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MKTG 301 Test 3
Test 3 Material
| Term | Definition |
|---|---|
| Promotion | communication by marketers that informs, persuades and reminds potential buyers of the product in order to influence opinion or elicit a response |
| Promotional strategy | a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion and social media |
| Competitive advantage | one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors |
| Communication | the process by which we exchange or share meaning through a common set of symbols |
| Interpersonal communication | direct face to face communication between two or more people |
| Mass communication | the communication of a concept or message to large audiences |
| Sender | the originator of the message in a communication process |
| Encoding | the conversation of a sender's ideas and thoughts into a message, usually in the form of words or signs |
| Channel | a medium of communication such as a voice radio or newspaper for transmitting a message |
| Noise | anything that interferes with distorts or slows down the transmission of information |
| Receiver | the person who decodes a message |
| Decoding | interpretation of the language and symbols sent by the source through a channel |
| Feedback | a receivers response to a message |
| Promotional mix | the combination of promotional tools including advertising public relations personal selling sales promotion and social media used to reach the target market and for fill the organizations overall goals |
| Advertising | impersonal one-way mass communication about a product or organization that is paid for by a marketer |
| Public-relations | the marketing function that evaluates public attitudes identifies areas within the organization the public maybe interested in and executes a program of action to earn public understanding and acceptance |
| Publicity | public information about a company product service or issue appearing in the mass media as a news item |
| Sales promotion | marketing activities other than personal selling advertising and public relations that simulate customer buying and dealer effectiveness |
| Personal selling | a purchase situation involving a personal paid for communication between two people in an attempt to influence each other |
| A I D a concept | a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention interest desire and action |
| Integrated marketing communications IMC | the careful coordination of all promotional messages for a product or service to ensure the consistency of messages that every contact point at which a company meets the consumer |
| Push strategy | a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise |
| Pull strategy | a marketing strategy that simulates consumer demand to obtain product distribution |
| Advertising response function | a phenomenon in which spending for advertising and sales promotion increases sales or marketshare up to a certain level but then produces diminishing returns |
| Institutional advertising | a form of advertising designed to enhance accompanies image rather than promote a particular product |
| Product advertising | a form of advertising that touts the benefits of a specific dinner service |
| Advocacy advertising | form of advertising in which an organization expresses his views on the controversial issues or responds to media attacks |
| Pioneering advertising | a form of advertising designed to stimulate primary demand for new product or product category |
| Competitive advertising | a form of advertising designed to influence demand for specific brand |
| Comparative advertising | a form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes |
| Advertising campaign | a series of related advertisements focusing on a common theme slogan and set of advertising appeals |
| Advertising objective | a specific communication task that a campaign should accomplish for a specified target audience during a specified period |
| Advertising appeal | a reason for a person to buy a product |
| Unique selling proposition | A desirable exclusive and believable advertising appeal selected as the theme for a campaign |
| Medium | the channel used to convey a message to a target market |
| Media planning | the series of decisions advertisers make regarding the selection and use of media allowing the marketer to optimally and cost effectively communicate the message to the target audience |
| Cooperative advertising | an arrangement in which the manufacturer and the retailer split the cost of advertising the manufacturer's brand |
| Infomercial | a 30 minute or longer advertisement that looks more like a television talkshow than a sales pitch |
| Advergaming | placing advertising messages in web-based or video games to advertise or promote a product service organization or issue |
| Media mix | the combination of media to be used for promotional campaign |
| Cost per contact ( cost per thousand or CPN ) | the cost of reaching one member of the target market |
| Cost per click | the cost associated with a consumer clicking on a display or banner ad |
| Reach | the number of target consumers exposed to a commercial at least once during specific period Usually four weeks |
| Frequency | the number of times An individual is exposed to a given message during a specific period |
| Audience selectivity | the ability of an advertising medium to reach a precisely defined market |
| Media schedule | designation of the media the specific publications or programs and the insertion dates of advertising |
| Continuous media schedule | a media scheduling strategy in which advertising is run steadily throughout the advertising; used for products in the later stages of the product lifecycle |
