Marketing 10, 12-15 (Part Three)

question

Marketing Research
answer

Collecting and using information for making decision making
question

Convenience Sample
answer

Nonprobability sample selected from among readily available respondents.
question

quota sample
answer

Nonprobability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as a whole.
question

population (universe)
answer

Total group that researchers want to study.
question

test marketing
answer

Marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success.
question

controlled experiment
answer

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.
question

Quantitative forecasting
answer

Use of statistical forecasting techniques such as trend analysis and exponential smoothing.
question

Data mining
answer

Process of searching through customer databases to detect patterns that guide marketing decision making.
question

syndicated service
answer

Organization that provides standardized data on a periodic basis to its subscribers.
question

Sampling
answer

Process of selecting survey respondents or research participants.
question

full-service research supplier
answer

Market research organization that offers all aspects of the marketing research process.
question

cluster sample
answer

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.
question

exponential smoothing
answer

Quantitive forecasting technique that assigns weights to historical sales data, giving the greatest weight to the most recent data.
question

simple random sample
answer

Basic type of probability sample in which every individual in the relevant universe has an equal opportunity of being selected.
question

jury of executive opinion
answer

Qualitive sales forecasting method that assesses the sales expectations of various executives.
question

research design
answer

Master plan for conducting market research.
question

Qualitive Forecasting
answer

Use of subjective techniques to forecast sales, such as the jury of executive opinion, Delphi technique, sales force composite, and surveys of buyer intentions.
question

sales forecast
answer

Estimate of a firm’s revenue for a specified future period.
question

sales analysis
answer

In-depth evaluation of a firm’s sales.
question

nonprobability sample
answer

Sample that involves personal judgment somewhere in the selection process.
question

Delphi technique
answer

Qualitative sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until the participants reach a consensus.
question

focus group
answer

A small group of individuals brought together to discuss a specific topic.
question

Secondary data
answer

Previously published information
question

Primary data
answer

Information collected for a specific investigation
question

interpretive research
answer

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.”
question

Trend analysis
answer

Quantatitive sales forecasting method that estimates future sales through statistical analyses of historical sales patterns.
question

probability sample
answer

Sample that gives every member of the population a chance of being selected.
question

stratified sample
answer

Probability sample constructed to represent randomly selected subsamples of different groups within the total sample; each subgroup is relatively homogeneous for a certain characteristic.
question

installations
answer

Major capital investments in the B2B market.
question

introductory stage
answer

First stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry.
question

accessory equipment
answer

Capital items such as, desktop computers and printers, that typically cost less and last for shorter periods than installations.
question

goods
answer

Tangible products customers can see, hear, smell, taste, or touch.
question

industrial distributor
answer

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.
question

Specialty products
answer

Product with unique characteristics that cause buyers to prize those particular brands.
question

Supplies
answer

Regular expenses a firm incurs in its daily operations.
question

product
answer

Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs
question

product lifecycle
answer

Progression of product through introduction, growth, maturity, and decline stages.
question

benchmarking
answer

Method of measuring quality by comparing performance against industry leaders.
question

Service quality
answer

Expected and perceived quality of a service offering.
question

goods—services continuum
answer

Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
question

services
answer

Intangible tasks that satisfy the needs of consumer and business users.
question

line extension
answer

Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
question

marketing mix
answer

Blending of the four strategy elements— product, distribution, promotion, and price—to fit the needs and preferences of a specific target market.
question

decline stage
answer

Final stage of the product lifecycle, in which a decline in total industry sales occurs.
question

component parts and materials
answer

Finished business products of one producer that become part of the final products of another producer.
question

unsought products
answer

Products marketed to consumers who may not yet recognize a need for them.
question

product mix
answer

Assortment of product lines and individual product offerings a company sells.
question

Convenience products
answer

Goods and services consumers want to purchase frequently, immediately, and with minimal effort.
question

product line
answer

Series of related products offered by one company.
question

Emergency goods and services
answer

Products in response to unexpected and urgent needs.
question

service encounter
answer

Point at which the customer and service provider interact.
question

maturity stage
answer

Third stage of the product lifecycle, in which industry sales level out.
question

