Exam 3 Definitions
Exam 3 Definitions MKTG 2101 - 005
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MKTG 2101 - 005
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This 10 page Study Guide was uploaded by Roberto Pelucarte on Saturday November 14, 2015. The Study Guide belongs to MKTG 2101 - 005 at Temple University taught by Craig Atwater (P) in Fall 2015. Since its upload, it has received 177 views. For similar materials see MARKETING MANAGEMENT in Marketing at Temple University.
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Date Created: 11/14/15
MKTG 2101: Marketing Management 1 11.16.2015 Chapter 11 Physical distribution: The activities that move goods from manufacturers to final customer, including order processing, warehousing, materials handling, transportation, and inventory control. Channel of distribution: The series of firms or individuals that facilitates the movement of a product from the producer to the final consumer. Channel intermediaries: Firms or individuals such as wholesalers, agents, brokers, or retailers who help move a product from the producer to the consumer or business user. An older term for intermediaries is middlemen. Breaking bulk: Dividing larger quantities of goods into smaller lots in order to meet the needs of buyers. Create assortment: To provide a variety of products in one location to meet the needs of buyers Corporate VMS: A vertical marketing system in which a single firm owns manufacturing, wholesaling, and retailing operation. Transportation and storage: Occurs when retailers and other channel members move the goods from the production point to other location where they can hold them until consumers want them. Facilitating functions: Functions of channel intermediaries that make the purchase process easier for customers and manufactures. Risktaking functions: The chance retailers take on the loss of a product when they buy a product from a manufacturer because the product sits on the shelf because no customer want it. Communication & transaction functions: Happens when channel members develop and execute both promotional and other types of communication among members of the channel. Disintermediation: The elimination of some layers of the channel of distribution in order to cut costs and improve the efficiency of the channel. Wholesaling intermediaries: Firms that handle the flow of products from the manufacturer to the retailer or business user. Independent intermediaries: Channel intermediaries that are not controlled by any manufacturer but instead do business with many different manufactures and many different customers. Merchant wholesalers: Intermediaries to buy goods from manufacturers (take title to them) and sell to retailers and other B2B customers. Take title: To accept ownership of a product and assume the accompanying rights and responsibilities of ownership. Fullservice merchant wholesalers: Wholesalers that provide a wide range of services for their customers, including delivery, credit, productuse assistance, repairs, advertising, and other promotional support. Limitedservice merchant wholesalers: Wholesale that provide fewer services for their customer Merchandise agents or brokers: Channel intermediaries that provide services in exchange for commission but never take to the product. Channel levels: The number of distinct categories of intermediaries that make up a channel of distribution. MKTG 2101: Marketing Management 2 11.16.2015 Dual or multiple distribution systems: A system where producers, dealers, wholesaler, retailers, and customers participate in more than one type of channel. Slotting allowance: A fee paid in exchange for agreeing to place a manufactures products on a retailer’s valuable shelf space Distribution intensity: The number of intermediaries at each level of the channel. Conventional marketing system: A multiplelevel distribution channel in which members work independently of one another Vertical marketing system: A channel of distribution in which there is formal cooperation among members at the manufacturing, wholesaling, and retailing levels. Corporate VMS: A vertical marketing system in which a single firm owns manufacturing, wholesaling, and retailing operations. Contractual VMS: A vertical marketing system in which cooperation is enforced by contracts (legal agreements) that spell out each member’s rights and responsibilities and how they will cooperate Retailer cooperative: A group of retailers that establishes a wholesaling operation to help them compete more effectively with the large chain. Franchise organizations: A contractual vertical marketing system that includes a franchise (a manufacturer or a service provider) who allow an entrepreneur (the franchise) to use the franchise name and marketing plan for a fee. Horizontal marketing system: A arrangement within of distribution in which two or more firms at the same channel level work together for a common purpose. Intensive distribution: Selling a product through all suitable wholesalers or retailers that are willing to stock and sell the product. Exclusive distribution: Selling a product only through a single outlet in a particular region. Selective distribution: