Definitions Flashcards
(252 cards)
1
Q
Involves a business or person who uses, without permission, another person’s name, likeness, and other unique characteristics for the benefit or gain of the user
A
Appropriation (Tort)
2
Q
Civil wrongdoings that cause harm or injury to another party
A
Torts
3
Q
Predatory behavior undertaken by a business to draw either customers or employees away from a competitor
A
Wrongful Interference (Tort)
4
Q
Making false, malicious statements about a person or organization
A
Defamation (Tort)
5
Q
When personal property is taken from the owner and given to someone else to use
A
Conversion (Tort)
6
Q
A type of business that is operated by several people and owned by stockholders
A
Corporation
7
Q
A form of business ownership in which the business is owned by two or more persons
A
Partnership
8
Q
Form of business ownership in which the business is owned by one person
A
Sole Proprietorship
9
Q
Owned and operated by its user-owners to supply goods and services to its members
A
Cooperative
10
Q
Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
A
Channel Management
11
Q
Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
A
Promotion
12
Q
The marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
A
Pricing
13
Q
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
A
Product/Service Management
14
Q
Middlemen and include sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers
A
Intermediaries
15
Q
Involve producers and either industrial or ultimate consumers
A
Direct Channels of Distribution
16
Q
Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
A
Green Marketing
17
Q
Deals with safety features and product labeling standards that protect the consumer
A
Consumer Protection
18
Q
The practice of enlightening the community of business actions to promote social welfare
A
Social Awareness
19
Q
Marketing goods and services in foreign countries
A
International Marketing
20
Q
Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction
A
Hidden Complaint
21
Q
A complaint when the customer expresses an honest dissatisfaction
A
Sincere Complaint
22
Q
A complaint which results from poor service
A
Service Complaint
23
Q
A complaint in which the customer is dissatisfied with the business in general
A
Business Complaint
24
Q
A business’s agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values
A
Brand Promise
25
When products are available at the time they are needed or wanted by customers
Time Utility
26
Usefulness created by altering or changing the form or shape of a good to make it more useful to customers
Form Utility
27
Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.
Place Utility
28
Usefulness created when ownership of a product is transferred from the seller to the user
Possession Utility
29
Ensuring that products met predetermined standards for excellence; also part of operations
Quality Control
30
Acquiring necessary goods and services; part of operations
Purchasing
31
Supervising inventory levels to make sure there is an appropriate balance; part of operations
Inventory Management
32
Rivalry between two or more business to attract scarce (limited) customer dollars
Competition
33
Desire to make profit, which moves people to invest in business
Profit Motive
34
Rapid rise in prices usually occurring when demand exceeds supply
Inflation
35
A special government tax on certain items, such as gasoline, certain businesses, cars, etc.
Excise Tax
36
Government financial help given to a business
Subsidy
37
A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time
Bonds
38
the amount by which the price of something is reduced
Discount
39
Union members elected by their peers to handle any grievances or problems members might have with management
Union Stewards
40
Responsibilities include leading the union as a whole rather than assisting individuals
Union President
41
Involved in union negotiations, clarifying issues, and making suggestions concerning the contract
Mediator
42
Assists with (union) negotiations; In binding arbitration, this person's decisions regarding the contract are final and cannot be changed
Arbitrator
43
The ability to put yourself in another person's place
Empathy
44
Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior
Self-Understanding
45
The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Productivity
46
Decision-making outcome that requires the substantial agreement of each group member
Consensus
47
Few people in the group make the decision
Minority Rule
48
A desire for the future that is achieved over time with determination and hard work
Vision
49
When money is saved rather than spent
Store of Value
50
When money is used to obtain goods and services
Medium of Exchange
51
Trading one good or service for another good or service
Bartering
52
When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service
Measure of Value
53
Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution
Commercial Bank
54
Collects various types of taxes
Taxation Department
55
A business condition that can create economic risks
High Interest Rates
56
The process of keeping and interpreting financial records
Accounting
57
Financial obligations a business has
Liability
58
Cash or any asset that can quickly be converted into cash
Liquid Asset
59
Money owed to the business for purchases made by customers
Accounts Receivable
60
Sums of money paid to investors or stockholders as earnings on investments
Dividends
61
The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials
Cash Conversion Cycle
62
The amount of money that a business earns on sales after expenses; expressed as a ratio
Profit Margin
63
The process of planning, staffing, leading, and organizing the employees of a business
Human Resources Management
64
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Distribution Channels
65
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Marketing Research
66
Any factor that is subject to change
Variable
67
An in-depth analysis of a person, group, or event
Case Study
68
A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups
Experiment
69
Proposed explanation for something
Hypothesis
70
Measure attitude
Semantic-Differential Rating Scales
71
A method of collecting information about customers' buying habits and inventory status because the scanning system can track large volumes of goods
Volume-Tracking Scanner
72
Information that have been collected for purposes other than the project at hand.
