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MARKETING INTERMEDIARIES

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Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C).

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CHANEL OF DISTRIBUTION

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A whole set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path (or channel) from producers to consumers.

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AGENTS/BROKERS

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Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods.

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UTILITY

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In economics, the want-satisfying ability, or value, that organizations add to goods or services.

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TIME UTILITY

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Adding value to products by making them available when they're needed.

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PLACE UTILITY

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Adding value to products by having them where people want them.

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POSSESSION UTILITY

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Doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service.

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INFORMATION UTILITY

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Adding value to products by opening two-way flows of information between marketing participants.

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SERVICE UTILITY

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Adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time.

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MERCHANT WHOLESALERS

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Independently owned firms that take title to the goods they handle.

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RACK JOBBERS

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Wholesalers that furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment.

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CASH-AND-CARRY WHOLESALERS

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Wholesalers that serve mostly smaller retailers with a limited assortment or products.

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DROP SHIPPERS

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Wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.

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INTENSIVE DISTRIBUTION

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Distribution that puts products into as many retail outlets as possible.

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SOCIAL COMMERCE

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A form of electronic commerce that involves using social media, online media that supports social interaction, and user contributions to assist in the online buying and selling of products and services.

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DIRECT SELLING

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Selling to consumers in their homes or where they work.

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DIRECT MARKETING

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Any activity that directly links manufacturers or intermediaries with the ultimate consumer.

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CORPORATE DISTRIBUTION SYSTEM

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A distribution system in which all of the organizations in the channel of distribution are owned by one firm.

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CONTRACTUAL DISTRIBUTION SYSTEM

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A distribution system in which members are bound to cooperate through contractual agreements.

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ADMINISTERED DISTRIBUTION SYSTEM

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A distribution system in which producers manage all of the marketing functions at the retail level.

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SUPPLY CHAIN (VALUE CHAIN)

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The sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers.

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SUPPLY-CHAIN MANAGEMENT

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The process of managing the movement of raw materials, parts, work in progress, finished goods, and related information through all the organizations involved in the supply chain; managing the return of such goods, if necessary; and recycling materials when appropriate.

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LOGISTICS

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The marketing activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet costumer requirements at a profit.

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INBOUND LOGISTICS

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The area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers.

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MATERIALS HANDLING

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The movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various work stations.

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OUTBOUND LOGISTICS

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The are of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me).

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REVERSE LOGISTICS

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The area if logistics that involves bringing goods back to the manufacturer because of defects or for recycling materials.

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FREIGHT FORWARDER

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An organization that puts many small shipments together to create a single large shipment that can be transported cost-effectively to the final destination.

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INTERMODAL SHIPPING

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The use of multiple modes of transportation to complete a single long-distance movement of freight.

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INTEGRATED MARKETING COMMUNICATION (IMC)

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A technique that combines all the promotional tools into one comprehensive, unified promotional strategy.

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ADVERTISING

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Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message.

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INTERACTIVE PROMOTION

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Promotion process that allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships.

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PROSPECTING

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Researching potential buyers and choosing those most likely to buy.

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QUALIFYING

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In the selling process, making sure that people have a need for the product, the authority to buy, and the willingness ti listen to a sales message.

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PROSPECT

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A person with the means to buy a product, the authority to buy, and the willingness to listen to a sales message.

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TRIAL CLOSE

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A step in the selling process that consists of a question or statement that moves the selling process toward the actual close.

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PUBLIC RELATIONS (PR)

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The function that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance.

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PUBLICITY

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Any information about an individual, product, or organization that's distributed to the public through the media and that's not paid for or controlled by the seller.

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VIRAL MARKETING

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Any strategy that encourages people to pass on a marketing message to others, creating exponential growth in the message's influence as the message teaches thousands, to millions.

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PODCASTING

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A means of distributing multimedia digital files on the internet for downloading to a portable media player.

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PUSH STRATEGY

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Promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise.

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PULL STRATEGY

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Promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they'll request the products from retailers.

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FINANCE

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The function in a business that acquires funds for the firm and manages those funds within the firm.

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FINANCIAL MANAGEMENT

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The job of managing a firm's resources so it can meet its goals and objectives.

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FINANCIAL MANAGERS

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Managers who examine financial data prepared by accountants and recommend strategies for improving the financial performance of the firm.

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CASH FLOW FORECAST

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Forecast that predicts the cash inflows and outflows in future periods, usually months or quarters.

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CAPITAL BUDGET

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A budget that highlights a firm's spending plans for major asset purchases that often require large sums of money.

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CASH BUDGET

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A budget that estimates cash inflows and outflows during a particular period like a month or a quarter.

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OPERATING (OR MASTER) BUDGET

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The budget that ties together the firm's other budgets and summarizes its proposed financial activities.

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FINANCIAL CONTROL

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A process in which a firm periodically compares its actual revenues, costs, and expenses with its budget.

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CAPITAL EXPENDITURES

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Major investments in either tangible long-term assets such as land, buildings, and equipment or intangible assets such as patents, trademarks, and copyrights.