Distribution using few outlets than intensive distribution more than exclusive distribution. Channel conflict: Incompatible goals, poor communication, and disagreement over roles, responsibilities, and functions among firms at different levels of the same distribution channel that may threaten a manufacture distribution strategy Logistics: The process of designing, managing, and improving the movement of products through the supply chain. Logistics include purchasing, manufacturing, storage, and transportation. Reverse logistics: Includes product returns, recycling and material reuse, and waste disposal. Warehousing: Storing goods in anticipation of sale or transfer to another member of the channel of distribution; Transportation: The mode by which products move among channel members Inventory control: Activities to ensure that goods are always available to meet customers’ demands Radio frequency identification (RFID): Chips are electronic tags or labels that can be embedded within packages or items and are used to identify items even when hidden in the back of a stockroom or high on a shelf. Stockouts: Zeroinventory situation resulting in lost sales and customers dissatisfaction MKTG 2101: Marketing Management 3 11.16.2015 Justintime (JIT) : Inventory management and purchasing processes that manufacturers and resellers use to reduce inventory to very low levels an ensure that deliveries from suppliers arrive only when needed Supply chain: All the activities necessary to turn raw materials into a good or service and put it in the hands of the consumers or business customer Supply chain management: The management of flows among firms in the supply chain to maximize total profitability. Chapter 12 Retailing: The final stop in the distribution channel in which organizations sells goods and services to consumer for their personal use. Merchandise mix: The total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups. Supercenters: Large combination stores that combine economy supermarkets with other lower priced merchandise Convenience stores: Neighborhoods retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home. Supermarkets: Food stores that carry a wide selection of edibles and related products Box Stores: Food stores that have a limited selection of items few brands per items, and few refrigerated items. Specialty stores: Retailers that carry only a few product lines but offer good selection within the lines that they sell. Category killers: A very large specialty store that carries a vast selection of products in its category. Variety stores: Stores that carry a variety of inexpensive items Offprice retailers: Retailers that buy excess merchandise from wellknown manufactures and pass the saving on to customers Warehouse clubs: Discount retailers that charge a modest membership fee to consumers who buy a broad assortment of food and nonfood items in bulk and in a warehouse environment. Factory outlet store: A discount retailer, owned by a manufactures that sells off defective merchandise and excess inventory Department stores: Retail that sell a broad range of items and offer a good selection within each product line. Hypermarkets: Retailers with the characteristics of both warehouse stores and supermarkets: hypermarkets are several times larger than others stores and offer virtually everything from grocery items to electronics Nonstore retailing: Any method used to complete an exchange with a product user that does not require a customer visit to a store Direct selling: An interactive sales process in which salesperson presents a product to one individual or a small group, takes orders, and delivers the merchandise Party plan system: A sales technique that relies heavily on people getting caught up in the group spirit, buying things they would not normally buy if they were alone MKTG 2101: Marketing Management 4 11.16.2015 Multilevel or network marketing: A system in which a master distributor recruits other people to become distributors, sells the company’s product to the recruits, and receive a commission on all the merchandise sold by the people recruited Services: Intangible products that are exchanged directly between the producer and the customer Disintermediation: The elimination of some layers of the channel of distribution in order to cut cost and improve the efficiency of the channel Place marketing: Marketing activities that seek to attract new businesses, residents, or visitors to a town, state country, or some other site Idea marketing: Marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target markets attitude or behavior Ch 13 Integrated marketing communication: A strategic business process that marketers use to plan, develop, execute, and evaluate coordinate, measurable, persuasive brand communication programs over time to targeted audience. Wordofmouth communication: When consumers provide information about to other consumers Communication model: The process whereby meaning is transferred from to a receiver Source: An organization or individual that sends a message Encoding: The process of translating an idea into a form of communication that will convey meaning Message: The communication in physical