Prinp. of MKTG Flashcards
(183 cards)
1
Q
What are advanced robotics?
A
Devices that act largely or partially autonomously, interact physically with people or their environment, and can modify their behavior based on sensor data.
2
Q
What are agents and brokers?
A
Wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end user.
3
Q
What is artificial intelligence (AI)?
A
The computer science area focused on making machines that can simulate human intelligence processes.
4
Q
What are automated vehicles?
A
Cars, trucks, or other ground transportation modes for which human drivers are not required to take control to safely operate the vehicle.
5
Q
What is big data?
A
Rapidly collected and difficult-to-process large-scale data sets that push the limits of current analytical capability.
6
Q
What is blockchain?
A
A digital ledger in which transactions are made and recorded chronologically and publicly.
7
Q
What are business processes?
A
Bundles of interconnected activities that stretch across firms in the supply chain.
8
Q
Who are channel members?
A
All parties in the marketing channel who negotiate, buy, and sell products, facilitating the change of ownership.
9
Q
What is cloud computing?
A
The practice of using remote network servers to store, manage, and process data.
10
Q
What is the customer relationship management (CRM) process?
A
Allows companies to prioritize their marketing focus on different customer groups according to each group’s long-term value.
11
Q
What is the customer service management process?
A
Presents a multicompany, unified response system to the customer for complaints, concerns, questions, or comments.
12
Q
What is the demand management process?
A
Seeks to align supply and demand throughout the supply chain by anticipating customer requirements.
13
Q
What is demand–supply integration (DSI)?
A
A supply chain operational philosophy focused on integrating supply-management and demand-generating functions.
14
Q
What are digital channels?
A
Electronic pathways that allow products and related information to flow from producer to consumer.
15
Q
What is digital distribution?
A
Includes any kind of product or service that can be distributed electronically.
16
Q
What is digitalization?
A
The use of digital technologies to change a business model and provide new revenue or value.
17
Q
What is a direct channel?
A
A distribution channel in which producers sell directly to consumers.
18
Q
What are drones?
A
Unmanned aerial vehicles that can be controlled remotely or can fly autonomously.
19
Q
What is drop and shop?
A
A system that allows customers to bring used products for return or donation at the entrance of the store.
20
Q
What is dual or multiple distribution?
A
The use of two or more channels to distribute the same product to target markets.
21
Q
What is exchange utility?
A
The increased value of a product created as its ownership is transferred.
22
Q
What is exclusive distribution?
A
Distribution to only one or a few dealers within a given area.
23
Q
What is form utility?
A
The elements of the composition and appearance of a product that make it desirable.
24
Q
What are gray marketing channels?
A
Secondary channels that flow illegally obtained or counterfeit products toward customers.
25
What is greenwashing?
When a firm publicly feigns support for environmental or social sustainability but fails to live up to these standards.
26
What is intensive distribution?
A form of distribution aimed at having a product available in every outlet where target customers might want to buy it.
27
What is the Internet of Things (IoT)?
A system of interrelated computing devices and objects that can transfer data over a network without human effort.
28
What is machine learning (ML)?
An application of artificial intelligence that provides systems the ability to learn and improve from experience.
29
What is the manufacturing flow management process?
Process concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility.
30
What is a marketing channel?
A set of interdependent organizations that eases the transfer of ownership as products move from producer to consumer.
31
What is M-commerce?
The ability to conduct commerce using a mobile device for buying or selling goods or services.
32
What is a merchant wholesaler?
An institution that buys goods from manufacturers and resells them to businesses and other wholesalers or retailers.
33
What does modular mean?
A standardized form of component parts manufacturing designed for easy replacement or interchange.
34
What is nearshoring?
The transfer of an outsourced activity from a distant to a nearby country.
35
What are nontraditional channels?
Nonphysical channels that facilitate unique market access of products and services.
36
What is order cycle time?
The time delay between the placement of a customer’s order and the customer’s receipt of that order.
37
What is the order fulfillment process?
A highly integrated process requiring coordination from multiple companies to create customer satisfaction.
38
What is outsourcing (contract logistics)?
A manufacturer’s use of an independent third party to manage an entire function of the logistics system.
39
What is place utility?
The usefulness of a good or service based on the location at which it is made available.