Secondary Data
73
This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions
Marketing-Information Management
74
This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity
Selling
75
The things the business want to attain
Objectives
76
The combination of marketing communication channels that a business uses to send its messages to consumers
Promotional Mix
77
Dividing the market into groups that have similar characteristics
Market Segmentation
78
The market divided on the basis of a lifestyle choice
Psychographic Segmentation
79
Dividing a market on the basis of location
Geographic Segmentation
80
The physical and social characteristics of a population
Demographics
81
A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product
Rate of Usage
82
The way in which the information is communicated
Presentation
83
Presenting unbiased information
Objectivity
84
A method of gathering, storing, and analyzing data for the purpose of making business decisions
Information System
85
An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system
Private Enterprise
86
An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business
Environmental Scan
87
An economic factor that may be a threat or an opportunity
Consumer Spending Habits
88
Checking a sample item for defects after it has already been produced
Quality Inspection
89
The process businesses use to prevent defective products from being created
Quality Assurance
90
One that creates something entirely new
Platform Project
91
Relies on the use of new technology
Breakthrough Project
92
Takes on new visions or pursuits for the business
R&D Project
93
A focus on how things are done, rather than just outcomes
Process Orientation
94
Maximizing customer value while minimizing waste
Lean Production
95
A focus on increasing efficiency and effectiveness in all areas of the organization
Continual Improvement
96
Performing the stages of product design and development simultaneously, instead of one after another
Concurrent Engineering
97
Involves the development of totally new or improved products
Product Innovation
98
Changing the way that a product is produced or delivered
Process Innovation
99
Involves identifying new, different ways to position a product or a company
Positioning Innovation
100
A shift in the way of thinking that causes a change
Paradigm Innovation
101
When a company prices its products below cost, making it difficult for other companies to complete with the low prices causing the other companies to possibly go out of business
Below-Cost Pricing
102
When a business charges one price for all items it sells
One-Price Policy
103
A pricing strategy that involves setting prices higher than those of the competition
Price Skimming
104
The difference between the cost of a product and its selling price
Markup
105
A creative-thinking process that involves generating ideas by making associations
Mind-Mapping Process
106
Warranties that are in writing or expressed verbally
Express Warranties
107
A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
Positioning (Product-Mix Strategy)
108
A product mix-strategy in which a business removes, or deletes, product items or product lines from its product mix
Contraction
109
A product mix-strategy in which a business makes changes to its products or product lines
Alteration
110
A product mix-strategy in which a business expands its product mix by adding additional product items or product lines
Expansion
111
Adds information to that expressed in the headline
Subheadline
112
A slogan used in an advertisement
Tag Line
113
The interactions that customers have with the business; can be divided into three categories: pre-purchase, purchase, and post-purchase experiences
Touch Points
114
Enhances, adds to, or extends an existing project
Derivative Project
115
Used to stimulate consumer purchases of goods or services
Product Promotion
116
Any paid form of nonpersonal presentation of ideas, images, goods, or services
Advertising
117
Includes promotional activities other than advertising
Sales Promotion
118
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from it
Publicity
119
The form of promotion that uses planned, personalized communication in order to influence purchase decisions and enhance future business opportunities
Personal Selling
120
An advertising medium that utilizes telephone service to promote a product either by phoning prospective customers or providing a number for them to call
Telemarketing
121
Allow consumers to register their phone numbers with a "do not call" registry
"Do Not Call" Laws
122
A promotional medium that comes to consumers' homes in the form of letters, catalogs, postcards, and folders
Direct Mail
123
A promotional tactic that involves sending or forwarding promotional messages over the Internet (e.g. email, social-media websites, and blogs) to generate buzz about a brand, company, or product
Viral Marketing
124
Involves establishing good relationships between the business and the public
Public Relations
125
Consists of a body of customers upon which the organization can rely for significant repeat business
Clientele
126
Deals with the rules and regulations that have been established by governmental agencies.