that goes from a sender to a receiver Medium: A communication vehicle which a message is transmitted to a target audience Receiver: The organization or individual that intercepts and interprets the message Decoding: The process by which a receiver assign meaning to the message Noise: Anything that interferes with effective communication Feedback: Receivers reactions to the message Promotion mix: The set of all products a firm offers for sale Mass communication: Relates to TV, radio, magazines, and newspapers Percentageofsales method: A method for promotion budgeting that is based on a certain percentage of either last year’s sales or estimates of the present years sales. Competitiveparity method: A promotion budgeting method in which an organization matches whatever competitors are spending Objectivetask method: A promotion budgeting in which an organization first defines the specific communication goals it hopes to achieve and then tries to calculate what kind of promotion efforts it will take to meet these goals. Advertising: Nonpersonal Communication from an identified sponsor using the mass media. Advertising campaign: A coordinated, comprehensive plan that carries out promotion objectives an MKTG 2101: Marketing Management 5 11.16.2015 results in a series of advertisement placed in media over a period of time. Limitedservice agency: An agency that provides one or more specialized services, such as media buying or creative development Usergenerated content: Online consumer comments, opinions, advice and discussions, reviews, photos, images, videos, podcast, webcast, and product, related stories available to other consumers. Creative strategy: The process that turns a concept into an advertisement Advertising appeal: The central idea or theme of an advertising message. Unique selling proposition: An advertising appeal that focuses on one clear reason why a particular product is superior Reminder advertising: Advertising aimed at keeping the name of brand in people’s minds to be sure consumers purchases the product as necessary Execution format: The basic structure the message, such as comparison, demonstration, testimonial, slice of life, and lifestyle Tonality: The mood attitude the message conveys (straightforward, humor, dramatic, romantic, sexy, and apprehension/ fear Pretesting: A research method that seeks to minimize mistakes by getting consumer reactions to ad message before they appear in the media. Media planning: The process of developing media objectives, strategies, and tactics for use in an advertising campaign. Digital media: Media that are digital rather analog, including websites, mobile or cellular phones, and digital video, such as YouTube Owned media: Internet sites, such as websites, blogs, Facebook, and Twitter accounts, that are owned by an advertiser. Paid media: Internet media, such as display ads, sponsorship, and key word searches, that are paid for by an advertiser Earned media: Wordofmouth or buzz using social media where the advertiser has no control Banners: Internet advertising in the form of rectangular graphics at the top or bottom of web pages. Popup ad: An advertisement that appears on the screen while a Web page loads or after ir has loaded. Search engines: Internet programs that search for documents with specific key words. Mobile advertising: A form of advertising that is communicated to the consumer via a handset. Media schedule: The plan that specifies the exact media to use and when to use it. Reach: The percentage of the target market that will be exposed to the media vehicle. Frequency: The average number of times a person in the target group will be exposed to the message Post testing: Research conducted on consumer’s responses to actual advertising message they have seen or heard. Sales promotion: Program designed to build interest in or encourage purchases a product during a specified period. Unaided recall: A research technique conducted by telephone survey or personal interview that asks whether a person remembers seeing an ad during a specific period without giving the person the name of the brand: MKTG 2101: Marketing Management 6 11.16.2015 Aided recall: A research technique that uses clues to prompt answers from people about advertisements they might have seen. Sales promotion: Programs designed to build interest in or encourage purchased a product during a specified period Rebates: Sale promotions that allow the customer to recover part of the products cost from the manufacture Premiums: Items offered free to people who have purchased a product Product sampling: Distribution free trialsize version of a product to consumers Trade sales promotions: Promotions that focus on members of the “trade”, which include distribution channel members, such as retail salespeople or wholesale distributors, that a firm much work in order to sell its products Merchandising allowances: Reimburses the retailer for instore support of the product Promotional products: Goodies such as coffee mugs, Tshirts, and magnets given away to build awareness for a sponsor. Some freebies are intended for channel partners, such as retailers, and vendors. Pointofpurchase (POP) displays: Instore displays and