Marketing 10, 12-15 (Part Three) – Flashcards
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test marketing
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Marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success.
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controlled experiment
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Scientific investigation in which a researcher manipulates a test group (or groups) and compares the results with those of a control group that did not receive the experimental controls or manipulations.
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Quantitative forecasting
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Use of statistical forecasting techniques such as trend analysis and exponential smoothing.
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Data mining
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Process of searching through customer databases to detect patterns that guide marketing decision making.
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syndicated service
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Organization that provides standardized data on a periodic basis to its subscribers.
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Sampling
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Process of selecting survey respondents or research participants.
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full-service research supplier
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Market research organization that offers all aspects of the marketing research process.
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cluster sample
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Probability sample in which researchers select a sample of subgroups (or clusters) from which they draw respondents; each cluster reflects the diversity of the whole population sampled.
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exponential smoothing
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Quantitive forecasting technique that assigns weights to historical sales data, giving the greatest weight to the most recent data.
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simple random sample
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Basic type of probability sample in which every individual in the relevant universe has an equal opportunity of being selected.
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jury of executive opinion
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Qualitive sales forecasting method that assesses the sales expectations of various executives.
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research design
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Master plan for conducting market research.
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Qualitive Forecasting
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Use of subjective techniques to forecast sales, such as the jury of executive opinion, Delphi technique, sales force composite, and surveys of buyer intentions.
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sales forecast
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Estimate of a firm's revenue for a specified future period.
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sales analysis
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In-depth evaluation of a firm's sales.
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nonprobability sample
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Sample that involves personal judgment somewhere in the selection process.
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Delphi technique
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Qualitative sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until the participants reach a consensus.
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focus group
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A small group of individuals brought together to discuss a specific topic.
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Secondary data
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Previously published information
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Primary data
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Information collected for a specific investigation
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interpretive research
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Observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography, or "going native."
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Trend analysis
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Quantatitive sales forecasting method that estimates future sales through statistical analyses of historical sales patterns.
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probability sample
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Sample that gives every member of the population a chance of being selected.
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stratified sample
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Probability sample constructed to represent randomly selected subsamples of different groups within the total sample; each subgroup is relatively homogeneous for a certain characteristic.
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installations
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Major capital investments in the B2B market.
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introductory stage
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First stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry.
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accessory equipment
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Capital items such as, desktop computers and printers, that typically cost less and last for shorter periods than installations.
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goods
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Tangible products customers can see, hear, smell, taste, or touch.
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industrial distributor
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Channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers; also called a wholesaler.
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Specialty products
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Product with unique characteristics that cause buyers to prize those particular brands.
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Supplies
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Regular expenses a firm incurs in its daily operations.
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product
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Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs
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product lifecycle
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Progression of product through introduction, growth, maturity, and decline stages.
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benchmarking
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Method of measuring quality by comparing performance against industry leaders.
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Service quality
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Expected and perceived quality of a service offering.
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goods—services continuum
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Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
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services
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Intangible tasks that satisfy the needs of consumer and business users.
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line extension
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Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
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marketing mix
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Blending of the four strategy elements— product, distribution, promotion, and price—to fit the needs and preferences of a specific target market.
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decline stage
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Final stage of the product lifecycle, in which a decline in total industry sales occurs.
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component parts and materials
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Finished business products of one producer that become part of the final products of another producer.
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unsought products
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Products marketed to consumers who may not yet recognize a need for them.
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product mix
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Assortment of product lines and individual product offerings a company sells.
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Convenience products
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Goods and services consumers want to purchase frequently, immediately, and with minimal effort.
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product line
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Series of related products offered by one company.
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Emergency goods and services
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Products in response to unexpected and urgent needs.
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service encounter
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Point at which the customer and service provider interact.
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maturity stage
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Third stage of the product lifecycle, in which industry sales level out.
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Impulse goods and services
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Products purchased on the spur of the moment.
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raw materials
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Natural resources, such as farm products, coal, copper, or lumber that become part of a final product.
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total quality management (TQM)
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Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance.
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business services
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Intangible products firms buy to facilitate their production and operating processes.
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homeshoring
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Hiring workers to do jobs from their homes.
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business-to-business (B2B) product
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Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.
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business-to-consumer (B2C) product
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Product destined for use by ultimate consumers
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goods-services continuum
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Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
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adoption process
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Stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again.
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market penetration strategy
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Strategy that seeks to increase sales of existing products in existing markets.
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family brand
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Single brand name that identifies several related products
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trade dress
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Visual components that contribute to the overall look of a brand.
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product diversification strategy
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Developing entirely new products for new markets.
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individual brand
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Single brand that uniquely identifies a product.
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label
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Branding component that carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product, and recommended uses.
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product development
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Introduction of new products into identifiable or established markets.
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market development strategy
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Strategy that concentrates on finding new markets for existing products.
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manufacturer's brand
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Brand name owned by a manufacturer or other producer.
