Marketing definitions

Question 1

operating expenses

Answer 1

cost of running a business

Question 2

vertical conflict

Answer 2

members of different levels

Question 3

horizontal conflict

Answer 3

members of same level

Question 4

retail price maintenance

Answer 4

manufacturer and distributer agree on a certain price to sell the manufacturer’s product

Question 5

price fixing

Answer 5

agreeing with competitors to sell a product at a certain price

Question 6

predatory pricing

Answer 6

lower costs to drive out competition and then raising those costs to make up for the losses and make profit

Question 7

scanner fraud

Answer 7

charging at a higher cost at the checkout/poin of purchase than what was advertised/on the shelves

Question 8

gray marketing

Answer 8

using unofficial but legal channels of distribution

Question 9

slotting allowance

Answer 9

the fee manufacturer’s pay retailers to get their prodcuts on the shelves

Question 10

channel strategies

Answer 10

methods a company uses to deliver goods and services to consumers in the most efficient way

Question 11

misrepresentation

Answer 11

providing false or misleading information. exaggerating, omitting info, etc.

Question 12

exclusivity

Answer 12

making a product/service only available to an exclusive/limited group of customers –> raises desirability of the product/service

Question 13

commercial bank

Answer 13

accepts deposits, provides loans, offers various services to business and individuals, focused on generating profit

Question 14

savings and loan association

Answer 14

focused on accepting saving deposits and providing home mortgage loans. promotes homeownership

Question 15

finance company

Answer 15

provides loans and credut typically personal and auto loans and equipment financing

Question 16

credit unions

Answer 16

non profit organizations that prioritize consumer needs over high prices. membership based on common bond (shared employment, community, affiliation, etc.)

Question 17

styles of management: controlling

Answer 17

monitoring performace and comparing to goals

Question 18

styles of management: organizing

Answer 18

arrangment of resources and tasks to achieve organizational goals (defining roles, responsibility, and structure)

Question 19

styles of management: planning

Answer 19

process of goal setting and determining action plans to achieve them (forecasting and decision making)

Question 20

styles of management: directing

Answer 20

guiding and motivating employees to work effectively toward goals (communication and leadership)

Question 21

social responsibility

Answer 21

business’s social and ethical responsibilities, acting in the interest of consumers, employees, the community, etc. (sustainable practices, transparency, etc.)

Question 22

quantities: demand

Answer 22

amount of product/service consumers are willing and able to purchase at a specific price and time period

Question 23

quantities: market price

Answer 23

amount of product/service available at a specific price in the market. indicates the amount consumers are willing to buy at that price.

Question 24

quantities: supply

Answer 24

amount of product/service producers are willing to sell at a specific price and time.

Question 25

quantities: elasticity

Answer 25

how quantity demanded of goods/services responds to changes in price. (sensitivity of customers to price change)

Question 26

SWOT analysis

Answer 26

strengths, weaknesses, opportunities, threats

Question 27

deviation

Answer 27

difference between the expected outcomes vs the actual outcomes

Question 28

trade journals

Answer 28

publications focused on specific industries. contain info like news, trends, research, etc.

Question 29

investment bank

Answer 29

helps companies raise capital, facilitates buying and selling of securities

Question 30

asset-management firm

Answer 30

manages investments on behalf of clients to grow wealth through various investment strategies

Question 31

financial auditing firm

Answer 31

examines and verifies a company's finaincial records and documents to ensure accuracy

Question 32

brand insistence

Answer 32

customers are so loyal to a brand and they go out of their way to only purchase that specific brand

Question 33

brand preference

Answer 33

consumers tendency to favour one brand over others

Question 34

product positioning

Answer 34

defining how products are perceived in the eyes of consumers

Question 35

product screening

Answer 35

evaluating and assessinf potential new products

Question 36

enclosure notation

Answer 36

something being attached to/with the letter at the bottom of an email or something

Question 37

aptitudes

Answer 37

natural skills or abilities an individual possesses

Question 38

relationships: fiduciary

Answer 38

legal/ethical bond of trust where one party is obligated to act in the best interest of the other

Question 39

relationships: principal

Answer 39

where one party gives the other the authority to act on their behalf

Question 40

memorandum

Answer 40

short, written message used to communicate information, reminders or updates. usually internal communications

Question 41

markup

Answer 41

certain amount prices are increased by

Question 42

markdown

Answer 42

certain amount prices are decreased by

Question 43

research method: causal

Answer 43

cause and effect. change a variable and observe affect on the other

Question 44

research method: experimental

Answer 44

test hypotheses by changing variables in controlled settings to establish causal (cause and effect) links

Question 45

research method: exlploratory

Answer 45

preliminary investigation to understand the problem when little is known. involves open-ended methods (interviews, focus groups, surveys, etc.)

Question 46

anti-trust laws

Answer 46

promote competition to prevent monopolies.

Question 47

relationships: interrelated

Answer 47

relationships between customers, employees, etc. that influence each other

Question 48

relationships: subsidiary

Answer 48

fully or partially owned by another company (known as parent company)

Question 49

relationships: dependent

Answer 49

one entity relies on/is influenced by another

Question 50

relationships: one to one

Answer 50

one entity corresponds directly to another (for example, tailoring a marketing plan to a specific community/individual)

Question 51

marginal cost

Answer 51

change in total cost/# produced

Question 52

big Q

Answer 52

total quality management

Question 53

aggregate demand

Answer 53

total demand for all goods and services in an economy at a certain price level at a certain time

Question 54

big data

Answer 54

large and complex data sets that aren't easily managed

Question 55

data encryption

Answer 55

converting info to a coded format to prevent unauthorized access

Question 56

primary market research

Answer 56

collecting original data directly from sources to gain insights about specific markets or audiences

Question 57

pretest idea measurement

Answer 57

evaluating a concept or product before its release to gather feedback

Question 58

target readership evaluation

Answer 58

assessing the specific audience for a publication or content to understand their preferences and interests

Question 59

concept testing

Answer 59

process of testing a new product with potential customers to gather feedback

Question 60

multiprocessing example

Answer 60

users to access the same program on multiple computers

Question 61

rebate

Answer 61

partial fund given to a customer after purchase

Question 62

wage garnishment

Answer 62

legal process where a portion of someone's earnings is withheld by an employer

Question 63

transfer payment

Answer 63

payment made by the government to individuals or organizations without any exchange of goods or services in return

Question 64

economic risk

Answer 64

potential for financial loss bc of changes in economic conditions (inflation, recession, currency fluctuations, etc.)

Question 65

human risk

Answer 65

potential for loss or harm due to human actions (fraud, negligence, etc.)

Question 66

natural risk

Answer 66

potential for loss or damage due to natural disasters and events (storm, hurricane, etc.)

Question 67

incompetence risk

Answer 67

potential for loss bc of an individual's or organization's inability to perform tasks (bc lack of knowledge, experience, etc.)

Question 68

data mining

Answer 68

analyzing large datasets to discover patterns and trends that inform decision-making

Question 69

keyboarding

Answer 69

inputting data or information into a computer