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Flashcards in Midterm 3 Deck (148)
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1
Q

the process of getting a group to think of unlimited ways to vary a product or solve a problem

A

brainstorming

2
Q

the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated

A

business analysis

3
Q

the decision to market a product

A

commercialization

4
Q

a test to evaluate a new-product idea, usually before any prototype has been created

A

concept test

5
Q

a long-run drop in sales

A

decline stage

6
Q

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

A

development

7
Q

the process by which the adoption of an innovation spreads

A

diffusion

8
Q

the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy

A

growth stage

9
Q

a product perceived as new by a potential adopter

A

innovation

10
Q

the full-scale launch of a new product into the marketplace

A

introductory stage

11
Q

a period during which sales increase at a decreasing rate

A

maturity stage

12
Q

a product new to the world, the market, the producer, the seller, or some combination of these

A

new product

13
Q

a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

A

new-product strategy

14
Q

all brands that satisfy a particular type of need

A

product category

15
Q

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

A

product development

16
Q

a concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death)

A

product life cycle (PLC)

17
Q

the first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate for some other reason

A

screening

18
Q

the presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market

A

simulated (laboratory) market testing

19
Q

a team-oriented approach to new-product development

A

simultaneous product development

20
Q

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

A

test marketing

21
Q

the knowledge and courtesy of employees and their ability to convey trust

A

assurance

22
Q

the most basic benefit the consumer is buying

A

core service

23
Q

a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience

A

credence quality

24
Q

caring, individualized attention to customers

A

empathy

25
Q

a characteristic that can be assessed only after use

A

experience quality

26
Q

the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods

A

heterogeneity

27
Q

the inability of the production and consumption of a service to be separated; consumers must be present during the production

A

inseparability

28
Q

the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed

A

intangibility

29
Q

treating employees as customers and developing systems and benefits that satisfy their needs

A

internal marketing

30
Q

a strategy that uses technology to deliver customized services on a mass basis

A

mass customization

31
Q

an organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment

A

nonprofit organization

32
Q

the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets

A

nonprofit organization marketing

33
Q

the inability of services to be stored, warehoused, or inventoried

A

perishability

34
Q

an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization

A

public service advertisement (PSA)

35
Q

the ability to perform a service dependably, accurately, and consistently

A

reliability

36
Q

the ability to provide prompt service

A

responsiveness

37
Q

a characteristic that can be easily assessed before purchase

A

search quality

38
Q

the result of applying human or mechanical efforts to people or objects

A

service

39
Q

a group of services that support or enhance the core service

A

supplementary services

40
Q

the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service

A

tangibles

41
Q

a production method whereby products are made in advance of demand based on forecasts and are stored until customer orders arrive

A

build-to-stock

42
Q

bundles of interconnected activities that stretch across firms in the supply chain

A

business processes

43
Q

allows companies to prioritize their marketing focus on different customer groups according to each group’s long-term value to the company or supply chain

A

customer relationship management (CRM) process

44
Q

presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced

A

customer service management process

45
Q

seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action prior to actual customer purchasing behavior

A

demand management process

46
Q

a supply chain operational philosophy focused on integrating the supply-management and demand-generating functions of an organization

A

demand-supply integration (DSI)

47
Q

an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer

A

distribution resource planning (DRP)

48
Q

information technology that replaces the paper documents that usually accompany business transactions, such as purchase orders and invoices, with electronic transmission of the needed information to reduce inventory levels, improve cash flow, streamline operations, and increase the speed and accuracy of information transmission

A

electronic data interchange (EDI)

49
Q

a distribution technique that includes any kind of product or service that can be distributed electronically, whether over traditional forms such as fiber optic cable or through satellite transmission of electronic signals

A

electronic distribution

50
Q

a method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer’s or a customer’s demand

A

inventory control system

51
Q

the process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption

A

logistics

52
Q

the link that connects all the logistics functions of the supply chain

A

logistics information system

53
Q

concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process

A

manufacturing flow management process

54
Q

a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications

A

mass customization (build-to-order)

55
Q

an inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer

A

materials requirement planning (MRP; materials management)