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private brands
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Brand offered by a wholesaler or retailer.
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generic products
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Products characterized by plain labels, no advertising, and the absence of brand names.
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brand manager
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Marketer responsible for a single brand.
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diffusion process
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Process by which new goods or services are accepted in the marketplace.
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trademark
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Brand for which the owner claims exclusive legal protection.
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brand licensing
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Practice that expands a firm's exposure in the marketplace.
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Concept testing
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Method for subjecting a product idea to additional study before actual development by involving consumers through focus groups, surveys, in-store polling, and similar strategies.
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Product liability
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Responsibility of manufacturers and marketers for injuries and damages caused by their products.
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venture team
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Group of associates from different areas of an organization who work together in developing new products.
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product manager
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Marketer responsible for an individual product or product line; also called a brand manager.
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Brand insistence
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Consumer refusal of alternatives and extensive search for desired merchandise.
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universal product code (UPC)
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Numerical bar code system used to record product and price information.
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brand name
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Part of a brand,consisting of letters, numbers, or words, that can be spoken and that identifies and distinguishes a firm's offerings from those of its competitors.
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brand preference
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Consumer choice of a product on the basis of a previous experience.
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Brand equity
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Added value that a respected, well-known brand name gives to a product in the marketplace.
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category management
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Product management system in which a category manager—with profit and loss responsibility—oversees a product line.
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brand
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Name, term, sign, symbol,design, or some combination that identifies the products of one firm while differentiating them from those of the competition.
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Product positioning
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Consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands.
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captive brands
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National brand sold exclusively by a retail chain.
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line extensions
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Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
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cannibalization
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Loss of sales of an existing product due to competition from a new product in the same line.
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brand extension
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Strategy of attaching a popular brand name to a new product in an unrelated product category.
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consumer innovators
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Someone who purchases a new product almost as soon as the product reaches the market.
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captive brand
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National brand sold exclusively by a retail chain.
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consumer innovator
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Someone who purchases a new product almost as soon as the product reaches the market.
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containerization
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Process of combining several unitized loads into a single, well-protected load for shipment.
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closed sales territories
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Exclusive geographic selling region of a distributor.
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channel captain
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Dominant and controlling member of a marketing channel.
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marketing channel
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Definition: System of marketing institutions that enhances the physical flow of goods and services, along with ownership title, from producer to consumer or business user.
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Contract carriers
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For-hire transporters that do not offer their services to the general public.
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marketing intermediary
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wholesaler or retailer that operates between producers and consumers or business users.
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gray goods
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Products manufactured abroad under license from a U.S. firm and then sold in the U.S. market in competition with that firm's own domestic output.
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Backward integration
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Process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials.
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Dual distribution
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Network that moves products to a firm's target market through more than one marketing channe
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corporate marketing system
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VMS in which a single owner operates the entire marketing channel.
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radio-frequency identification (RFID)
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Technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance.
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wholesaler
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Channel intermediary that takes title to the goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers.
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retail cooperative
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Group of retailers that establish a shared wholesaling operation to help them compete with chains.
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Physical distribution
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Broad range of activities aimed at efficient movement of finished goods from the end of the production line to the consumer.
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Suboptimization
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Condition that results when individual operations achieve their objectives but interfere with progress toward broader organizational goals.
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Supply chain management
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Control of the activities of purchasing, processing, and delivery through which raw materials are transformed into products and made available to final consumers.
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selective distribution
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Distribution of a product through a limited number of channels.
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logistics
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Process of coordinating the flow of information, goods, and services among members of the distribution channel.
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manufacturers' representative
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Agent wholesaling intermediary that represents manufacturers of related but noncompeting products and receives a commission on each sale.
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Downstream management
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Controlling part of the supply chain that involves finished product storage, outbound logistics, marketing and sales, and customer service.
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Third-party (contract) logistics firms
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Company that specializes in handling logistics activities for other firms.
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supply chain
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Complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise.
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intensive distribution
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Distribution of a product through all available channels.
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vertical marketing system (VMS)
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Planned channel system to improve distribution efficiency and cost-effectiveness by integrating various functions throughout the distribution chain
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forward integration
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Process through which a firm attempts to control downstream distribution.
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direct channel
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Marketing channel that moves goods directly from a producer to the business purchaser or ultimate user.
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tying agreements
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Arrangement that requires a marketing intermediary to carry items other than those they want to sell.
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Upstream management
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Controlling part of the supply chain that involves raw materials, inbound logistics, and warehouse and storage facilities.
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reverse channels
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Channel designed to return goods to their producers.
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enterprise resource planning (ERP) system
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Software system that consolidates data from among a firm's various business units
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materials handling system
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Set of activities that move production inputs and other goods within factories, warehouses, and transportation terminals.
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contractual marketing system
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VMS that coordinates channel activities through formal agreements among participants.
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franchise
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Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser.
