
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Skip Interval
answer
A random method of sampling that applies a constant interval to choosing a sample of elements from the sampling frame.
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Steward
answer
An official appointed to supervise arrangements
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Mediator
answer
A person who attempts to make people involved in a conflict come to an agreement
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Subsidy
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A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive
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Cooperative
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Owned and run jointly by its members, with profits or benefits shared among them
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Partnership
answer
A business or firm owned and run by two or more partners
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Proprietorship
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The owner of a business, or a holder of property
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Appropriation
answer
The action of taking something for one's own use; typically without the owner's permission
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Defamation
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The action of damaging the good reputation of someone
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Capital-Intensive
answer
A business process or an industry that requires large amounts of money and other financial resources to produce a good or service.
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Green Marketing
answer
The practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
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Vision
answer
A desire for the future that is achieved over time with determination and hard work
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Cash Conversion Cycle
answer
The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials
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Volume-tracking scanner
answer
A scanners that is commonly used during a sales transaction, which is the point of purchase, that reads or translates codes that are placed on products and enters the product information into a computer
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Environmental Scan
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An analysis of external forces that influence a business's success
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Platform Project
answer
A project that creates something entirely new
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Product Innovation
answer
The development of totally new or improved products
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Process Innovation
answer
Improving of some aspect of a process
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Positioning Innovation
answer
Identifying new, different ways to position a product or a company
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Paradigm Innovation
answer
A shift in the way of thinking that causes change
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Market opportunity
answer
When a situation exists to fulfill a market's unmet needs
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Subhead
answer
Adds information to that expressed in the headline, it is usually positioned below the headline and set in slightly smaller size type
question
Touchpoints
answer
The interactions that customers have with the business, and they can be divided into three categories: pre-purchase, purchase, and post-purchase experiences
question
Executive Summary
answer
Provides an overview of the entire report and contains the most important information included in the body of the report
question
FRUGGING
answer
(fund-raising under the guise of research) unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization
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Internal Secondary Data
answer
Data from within the business that has been collected for purposes other than the project at hand
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Sampling
answer
The course of action for gathering marketing information from a section or portion of a target market
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Invoice
answer
The formal, printed record of a sale that includes all necessary information about a sales transaction
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Respondent-selection Error
answer
When interviewers survey an inappropriate sample of the population
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Deliberate-falsification Error
answer
When people provide false information on purpose
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Respondent-inability Error
answer
When respondents forget the answer to a question
question
Scanner Fraud
answer
When the customer is charged an incorrect amount for the item when it is scanned at the checkout counter
question
Cease-and-desist order
answer
A court-ordered demand requiring an advertiser to stop running an advertisement
question
Affirmative disclosure
answer
A legal remedy in which the government orders the advertiser to include product information in future advertisements that it omitted in its previous advertisements
question
Push Promotional Strategy
answer
Taking the product directly to the customer via whatever means, ensuring the customer is aware of your brand at the point of purchase
question
Pull Promotional Strategy
answer
Motivating customers to seek out your brand in an active process
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Likert
answer
Scale that primarily measures attitudes by asking respondents their degree of agreement or disagreement to a number of statements