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DEBT FINANCING

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Funds raised through various forms of borrowing that must be repaid.

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EQUITY FINANCING

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Money raised from within the firm, from operations or through the sale of ownership in the firm (stock or venture capital).

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SHORT-TERM FINANCING

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Funds needed for a year or less.

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LONG-TERM FINANCING

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Funds needed for more than a year (usually 2 to 10 years).

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TRADE CREDIT

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The practice of buying goods and services now and paying for them later.

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PROMISSORY NOTE

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A written contract with a promise to pay a supplier a specific sum of money at a definite time.

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SECURED LOAN

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A loan backed by collateral, something valuable such as property.

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UNSECURED LOAN

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A loan that doesn't require any collateral.

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LINE OF CREDIT

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A given amount of unsecured short-term funds a bank will lend to a business, provided the funds are readily available.

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REVOLVING CREDIT AGREEMENT

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A line of credit that's guaranteed but usually comes with a fee.

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COMMERCIAL FINANCE COMPANIES

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Organizations that make short-term loans to borrowers who offer tangible assets as collateral.

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FACTORING

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The process of selling accounts receivable for cash.

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COMMERCIAL PAPER

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Unsecured promissory notes of $100,000 and up that mature (come due) in 270 days or less.

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TERM-LOAN AGREEMENT

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A promissory note that requires the borrower to repay the loan in specified installments.

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RISK/RETURN TRADE-OFF

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The principle that the greater the risk a lender takes in making a loan, the higher the interest rate required.

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INDENTURE TERMS

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The terms of agreement in a bond issue.

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SECURED BOND

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A bond issued with some form of collateral.

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UNSECURED BOND

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A bond backed only by the reputation of the issuer; also called a debenture bond.

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VENTURE CAPITAL

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Money that is invested in new or emerging companies that are perceived as having great profit potential.

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LEVERAGE

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Raising needed funds through borrowing to increase a firm's rate of return.

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COST OF CAPITAL

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The rate of return a company must earn in order to meet the demands of its lenders and expectations of its equity holders.

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BARTER

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The direct trading of goods or services for other goods or services.

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MONEY SUPPLY

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The amount of money the Federal Reserve Bank makes available for people to buy goods and services.

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M-1

answer

Money that can be accessed quickly and easily (coins and paper money, checks, traveler's checks, etc.).

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M-2

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Money included in M-1 plus money that may take a little more time to obtain (savings accounts, money market accounts, mutual funds, certificates of deposit, etc.).

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M-3

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M-2 plus big deposits like institutional money market funds.

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RESERVE REQUIREMENT

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A percentage of commercial banks' checking and savings accounts that must be physically kept in the bank.

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OPEN-MARKET OPERATIONS

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The buying and selling if U.S. government bonds by the Fed with the goal of regulating the money supply.

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DISCOUNT RATE

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The interest rate that the Fed charges for loans to member banks.

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DEMAND DEPOSIT

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The technical name for a checking account; the money in a demand deposit can be withdrawn anytime on demand from the depositor.

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TIME DEPOSIT

answer

The technical name for a savings account; the bank can require prior notice before the owner withdraws money from a time deposit.

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CERTIFICATE OF DEPOSIT (CD)

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A time-deposit (savings) account that earns interest to be delivered at the end of the certificate's maturity dates.

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SAVINGS AND LOAN ASSOCIATION (S&L)

answer

A financial institution that accepts both savings and checking deposits and provides home mortgage loans.

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CREDIT UNIONS

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Nonprofit, member-owned financial cooperatives that offer the full variety of banking services to their members.

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NONBANKS

answer

Financial organizations that accept no deposits but offer many of the services provided by regular banks (pension funds, insurance companies, commercial finance companies, consumer finance companies, and brokerage houses).

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PENSION FUNDS

answer

Amounts of money put aside by corporations, nonprofit organizations, or unions to cover part of the financial needs of members when they retire.

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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

answer

An independent agency of the U.S. government that insures bank deposits.

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SAVINGS ASSOCIATION INSURANCE FUND (SAIF)

answer

The part of the FDIC that insures holders if accounts in savings and loan associations.

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ELECTRONIC FUNDS TRANSFER (EFT) SYSTEM

answer

A computerized system that electronically performa financial transactions such as making purchases, paying bills, and receiving paychecks.

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SMART CARD

answer

An electronic funds transfer tool that is a combination credit card, debit card, phone card, driver's license card, and more.

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LETTER OF CREDIT

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A promise by the bank to pay the seller a given amount if certain conditions are met.

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BANKER'S ACCEPTANCE

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A promise that the bank will pay some specified amount at a particular time.

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WORLD BANK

answer

The bank primarily responsible for financing economic development; also known as the International Bank for Reconstruction and Development.

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INTERNATIONAL MONETARY FUND (IMF)

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Organization that assists the smooth flow of money among nations.

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TYPES OF UTILITY COMMONLY PROVIDED BY MARKETING INTERMEDIARIES

answer

Time, place, possession, information, and service.

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