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Mktg 6 vocab 18-22
vocab for final going to add the quiz questions as well
| Question | Answer |
|---|---|
| cold calling | a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects’ needs or financial status |
| consumer sales promotion | sales promotion activities targeting the ultimate consumer |
| coupon | a certificate that entitles consumers to an immediate price reduction when they buy the product |
| follow-up | the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and buyers’ employees are properly trained to use the products |
| frequent buyer program | a loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular good or service |
| lead generation (prospecting) | identification of those firms and people most likely to buy the seller’s offerings |
| lead qualification | determination of a sales prospect’s (1) recognized need, (2) buying power, and (3) receptivity and accessibility |
| loyalty marketing program | a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers |
| needs assessment | a determination of the customer’s specific needs and wants and the range of options the customer has for satisfying them |
| negotiation | the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement |
| networking | a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations |
| point-of-purchase (P-O-P) display | a promotional display set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying |
| preapproach | a process that describes the “homework” that must be done by a salesperson before he or she contacts a prospect |
| premium | an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product |
| push money | money offered to channel intermediaries to encourage them to “push” products—that is, to encourage other members of the channel to sell the products |
| rebate | a cash refund given for the purchase of a product during a specific period |
| referral | a recommendation to a salesperson from a customer or business associate |
| relationship selling (consultative selling) | a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships |
| sales presentation | a formal meeting in which the salesperson presents a sales proposal to a prospective buyer |
| sales process (sales cycle) | the set of steps a salesperson goes through in a particular organization to sell a particular product or service |
| sales proposal | a formal written document or professional presentation that outlines how the salesperson’s product or service will meet or exceed the prospect’s needs |
| sampling | a promotional program that allows the consumer the opportunity to try a product or service for free |
| trade allowance | a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers |
| trade sales promotion | sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer |
| average total cost (ATC) | total costs divided by quantity of output |
| average variable cost (AVC) | total variable costs divided by quantity of output |
| break-even analysis | a method of determining what sales volume must be reached before total revenue equals total costs |
| demand | the quantity of a product that will be sold in the market at various prices for a specified period |
| elastic demand | a situation in which consumer demand is sensitive to changes in price |
| elasticity of demand | consumers’ responsiveness or sensitivity to changes in price |
| extranet | a private electronic network that links a company with its suppliers and customers |
| fixed cost | a cost that does not change as output is increased or decreased |
| inelastic demand | a situation in which an increase or a decrease in price will not significantly affect demand for the product |
| keystoning | the practice of marking up prices by 100 percent, or doubling the cost |
| marginal cost (MC) | the change in total costs associated with a one-unit change in output |
| marginal revenue (MR) | the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output |
| market share | a company’s product sales as a percentage of total sales for that industry |
| markup pricing | the cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for |
| prestige pricing | charging a high price to help promote a high-quality image |
| price | that which is given up in an exchange to acquire a good or service |
| price equilibrium | the price at which demand and supply are equal |
| profit | revenue minus expenses |
| profit maximization | a method of setting prices that occurs when marginal revenue equals marginal cost |
| return on investment (ROI) | net profit after taxes divided by total assets |
| revenue | the price charged to customers multiplied by the number of units sold |
| selling against the brand | stocking well-known branded items at high prices in order to sell store brands at discounted prices |
| status quo pricing | a pricing objective that maintains existing prices or meets the competition’s prices |
| supply | the quantity of a product that will be offered to the market by a supplier at various prices for a specified period |
| unitary elasticity | a situation in which total revenue remains the same when prices change |
| variable cost | a cost that varies with changes in the level of output |
| yield management systems (YMS) | a technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity |
| bait pricing | a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise |
| base price | the general price level at which the company expects to sell the good or service |
| basing-point pricing | a price tactic that charges freight from a given (basing) point, regardless of the city from which the goods are shipped |
| cash discount | a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill |
| consumer penalty | an extra fee paid by the consumer for violating the terms of the purchase agreement |
| cumulative quantity discount | a deduction from list price that applies to the buyer’s total purchases made during a specific period |
| delayed-quotation pricing | a price tactic used for industrial installations and many accessory items in which a firm price is not set until the item is either finished or delivered |
| escalator pricing | a price tactic in which the final selling price reflects cost increases incurred between the time the order is placed and the time delivery is made |
| flexible pricing (variable pricing) | a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities |