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Distribution
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Movement of goods and services from producers to customers.
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direct selling
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Strategy designed to establish direct sales contact between producer and final user.
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Common carriers
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Businesses that provide transportation services as for-hire carriers to the general public.
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intermodal operations
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Combination of transportation modes, such as rail and highway carriers (piggyback), air and highway carriers (birdyback), and water and air carriers (fishyback), to improve customer service and achieve cost advantages.
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Private carriers
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Transporters that provide service solely for internally generated freight.
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exclusive distribution
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Distribution of a product through a single wholesaler or retailer in a specific geographic region.
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administered marketing system
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VMS that achieves channel coordination when a dominant channel member exercises its power.
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closed sales territory
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Exclusive geographic selling region of a distributor.
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reverse channel
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Channel designed to return goods to their producers.
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third-party (contract) logistics firm
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Company that specializes in handling logistics activities for other firms.
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tying agreement
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Arrangement that requires a marketing intermediary to carry items other than those they want to sell.
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Commission merchants
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Agent wholesaling intermediary that takes possession of goods shipped to a central market for sale, acts as the producer's agent, and collects an agreed-upon fee at the time of the sale.
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planned shopping center
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Group of retail stores planned,coordinated, and marketed as a unit.
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wholesalers
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Channel intermediary that takes title to goods it handles and then distributes those goods to retailers, other distributors, or B2B customers.
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Direct marketing
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Direct communications, other than personal sales contacts, between buyer and seller, designed to generate sales, information requests, or store or website visits
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Scrambled merchandising
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Retailing practice of combining dissimilar product lines to boost sales volume.
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mass merchandiser
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Store that stocks a wider line of goods than a department store, usually without the same depth of assortment within each line.
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Retail convergence
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Situation in which similarmerchandise is available from multiple retail outlets, resulting in the blurring of distinctions between types of retailers and merchandise offered.
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stock-keeping unit (SKU)
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Offering within a product line, such as a specific size of liquid detergent.
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selling agent
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Agent wholesaling intermediary for the entire marketing program of a firm's product line.
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Retailing
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Activities involved in selling merchandise to ultimate consumers.
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Specialty retailers
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Stores that combines carefully defined product lines, services, and reputation to persuade shoppers to spend considerable shopping effort there.
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mail-order wholesaler
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Limited function merchant wholesaler that distributes catalogs instead of sending sales personnel to contact customers.
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rack jobber
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Full-function merchant wholesaler that markets specialized lines of merchandise to retail stores.
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wheel of retailing
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Hypothesis that each new type of retailer gains a competitive foothold by offering lower prices than current suppliers charge, the result of reducing or eliminating services.
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General merchandise retailers
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Store that carries a wide variety of product lines, stocking all of them in some depth.
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manufacturers' representatives
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Agent wholesaling intermediary that represents manufacturers of related but noncompeting products and receives a commission on each sale.
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merchant wholesaler
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Independently owned wholesaling intermediary that takes title to the goods it handles; also known as an industrial distributor in the business goods market.
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limited-line store
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Retailer that offers a large assortment within a single product line or within a few related product lines.
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Wholesaling intermediaries
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Comprehensive term that describes wholesalers as well as agents and brokers.
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Convenience retailers
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Store that appeals to customers by having an accessible location, long hours, rapid checkout, and adequate parking.
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markup
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Amount a retailer add to the cost of a product to determine its selling price.
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drop shipper
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Limited-function merchant wholesaler that accepts orders from customers and forwards those orders to producers, which then ship directly to the customers who placed the orders.
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markdown
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Amount by which a retailer reduces the original selling price of a product.
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Brokers
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Agent wholesaling intermediary that does not take title to or possession of goods in the course of its primary function, which is to bring together buyers and sellers.
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hypermarkets
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Giant one-stop shopping facility offering wide selections of grocery items and general merchandise at discount prices, typically filling up 200,000 or more square feet of selling space.
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department store
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Large store that handles a variety of merchandise, including clothing, household goods, appliances, and furniture.
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atmospherics
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Combination of physical characteristic and amenities that contribute to a store's image.
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truck wholesaler
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Limited-function merchant wholesaler that markets perishable food items.
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discount house
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Stores that charges low prices but may not offer services such as credit.
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supercenters
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Large store, usually smaller than a hypermarket, that combines groceries with discount store merchandise.
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category killer
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Store offering huge selections and low prices in single product lines.
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broker
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Agent wholesaling intermediary that does not take title to or possession of goods in the course of its primary function, which is to bring together buyers and sellers.
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commission merchant
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Agent wholesaling intermediary that takes possession of goods shipped to a central market for sale, acts as the producer's agent, and collects an agreed-upon fee at the time of the sale.
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convenience retailer
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Store that appeals to customers by having an accessible location, long hours, rapid checkout, and adequate parking.
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general merchandise retailer
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Store that carries a wide variety of product lines, stocking all of them in some depth.
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