front 1 marketing research | back 1 procedures that develop and analyze new information about a market |
front 2 marketing information system (MIS) | back 2 an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions |
front 3 volume | back 3 the quantity of data generated and stored |
front 4 vareity | back 4 the numerous different formats of data |
front 5 velocity | back 5 the speed at which data are generated and can be processed |
front 6 veracity | back 6 the quality of the data |
front 7 data warehouse | back 7 a place where databases are stored so that they are available when needed |
front 8 decision support system (DSS) | back 8 a computer program that makes it easy for a marketing manager to obtain and use information as they make decisions |
front 9 marketing dashboard | back 9 displays up-to-the-minute marketing information in an easy-to-read format (e.g., a car's dashboard that shows the speedometer and fuel gauge) |
front 10 marketing model | back 10 a statement of relationships among marketing variables |
front 11 personal data | back 11 information that can be used by itself or in combination with other information to identify someone |
front 12 informational privacy | back 12 anything that limits others' access to personal data that people consider sensitive or confidential |
front 13 General Data Protection Regulation (GDPR) | back 13 a set of laws on data protection and privacy for all individuals within the European Union |
front 14 scientific method | back 14 a decision-making approach that focuses on being objective and orderly in testing ideas before accepting them |
front 15 hypotheses | back 15 educated guesses about the relationships between things or about what will happen in the future |
front 16 marketing research process | back 16 1. defining the problem 2. analyzing the situation 3. getting problem-specific data 4. interpreting the data 5. solving the problem |
front 17 situation analysis | back 17 an informal study of what information is already available in the problem area |
front 18 secondary data | back 18 information that has been collected or published already |
front 19 primary data | back 19 information specifically collected to solve a current problem |
front 20 sentiment analysis | back 20 an automated process of analyzing and categorizing social media to determine the amount of positive, negative, and neutral online comments a brand receives |
front 21 consumer panels | back 21 a groups of consumers who provide information on a continuing basis |
front 22 research proposal | back 22 a plan that specifies what information will be obtained and how |
front 23 qualitative research | back 23 seeks in-depth, open-ended responses, not yes or no answers |
front 24 quantitative research | back 24 seeks structured responses that can be summarized in numbers--such as percentages, averages, or other statistics |
front 25 depth interview | back 25 a researcher asks detailed, open-ended questions to get people to share their thoughts on a topic, without giving them many directions or guidelines about what to say |
front 26 customer journey map | back 26 the story and graphic diagram of a customer's experience in the buying process from need awareness through the purchase process and post-purchase relationship |
front 27 focus group interview | back 27 involves simultaneously interviewing 6 to 10 people in an informal group setting |
front 28 quanititative research | back 28 seeks structured responses that can be summarized in numbers, such as percentages, averages, or other statistics |
front 29 response rate | back 29 the percentage of people contacted who complete the questionnaire |
front 30 observation method | back 30 researchers try to see or record what the subject does naturally |
front 31 experimental method | back 31 researchers compare the responses of two or more groups that are similar except on the characteristic being tested |
front 32 statistical packages | back 32 easy-to-use computer programs that analyze data |
front 33 confidence intervals | back 33 the range on either side of an estimate that is likely to contain the true value for the whole population |
front 34 validity | back 34 the extent to which data measure what they are intended to measure |
front 35 Product | back 35 the need-satisfying offering of a firm |
front 36 quality | back 36 a product's ability to satisfy a cusomter's needs or requirements |
front 37 warranty | back 37 what the seller promises about its product |
front 38 individual product | back 38 a particular product within a product line |
front 39 product line | back 39 a set of individual products that are closely related |
front 40 product assortment | back 40 the set of all product lines and individual products that a firm sells |
front 41 product line length | back 41 the number of individual products in a product line |
front 42 service | back 42 an intangible offering involving a deed, performance, or effort |
front 43 augmented reality (AR) | back 43 overlays a computer-generated image, sound, text, or video on a user's view of the physical world |
front 44 branding | back 44 the use of a name, term, symbol, or design to identify a product |
front 45 brand name | back 45 a word, eltter, or a group of words or letters |
front 46 trademark | back 46 words, symbols, or marks that are legally registered for use by a single company |
front 47 service mark | back 47 words, symbols, or marks that are legally registered for use by a single company to refer to a service offering |
front 48 brand familiarity | back 48 how well customers recognize and accept a company's brand |
front 49 brand rejection | back 49 potential customer won't buy a brand unless its image is changed or if the customers have no other choice |
front 50 brand nonrecognition | back 50 final consumers don't recognize a brand at all |
front 51 brand recognition | back 51 customers remember the brand |
front 52 brand preference | back 52 target customers usually choose the brand over other brands |
front 53 brand insistence | back 53 customers insist on a firm's branded producted and are willing to search for it |
front 54 brand evangelism | back 54 customers are so enthusiastic about a brand that they actively spread positive word-of-mouth |
