Untitled Deck

Question 1

Slotting Allowance

Answer 1

A fee charged by supermarkets to producers to have their products on their shelves

Question 2

Externality

Answer 2

A side effect or consequence caused by industrial/commercial activity experienced by an unrelated third party.

Ex. A company produces fossil fuels, affecting the environment negatively, but does not face any consequences.

Question 3

Sugging

Answer 3

Selling under the guise of marketing research

Question 4

Frugging

Answer 4

Fundraising under the guise of marketing research

Question 5

Penetration pricing

Answer 5

A marketing strategy that initially sets a new product’s price very low to attract customers

Question 6

Trade Journal

Answer 6

Trade journals focus on a specific industry and provide in-depth info of trends, new products, and topics of interest

Question 7

Focus Group

Answer 7

A small group of people guided through questions by a moderator, usually for research

Ex. A company gets customers together for a focus group

Question 8

Publicity

Answer 8

An inexpensive way a company promotes its product

Ex. Going viral on social media or having a press conference about a new product

Question 9

Judgement Sampling

Answer 9

When an expert selects a sample of random people and studies them based their own existing knowledge

Question 10

Credit Union

Answer 10

A non-profit institution owned by members, with less options, but lower fees and interest rates

Question 11

Arbitration

Answer 11

An alternative of going to court in a dispute. A third party is hired to come to a resolution.

Question 12

Concurrent Engineering

Answer 12

Developing a product, but doing the different stages at the same time, instead of doing them consecutively.

Question 13

Vertical Conflict

Answer 13

Conflict between two different members of a supply chain

Ex. The producer and wholesaler have a dispute

Question 14

Horizontal Conflict

Answer 14

Conflict between two entities of the same type

Ex. Two wholesalers have a dispute

Question 15

Testimonial

Answer 15

Short statement by customer on how product worked for them

Question 16

Product Class

Answer 16

Group of products that serve as substitutes for each other

Ex. Sweeteners and sugar

Question 17

Leading Question

Answer 17

A question which guides the respondent in a specific direction.

Ex. Do you agree the country wastes taxes on useless social programs?

Question 18

Prospecting

Answer 18

Prospecting is finding potential customers and gathering information

Question 19

Six Thinking Hats

Answer 19

Each member focuses on different aspects of a project, leading to a cohesive solution

Question 20

Product Contraction

Answer 20

A company takes out certain underperforming products

Question 21

Ex. Nofrils reduced its variety of Chunky Chat Masala

Question 22

Fiduciary

Answer 22

Working in the best interest of client

Question 23

Product Cannibalization

Answer 23

When one product overtakes the others in the company, harming them

Question 24

Derivative Market

Answer 24

The financial market for derivatives, which are financial contracts, whose value is dependent on some kind of asset whose value changes over time

Question 25

Ex. The gold market, currency, stocks, oil

Question 26

Equity Market

Answer 26

Another name for stock market, in which shares of companies are traded

Question 27

AIDA

Answer 27

Attention, Interest, Desire, Action

Question 28

Ex. An advertising model included in the marketing plan used by a company

Question 29

Three Levels of Brand Equity

Answer 29

Brand Awareness, Brand Loyalty, and Perceived Quality

Question 30

Ex. Nike is a recognized brand (Brand Awareness), customers consistently shop again (repeat business - Brand Loyalty), and the quality is considered high (Perceived Quality)

Question 31

Longest Distribution Channels

Answer 31

Producer, wholesaler, retailer, consumer

Question 32

Positioning

Answer 32

Positioning is an exercise which is like a pitch of a product to a customer's mind

Question 33

Express vs Implied Warranties

Answer 33

Express warranties are given in writing and are specific promises made by seller, whereas implied warranties are unwritten promises

Question 34

Semantic-Differential Rating

Answer 34

Scale used to measure attitudes and opinions towards something

Question 35

Constant Sum Rating

Answer 35

Requires respondent to assign a % or # to a question

Question 36

Likert

Answer 36

Scale used to measure levels of agreement (e.g do you think I am a nice salesperson?)

Question 37

Promotional Mix

Answer 37

PPADS

Question 38

Personal selling - sell directly to consumer

Question 39

Public relations - managing company's image through media channels (e.g press conference)

Question 40

Advertising - Any paid activity promoting product

Question 41

Sales promotion - Use of pricing to attract customers

Question 42

Direct marketing - Advertising targeting a demographic

Question 43

Activity Quota

Answer 43

A minimum amounts of actions (calls, sales, etc.) to be met by each salesperson over time period

Question 44

Mutual Funds

Answer 44

Investment where multiple investors pool money and then re-invest using fund manager

Question 45

Promotional Plan

Answer 45

Document outlining marketing and advertising plan over a period of time (budget, timeline)

Question 46

Marketing Concept

Answer 46

Focus on customer needs and wants to achieve success and satisfy customers

Question 47

Systematic Random Sampling

Answer 47

Selecting samples in intervals (every 3rd person)

Question 48

Cluster Sampling

Answer 48

Divides population into random groups, then selects entire groups from those groups

Question 49

Example: 11 groups are made of the population, group 1 and 2 are selected as sample

Question 50

Stratified Random Sampling

Answer 50

Divides population into smaller groups based on similarities (race, gender, etc.) called strata

Question 51

Retailer

Answer 51

An merchant or business owner who sells to the public.

Question 52

Ex. Walmart, Amazon, and Costco

Question 53

Wholesaler/Distributor

Answer 53

A person or business that sells items to retailers.

Question 54

Snowball Sampling

Answer 54

A sampling method where the initial subjects recruit additional subjects.

Question 55

Data Mining

Answer 55

The process of searching through large sums of data to identify trends and relationships that can help solve business problems.

Question 56

Data Processing

Answer 56

The process of organizing data into a useful format for further use.

Question 57

Reciprocity

Answer 57

Exchanging things with others for mutual benefit.

Question 58

Big Data

Answer 58

Extremely large sets of structured and unstructured data that may be analyzed for trends and patterns.

Question 59

SWOT

Answer 59

Strengths

Question 60

Weakness

Question 61

Opportunities

Question 62

Threats

Question 64

Used to evaluate a companies position to develop strategic planning.

Question 65

Labor Force

Answer 65

Members of an organization that are able to work.

Question 66

Picketing

Answer 66

Protesting outside of a place of employment.

Question 67

Fiat money

Answer 67

All kinds of money that are made legal tender by government.

Question 68

Accruals

Answer 68

A method in accounting where revenue is and expenses are recorded as they are incurred.

Question 69

Simpson's Paradox

Answer 69

A phenomenon in probability and statistics in which a trend appears in several groups of data but disappears or reverses when the groups are combined.

Question 70

Loss-Leader Pricing

Answer 70

An aggressive pricing strategy in which a store prices its goods below cost to stimulate sales of other, profitable goods.

Question 71

Tying Agreements

Answer 71

An illegal agreement requiring a buyer to buy other products in order to obtain desired product or agree that they will not buy that product from another supplier.