| Flighted media schedule | a media scheduling strategy in which adds a run heavily every other month or every two weeks to achieve a greater impact with an increase frequency and reach at those times |
| Posting media schedule | a media scheduling strategy that uses continue scheduling throughout the year coupled with a slight change schedule during the best sales periods |
| Seasonal media schedule | media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used |
| Product placement | a public-relations strategy that involves getting a product service or company name to appear in a movie television show radio program magazine newspaper videogame video or audio clip book or commercial for another product; on the Internet; or at special |
| Sponsorship | a public-relations strategy in which a company spends money to support an issue cause or event that is consistent with corporate objectives such as improving brand awareness or enhancing corporate image |
| Crisis management | a coordinated effort to handle all the effects of an unfavorable publicity or another unexpected unfavorable event |
| Consumer sales promotion | sales promotion activities targeting the ultimate consumer |
| Trade sales promotion | sales promotion activities targeting a marketing channel member such as a wholesaler or retailer |
| Coupon | a certificate that entitles consumers to an immediate price reduction when they byproduct |
| Rebate | a cash refund given for the purchase of the product during a specific period |
| Premium | An extra item offered to the customer usually in exchange for some proof of purchase of the promoted product |
| Loyalty marketing program | a promotional program designed to build a long-term mutually beneficial relationships between a company and its key customers |
| Frequent buyer program | a loyalty program in which loyal consumers are reawarded for making multiple purchases of a particular good or service |
| Sampling | a promotional program that allows the customer an opportunity to try the product or service for free |
| Point of purchase display | a promotional display set up at the retailers location to build traffic advertise the product or induce impulse buying |
| Trade allowance | a price reduction offered by manufactures to intermediaries such as wholesalers and retailers |
| Push money | money offered tooffered to channel intermediaries to encourage them to push products that is to encourage other members of the channel to sell the products |
| Relationship 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 process | the set of steps a salesperson goes through in a particular organization to sell a particular product or service |
| Lead generation | identification of those firms and people most likely to buy the seller's offerings |
| Referral | a recommendation to a salesperson from a customer or business associate |
| Networking | the process of finding out about potential clients from friends business contacts coworkers acquaintances and fellow members in professional and civic organizations |
| Cold calling | the form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects needs or financial status |
| Lead qualification | Determination of the sales prospects recognized need buying power and rest receptivity and accessibility |
| Pre-approach | the process of the describes the homework that must be done before a salesperson before here she contacts a prospect |
| Needs assessment | a determination of the customer specific needs and wants and the range of options the customer has for satisfying them |
| Sales proposal | a formal written document or professional presentation that outlines how the salespersons product or service will meet or exceed the prospects needs |
| Sales presentation | a formal meeting in which the salesperson presents a sales proposal to a prospective buyer |
| Negotiation | the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement |
| 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 the buyers employees are properly trained to use the products |
| Ethics | the moral principles or values that generally govern the conduct of an individual or group |
| Morals | the rules people develop as a result of cultural values and norms |
| Code of ethics | a guideline to help marketing managers and other employees make better decisions |
| Foreign corrupt practices act | a law that prohibits US corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries |
| Corporate social responsibility | a businesses concern for societies welfare |
| Pyramid of corporate social responsibility | a model that suggests corporate social responsibility is composed of economic legal ethical and philanthropic responsibilities and that the firms economic performance supports the entire structure |
| Sustainability | the idea that socially responsible companies will outperform their tears by focusing on the world social problems and viewing them as opportunities to build profits and help the world at the same time |
| Green marketing | the development and marketing of products designed to minimalize negative effects on the physical environment or to improve the environment |
| Cause related marketing | the cooperative marketing efforts between a for-profit firm and a nonprofit firm |
| Global marketing | marketing that targets markets throughout the world |
| Global vision | recognizing and reacting to international marketing opportunities using effective global marketing strategies and being aware of threats from foreign competitors in all markets |
| Gross domestic product | the total market value of all final goods and services produced in a country for a given time period |
| Job outsourcing | sending US jobs abroad |
| Multinational corporation | a company that is heavily engaged in international trade beyond exporting and importing |
