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Marketing test 2
| Term | Definition |
|---|---|
| product life cycles | stages a really new product idea goes through |
| market introduction | sales are low as a new idea is first introduced to a market |
| market growth | industry sales grow fast, profits then starts falling |
| market maturity | industry sales level off and competition gets tougher |
| sales decline | new products replace the old |
| new product | one that is new in any way for the company |
| federal trade commission | federal government agency that polices antimonopoly laws |
| consumer product safety act | encourage safety in product design and better quality control |
| product liability | legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products |
| concept testing | getting reactions from customers about how well a new-product idea fits their needs |
| product managers | manage specific prodcuts often taking over jobs formerly handled by an advertising manager |
| total quality management | the philosphy that everyone in the organization is concerned about quality, throughout the firms activities to better serve customer needs |
| continuous management | commitment to constantly make things better one step at a time |
| pareto chart | graph that shows the number of times a problem cause occurs, the problem causes ordered from most frequent to least frequent |
| fishbone diagram | visual ad that helps organize cause and effect relationshops for things gone wrong |
| empowerment | giving employees the authority to correct a problem without first checking with management |
| retailing | covers all of the activities involved in the sale of products to final consumers |
| general stores | early retailers who carried anything they could sell in reasonable volume |
| single-line | stores that specialize in certain lines of related products rather than a wide assortment |
| specialty shop | type of conventional limited-line store |
| department stores | larger stores that are organized into many separate departments and offer many product lines |
| mass-merchandising concept | retailers should offer low prices to get faster turnover and great sales volumes |
| supermarkets | large stores specializing in groceries with self-service and wide assortments |
| discount houses | "hard goods" (tvs cameras appliances) at substantial price cuts to customers who would go to the discounters low-rent store |
| mass-merchandisers | large self-service stores with many departments that emphasize soft goods.. WALMART TARGET |
| SUPERCENTERS | LARGE STORES THAT TRY TO CARRY NOT ONLY FOOD AND DRUG ITEMS BUT ALL GOODS AND SERVICES THAT THE CONSUMER PURCHASES ROUTINELY |
| convenience stores | convenience oriented variation of the conventional limited-line food stores |
| automatic vending | selling and delivering products through vending machines |
| door-to-door selling | salesperon going directly to the consumers home |
| telephone & direct-mail retailing | allow consumers to shop at home |
| wheel of retailing theory | new types of retailers enter the markets as low-status, low-margin, low-price operators and then evolve into more conventional retailers |
| scrambled merchandising | carrying any product lines they think they can sell profitably |
| corporate chain | firm that owns and manages more than one store |
| cooperative chains | retailer-sponsored groups formed by independent retailers that run their own buying organizations and conduct joint promotion efforts |
| voluntary chains | wholesaler-sponsored groups that work with "independent" retailers |
| franchise operation | franchise develops a good marketing strategy and the retail franchise holders carry out the strategy in their own unites |
| wholesaling | concerned with the activities of those persons or establishments that sell to retailers and other merchants |
| wholesalers | firms who main function is providing wholesaling activities |
| manufacturers sales branches | warehouses that produces set up at separate locations away from their factories |
| merchant wholesalers | own the products they sell |
| service wholesalers | are merchant wholesalers that provide all the wholesaling functions |
| general merchandise wholesalers | service wholesalers that carry a wide variety of nonperishable items such as hardware, electrical supllies, furniture, drugs, cosmetics, and automobile equipment |
| single-line wholesalers | service wholesalers that carry a narrowline of merchanise than general merchandise |
| specialty wholesalers | service wholesalers that carry a very narrow range of products and offer more information and service than other service wholesalers |
| limited-function wholesalers | provide only some wholesaling functions |
| cash-and-carry wholesalers | operate like service wholesalers-customer pays in cash |
| drop-shippers | own the products they sell but they do not actually handle, stock, or deliver them |
| truck wholesalers | specialize in delivering products that they stock in their own trucks |
| rack jobbers | specialize in hard to handle assortments of products that a retailers doesnt want to manage and rack jobbers usually display the products on their own wire racks |
| catalog wholesalers | sell out of catalogs that may be distributed widely to smaller industrial customers or retailers that might not be called on by other middlemen |
| agent middlemen | wholesalers who do not own the products they sell |
| manufacturers agents | sell similar products for several noncompeting producers for a commission on what is actually sold |
| export or import agents | manufactures agents who specialize in international trade |
| brokers | bring buyers and sellers together |
| export and import brokers | operate like other brokers but they specialize in bringing together buyers and sellers from different countries |
