Marketing Exam
Terms
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- organizational commitment
- an individual identification with the organization and its mission
- advertising media
- variety of communication devices for carrying a seller's message to potential customers
- substitute product
- product that is dissimilar from those of competitors but that can fufill the same need
- capital
- funds needed to create and operate a business enterprise
- rational motives
- reasons for purchasing a product that are based on a logical evaluation of product attributes
- direct-response retailing
- form of non-store retailing y direct interaction with customers to inform them of products and to receiving sales orders
- socialism
- planned economic system in which the government owns and operates only selected major sources of production
- cost-oriented pricing
- pricing that considers the firms desire to make a profit and its need to cover production costs
- person job fit
- the extent to which a person contributions and the organizations inducements match one another
- market share
- a company percentage of the total industry sales for a specific reason
- licensed brand
- rand-name product for whose name the seller has purchased the rights from an organization or individual
- distribution mix
- the combination of distribution channels by which a firm gets its products to end users
- factors of production
- resources used in the production of goods and services
- job enrichment
- method of increasing job satisfaction by adding one or more motivating factors to job activities
- domestic business environment
- the environment in which a firm conducts it operations and derives its revenues
- international competition
- competitive marketing of domestic products against foreign products
- point of sale (pos) display
- sales promotion technique in which product displays are located in certain areas to stimulate purchases or to provide information on a product
- services
- products having nonphysical features, such as time, expertise, or an activity that can be purchased
- market segmentation
- process of dividing a market into categories of customer types
- emotional motives
- reasons for purchasing a product that are based on no objective factors
- external environment
- everything outside an organizations boundaries that might effect it
- demographic variables
- characteristics of populations that may e considered in developing a segmentation strategy
- market
- merchantism for exchange between buyers and sellers of a particular good or service
- personal selling
- promotion tool in which sales person communicates one to one with potential customers
- broker
- independent intermediary who matches numerous sellers on buyers as needed, oftern iwthout knowing in advance who they will be
- job redesign
- method of increasing job satisfaction by designing a more satisfactory fit between workers and their jobs
- equity theory
- theory of motivation holding that people evaluate their treatment by the organization relative to the treatment of others
- consumer goods
- physical products purchased by consumers for personal use
- packaging
- physical container in which a product is sold, advertised or protected
- product mix
- group of products that a firm make available for sale
- value package
- product marketed as a bundle of value-adding attributes, including reasonable cost
- discount house
- bargain retailer that generates large sales volume by offering goods at substantial price reductions
- expectancy theory
- theory of motivation holding that people are motivated to work towards rewards that they want and that they believe they have reasonable chance of obtaining
- mix market economy
- economic system featuring characteristics both planned and market economies
- product differentiation
- creation of a product feature of product image that differs enough from existing products to attract consumers
- national band
- brand-name product produced by, widely distributed by, and carrying the name of a manufacturer
- technological environment
- all the ways by which a firm create value for their constituents
- media mix
- combination of advertising media chosen to carry a message about a product
- industrial market
- organizational market consisting of firms that buy goods that are either converted into products or used during production
- classical theory of motivation
- theory holding that workers are motivated solely by money
- brand awareness
- extent to which a brand name comes to mind when the consumer considers a particular product category
- direct selling
- form of non-store retailing typified y door to door sales
- monopolistic competition
- market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competiters
- intermediary
- individual or firm that helps to distribute a product
- expense item
- industrial product purchased and consumed rapidly and regularly for daily operations
- work sharing
- method of increasing job satisfaction by allowing two more more people to share a single full time jo
- catalog showroom
- bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouses
- management by objectives (mbo)
- set of procedures involving both managers and subordinates in setting goals and evaluating progress
- reseller market
- organizational market consisting of intermediaries that buy and resell finished goods
- turnover
- annual percentage of an organizations workforce that leaves and must e replaced
- marketing plan
- detailed strategy fro focusing marketing efforts on consumer needs and wants
- order fulfillment
- all activities involved in completing a sales transaction, beginning with making the sale and ending with on-time delivery to the customer
- theory y
- theory of motivation holding that people are naturally energetic, growth oriented, self motivated, and interested in being productive
- Profits
- differences between a businesses revenues and its expenses
- phychographic variables
- consumer characteristics, such as lifestyles, opinions, interests, and attitudes, thatmay e considered in developing a segmentation strategy
- breakeven analysis
- for a particular selling price, assessment of the sellers costs versus revenues at carious sales volumes
