Midterm 3 Flashcards
(148 cards)
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
a characteristic that can be assessed only after use
experience quality
26
the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
heterogeneity
27
the inability of the production and consumption of a service to be separated; consumers must be present during the production
inseparability
28
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
intangibility
29
treating employees as customers and developing systems and benefits that satisfy their needs
internal marketing
30
a strategy that uses technology to deliver customized services on a mass basis
mass customization
31
an organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment
nonprofit organization
32
the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets
nonprofit organization marketing
33
the inability of services to be stored, warehoused, or inventoried
perishability
34
an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization
public service advertisement (PSA)
35
the ability to perform a service dependably, accurately, and consistently
reliability
36
the ability to provide prompt service
responsiveness
37
a characteristic that can be easily assessed before purchase
search quality
38
the result of applying human or mechanical efforts to people or objects
service
39
a group of services that support or enhance the core service
supplementary services
40
the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
tangibles
41
a production method whereby products are made in advance of demand based on forecasts and are stored until customer orders arrive
build-to-stock
42
bundles of interconnected activities that stretch across firms in the supply chain
business processes
43
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
customer relationship management (CRM) process
44
presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced
customer service management process
45
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
demand management process
46
a supply chain operational philosophy focused on integrating the supply-management and demand-generating functions of an organization
demand-supply integration (DSI)
47
an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer
distribution resource planning (DRP)
48
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
electronic data interchange (EDI)
49
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
electronic distribution
50
a method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer's or a customer's demand
inventory control system
51
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
logistics
52
the link that connects all the logistics functions of the supply chain
logistics information system
53
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
manufacturing flow management process
54
a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications
mass customization (build-to-order)
55
an inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer
materials requirement planning (MRP; materials management)
56
a method of moving inventory into, within, and out of the warehouse
materials-handling system
57
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
order fulfillment process
58
a system whereby orders are entered into the supply chain and filled
order processing system
59
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
outsourcing (contract logistics)
60
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
postponement
61
includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms
product development and commercialization process
62
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
returns management process
63
an inventory handling and tracking system that employs radio-frequency electromagnetic fields to transfer and read product data via an electronic tag
smart RFID (radio-frequency identification)
64
supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers
supplier relationship management process
65
the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function
supply chain
66
an operational strategy focused on inducing inventory velocity and operational flexibility simultaneously in the supply chain
supply chain agility
67
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
supply chain integration
68
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
supply chain management
69
the ability of a supply chain to return to its ideal operational state after being disrupted
supply chain resilience
70
any potential disruption that threatens the supply chain's efficient and effective operations
supply chain risk
71
efforts made by companies to protect their in-transit inventory or value-transforming assets from external or internal threats
supply chain security
72
an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer
supply chain team
73
a supply chain management philosophy that embraces the need for optimizing social and environmental costs in addition to financial costs
sustainable supply chain management
74
the creation of three-dimensional objects via an additive manufacturing (printing) technology that layers raw material into desired shapes
three-dimensional printing (3DP)
75
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
agents and brokers
76
the overall impression conveyed by a store's physical layout, décor, and surroundings
atmosphere
77
the use of machines to offer goods for sale
automatic vending
78
a store that is part of a group of the same stores owned and operated by a single organization
chain store
79
a member of a marketing channel that exercises authority and power over the activities of other channel members
channel captain
80
a clash of goals and methods between distribution channel members
channel conflict
81
a situation that occurs when one marketing channel member intentionally affects another member's behavior
channel control
82
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
channel members
83
the joint effort of all channel members to create a channel that serves customers and creates a competitive advantage
channel partnering
84
the capacity of a particular marketing channel member to control or influence the behavior of other channel members
channel power
85
the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior
data mining
86