| Capital intensive | using more capital than labor in production the process |
| Global marketing standardization | production of uniform products that can be sold the same way all over the world |
| Multi domestic strategy | when multinational firms enable individual subsidiaries to compete independently in domestic markets |
| Mercosur | The largest Latin American trade agreement includes Argentina Bolivia Brazil Chile Colombia Ecuador Paraguay Peru and Uruguay |
| Uruguay round | the agreement to dramatically lower trade barriers worldwide; created the world trade organization |
| World trade organization | a trade organization that replaced the old Gen. agreement on tariffs and trade GATT |
| General agreements on tariffs and trade | a trade agreement that contained loopholes enabling countries to avoid trade barrier reduction agreements |
| North American free-trade agreement | an agreement between Canada United States and Mexico that created the world then largest free-trade zone |
| Central America free-trade agreement | a trade agreement instituted in 2005 that includes coaster Rica the Dominican Republic El Salvador Guatemala Honduras Nicaragua and the United States |
| European union | a free-trade zone encompassing 27 European countries |
| World Bank | an international bank that offers low interest loans advice and information to developing nations |
| International monetary fund | I'm international organization that acts as a lender of last resort providing loans to troubled nations and also works to promote trade through financial Corporation |
| Group of 20 | a form for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability |
| Exporting | selling domestically produced products to buyers in other countries |
| Buyer for export | an intermediary in the global market who assumes all ownership risks and sells globally for its own account |
| Export broker | an intermediary who pays the traditional brokers roll by bringing buyer and seller together |
| Export agent | an intermediary who acts like a manufactures agent for the exporter; the export agent lives in the foreign market |
| Licensing | the legal process whereby a licenser allows another firm to use its manufacturing process trademarks patents trade secrets or other proprietary information and knowledge |
| Contract manufacturing | private-label manufacturing by a foreign company |
| Joint venture | when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity |
| Direct foreign investment | active ownership of a foreign company or overseas manufacturing or marketing facilities |
| Floating exchange rates | a system in which prices of different currencies move up and down based on the demand for and the supply of each currency |
| Dumping | the sale of the next 40 product at a price lower than that changed for the same or a late product in the home market of the export |
| Countertrade | a form of trade in which all or part of the payment for goods or services is in the form of another good or service |
| Price | that which is given up in exchange to acquire a good or service |
| Revenue | the price charged to customers multiplied by the number of units sold |
| Profit | revenue minus expenses |
| Return on investment | that profit after taxes divided by total assets |
| Market share | a company's product sales as a percentage of total sales for that industry |
| Status quo pricing | a pricing objective that maintains existing prices or meets the competitions prices |
| Demand | the quantity of a product that will be sold in the market at various prices for specified time |
| Supply | the quantity of a product that will be offered to the market by supplier at various prices for specified time |
| Price equilibrium | the price at which demand and supply are equal |
| Elasticity of demand | consumers responsiveness or sensitivity to changes in price |
| Elastic demand | a situation in which consumer demand is sensitive to changes in price |
| Inelastic demand | a situation in which an increase or a decrease in price will not significantly affect demand for the product |
| Unitary elasticity | a situation in which total revenue remains the same when prices change |
| Yield management systems | a technique for adjusting prices that uses complex mathematical software for profitably fill unused capacity by discounting early purchases limiting early sales at these discounted prices and overbooking capacity |
| Variable cost | a cost that varies with changes in the level of output |
| Fixed cost | a cost that does not change as output is increased or decreased |
| Average variable cost | total variable costs divided by quantity of output |
| Average total cost | total costs divided by quantity of output |
| Marginal cost | the change in total costs associated with a one unit change in output |
| Markup pricing | the cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for |
| Keystoning | the practice of marking up prices by 100% or doubling the cost |
| Profit maximization | a method of setting prices that occurs when marginal revenue equals marginal cost |
| Marginal revenue | the extra revenue associated with selling an extra unit of output or the change in total revenue with a one unit change in output |
| Break even analysis | a method of determining what sales volume must be reached before total revenue equals total costs |
| Selling against the brand | stocking well known branded items at high prices in order to sell store brands at discounted prices |
| Extranet | a private electronic network that links a company with its suppliers and customers |
| Prestige pricing | charging a high-priced to help promote a high-quality image |
| 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 lifecycle |
