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Mktg 6 vocab 18-22

vocab for final going to add the quiz questions as well

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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