56
Q

a method of moving inventory into, within, and out of the warehouse

A

materials-handling system

57
Q

a highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time

A

order fulfillment process

58
Q

a system whereby orders are entered into the supply chain and filled

A

order processing system

59
Q

a manufacturer’s or supplier’s use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing

A

outsourcing (contract logistics)

60
Q

a hybrid production method whereby basic units of a finished good are manufactured in advance of actual demand and held in strategic form or location until demand occurs, when final customization takes place

A

postponement

61
Q

includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms

A

product development and commercialization process

62
Q

enables firms to manage volumes of returned product efficiently while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain

A

returns management process

63
Q

an inventory handling and tracking system that employs radio-frequency electromagnetic fields to transfer and read product data via an electronic tag

A

smart RFID (radio-frequency identification)

64
Q

supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers

A

supplier relationship management process

65
Q

the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function

A

supply chain

66
Q

an operational strategy focused on inducing inventory velocity and operational flexibility simultaneously in the supply chain

A

supply chain agility

67
Q

when multiple firms or business functions in a supply chain coordinate their activities and processes so that they are seamlessly linked to one another in an effort to satisfy the customer

A

supply chain integration

68
Q

a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value

A

supply chain management

69
Q

the ability of a supply chain to return to its ideal operational state after being disrupted

A

supply chain resilience

70
Q

any potential disruption that threatens the supply chain’s efficient and effective operations

A

supply chain risk

71
Q

efforts made by companies to protect their in-transit inventory or value-transforming assets from external or internal threats

A

supply chain security

72
Q

an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer

A

supply chain team

73
Q

a supply chain management philosophy that embraces the need for optimizing social and environmental costs in addition to financial costs

A

sustainable supply chain management

74
Q

the creation of three-dimensional objects via an additive manufacturing (printing) technology that layers raw material into desired shapes

A

three-dimensional printing (3DP)

75
Q

wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers

A

agents and brokers

76
Q

the overall impression conveyed by a store’s physical layout, décor, and surroundings

A

atmosphere

77
Q

the use of machines to offer goods for sale

A

automatic vending

78
Q

a store that is part of a group of the same stores owned and operated by a single organization

A

chain store

79
Q

a member of a marketing channel that exercises authority and power over the activities of other channel members

A

channel captain

80
Q

a clash of goals and methods between distribution channel members

A

channel conflict

81
Q

a situation that occurs when one marketing channel member intentionally affects another member’s behavior

A

channel control

82
Q

all parties in the marketing channel who negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer

A

channel members

83
Q

the joint effort of all channel members to create a channel that serves customers and creates a competitive advantage

A

channel partnering

84
Q

the capacity of a particular marketing channel member to control or influence the behavior of other channel members

A

channel power

85
Q

the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior

A

data mining

86
Q

a store that consumers purposely plan to visit

A

destination store

87
Q

a distribution channel in which producers sell directly to consumers

A

direct channel

88
Q

techniques used to get consumers to make a purchase from their home, office, or other nonretail setting

A

direct marketing (direct response marketing)

89
Q

the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties

A

direct retailing

90
Q

the use of two or more channels to distribute the same product to target markets

A

dual distribution (multiple distribution)

91
Q

the increased value of a product that is created as its ownership is transferred

A

exchange utility

92
Q

a form of distribution that establishes one or a few dealers within a given area

A

exclusive distribution

93
Q

an off-price retailer that is owned and operated by a manufacturer

A

factory outlet

94
Q

the elements of the composition and appearance of a product that make it desirable

A

form utility

95
Q

a relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee
a business where the operator is granted a license to operate and sell a product under a larger supporting organization

A

franchise

96
Q

an individual or business that is granted the right to sell another party’s product

A

franchisee

97
Q

the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product

A

franchisor

98
Q

the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

A

gross margin

99
Q

a channel conflict that occurs among channel members on the same level

A

horizontal conflict

100
Q

a retailer owned by a single person or partnership and not operated as part of a larger retail institution

A

independent retailer

101
Q

a form of distribution aimed at having a product available in every outlet where target customers might want to buy it

A

intensive distribution

102
Q

the internal design and configuration of a store’s fixtures and products

A

layout

103
Q

the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services

A

m-commerce

104
Q

a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer

A

marketing channel (channel of distribution)