40
What is the product development and commercialization process?
Activities that facilitate the joint development and marketing of new offerings among supply chain partners.
41
What is reshoring?
The re-institutionalization of a business process from an outsource location back to the original location.
42
What is a retailer?
A channel intermediary that sells mainly to consumers.
43
What is the returns management process?
Enables firms to manage volumes of returned products efficiently while minimizing costs.
44
What are reverse channels?
Channels that enable customers to return products or components for reuse or remanufacturing.
45
What is RFID?
Radio-frequency identification; a device that uses radio waves to locate inventory within a confined space.
46
What is sales and operations planning (S&OP)?
A method to align production with demand by merging tactical and strategic planning across functional areas.
47
What is selective distribution?
A form of distribution achieved by screening dealers to eliminate all but a few in any area.
48
What is a strategic channel alliance?
A cooperative agreement between business firms to use each other’s established distribution channels.
49
What is the supplier relationship management process?
Supports manufacturing flow by identifying and maintaining relationships with valued suppliers.
50
What is supply chain agility?
An operational strategy focused on creating inventory velocity and operational flexibility in the supply chain.
51
What is supply chain analytics?
Data analyses that support the improved design and management of the supply chain.
52
What is supply chain integration?
When multiple firms or business functions coordinate their activities and processes to satisfy the customer.
53
What is supply chain management?
A management system that coordinates and integrates all activities performed by supply chain members.
54
What is supply chain orientation?
A system of management practices consistent with a 'systems thinking' approach.
55
What is supply chain traceability?
The degree to which a business can track a product’s development from raw material to delivery.
56
What is a supply chain?
The connected chain of all business entities that perform or support the logistics function.
57
What is sustainable supply chain management?
A philosophy that optimizes social and environmental costs in addition to financial costs.
58
What is a third-party logistics company (3PL)?
A firm that provides functional logistics services to others.
59
What is three-dimensional printing (3DP)?
The creation of three-dimensional objects via an additive manufacturing technology.
60
What is time utility?
The increase in customer satisfaction gained by making a good or service available at the appropriate time.
61
What is the triple bottom line?
The financial, social, and environmental effects of a firm’s policies and actions.
62
What is advertising?
Impersonal, one-way mass communication about a product or organization paid for by a marketer.
63
What is the AIDA concept?
A model outlining the process for achieving promotional goals in terms of consumer involvement stages.
64
What is a channel in marketing?
A medium of communication for transmitting a message.
65
What is communication?
The process of exchanging or sharing meaning through a common set of symbols.
66
What is competitive advantage?
Unique aspects of an organization that attract target consumers over competitors.
67
What is decoding?
Interpretation of the language and symbols sent by the source through a channel.
68
What is earned media?
Promotional tactics based on public relations that get customers talking about products.
69
What is encoding?
The conversion of a sender’s ideas into a message, usually in words or signs.
70
What is feedback in communication?
The receiver’s response to a message.
71
What is integrated marketing communications (IMC)?
The careful coordination of all promotional messages to ensure consistency.
72
What is interpersonal communication?
Direct, face-to-face communication between two or more people.
73
What is mass communication?
The communication of a concept or message to large audiences.
74
What is noise in communication?
Anything that interferes with or distorts the transmission of information.
75
What is owned media?
Promotional tactics based on brands publishing their own content.
76
What is paid media?
Promotional tactics based on the traditional advertising model where a brand pays for media space.
77
What is personal selling?
A purchase situation involving personal, paid-for communication to influence each other.
78
What is promotion?
Communication by marketers that informs and persuades potential buyers.
79
What is the promotional mix?
The combination of promotional tools used to reach the target market.
80
What is a promotional strategy?
A plan for the optimal use of promotional elements.
81
What is public relations?
The marketing function that evaluates public attitudes and executes programs to gain public understanding.
82
What is publicity?
Public information about a company or product appearing in the mass media.
83
What is a pull strategy?
A marketing strategy that stimulates consumer demand to obtain product distribution.
84
What is a push strategy?
A marketing strategy using aggressive personal selling to convince retailers to carry products.
85
Who is the receiver in communication?
The person who decodes a message.
86
What is sales promotion?
Marketing activities that stimulate consumer buying and dealer effectiveness.