Impulse goods and services
answer

Products purchased on the spur of the moment.
question

raw materials
answer

Natural resources, such as farm products, coal, copper, or lumber that become part of a final product.
question

total quality management (TQM)
answer

Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance.
question

business services
answer

Intangible products firms buy to facilitate their production and operating processes.
question

homeshoring
answer

Hiring workers to do jobs from their homes.
question

business-to-business (B2B) product
answer

Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.
question

business-to-consumer (B2C) product
answer

Product destined for use by ultimate consumers
question

goods-services continuum
answer

Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
question

adoption process
answer

Stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again.
question

market penetration strategy
answer

Strategy that seeks to increase sales of existing products in existing markets.
question

family brand
answer

Single brand name that identifies several related products
question

trade dress
answer

Visual components that contribute to the overall look of a brand.
question

product diversification strategy
answer

Developing entirely new products for new markets.
question

individual brand
answer

Single brand that uniquely identifies a product.
question

label
answer

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.
question

product development
answer

Introduction of new products into identifiable or established markets.
question

market development strategy
answer

Strategy that concentrates on finding new markets for existing products.
question

manufacturer’s brand
answer

Brand name owned by a manufacturer or other producer.
question

private brands
answer

Brand offered by a wholesaler or retailer.
question

generic products
answer

Products characterized by plain labels, no advertising, and the absence of brand names.
question

brand manager
answer

Marketer responsible for a single brand.
question

diffusion process
answer

Process by which new goods or services are accepted in the marketplace.
question

trademark
answer

Brand for which the owner claims exclusive legal protection.
question

brand licensing
answer

Practice that expands a firm’s exposure in the marketplace.
question

Concept testing
answer

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.
question

Product liability
answer

Responsibility of manufacturers and marketers for injuries and damages caused by their products.
question

venture team
answer

Group of associates from different areas of an organization who work together in developing new products.
question

product manager
answer

Marketer responsible for an individual product or product line; also called a brand manager.
question

Brand insistence
answer

Consumer refusal of alternatives and extensive search for desired merchandise.
question

universal product code (UPC)
answer

Numerical bar code system used to record product and price information.
question

brand name
answer

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.
question

brand preference
answer

Consumer choice of a product on the basis of a previous experience.
question

Brand equity
answer

Added value that a respected, well-known brand name gives to a product in the marketplace.
question

category management
answer

Product management system in which a category manager—with profit and loss responsibility—oversees a product line.
question

brand
answer

Name, term, sign, symbol,design, or some combination that identifies the products of one firm while differentiating them from those of the competition.
question

Product positioning
answer

Consumers’ perceptions of a product’s attributes, uses, quality, and advantages and disadvantages relative to competing brands.
question

captive brands
answer

National brand sold exclusively by a retail chain.
question

line extensions
answer

Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
question

cannibalization
answer

Loss of sales of an existing product due to competition from a new product in the same line.
question

brand extension
answer

Strategy of attaching a popular brand name to a new product in an unrelated product category.
question

consumer innovators
answer

Someone who purchases a new product almost as soon as the product reaches the market.
question

captive brand
answer

National brand sold exclusively by a retail chain.
question

consumer innovator
answer

Someone who purchases a new product almost as soon as the product reaches the market.
question

containerization
answer

Process of combining several unitized loads into a single, well-protected load for shipment.
question

closed sales territories
answer

Exclusive geographic selling region of a distributor.
question

channel captain
answer

Dominant and controlling member of a marketing channel.
question

marketing channel
answer

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.
question

Contract carriers
answer

For-hire transporters that do not offer their services to the general public.
question

marketing intermediary
answer

wholesaler or retailer that operates between producers and consumers or business users.
question

gray goods
answer

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.
question

Backward integration
answer

Process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials.
question

Dual distribution
answer

Network that moves products to a firm’s target market through more than one marketing channe
question

corporate marketing system
answer

VMS in which a single owner operates the entire marketing channel.
question

radio-frequency identification (RFID)
answer

Technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance.
question

wholesaler
answer

Channel intermediary that takes title to the goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers.
question

retail cooperative
answer

Group of retailers that establish a shared wholesaling operation to help them compete with chains.
question

Physical distribution
answer

Broad range of activities aimed at efficient movement of finished goods from the end of the production line to the consumer.
question

Suboptimization
answer

Condition that results when individual operations achieve their objectives but interfere with progress toward broader organizational goals.
question

Supply chain management
answer

Control of the activities of purchasing, processing, and delivery through which raw materials are transformed into products and made available to final consumers.
question

selective distribution
answer

Distribution of a product through a limited number of channels.
question

logistics
answer

Process of coordinating the flow of information, goods, and services among members of the distribution channel.
question

manufacturers’ representative
answer

Agent wholesaling intermediary that represents manufacturers of related but noncompeting products and receives a commission on each sale.
question

Downstream management
answer

Controlling part of the supply chain that involves finished product storage, outbound logistics, marketing and sales, and customer service.
question

Third-party (contract) logistics firms
answer

Company that specializes in handling logistics activities for other firms.
question

supply chain
answer

Complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise.
question

intensive distribution
answer

Distribution of a product through all available channels.
question

vertical marketing system (VMS)
answer

Planned channel system to improve distribution efficiency and cost-effectiveness by integrating various functions throughout the distribution chain
question

forward integration
answer

Process through which a firm attempts to control downstream distribution.
question

direct channel
answer

Marketing channel that moves goods directly from a producer to the business purchaser or ultimate user.
question

tying agreements
answer

Arrangement that requires a marketing intermediary to carry items other than those they want to sell.
question