a store that consumers purposely plan to visit
destination store
87
a distribution channel in which producers sell directly to consumers
direct channel
88
techniques used to get consumers to make a purchase from their home, office, or other nonretail setting
direct marketing (direct response marketing)
89
the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties
direct retailing
90
the use of two or more channels to distribute the same product to target markets
dual distribution (multiple distribution)
91
the increased value of a product that is created as its ownership is transferred
exchange utility
92
a form of distribution that establishes one or a few dealers within a given area
exclusive distribution
93
an off-price retailer that is owned and operated by a manufacturer
factory outlet
94
the elements of the composition and appearance of a product that make it desirable
form utility
95
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
franchise
96
an individual or business that is granted the right to sell another party's product
franchisee
97
the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product
franchisor
98
the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
gross margin
99
a channel conflict that occurs among channel members on the same level
horizontal conflict
100
a retailer owned by a single person or partnership and not operated as part of a larger retail institution
independent retailer
101
a form of distribution aimed at having a product available in every outlet where target customers might want to buy it
intensive distribution
102
the internal design and configuration of a store's fixtures and products
layout
103
the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services
m-commerce
104
a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
marketing channel (channel of distribution)
105
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
merchant wholesaler
106
shopping without visiting a store
nonstore retailing
107
nonphysical (often electronic) channels that facilitate the unique market access of products and services
nontraditional channels
108
a type of shopping available to consumers with personal computers and access to the Internet
online retailing (e-tailing)
109
the usefulness of a good or service as a function of the location at which it is made available
place utility
110
all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use
retailing
111
a combination of the six Ps?product, place, promotion, price, presentation, and personnel?to sell goods and services to the ultimate consumer
retailing mix
112
the tendency to offer a wide variety of nontraditional goods and services under one roof
scrambled merchandising
113
a form of distribution achieved by screening dealers to eliminate all but a few in any single area
selective distribution
114
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
shop-at-home television network
115
a cooperative agreement between business firms to use the other's already established distribution channel
strategic channel alliance
116
the use of the telephone to sell directly to consumers
telemarketing
117
the increase in customer satisfaction gained by making a good or service available at the appropriate time
time utility
118
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
vertical conflict
119
a large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category
category killer
120
a store that is part of a group of the same stores owned and operated by a single organization
chain store
121
a miniature supermarket, carrying only a limited line of high-turnover convenience goods
convenience store
122
a store housing several departments under one roof
department store
123
a retailer that competes on the basis of low prices, high turnover, and high volume
discount store
124
a retail store that stocks pharmacy-related products and services as its main draw
drugstore
125
a discount store that carries a vast depth and breadth of product within a single product category
full-line discount store
126
a retailer owned by a single person or partnership and not operated as part of a larger retail institution
independent retailer
127
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
off-price retailer
128
a channel intermediary that sells mainly to consumers
retailer
129
a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover
specialty discount store
130
a retail store specializing in a given type of merchandise
specialty store
131
a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise
supercenter
132
a large, departmentalized, self-service retailer that specializes in food and some nonfood items
supermarket
133
a retailer that turns customers into suppliers: items purchased from one of the other types of retailers can be resold to a different customer
used goods retailer
134
a large, no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
warehouse club
135
a channel that enables customers to return products or components for reuse and remanufacture
reverse channel
136
a retailer that provides both tangible products-food and drink-and services-food preparation and presentation
restaurant
137
technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee
self-service technologies (SST)
138
the delivery of advertising or marketing material to recipients of postal or electronic mail
direct mail
139
the use of direct marketing techniques that employ highly detailed data analysts in order to isolate potential customers with great precision
microtargeting
140
a combination of the six Ps-product, promotion, place, price, presentation, and personnel-to sell goods and services to the ultimate consumer
retailing mix
141
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
brand cannibalization
142
the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior
big data analystics
143
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
shopper marketing
144
searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings
shopper analytics
145
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
regional malls
146
located at opposite ends of the mall to create heavy foot traffic
anchor stores (generator stores)
147
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
community shopping centers
148
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
life-style centers