87
Who is the sender in communication?
The originator of the message in the communication process.
88
What is advergaming?
Placing advertising messages in video games to promote a product or service.
89
What is an advertising appeal?
A reason for a person to buy a product.
90
What is an advertising campaign?
A series of related advertisements focusing on a common theme.
91
What is an advertising objective?
A specific communication task that a campaign should accomplish for a target audience.
92
What is the advertising response function?
A phenomenon where advertising spending increases sales up to a certain level but then produces diminishing returns.
93
What is advocacy advertising?
Advertising in which an organization expresses its views on controversial issues.
94
What is audience selectivity?
The ability of an advertising medium to reach a precisely defined market.
95
What is comparative advertising?
Advertising that compares two or more competing brands on specific attributes.
96
What is competitive advertising?
Advertising designed to influence demand for a specific brand.
97
What is consumer sales promotion?
Promotion activities targeted to the ultimate consumer market.
98
What is a continuous media schedule?
A media scheduling strategy where advertising is run steadily throughout the advertising period.
99
What is cooperative advertising?
An arrangement where the manufacturer and retailer split the costs of advertising.
100
What is cost per click?
The cost associated with a consumer clicking on a display or banner ad.
101
What is cost per contact (CPM)?
The cost of reaching one member of the target market.
102
What is a coupon?
A certificate that entitles a consumer to an immediate price reduction.
103
What is crisis management?
A coordinated effort to handle the effects of unfavorable publicity or events.
104
What is a flighted media schedule?
A media scheduling strategy where ads are run heavily every other month to achieve greater impact.
105
What is frequency in advertising?
The number of times an individual is exposed to a given message during a specific period.
106
What is a frequent-buyer program?
A loyalty program rewarding consumers for making multiple purchases.
107
What is an infomercial?
A long advertisement that resembles a television talk show.
108
What is institutional advertising?
Advertising designed to enhance a company’s image rather than promote a specific product.
109
What is a loyalty marketing program?
A promotional program designed to build long-term relationships with key customers.
110
What is a media mix?
The combination of media used for a promotional campaign.
111
What is media planning?
Decisions regarding the selection and use of media to communicate the message.
112
What is a media schedule?
Designation of the media and insertion dates of advertising.
113
What is a medium in advertising?
The channel used to convey a message to a target market.
114
What is pioneering advertising?
Advertising designed to stimulate primary demand for a new product.
115
What is point of purchase (POP)?
A promotional display set up at the retailer’s location to build traffic or induce impulse buying.
116
What is a premium in advertising?
An extra item offered to the consumer in exchange for proof of purchase.
117
What is product advertising?
Advertising that touts the benefits of a specific good or service.
118
What is product placement?
A strategy to get a product to appear in media content.
119
What is public relations in marketing?
The element that evaluates public attitudes and executes programs to gain public understanding.
120
What is publicity in marketing?
An effort to capture media attention to further a corporation’s public relations plans.
121
What is a pulsing media schedule?
A media scheduling strategy using continuous scheduling throughout the year with flighted schedules during peak sales periods.
122
What is push money?
Money offered to channel intermediaries to encourage them to sell products.
123
What is reach in advertising?
The number of target consumers exposed to a commercial at least once during a specific period.
124
What is a rebate?
A cash refund given for the purchase of a product during a specific period.
125
What is sales promotion?
Marketing communication activities that motivate consumers to purchase a good or service immediately.
126
What is sampling in marketing?
A promotional program that allows consumers to try a product for free.
127
What is a seasonal media schedule?
A media scheduling strategy that runs advertising only during specific times.
128
What is the definition of consumers exposed to a commercial?
Consumers exposed to a commercial at least once during a specific period, usually four weeks.
129
What is sales promotion?
Marketing communication activities other than advertising, personal selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately.
130
What is sampling?
A promotional program that allows the consumer the opportunity to try a product or service for free.
131
What is a seasonal media schedule?
A media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used.
132
What is sponsorship?
A public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives.
133
What is a trade allowance?
A price reduction offered by manufacturers to intermediaries such as wholesalers and retailers.
134
What is trade sales promotion?
Promotion activities directed to members of the marketing channel, such as wholesalers and retailers.