- fixed cost
- cost that is incurred regardless of the quantity of a product produced or sold
- capitalism
- system that sanctions the private ownership of the factors of production and encourages the entrepreneurship by offering profits as an incentive
- convenience store
- retail store offering east accessibility, extended hours, and fast services
- convenience good/convenience
- inexpensive good or service purchased and consumed rapidly and regularly
- relationship marketing
- marketing strategy that emphasizes lasting relationships with customers and suppliers
- electronic storefront
- commercial web site in which customers gather information about products buying opportunities placing orders and paying for purchases
- private enterprise
- economic system that allows individual to pursue their own interest without undue government restriction
- private brand
- brand-name product that a wholesaler or retailer has commissioned from a manufacturer
- consumer behavior
- study of the decision process by which people buy and consume products
- big five
- five fundamental personality traits specially reverent to organizations
- positioning
- process of establishing an identifiable product image in the minds of consumers
- premium
- sales promotion technique in which offers of free reduced-pricing items are used to stimulate purchases
- distribution channel
- network of interdependent companies through which a product passes from producer to end user
- utility
- ability of a product to satisfy a human wants or needs
- electronic retailing
- non-store retailing in which information about the sellers products and services is connected to consumers by computers to look up and purchase from home
- order processing
- personal selling task in which sales people receive orders and see their handling and delivery
- institutional market
- organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
- sociocultural environment
- the customers, mores values and demographic characteristics of the society in which an organization functions
- factory outlet
- bargain retailer owned y the manufacturer who products it sells
- geographic variables
- geographical units that may be us considered in developing a segmentation strategy
- privatization
- process of converting government enterprises into privately owned compaies
- psychological contract
- set of expectations held by an employee concerning what he or she will contribute to an organization and what the organization will in return provide the employer
- capital item
- expensive, long lasting, infrequently purchased industrial good, such as a building or industrial service
- breakeven point
- sales volume at which the seller's total revenue from sales equals total costs with neither profits nor loss
- global business environment
- the international forces that effect a business
- penetration pricing
- setting an initially low price to establish a new product in the market
- planned economy
- economy that relies on a centralized government to control all or most factors of production and to make all fr most production in allocation decisions
- shipping good/shipping service
- moderately expensive, infrequently purchased good or service
- political-legal environment
- the relationship between business and government
- marketing mix
- the combination of product, pricing, promotion, and distribution strategies used to market products
- e- intermediary
- internet distribution channel member that assists in delivering products to customers or that collects information about carious sellers to be presented to consumers
- brand competition
- competitive marketing that appeals to consumers perceptions of benefits of products offered by particular companies
- bargain retailer
- retailer carrying a wide range of products at bargain prices
- missionary selling
- personal selling task in which salespeople promote their firms and products rather than try to close sales
- hawthorne effect
- tendency for productivity to increase when workers believe they are receiving special attention from manaement
- industrial goods
- physical products purchased by companies to produce other products
- branding
- process of using symbols to communicate the qualities of a product made by a particular producer
- price lining
- setting a limitednumer of prices for certain categories of products
- hierarchy of human needs model
- theory of motivation describing the five levels of human needs and aguing that basic needs must be fulfilled before people work to satisfy higher level needs
- economic environment
- the relevant conditions that exist in the economic system in which a company operates
- product feature
- tangible and intangible qualities that a company builds into a product
- emotional intelligence
- the extent to which people are self aware, can manage their emotions, can motivate themselves, express empathy for others, and possess social skills
- department store
- large product-line retailer characterized by organization into specialized deparments
- two factor theory
- theory of motivation holding that job satisfaction depends on two factors hygiene and motivation
- direct channel
- distribution channel in which a product travels from producer to consumer without intermediaries
- odd-even pricing
- psychological pricing tactic based on the premise that customers prefer prices not started in even dollar amounts
- advertising
- promotional tool consisting of paid non-personal communication used y an identified sponsor to inform an audience about a product
- speed to market
- strategy of introducing new products to respond quickly to customers market changes
- interactive marketing
- non-store retailing that uses a web site to provide real time sales and customer services
- coupon
- sales promotion technique in which a certificate is issued entitling the buyer to a reduced price
- theory x
- theory of motivation holding that people are naturally lazy and uncooperative
- product line
- group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways
- physical distribution
- activities needed to move a product efficiently from manufacturer to consumer