signs Push money: A bonus paid by a manufacturer to a salesperson, customer, or distributor for selling its products. Chapter 14 Buzz: Wordtomouth communication that customers view as authentic Viral marketing: Marketing activities that aim to increase brand awareness or sales by consumers passing a message along other consumers. Social media: Internetbased platform that allow users to create their own content and share it with others who access the site. Social networks: Online platforms that allow a user to represent him or herself via a profile on a website and provide and receive links to others members of the network to share input about common interests. Twitter: A free microblogging service that lets users post short text messages with a maximum of 14 characters Product review sites : Social media sites that enable people to post stories about their experiences with products and services. Direct marketing: Aby direct communication to a consumer or business recipient designed to generate a response in the form of an order, a request for further information, and/or a visit to a store or other place of business for purchases of a product. Catalog: A collection of products offered sale in book form, usually consisting of product descriptions accompanied by photos of the items. Telemarketing: The use of the telephone to sell directly to consumers and business customer. Directresponse advertising: A direct marketing approach that allows the consumer to respond to a message by immediately contacting the provider to ask questions or order the product. MKTG 2101: Marketing Management 7 11.16.2015 Directresponse TV (DRTV): Advertising on TV that seeks a direct response, including short commercials of less than two minutes, 30 minutes or longer infomercials, and home shopping networks. Infomercials: Halfhour or hourlong commercials that resemble a talk show, but actually are sales pitches. Mcommerce: Promotional and other ecommerce activities transmitted over mobile phones and other mobile devices, such as smart phones and personal digital assistants. Personal selling: Marketing communication by which a company representative interacts directly with a customer or prospective customer to communicate about a good or service. Newbusiness salesperson: The person responsible for finding new customers and calling on them to present the company’s products. Team selling: The sales functions when handled by a team that may consist of a salesperson, a technique specialist, and others. Transactional selling: A form of personal selling that focuses on making an immediate sale with little or no attempt to develop a relationship with the customer. Relationship selling: A form of personal selling that involves securing, developing, and maintaining longterm relationships with profitable customers. Prospecting: A part of the selling process that includes identifying and developing a list of potential or prospective customers. Preapproach: A part of the selling process that includes developing information about prospective customers and planning the sales interview. Approach: The first step of the actual sales presentation in which the salesperson tries to learn more about customers needs, create a good impression, and build rapport Sales presentation: The part of the selling process in which the salesperson directly communicates the value proposition to the customers and invites twoway communication. Close: The stage of the selling process in which the salesperson actually asks the customer to buy the product Followup: Activities after the sale that provide important services to customers Public relations: Communication function that seeks to build good relationships with an organization publics, including consumers, stockholder, and legislators. Publicity: Unpaid communication about an organization that appears in the mass media. Crisis management: The process of managing a company’s reputation when some negative event threatens the organization image Public relations campaign: A coordinated effort to communicate with one or more of the firms publics Press release: Information that an organization distributes to the media intended to win publicity. Investor relations: PR activities such as annual and quarterly reports aimed at a firms investors. Lobbying: Talking with and providing information to government’s officials in order to influence their activities relating to an organization. Speech writing: Writing a speech on a topic for a company execute to deliver Corporate identity: Materials such as logos, brochures, building design, and stationery that communicate an image of the organization. Media relations: A PR activity aimed at developing close relationship with the media MKTG 2101: Marketing Management 8 11.16.2015 Special events: Activitiesfrom a visit foreign investors to a company picnic that are planned and implemented by a PR department. Chapter 02 Protectionism Import quotas Embargo Tariffs Gross Domestic Product (GDP) BRIC countries Group of 8 (G8) Radio frequency identification (RFID) Patent MKTG 2101: Marketing Management 9 11.16.2015 MKTG 2101: Marketing Management 10 11.16.2015
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