105
Q

an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them

A

merchant wholesaler

106
Q

shopping without visiting a store

A

nonstore retailing

107
Q

nonphysical (often electronic) channels that facilitate the unique market access of products and services

A

nontraditional channels

108
Q

a type of shopping available to consumers with personal computers and access to the Internet

A

online retailing (e-tailing)

109
Q

the usefulness of a good or service as a function of the location at which it is made available

A

place utility

110
Q

all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use

A

retailing

111
Q

a combination of the six Ps?product, place, promotion, price, presentation, and personnel?to sell goods and services to the ultimate consumer

A

retailing mix

112
Q

the tendency to offer a wide variety of nontraditional goods and services under one roof

A

scrambled merchandising

113
Q

a form of distribution achieved by screening dealers to eliminate all but a few in any single area

A

selective distribution

114
Q

a specialized form of direct-response marketing where shows display merchandise for viewers to purchase over the telephone with a credit card
a specialized form of direct response marketing whereby television show display merchandise, with the retail price, to home viewers

A

shop-at-home television network

115
Q

a cooperative agreement between business firms to use the other’s already established distribution channel

A

strategic channel alliance

116
Q

the use of the telephone to sell directly to consumers

A

telemarketing

117
Q

the increase in customer satisfaction gained by making a good or service available at the appropriate time

A

time utility

118
Q

a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer

A

vertical conflict

119
Q

a large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category

A

category killer

120
Q

a store that is part of a group of the same stores owned and operated by a single organization

A

chain store

121
Q

a miniature supermarket, carrying only a limited line of high-turnover convenience goods

A

convenience store

122
Q

a store housing several departments under one roof

A

department store

123
Q

a retailer that competes on the basis of low prices, high turnover, and high volume

A

discount store

124
Q

a retail store that stocks pharmacy-related products and services as its main draw

A

drugstore

125
Q

a discount store that carries a vast depth and breadth of product within a single product category

A

full-line discount store

126
Q

a retailer owned by a single person or partnership and not operated as part of a larger retail institution

A

independent retailer

127
Q

a retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privileges

A

off-price retailer

128
Q

a channel intermediary that sells mainly to consumers

A

retailer

129
Q

a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover

A

specialty discount store

130
Q

a retail store specializing in a given type of merchandise

A

specialty store

131
Q

a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise

A

supercenter

132
Q

a large, departmentalized, self-service retailer that specializes in food and some nonfood items

A

supermarket

133
Q

a retailer that turns customers into suppliers: items purchased from one of the other types of retailers can be resold to a different customer

A

used goods retailer

134
Q

a large, no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee

A

warehouse club

135
Q

a channel that enables customers to return products or components for reuse and remanufacture

A

reverse channel

136
Q

a retailer that provides both tangible products-food and drink-and services-food preparation and presentation

A

restaurant

137
Q

technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee

A

self-service technologies (SST)

138
Q

the delivery of advertising or marketing material to recipients of postal or electronic mail

A

direct mail

139
Q

the use of direct marketing techniques that employ highly detailed data analysts in order to isolate potential customers with great precision

A

microtargeting

140
Q

a combination of the six Ps-product, promotion, place, price, presentation, and personnel-to sell goods and services to the ultimate consumer

A

retailing mix

141
Q

the reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand

A

brand cannibalization

142
Q

the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior

A

big data analystics

143
Q

understanding how one’s target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to generate sales or other positive outcomes

A

shopper marketing

144
Q

searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings

A

shopper analytics

145
Q

offer a much wider variety of merchandise, entirely enclosed or roofed to allow shopping in any weather, landscaped with trees, fountains, sculptures, and the like to enhance the shopping environment

A

regional malls

146
Q

located at opposite ends of the mall to create heavy foot traffic

A

anchor stores (generator stores)

147
Q

one or two small department stores, more specialty stores, a couple of restaurants, and several apparel stores, provided off-street parking and a broader variety of merchandise

A

community shopping centers

148
Q

combine outdoor shopping areas composed of upscale retailers and restaurants, with plazas, fountains, and pedestrian streets, location not as important as guarantee product availability, more service employees and time saving opportunities stores

A

life-style centers