| selling agents | take over the whole marketing job of producers |
| combination export manager | blend of manufacturers' agent and selling agent handling the entire export function for several producers of smiliar but noncompeting lines |
| auction companies | provide a place where buyers and sellers can come together and bid to complete a transaction |
| promotion | communicating information between the seller and potential buyer or others in the channel to influence attitudes and behavior |
| personal selling | involves direct spoken communication between sellers and potential customers |
| mass selling | communicating with large numbers of potential customers at the same time |
| advertising | is an paid form of nonpersonal presentation of ideas, goods, or services |
| publicity | any unpaid form of nonpersonal presentation of ideas, goods, or services |
| sales promotion | refers to promotion activities |
| sales manager | concerned with managing personal selling |
| advertising managers | manager their company's mass-selling effort |
| public relations | communication with noncustomers, including labor, public interest groups, stockholders, and the government |
| sales promotion manmager | manager their companys sales promotion effort |
| integrated marketing communications | intentional coordination of every communication from a firm to a target customer in convey a consistent and complete message |
| AIDA | four promotions jobs. 1. ATTENTION 2. hold INTEREST 3.arouse DESIRE 4. obtain ACTION |
| communication process | source trying to reach a receiver with a message |
| receiver | potential customer |
| noise | anything that reduces the effectiveness of the communication process |
| encoding | source deciding what it wants to say and translating it into words or symbols that will have the same meaning to the receiver |
| decoding | receiver translating the message |
| message channel | carrier of the message |
| pushing | using normal promotion effort, person selling, adertising, and sales promotion |
| pulling | getting customers to ask middlemen for the product |
| adoption curve | when different groups accept ideas |
| innovators | first to adopt |
| early adoptors | respected by their peers and often are opinion leaders |
| early majority | group avoids risk and waits to considers a new idea after many early adopters have tried it |
| late majority | group is cautious about new ideas |
| laggards | prefer to do things the way they've been done in the past and are very suspicious of new ideas |
| primary demand | demand for the general product idea |
| selective demand | demand for companys own brand |
| basic sales tasks | order-getting, order-taking, and supporting |
| order getters | concerned with establishing relationships with new customers and developing new business |
| order getting | seeking possible buyers with a well-organized sales presentation designed to sell a good, service, or idea |
| order takers | sell to the regular or established customers, complete most sales transactions, and maintain relationships with their customers |
| order-taking | routine completion of sales made regularly to target customers |
| supporting salespeople | help the order-oriented salespeople but they don't try to get orders themselves |
| missionary salespeople | supporting salespeople who work for producers alling on their middlemen and their customers |
| technical specialist | supporting salespeople who provide technical assistance to order-oriented salespeople |
| customer service reps | work with customers to resolve problems that arise with a pruchase |
| major accounts sales force | sells directly to large accounts |
| telemarketing | using the telephone to call on customers or prospects |
| sales territory | a geographic area that is the responsibility of one sales person or several working together |
| job description | written statement of what a salesperson is expected to do |
| sales quota | specific sales or profit objective a salesperson is expected to achieve |
| prospecting | involves following all the leads in the target market to identify potential customers |
| sales presentation | saleperson's effort to make a sale or address a customers problem |
| prepared sales presentation | approach uses a memorized presentation that is not adapted to each individual customer |
| close | salesperson's request for an order |
| consultative selling approach | involves developing a good understanding of the individual customers needs before trying to close the sale |
| selling formula approach | starts with a prepared presentation outline-much like the prepared approach- and leads the customer through some logical steps to a final close |
| product advertising | tries to sell a product |
| institutional advertising | which promotes an organizations image, reputation, or ideas rather than a specific product |
| pioneering advertising | tries to develop primary demand for a product category rather than demand for a specific brand |
| competitive advertising | tries to develop selective demand for a specific brand |
| direct type | aims for immediate buying action |
| indirect type | points out product advantages to affect future buying decisions |
| comparative advertising | making specific brand comparisns using actual product names |
| reminder advertising | tries to keep the products name before the public |
| advertising allowances | price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firms products locally |
| cooperative advertising | middlemen and producers sharing in the cost of ads |
| copy thrust | what the words and illustrations should communicate |
| advertising agencies | specialists in planning and handling mass-selling details for advertisers |
| corrective advertising | abs to correct deceptive advertising |
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