Skid Marx

Question 1

Basic Stock List

Answer 1

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

Question 2

Brick and Mortar Retailers

Answer 2

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

Question 3

Brand Mark

Answer 3

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

Question 4

boomerang method

Answer 4

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

Question 5

collateral

Answer 5

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

Question 6

co-branding

Answer 6

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

Question 7

cause packaging

Answer 7

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

Question 8

cycle counts

Answer 8

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

Question 9

endless chain method

Answer 9

The process of asking previous customers for names of potential customers

Question 10

e-tailing

Answer 10

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

Question 11

domestic business

Answer 11

A business that sells its products only in its own country

Question 12

intermediaries

Answer 12

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

Question 13

marquee

Answer 13

An architectural canopy that extends over a store’s entrance

Question 14

memorandum buying

Answer 14

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

Question 15

multinational

Answer 15

Large corporations that have operations in multiple countries

Question 16

on-approval sale

Answer 16

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

Question 17

objection analysis sheet

Answer 17

A document that lists common objections and possible responses to them

Question 18

nonprice competition

Answer 18

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

Question 19

sole proprietership

Answer 19

A business owned and operated by one person

Question 20

stockkeeping unit

Answer 20

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

Question 21

third-party method

Answer 21

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

Question 22

till

Answer 22

The cash drawer of a cash register

Question 23

secondary data

Answer 23

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

Question 24

rack jobbers

Answer 24

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

Question 25

triadic colors

Answer 25

Three colors that are equally spaced on the color wheel

Question 26

trial close

Answer 26

initial effort to close a sale

Question 27

unit control

Answer 27

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

Question 28

whistle-blowing

Answer 28

reporting an illegal action by one's employer

Question 29

warranty of merchantability

Answer 29

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

Question 30

universal product code

Answer 30

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

Question 31

push policy

Answer 31

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

Question 32

rack jobbers

Answer 32

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

Question 33

spot check method

Answer 33

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

Question 34

remedial action

Answer 34

using preventive discipline or corrective discipline to encourage appropriate workplace behavior

Question 35

skimming pricing

Answer 35

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

Question 36

six-month merchandising plan

Answer 36

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

Question 37

situation analysis

Answer 37

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

Question 38

superior point method

Answer 38

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

Question 39

terms for delivery

Answer 39

the final delivery arrangement between the buyer and seller

Question 40

30-day accounts

Answer 40

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

Question 41

ton-mile

Answer 41

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

Question 42

trade character

Answer 42

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

Question 43

staffing/temporary agencies

Answer 43

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

Question 44

substitution method

Answer 44

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

Question 45

pre retailing

Answer 45

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

Question 46

product depth

Answer 46

the number of items offered within each product line

Question 47

penetration pricing

Answer 47

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

Question 48

perpetual inventory system

Answer 48

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

Question 49

point-of-sale system

Answer 49

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

Question 50

demand elasticity

Answer 50

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