Marketing Principles – Final Exam

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Discount
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A straight reduction in price on purchases during a stated period of time or of larger quantities
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Value Pricing
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Means setting a fair price level for a marketing mix that really gives the target market superior customer value
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Demand Curve
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A graph of the relationship between the price of a good and the quantity demanded
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Price
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An amount usually expressed in terms of money paid for property.
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Societal Marketing
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The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
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Distribution Channel
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Network of interdependent companies through which a product passes from producer to end user
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Distribution Center
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a large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible
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Exclusive Distribution
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A form of distribution that establishes one or a few dealers within a given area
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Broker
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Person who acts as an intermediary between a buyer and seller, usually charging a commission. A broker who specializes in stocks, bonds, or options acts as AGENT and must be registered with the exchange where the securities are traded.
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Franchise
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A contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.
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Advertising
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A specific communication talk to be accomplished w/ a specific target audience during a specific period of time (to inform ,to persuade, or to remind)
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Advertising Agency
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A marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs
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Direct Investment
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Entering a foreign market by developing foreign-based assembly or manufacturing facilities
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Pull Strategy
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A marketing strategy that stimulates consumer demand to obtain product distribution
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Push Strategy
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A marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
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Sales Promotion
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A short term incentive to encourage the purchase/sales of a product/service (final buyers/business promoters/business customers)
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Coupon
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A certificate that entitles a customer to a cash discount on goods or services (before buying – Sales Promotion)
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Online marketing
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Company efforts to market products/services and build customer relationships over the internet
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Sample
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Trial amount of a product (Sales Promotion)
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Electronic Commerce
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Business conducted over the internet; also called E-commerce
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Internet
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A global network connecting millions of computers, making it possible to exchange information.
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Telemarketing
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A direct selling technique (below the line promotion) that involves using the telephone and telesales teams to sell a product.
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Environmentalism
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An organized movement of concerned citizens & government agencies to protect & improve the environment (goal to maximize quality of life)
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Consumerism
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An organized movement of citizens & government agencies to improve the rights and power of buyers in relation to sellers
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Product Adaptation
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adapting a product to meet local conditions or wants in foreign markets
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Exporting
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entering foreign markets by selling goods produced in the company’s home country, often with little modification
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Embargo
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A government order imposing a trade barrier
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Tariff
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taxes on certain imported products designed to raise revenue/protect domestic firms
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Quota
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limits on the amount of foreign imports that can be accepted in certain product categories

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