front 55 family brand | back 55 the same brand name for several products or individual brands for each product |
front 56 licensed brand | back 56 a well-known brand that sellers pay a fee to use |
front 57 individual brands | back 57 separate brand names for each product |
front 58 generic products | back 58 products that have no brand at all other than identification of their contents and the manufacturer or intermediary |
front 59 manufacturer brands | back 59 brands created by producers |
front 60 dealer brands/private brands | back 60 brands created by intermediaries |
front 61 battle of the brands | back 61 the competition between dealer brands and manufacturer brands |
front 62 packaging | back 62 promoting, protecting, and enhancing the product |
front 63 Federal Fair Packaging and Labeling Act (1966) | back 63 requires that consumer goods be clearly labeled in easy-to-understand terms to give consumers more information |
front 64 consumer products | back 64 products meant for the final consumer |
front 65 business products | back 65 products meant for use in producing other products |
front 66 convinience products | back 66 products a consumer needs but isn't willing to spend much time or effort shopping |
front 67 staples | back 67 products that are bought often, routinely, and without much thought |
front 68 impulse products | back 68 products that are bought quickly, unplanned, because of a strongly felt need |
front 69 emergency products | back 69 products that are purchased immediately when the need is great |
front 70 shopping products | back 70 products that a customer feels are worth the time and effort to compare with competing products |
front 71 homogeneous shopping products | back 71 items the customer sees as basically the same and wants at the lowest price |
front 72 heterogeneous shopping products | back 72 items the customer sees as different and wants to inspect for quality and suitability |
front 73 specialty products | back 73 consumer products that the customer really wants and makes a special effort to find |
front 74 unsought products | back 74 products that potential customers don't yet want or know they can buy, so they don't search for them at all |
front 75 new unsought products | back 75 products offering really new ideas that potential customers don't know about yet |
front 76 regularly unsought products | back 76 products that stay unsought but not unbought forever (life insurance, gravestones, etc) |
front 77 derived demand | back 77 the demand for business products derives from the demand for final consumer products |
front 78 expense item | back 78 a product whose total cost is treated as a business expense in the year it's purchased |
front 79 capital item | back 79 a long-lasting product that can be used and depreciated for many years |
front 80 installations | back 80 important capital items such as buildings, land rights, and major equipment |
front 81 accessories | back 81 short-lived capital items--tools and equipment used in production or office activities |
front 82 raw materials | back 82 unprocessed expense items that are moved to the next production process with little handling (logs, iron ore, wheat) |
front 83 components | back 83 processed expense items that become part of a finished product |
front 84 supplies | back 84 expense items that do not become part of a finished product (maintenance, repair, and operating supplies) |
front 85 professional services | back 85 specialized services that support a firm's operations |
front 86 product life cycle | back 86 describe industry sales and profites for a product idea 1. market introduction 2. market growth 3. market maturity 4. sales decline |
front 87 market introduction | back 87 a stage of the product life cycle when sales are low as a new idea is first introducted to a market |
front 88 market growth | back 88 a stage of the product life cycle when industry sales grow fast but industry profits rise and then start falling |
front 89 market maturity | back 89 a stage of the product life cycle when industry sales level off and competition gets tougher |
front 90 sales decline | back 90 a stage of the product life cycle when new products replace the old |
front 91 new product | back 91 a product that is new in any way for the company concerned |
front 92 continuous innovation | back 92 new products that don't require customers to learn new behaviors |
front 93 dynamically continuous innovations | back 93 new products that require minor changes in customer behavior |
front 94 discontinuous innovations | back 94 new products that require that customers adopting the innovation significantly change their behavior |
front 95 Federal Trade Commission (FTC) | back 95 the federal government agency that polices antimonopoly laws |
front 96 patent | back 96 grants the inventor the ability to exclude others from making, using, offering for sale, or selling the invention |
front 97 new-product development process | back 97 1. idea generation 2. screening 3. idea evaluation 4. development 5. commercialization |
front 98 Consumer Product Safety Act (1972) | back 98 a law that set up the Consumer Product Safety Commission to encourage more awareness of safety in product design and better quality control |
front 99 product liability | back 99 the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products |
front 100 return on investment (ROI) | back 100 the ratio of net profit (after taxes) to the investment used to make the profit, mulitplied by 100 |
front 101 concept testing | back 101 getting reactions from customers about how well a new-product idea fits their needs |
front 102 prototype | back 102 an early sample or model built to test a concept |
front 103 co-creation process | back 103 customers react to prototypes and suggest improvements |
front 104 rapid prototyping | back 104 customer input is received and quickly designed into a revision of the product and then fed back to customers for further input |
front 105 marketing testing | back 105 get customer reactions under real market conditions or to test variations in the marketing mix |
front 106 product/brand managers | back 106 manage specific products, often taking over the jobs formerly handled by an advertising manager |