Administrative Law
127
Involves selling a product through just one middleman in a geographic area and allows the manufacturer to maintain tight control over the product
Exclusive Distribution
128
Involves selling a product through every available wholesaler and retailer in a geographic area where consumers might look for it
Intensive Distribution
129
Involves selling a product through a limited number of wholesalers and retailers in a geographical area
Selective Distribution
130
Intermediaries who help move goods between producers and retailers
Wholesalers
131
Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them
Agents
132
Intermediaries that sell products to industrial users (businesses)
Industrial Distributors
133
A small computer chip that is attached to the item. The tag contains product information such as price, style, model number, etc., and allows channel members to track the item's movement from the time it leaves the production line to the point of purchase
Radio Frequency Identification (RFID)
134
Bar-coded tag that are read by a scanner
Universal Product Codes
135
A method to measure and evaluate a channel member's performance
Supplier Performance Index
136
Provides an overview of the entire report and contains the most important information included in the body of the report
Executive Summary
137
An effort to build loyal, trusting, personal, and long-term associations with the clients or customers that have the potential to generate profit for the business
Customer Relationship Management
138
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Product/Service Management
139
The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
Operations Management
140
An economic principle stating that after a certain point, hiring additional employees will result in a decrease in the overall level of production
Law of Diminishing Returns
141
Currency
Bank Notes
142
Bonds issued by corporations to fund operating expenses
Corporate Bonds
143
A collection of shareholders' money that invested by professional fund managers in an assortment of different securities, such as stocks and bonds
Mutual Fund
144
Issued by local governments
Municipal Bonds
145
A fee that the government charges on retail products
Sales Tax
146
A tax on land and buildings
Property Tax
147
A tax on the income a person earns, such as wages earned by performing work for an employer
Income Tax
148
A psychological phenomenon that evolves when conformity and the cohesiveness of the group become more important than the group's objective, purpose, or problem
Groupthink
149
An unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization
FRUGGING (Fund-Raising Under the Guise of Research)
150
The process of introducing a new product to a limited market to determine what its acceptance will be
Test Marketing
151
Involves gathering data by watching consumers
Observation
152
Involve asking consumers questions to learn their opinions and the reasons behind those opinions
Surveys
153
A group of consumers formed for the purpose of discussing a specific topic, usually a good or service
Consumer Panel
154
Data from within the business that has been collected for purposes other than the project at hand
Internal Secondary Data
155
Outline condition under which the seller will repair or replace a product
Warranty Agreements
156
Involves collecting information to help the business define its issue, situation, or concern, and decide how to proceed with its research
Exploratory Research
157
The course of action for gathering marketing information from a section or portion of a target market
Sampling Plan
158
A type of comparative rating scale that requires the respondent to assign a value (e.g., percentage or points) to the options provided on the questionnaire
Constant Sum
159
Rates respondents' attitudes or feelings according to a degree
Likert Scale
160
Provides seven spaces, which are bounded by descriptive antonyms at each end, such as durable and fragile. The respondent places an "X" at the point or space on the continuum that best describes his/her feelings about the object or idea s/he is rating.