135
What is a unique selling proposition?
A desirable, exclusive, and believable advertising appeal selected as the theme for a campaign.
136
What is bait pricing?
A price tactic that tries to get consumers into a store through false or misleading price advertising.
137
What is base price?
The general price level at which the company expects to sell the good or service.
138
What is basing-point pricing?
A price tactic that charges freight from a given (basing) point, regardless of the city from which the goods are shipped.
139
What is break-even analysis?
A method of determining what sales volume must be reached before total revenue equals total costs.
140
What is a cash discount?
A price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill.
141
What is a consumer penalty?
An extra fee paid by the consumer for violating the terms of the purchase agreement.
142
What is a cumulative quantity discount?
A deduction from list price that applies to the buyer’s total purchases made during a specific period.
143
What is demand?
The quantity of a product that will be sold in the market at various prices for a specified period.
144
What is dynamic pricing?
The ability to change prices very quickly, often in real time using software programs.
145
What is elastic demand?
A situation in which consumer demand is sensitive to changes in price.
146
What is elasticity of demand?
Consumers’ responsiveness or sensitivity to changes in price.
147
What is an extranet?
A private electronic network that links a company with its suppliers and customers.
148
What is a fixed cost?
A cost that does not change as output is increased or decreased.
149
What is flexible pricing?
A price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities.
150
What is FOB origin pricing?
A price tactic that requires the buyer to absorb the freight costs from the shipping point.
151
What is freight absorption pricing?
A price tactic in which the seller pays all or part of the actual freight charges and does not pass them on to the buyer.
152
What is a functional discount?
A discount to wholesalers and retailers for performing channel functions.
153
What is inelastic demand?
A situation in which an increase or a decrease in price will not significantly affect demand for the product.
154
What is keystoning?
The practice of marking up prices by 100 percent, or doubling the cost.
155
What is leader pricing?
A price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store.
156
What is market share?
A company’s product sales as a percentage of total sales for that industry.
157
What is markup pricing?
The cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for.
158
What is a noncumulative quantity discount?
A deduction from list price that applies to a single order rather than to the total volume of orders placed during a certain period.
159
What is odd–even pricing?
A price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality.
160
What is penetration pricing?
A pricing policy whereby a firm charges a relatively low price for a product when it is first rolled out as a way to reach the mass market.
161
What is price bundling?
Marketing two or more products in a single package for a special price.
162
What is price fixing?
An agreement between two or more firms on the price they will charge for a product.
163
What is predatory pricing?
The practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market.
164
What is price lining?
The practice of offering a product line with several items at specific price points.
165
What is price skimming?
A pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion.
166
What is price strategy?
A basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product’s life cycle.
167
What is price?
That which is given up in an exchange to acquire a good or service.
168
What is profit?
Revenue minus expenses.
169
What is a promotional allowance?
A payment to a dealer for promoting the manufacturer’s products.
170
What is a quantity discount?
A price reduction offered to buyers buying in multiple units or above a specified dollar amount.
171
What is return on investment (ROI)?
Net profit after taxes divided by total assets.
172
What is revenue?
The price charged to customers multiplied by the number of units sold.
173
What is a seasonal discount?
A price reduction for buying merchandise out of season.
174
What is a single-price tactic?
A price tactic that offers all goods and services at the same price.
175
What is status quo pricing?
A pricing objective that maintains existing prices or meets the competition’s prices.
176
What is supply?
The quantity of a product that will be offered to the market by a supplier at various prices for a specified period.
177
What is surge pricing?
Occurs in a fluid market, where demand changes rapidly, often hourly.
178
What is two-part pricing?
A price tactic that charges two separate amounts to consume a single good or service.
179
What are unfair trade practice acts?
Laws that prohibit wholesalers and retailers from selling below cost.
180
What is uniform delivered pricing?
A price tactic in which the seller pays the actual freight charges and bills every purchaser an identical, flat freight charge.
181
What is value-based pricing?
Setting the price at a level that seems to the customer to be a good price compared to the prices of other options.
182
What is a variable cost?
A cost that varies with changes in the level of output.
183
What is zone pricing?
A modification of uniform delivered pricing that divides the United States into segments or zones and charges a flat freight rate to all customers in a given zone.