front 107 total quality management (TQM) | back 107 the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's, activities, to better serve customer needs |
front 108 continuous improvement | back 108 a commitment to constantly make things better one step at a time |
front 109 empowerment | back 109 giving employees the authority to correct a problem without first checking with management |
front 110 channel of distribution | back 110 any series of firms or individuals who participate in the flow of products from producer to final user or consumer |
front 111 direct marketing | back 111 direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling |
front 112 discrepancy of quantity | back 112 the difference between the quantity of products it is economical for a producer to make and the quantity final users or consumers normally want |
front 113 discrepancy of assortment | back 113 the difference between the lines a typcial producer makes and the assortment final consumers or users want |
front 114 regrouping activities | back 114 adjust the quantities or assortment of products handled at each level in a channel of distribution |
front 115 accumulating | back 115 collecting products from many small producers |
front 116 bulk-breaking | back 116 dividing larger quantities into smaller quantities as products get closer to the final market |
front 117 sorting | back 117 separating products into grades and qualities desired by different target markets |
front 118 assorting | back 118 putting together a variety of products to give a target market what it wants |
front 119 traditional channel systems | back 119 the various channel members make little or no effort to cooperate with one another |
front 120 vertical channel conflict | back 120 conflict that occurs between firms at different levels in the channel of distribution |
front 121 horizontal channel conflict | back 121 conflict that occurs between firms at the same level in a distribution channel |
front 122 channel captain | back 122 a manager who helps direct the activities of a whole channel and tries to avoid or solve channel conflicts |
front 123 vertical marketing systems | back 123 channel systems in which the whole channel focuses on the same target market at the end of the channel |
front 124 corporate channel systems | back 124 corporate ownerships all along the channel |
front 125 vertical integration | back 125 acquiring firms at different levels of channel activity |
front 126 administered channel systems | back 126 various channel members informally agree to cooperate with one another |
front 127 contractual channel systems | back 127 the channel members agree by contract to cooperate with one another |
front 128 ideal market exposure | back 128 makes a product available widely enough to satisfy target customers' needs but not exceed them |
front 129 intensive distribution | back 129 selling a product through all responsible and suitable wholesalers or retailers who will stock or sell the product |
front 130 selective distribution | back 130 selling through only those intermediaries who will give the product special attention |
front 131 exclusive distribution | back 131 selling through only one intermediary in a particular geographic area |
front 132 multichannel distribution | back 132 when a producer uses several competing channels to reach the same target market, using several intermediaries in addition to selling directly |
front 133 multichannel shoppers | back 133 shoppers who use differnt channels as they move through the purchase process |
front 134 omnichannel | back 134 a multichannel selling approach in which a retailer provides a seamless customer shopping experience from a computer, mobile device, or brick-and-mortar store |
front 135 reverse channels | back 135 channels used to retrieve products that customers no longer want |
front 136 exporting | back 136 selling some of what the firm produces to foreign markets |
front 137 licesning | back 137 selling the right to use some process, trademark, patent, or other right for a fee or royalty |
front 138 management contracting | back 138 the seller provides only management and marketing skills while others own the production and distribution facilities |
front 139 joint venture | back 139 a domestic firm enters into a partnership with a foreign firm |
front 140 direct investment | back 140 a parent firm has a division in a foreign market |
front 141 logistics/physical distribution (PD) | back 141 the transporting, storing, and handling of goods in ways that match target customers' needs with a firm's marketing mix where both are within individual firms and along a channel of distribution |
front 142 customer service level | back 142 how rapidly and dependably a firm can deliver what the customers want |
front 143 physical distribution (PD) concept | back 143 all transporting, storing, and product-handling activities of a business and a whole channel system should be coordinated as one system that seeks to minimize the cost of distribution for a given customer service level |
front 144 total cost approach | back 144 evaluating each possible PD system and identifying all of the costs of each alternative |
front 145 supply chain | back 145 the complete set of firms and facilities and logistics activities that are involved in procuring materials, transforming them into intermediate or finished products, and distributing them to customers |
front 146 electronic data interchange (EDI) | back 146 an approach that puts information in a standardized format easily shared between different computer systems |
front 147 transporting | back 147 the marketing function of moving goods |
front 148 containerization | back 148 grouping individual items into an economical shipping quantity and sealing them in protective containers for transit to the final destination |
front 149 storing | back 149 the marketing function of holding goods so they are available when they are needed |
front 150 inventory | back 150 the amount of goods being stored |
front 151 private warehouses | back 151 storing facilities owned or leased by companies for their own use |
front 152 public warehouses | back 152 independent storing facilities |
front 153 distribution center | back 153 a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs |
front 154 retailing | back 154 all of the activities involved in the sale of products to final consumers |