| FOB origin pricing | a price tactic that requires the buyer to absorb the freight costs from the shipping point (“free on board”) |
| 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 |
| functional discount (trade discount) | a discount to wholesalers and retailers for performing channel functions |
| joint costs | costs that are shared in the manufacturing and marketing of several products in a product line |
| leader pricing (loss 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 |
| 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 |
| odd-even pricing (psychological pricing) | a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality |
| penetration pricing | a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market |
| 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 |
| price bundling | marketing two or more products in a single package for a special price |
| price fixing | an agreement between two or more firms on the price they will charge for a product |
| price lining | the practice of offering a product line with several items at specific price points |
| price shading | the use of discounts by salespeople to increase demand for one or more products in a line |
| price skimming | a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion |
| 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 life cycle |
| product line pricing | setting prices for an entire line of products |
| promotional allowance (trade allowance) | a payment to a dealer for promoting the manufacturer’s products |
| quantity discount | a price reduction offered to buyers buying in multiple units or above a specified dollar amount |
| rebate | a cash refund given for the purchase of a product during a specific period |
| seasonal discount | a price reduction for buying merchandise out of season |
| single-price tactic | a price tactic that offers all goods and services at the same price (or perhaps two or three prices) |
| status quo pricing | charging a price identical to or very close to the competition’s price |
| two-part pricing | a price tactic that charges two separate amounts to consume a single good or service |
| unbundling | reducing the bundle of services that comes with the basic product |
| unfair trade practice acts | laws that prohibit wholesalers and retailers from selling below cost |
| uniform delivered pricing | a price tactic in which the seller pays the actual freight charges and bills every purchaser an identical, flat freight charge |
| value-based pricing | setting the price at a level that seems to the customer to be a good price compared to the price of other options |
| zone pricing | a modification of uniform delivered pricing that divides the United States (or the total market) into segments or zones and charges a flat freight rate to all customers in a given zone |
| campaign management | developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships |
| compiled list | a customer list developed by gathering names and addresses from telephone directories and membership rosters, usually enhanced with information from public records, such as census data... |
| customer relationship management (CRM) | a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups |
| customer-centric | a philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company |
| data warehouse | a central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business |
| database | a collection of data, especially one that can be accessed and manipulated by computer software |
| empowerment | delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding the problem |
| interaction | the point at which a customer and a company representative exchange information and develop learning relationships |
| knowledge management | the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization |
| learning | an informal process of collecting customer data through customer comments and feedback on product or service performance |
| lifetime value analysis (LTV) | a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first-time buyers |
| point-of-sale interactions | communications between customers and organizations that occur at the point of sale, normally in a store |
| predictive modeling | a data manipulation technique in which marketers try to determine, based on some past set of occurrences, what the odds are that some other occurrence, such as a response or purchase, will take place in the future |
| response list | a customer list that includes the names and addresses of individuals who have responded to an offer of some kind, such as by mail, telephone, direct response television, product rebates, contests or sweepstakes, or billing inserts |
| touch points | all possible areas of a business where customers communicate with that business |
| blog | a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author’s entries |
| corporate blogs | blogs that are sponsored by a company or one of its brands and maintained by one or more of the company’s employees |
| crowdsourcing | using consumers to develop and market product |
| earned media | a public relations term connoting free media such as mainstream media coverage |
| location-based social networking sites | Web sites that combine the fun of social networking with the utility of location-based GPS technology |
| media sharing sites | Web sites that allow users to upload and distribute multimedia content like videos and photos |
| microblogs | blogs with strict post length limits |
| non-corporate blogs | independent blogs that are not associated with the marketing efforts of any particular company or brand |
| owned media | online content that an organization creates and controls |
| paid media | content paid for by a company to be placed online |
| review sites | Web sites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services |
| social commerce | a subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services |
| social media | any tool or service that uses the Internet to facilitate conversations |
| social networking sites | Web sites that allow individuals to connect or network with friends, peers, and business associates |
| social news sites | Web sites that allow users to decide which content is promoted on a given Web site by voting that content up or down |
| point-of-purchase promotions. | All of the following are examples of tools for trade sales promotions EXCEPT: |
Created by:
romoore245
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