Deck 2 Flashcards Preview

50 Terms > Deck 2 > Flashcards

Flashcards in Deck 2 Deck (50):
1

Basic Stock List

A List used for those staple items that should always be in stock

2

Brick and Mortar Retailers

Traditional retailers that sell goods to customers from physical stores, rather than over the Internet

3

Brand Mark

A unique symbol, coloring, lettering, or other design elements

4

boomerang method

A selling method that converts a customer's objection into a selling point

5

collateral

Something of value that a person pledges as payment for a loan in case of defult

6

co-branding

A combination of one or more brands in the manufacture of a product or in the delivery of a service

7

cause packaging

Packaging that is used by companies to promote social and political causes

8

cycle counts

A small portion of the inventory is physically counted each day by stockkeeping units so that the entire inventory is accounted for on a regular basis

9

endless chain method

The process of asking previous customers for names of potential customers

10

e-tailing

Retailers selling products over the Internet to the customer also known as online retailing

11

domestic business

A business that sells its products only in its own country

12

intermediaries

Businesses involved in sales transactions that move products from the manufacturer to the final user

13

marquee

An architectural canopy that extends over a store's entrance

14

memorandum buying

A buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date

15

multinational

Large corporations that have operations in multiple countries

16

on-approval sale

An agreement permitting a customer to take merchandise (usually clothing) home for further consideration

17

objection analysis sheet

A document that lists common objections and possible responses to them

18

nonprice competition

Competition based on factors that are not related to price, such as product quality, service and financing , business location, and reputation

19

sole proprietership

A business owned and operated by one person

20

stockkeeping unit

A unit or a group of related items in a unit control inventory system; the smallest unit used in inventory control

21

third-party method

A selling method that involves using a previous customer or other neutral person who can give a testimonial about the product

22

till

The cash drawer of a cash register

23

secondary data

Data that has already been collected for some purpose other than the current study

24

rack jobbers

Wholesalers that manage inventory and merchandising for retailers by counting stock, filling it in when needed and maintaining store displays

25

triadic colors

Three colors that are equally spaced on the color wheel

26

trial close

initial effort to close a sale

27

unit control

a method of stock control that measures the quantities of merchandise that a business handles during a period of time

28

whistle-blowing

reporting an illegal action by one's employer

29

warranty of merchantability

the seller's promise that the product sold is fit for its intended purpose

30

universal product code

a combination bar code and number used to identify a product and manufactuer

31

push policy

a manufacturer uses a mix of personal selling, advertising and buying discounts to promote a product to large retailers

32

rack jobbers

Wholesalers that manage inventory and merchandising for retailers by counting stock, filling it in when needed and maintaining store displays

33

spot check method

The reciever of a delivery conducts a check of one carton in a shipment to see if the kind and quantity of goods were delivered

34

remedial action

using preventive discipline or corrective discipline to encourage appropriate workplace behavior

35

skimming pricing

a pricing policy that sets a very high price for a new product

36

six-month merchandising plan

The budget that estimates planned purchases for a six-month period

37

situation analysis

The study of the internal and external factors that affect marketing strategies

38

superior point method

a selling technique that permits that salesperson to awknowledge objections as valid yet still offset them with feature benefits

39

terms for delivery

the final delivery arrangement between the buyer and seller

40

30-day accounts

accounts that enable customers to charge purchases during a month and pay the balance in full within 30 days after they are billed

41

ton-mile

The movement of one ton (2,000lbs) of freight one mile

42

trade character

a specific type of brand mark, one with human form or characteristics

43

staffing/temporary agencies

employment agencies that are not supported by taxes and must earn a profit to stay in business

44

substitution method

a selling method that involves recommending a different product that would still satisfy the customer's needs

45

pre retailing

marketing method when pricing information is marked in advance on the purchase order

46

product depth

the number of items offered within each product line

47

penetration pricing

a pricing policy that sets the price of a new product very low

48

perpetual inventory system

an inventory system that tracks the number of items an inventory on a constant basis

49

point-of-sale system

combining a cash register with a computer making it possible to capture information about the transaction at the time of sale, then applying it to different functions

50

demand elasticity

the degree to which demand for a product is affected by its price