front 155 wholesaling | back 155 the activites of those persons or establishments that sell to retailers and other merchants, or to industrial, institutional, and commercial users |
front 156 corporate chain | back 156 a firm that owns and manages more than one store (often many stores) |
front 157 franchise operation | back 157 a franchisor develops a good marketing strategy, and the retail franchise holders carry out the strategy in their own units |
front 158 Product Marketing Strategy | back 158
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front 159 Place marketing strategy | back 159
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front 160 Price marketing strategy | back 160
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front 161 Promotion marketing strategy | back 161
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front 162 general stores | back 162 early retailers that carried anything they could sell in reasonable volume |
front 163 single-line/limited-line stores | back 163 stores that specialize in certain lines of related products rather than a wide assortment |
front 164 specialty shop | back 164 a type of conventional limited-line store, usually small with a distinct personality |
front 165 department store | back 165 larger stores that are organized into many separate departments and offer many product lines |
front 166 convenience (food) stores | back 166 a convenience-oriented variation of the conventional limited-line food stores |
front 167 automatic vending | back 167 selling and delivering products through vending machines |
front 168 door-to-door selling | back 168 a salesperson going directly to the consumer's home |
front 169 mass-merchandising concept | back 169 retailers should offer low prices to get faster turnover and greater sales volumes by appealing to larger markets |
front 170 supermarkets | back 170 large stores specializing in groceries with self-service and wide assortments |
front 171 mass-merchandisers | back 171 large self-service stores with many departments that emphasize "soft goods" (housewards, clothing, and fabrics) and staples at lower prices to get faster turnover |
front 172 supercenters (hypermarkets) | back 172 very large stores that try to carrry not only food and drug items but all goods and service that the consumer purchases routinely |
front 173 warehouse clubs | back 173 stores with limited assortment, little service, and low prices that usually require a membership and annual fee |
front 174 stockturn rate (inventory turnover) | back 174 the number of times the average inventory is sold in a year |
front 175 online retailers | back 175 stores that sell exclusively or almost exclusively online |
front 176 social commerce | back 176 an entire shopping experience occurring within a social media platform |
front 177 wheel of retailing theory | back 177 new types of retailers enter the market as low-status, low-margin, low price operators and then, if successful, evolve into more conventional retailers offering more services with higher operating costs and higher prices |
front 178 scrambled merchandising | back 178 carrying any product lines they think they can sell profitably |
front 179 standardization & grading | back 179 involves sorting products according to size and quality |
front 180 risk taking | back 180 involves bearing the uncertainties that are part of the marketing process |
front 181 market information | back 181 collect, analysis and distribution of all the information needed to plan, carry out, and control marketing activities |
front 182 manufacturers' sales branches | back 182 warehouses that producers set up at separate locations away from their factories |
front 183 merchant wholesalers | back 183 wholesalers that own the products they sell |
front 184 service wholesalers | back 184 merchant wholesalers that provide all the wholesaling functions |
front 185 general merchandise wholesalers | back 185 service wholesalers that carry a wide variety of nonperishable items |
front 186 single-line (general-line) wholesalers | back 186 service wholesalers that carry a narrower line of merchandise than general merchandise wholesalers |
front 187 specialty wholesalers | back 187 service wholesalers that carry a very narrow range of products and offer more information and service than other service wholesalers |
front 188 limited-function wholesalers | back 188 provide on some of the wholesaling functions |
front 189 cash-and-carry wholesalers | back 189 like service wholesalers, but the customer must pay cash |
front 190 drop-shippers | back 190 own the products they sell, but do not actually handle, stock, or deliver them |
front 191 truck wholesalers | back 191 specialize in delivering products that they stock in their own trucks |
front 192 rack jobbers | back 192 specialize in hard-to-handle assortments of products that a retailer doesn't want to manage and display the products on their own wire racks |
front 193 catalog wholesalers | back 193 sell through catalogs that may be distributed widely to smaller industrial customers or to retailers that might not be called on by other wholesalers |
front 194 agent wholesalers | back 194 wholesalers that do not own the products they sell |
front 195 manufacturers' agent | back 195 sells similar products for several noncompeting producers for a commission |
front 196 export agents | back 196 manufacturers' agents who specialize in export trade |
front 197 import agents | back 197 manufacturers' agents who specialize in import trade |
front 198 brokers | back 198 agent wholesalers who specialize in bringing buyers and sellers together |
front 199 export & import brokers | back 199 brokers who specialize in bringing together buyers and sellers from different countries |
front 200 selling agents | back 200 agent wholesalers who take over the whole marketing job of producers, not just the selling function |
front 201 combination export manager | back 201 a blend of manufacturers' agent and selling agent--handlying the entire export function for several producers of similar but noncompeting lines |
front 202 auction companies | back 202 provide a place where buyers and sellers can come together and bid to complete a transaction |