Semantic Differential Scale
161
A type of category scale and provides respondents with options such as very often, often, sometimes, rarely, and never
Frequency
162
HTML codes that display information about web pages
Meta Tags
163
A list of items that a business needs to purchase for inventory
Stock Plan
164
A financial summary that shows how much money the business has made or has lost over a period of time
Income Statement
165
The process of detecting incorrect or insufficient data
Data Cleansing
166
When interviewers survey an inappropriate sample of the population
Respondent-Selection Error
167
When people provide false information on purpose
Deliberate-Falsification Error
168
When respondents forget the answer to a question (e.g. What did you have for lunch last Tuesday)
Respondent-Inability Error
169
Provide options from which the respondent can chose
Structured Questions
170
Open-ended questions that allow respondents to provide qualitative information and in-depth responses
Unstructured Questions
171
A group that gathers to discuss a specific topic
Focus Group
172
Involves a face-to-face discussion between the research interviewer and a respondent
In-Depth Personal Interview
173
Buying inexpensive goods on a frequent basis, such as computer printer paper
Habitual/Routine Buying Behavior
174
Involves much customer involvement because the items are expensive and purchased infrequently, such as cars, laptop computers, and homes
Complex Buying Behavior
175
Involves designing products and directing marketing activities to appeal to the whole market
Mass Marketing
176
A determination of a business's current situation and the direction in which the business is headed
Situation Analysis
177
A prediction of future sales over a specific period of time
Sales Forecast
178
Based on expert opinions and feedback, as well as personal experience
Qualitative Methods
179
A symbol, design, or word used by a producer to identify a good or service
Trademark
180
A formal charge in which the judicial system accuses an individual with a crime of withholding critical evidence that can affect the outcome of a trial
Obstruction of Justice
181
An order issued by a judge that instructs law-enforcement officers to bring to jail an individual who has been charged with a crime
Arrest Warrant
182
Consist of two or more related computer programs that work together to record information or perform specific business tasks or functions
Integrated Software Applications
183
Summarizes the details about the business's needs, bid requirements, and deadlines
Request For Quotation (RFQ)
184
When businesses optimize their resources and productivity levels and reduce wasted resources, including time, materials, money, etc.
Lean Operations
185
A deliberate action that involves overcharging customers, usually for smaller goods, with the expectation that the customer will not notice or fuss about it.
Scanner Fraud
186
The practice of pricing goods extremely low with the goal of driving the competition out of business
Predatory Pricing
187
Involves producers pressuring retailers to sell goods at the suggested retail price
Retail Price Maintenance
188
An illegal agreement in which businesses agree on prices of their goods or services, resulting in little choice for customers
Price Fixing
189
Makes calculations using a variety of product and pricing data
Optimal Pricing Software
190
The benefit that is lost when you decide to use scarce resources for one purpose rather than another
Opportunity Cost
191
When sales of a product peak and then slowly start to decline
Maturity Phase
192
When sales of a product drop sharply, and businesses then tend to reduce advertising
Decline Phase
193
A general direction in which people or events are moving
Trend
194
An indication of how changes in price will affect changes in the amounts demanded and supplied
Elasticity
195
Agreements among two or more parties stating that one party is to do something in return for something provided by another party
Contract
196
A form of business ownership in which the business is owned by two or more persons
Partnership
197
A promise to the consumer that a product's purchase price will be refunded if the product is not satisfactory
Guarantee
198
Delivery, Installation, and Price
Consumer Channel Activities
199
Takes place through one or more channel members, such as supermarkets
Distribution
200
Refers to a computer network that connects certain businesses, and allows the members of a distribution channel to efficiently communicate
Extranet
201
Currency
Bank Notes
202
Refers to the computer network that allows employees to collaborate and exchange information within the business
Intranet
203
Involves customers returning used products to the manufacturer
Reverse Distribution
204
A short report that presents facts without analysis
Informal Report
205
A report that is more complex, has several different parts, and provides an analysis of the facts int he report
Formal Report
206
An account of sales calls or other business activities carried out by staff
Activity Report
207
Refers to the usefulness of a product
Product Utility
208
The process of planning, mThe process of planning, controlling, and organizing an organization or departmentaintaining, monitoring, controlling, and reporting the use of financial resources
Financial Analysis
209