| Price skimming | a pricing policy whereby a firm charges a high introductory price often coupled with a heavy promotion |
| Penetration pricing | a pricing policy whereby a firm charges are relatively low price for a product initially as a way to reach the mass market |
| Status quo pricing | charging a price identical to or very close to the competitions price |
| Unfair trade practice acts | laws that prohibit wholesalers and retailers from selling below cost |
| Price-fixing | an agreement between two or more firms on the price they will charge for product |
| Predatory pricing | the practice of charging a very low price for a product with the intention of driving competitors out of business or out of the market |
| Base price | the general price level at which the company expects to sell the good or service |
| Quantity discount | a price reduction offered to buyers buying in multiple units or above a specified dollar amount |
| Cumulative quantity discount | a deduction from list price that applies to the buyers total purchases made during a specified period |
| Noncumulative quantity discount | a deduction from list price that applies to a single order rather then the total volume of orders placed during a certain period |
| Cash discount | a price reduction offered to a consumer and industrial user or a marketing intermediary in return for prompt payment of a bill |
| Functional discount | a discount to wholesalers and retailers for performing channel functions |
| Seasonal discount | a price reduction for buying merchandise out of season |
| Promotional allowance | a payment to a dealer for promoting the manufactures products |
| Rebate | a cash refund given for the purchase of a product during a specific period |
| Value-based pricing | setting the price at a level that seems to the customer to be a good price compared to the prices of other options |
| FOB origin pricing | a price tactic that requires the buyer to absorb the freight costs from the shipping point |
| Uniform delivered pricing | a price tactic in which the seller pays the actual freight charges and bills every purchaser an identical flat freight charge |
| Zone pricing | a modification of uniform delivered pricing that divides the United States into segments or zones and charges a flat freight rate to all customers in a given zone |
| Freight absorption pricing | a price tactic in which the seller pays all or part of the actual freight charges and does not pass them onto the buyer |
| Basing point pricing | a price tactic that charges freight from a given basing point regardless of the city from which the goods are shipped |
| Single price tactic | a price tactic that offers all goods and services at the same price or perhaps two or three prices |
| Flexible pricing or variable pricing | a price tactic in which different customers pay different prices were essentially the same merchandise bought in equal quantities |
| Price lining | the practice of offering a product line with several items at specific price points |
| 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're in the store |
| Pete 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 |
| Odd-even pricing | a price tactic that uses odd-numbered prices to cannote bargains and even-numbered prices to imply quality |
| Price bundling | marketing 2 or more products in a single package for single price |
| Unbundling | reducing the bundle of services that comes with the basic product |
| Two-part pricing | a price tactic that changes to separate amounts to consume a single good or service |
| Consumer penalty | an extra fee paid by the consumer for violating the terms of the purchase agreement |
| Product line pricing | setting prices for an entire line of products |
| Joint costs | costs that are shared in the manufacturing and marketing of several products in the product line |
| Deleeuw 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 in the time delivery is made |
| Price shading | the use of discounts by sales people to increased demand for one or more products in a line |
| Social media | any tool or service that uses the Internet to facilitate conversations |
| 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 |
| Crowdsourcing | using consumers to develop and market products |
| Owned media | online content and organization creates and controls |
| Earned media | a public relations turn connoting free media such as mainstream media coverage |
| Paint media | content paid for by a company to be placed online |
| Blog | a publicly accessible webpage that functions as an interactive journal whereby leaders can just post comments on Arthurs entries |
| Corporate blogs | blogs that are sponsored by company or one of its brands and maintained by one or more of the companies employees |
| Noncorporate blogs | independent blogs that are not associated with the marketing efforts of any particular company or brand |
| Microblogs | blogs with strict post length limits |
| Social networking sites | websites that allow individuals to connect or network with friends peers businesses and business associates |
| Media sharing sites | websites that allow users to upload and distribute multimedia content like videos and photos |
| Social new sentence | websites that allow users to decide which content is promoted on a given website by voting that content up or down |
| Location-based social networking sites | websites that combine the fun of social networking with the utility of location-based GPS technology |
| Review sites | websites that allow consumers to post be rate and comment on opinions regarding all kinds of products and services |
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alexkolotos
Popular Marketing sets