Upstream management
answer

Controlling part of the supply chain that involves raw materials, inbound logistics, and warehouse and storage facilities.
question

reverse channels
answer

Channel designed to return goods to their producers.
question

enterprise resource planning (ERP) system
answer

Software system that consolidates data from among a firm’s various business units
question

materials handling system
answer

Set of activities that move production inputs and other goods within factories, warehouses, and transportation terminals.
question

contractual marketing system
answer

VMS that coordinates channel activities through formal agreements among participants.
question

franchise
answer

Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser.
question

Distribution
answer

Movement of goods and services from producers to customers.
question

direct selling
answer

Strategy designed to establish direct sales contact between producer and final user.
question

Common carriers
answer

Businesses that provide transportation services as for-hire carriers to the general public.
question

intermodal operations
answer

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.
question

Private carriers
answer

Transporters that provide service solely for internally generated freight.
question

exclusive distribution
answer

Distribution of a product through a single wholesaler or retailer in a specific geographic region.
question

administered marketing system
answer

VMS that achieves channel coordination when a dominant channel member exercises its power.
question

closed sales territory
answer

Exclusive geographic selling region of a distributor.
question

reverse channel
answer

Channel designed to return goods to their producers.
question

third-party (contract) logistics firm
answer

Company that specializes in handling logistics activities for other firms.
question

tying agreement
answer

Arrangement that requires a marketing intermediary to carry items other than those they want to sell.
question

Commission merchants
answer

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.
question

planned shopping center
answer

Group of retail stores planned,coordinated, and marketed as a unit.
question

wholesalers
answer

Channel intermediary that takes title to goods it handles and then distributes those goods to retailers, other distributors, or B2B customers.
question

Direct marketing
answer

Direct communications, other than personal sales contacts, between buyer and seller, designed to generate sales, information requests, or store or website visits
question

Scrambled merchandising
answer

Retailing practice of combining dissimilar product lines to boost sales volume.
question

mass merchandiser
answer

Store that stocks a wider line of goods than a department store, usually without the same depth of assortment within each line.
question

Retail convergence
answer

Situation in which similarmerchandise is available from multiple retail outlets, resulting in the blurring of distinctions between types of retailers and merchandise offered.
question

stock-keeping unit (SKU)
answer

Offering within a product line, such as a specific size of liquid detergent.
question

selling agent
answer

Agent wholesaling intermediary for the entire marketing program of a firm’s product line.
question

Retailing
answer

Activities involved in selling merchandise to ultimate consumers.
question

Specialty retailers
answer

Stores that combines carefully defined product lines, services, and reputation to persuade shoppers to spend considerable shopping effort there.
question

mail-order wholesaler
answer

Limited function merchant wholesaler that distributes catalogs instead of sending sales personnel to contact customers.
question

rack jobber
answer

Full-function merchant wholesaler that markets specialized lines of merchandise to retail stores.
question

wheel of retailing
answer

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.
question

General merchandise retailers
answer

Store that carries a wide variety of product lines, stocking all of them in some depth.
question

manufacturers’ representatives
answer

Agent wholesaling intermediary that represents manufacturers of related but noncompeting products and receives a commission on each sale.
question

merchant wholesaler
answer

Independently owned wholesaling intermediary that takes title to the goods it handles; also known as an industrial distributor in the business goods market.
question

limited-line store
answer

Retailer that offers a large assortment within a single product line or within a few related product lines.
question

Wholesaling intermediaries
answer

Comprehensive term that describes wholesalers as well as agents and brokers.
question

Convenience retailers
answer

Store that appeals to customers by having an accessible location, long hours, rapid checkout, and adequate parking.
question

markup
answer

Amount a retailer add to the cost of a product to determine its selling price.
question

drop shipper
answer

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.
question

markdown
answer

Amount by which a retailer reduces the original selling price of a product.
question

Brokers
answer

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.
question

hypermarkets
answer

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.
question

department store
answer

Large store that handles a variety of merchandise, including clothing, household goods, appliances, and furniture.
question

atmospherics
answer

Combination of physical characteristic and amenities that contribute to a store’s image.
question

truck wholesaler
answer

Limited-function merchant wholesaler that markets perishable food items.
question

discount house
answer

Stores that charges low prices but may not offer services such as credit.
question

supercenters
answer

Large store, usually smaller than a hypermarket, that combines groceries with discount store merchandise.
question

category killer
answer

Store offering huge selections and low prices in single product lines.
question

broker
answer

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.
question

commission merchant
answer

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.
question

convenience retailer
answer

Store that appeals to customers by having an accessible location, long hours, rapid checkout, and adequate parking.
question

general merchandise retailer
answer

Store that carries a wide variety of product lines, stocking all of them in some depth.

Get instant access to
all materials

Become a Member