The process of planning, controlling, and organizing an organization or department
Strategic Management
210
The process of creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organizations and its stakeholders
Marketing
211
Occurs when a salesperson gains an agreement to purchase from a customer
Closing the Sale
212
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Competition Oriented Pricing
213
This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business
Cost-Plus Pricing
214
The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made
Customer Service
215
To gather information; surveys, interviews, observations, federal and state government agencies, research companies, business publications, trade association publication
Data Collection Instrument
216
A pricing method in which the price of the product is changed according to its demand
Demand Oriented Pricing
217
Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience
Direct Marketing Channels
218
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Feature Benefit Selling
219
When a salesperson first interacts with a customer by welcoming them to the store and saying that they are available for questions
Greeting Approach
220
A phrase in an advertisement that grabs the consumer's attention, creates interest and encourages them to read a promotional message
Headline
221
A photograph, drawing, or other graphic that is used in a promotional message
Illustration
222
Identifying the most profitable areas to offer a new product or service
Market Identification
223
The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business
Marketing Information Management
224
A formal document that specifies a company's activities for a determined amount of time
Marketing Plan
225
Adding a constant percentage to the price of an item to determine its selling price
Mark-up Pricing
226
Concerns or doubts that a customer has for not making a purchase
Objections
227
Data that is gathered for the first time
Primary Research
228
Information about a good/service; can include its application, function, features, use
Product Knowledge
229
Stages that product goes through: Introduction, Growth, Maturity, Decline
Product Life Cycle
230
The different goods/services that a company provides
Product Mix
231
Creating and changing the information about a company's catalog of offerings
Product Service Management
232
An outline of the marketing tools, strategies, and resources that a company tends to use to promote a product or service
Promotional Plan
233
Return on Marketing Investment; the profitability returned to the business based on funds spent on marketing
ROMI
234
Data that has been previously collected for a non marketing activity and is now available for the business's use
Secondary Research
235
A business's decisions regarding forms of payment, returns and exchanges, sales quotas, sales commission, and ethical issues
Selling Policy
236
When a salesperson encourages a customer to purchase with information regarding services available
Service Close
237
The study of internal and external factors that affect marketing strategy
Situation Analysis
238
A catchy phrase or words that identify a product or business
Slogan
239
Numbers that represent a fact or presents a view of a situation
Statistics
240
The process of communicating with a particular group who is most likely to become customers
Target Marketing
241
A promise that is given to a customer that a product will meet certain standards
Warranty
242
Money that is backed by the government and has value determined by that government (ex. $20 bill).
Fiat money
243
Inflation can distort GDP by making it higher, not because production has increased, but because prices are higher. This is an economic metric that converts prices to a base dollar value and allows GDP to be accurately compared over time.
Price Deflator
244
This causes banks to raise interest rates.
Tight money supply
245
An explanation of the specific responsibilities associated with a certain job.
Job description
246
An explanation of the skills, knowledge, and characteristics required for a job (ex. Having 10-15 years of experience, being able to work closely with others, and possessing an associate's degree or higher).
Job specification
247
The study of the factors that influence people's behavior within a specific market. For example, in a commercial market, the aim of qualitative research might be to understand shoppers' motivations when they buy things, such as what they think of a product and why they think that way.
Qualitative market research
248
This is all about numbers. It uses mathematical analysis and data to shed light on important statistics about your business and market. This type of data, found via tactics such as multiple-choice questionnaires, can help you gauge interest in your company and its offerings.
Quantitative market research
249
Focuses on cause and effect and tests “what if” theories.
Causal or conclusive research
250
Conversations in which a researcher surveys an individual to obtain research data.
Interviews
251
Personal or emotional connections forged between consumers and a particular brand or business.
Affinity marketing
252
These characteristics include working in teams, involving employees and allowing them to make decisions, and actively seeking customer input to use to improve quality.
Quality Culture
