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Business Principles
Finals Vocabulary Chapters 13 and 14
| Term | Definition |
|---|---|
| Positioning | is the promotional strategy used to differentiate a good or service from those of competitors in the mind of a prospective buyer. |
| pulling strategy | The promotional strategy that is aimed at customers to create a demand for a product, thus encouraging middlemen to stock that product, is called |
| pushing strategy | When the promotional strategy is designed to get middlemen to aggressively promote a product, a |
| promotional mix | is the combination of personal sales and nonpersonal selling appeals such as advertising, sales promotion, and public relations. |
| sales promotion. | Nonpersonal marketing activities such as trade shows, coupon offers, samples, premiums, and point-of-purchase displays that stimulate consumer purchasing and dealer effectiveness are known as |
| Advertising | is the nonpersonal promotional technique where firms pay for media messages that inform and persuade members of particular audience. |
| Point-of-purchase (POP) advertising | is a sales promotion technique that places a display or demonstration at the location where the potential customer will make the purchase decision |
| order processing. | The sales task performed when orders are received and handled is |
| Promotion | involves all the activities necessary to inform, persuade, and influence a purchase decision. |
| cause advertising. | A form of institutional advertising that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process is known as |
| Prestige pricing | establishes a relatively high price to develop and maintain an image of quality and exclusiveness. |
| telemarketing | When personal selling is conducted entirely by telephone |
| missionary selling | When salespersons market the goodwill of a company and/or provide technical or operational assistance, they are engaged |
| Creative selling | is a persuasive promotional presentation to potential customers needed when the benefits of a good or service are not readily apparent, or when the purchase is based on a careful analysis of alternatives |
| Sponsorship | involves providing cash or other resources to an event or activity in exchange for a direct association with it |
| Product advertising | is the nonpersonal selling technique aimed at promoting a particular good or service. |
| advertising | Pens, T-shirts, or refrigerator magnets imprinted with a business name are examples of specialty |
| public relations. | When organizations communicate with their various publics, they are engaged in |
| Cooperative advertising | involves sharing of local advertising costs between the manufacturer and the marketing intermediary |
| trade promotions | Efforts designed to promote goods or services to retailers, wholesalers, international buyers, and other resellers in the distribution channel are called |
| Integrated Marketing Communications (IMC). | Coordination of all promotional activities to produce a unified customer-focused message constitutes |
| publicity. | The unpaid placement of significant news in print or broadcast media to stimulate demand is known as |
| institutional advertising. | Advertising aimed at promoting an idea, concept, philosophy, or the goodwill of an industry, company, organization, or government entity is called |
| infomercial. | A commercial for a single product that resembles a regular television program running 30 minutes or longer is called a(n) |
| nonpersonal selling. | Advertising, sales promotion, direct marketing, and public relations are the various forms of |
| product placement. | Marketers sometimes pay a fee to have their products showcased in movies and television shows, a promotional practice known as |
| Cost-based pricing | adds a markup to the base cost of a product to cover unassigned costs and provide a profit. |
| profitability objectives | In pricing strategy, using...................means that management sets the price and/or reduces the costs of a product or service with certain net gain objectives in mind. |
| volume objectives | If market share goals are the key focus in pricing decisions, the firm is following........ to set prices. |
| price. | The exchange value of a good or service is known as its |
| Breakeven analysis | is a method of determining the minimum sales volume needed at a certain price level to cover all costs |
| Guerrilla marketing | is an innovative, low-cost marketing effort designed to get consumers’ attention in unusual ways. |
| Every day low prices (EDLP) | is a strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting techniques. |
| penetration pricing strategy | sets a relatively low price compared with competing offerings to promote initial market acceptance and maximize sales volume. |
| Competitive pricing | de-emphasizes price as a competitive variable by pricing a good or service at the same general level as competitive offerings. |
| skimming price strategy | maximizes profit per unit and establishes product prestige by setting a high price relative to competing offerings |
| odd pricing | When uneven prices are used to make the product seem less expensive |
| botnet | is a network of PCs that have been infected with one or more data-stealing viruses |
| chief information officer (CIO) | is the top management executive responsible for directing a firm’s management information system and related computer operations. |
| management information system (MIS). | The organized method of providing information for decision making is known as the |
| cloud computing | Powerful servers store applications software and databases for users to access the software and databases via the Web using anything from a PC to a smart phone. This system is known as |
| Executive support system (ESS | lets senior executives access the firm’s primary databases, often by touching the computer screen, pointing and clicking a mouse, or using voice recognition. |
| local area network (LAN) | is a computer networks that connect machines within limited areas, such as a building or several nearby buildings |
| data. | Raw facts and figures that may or may not be relevant to a business decision are known |
| WiFi | stands for “wireless fidelity,” and refers to wireless networks that connect various devices and allows them to communicate with one another through radio waves. |
| Computer based information systems | rely on four components: computer hardware, software, telecommunications and computer networks, and data resource management. |
| expert system. | Computer program that imitates human thinking through complicated sets of “if-then” rules are called |
| database | is the computer integrated collection of an organization’s data resources |
| intranet | is a company network that links employees through Internet tools like e-mail, hypertext links, and searches using Web browsers. |
| Hardware | refers to all tangible elements of a computer system. |
| Grid computing | consists of a network of smaller computers running special software. |
| Software | includes the programmed instructions that tell a computer what to do |
| information. | Knowledge gained from processing facts and figures is known as |
| Decision support system (DSS) | is a computer system that quickly provides relevant facts for use in decision making. |
| information system | is organized method for collecting, storing, and communicating past, present, and projected information on internal operations and external intelligence. |
| On-demand computing | also called utility computing, entails firms essentially renting software time from application providers. |
| VoIP (voice over internet protocol) | is an alternative to traditional telecommunication services. |
| Process control system | is an operational support system to monitor and control physical processes. |
| Management support systems | are information systems that are designed to provide support for effective decision making. |
| malware. | Any malicious software program designed to infect computer systems is known as |
| Operational support systems | are designed to produce a variety of information on an organization’s activities for both internal and external users. |
| virus | is a program that secretly attaches itself to other programs or files and changes them or destroys data. |
| Application service providers (ASPs) | are outside suppliers that provide both computers and application support for managing information systems |
| Transaction process system | record and process data from business transactions |
| worm | is a small piece of software that exploits a security hole in a network to replicate itself. |
| A server | is the heart of a midrange computer network, supporting applications and allowing the sharing of output devices, software, and databases among networked users. |
| Trojan horse | is a program that claims to do one thing but in reality does something usually of a malicious nature. |
| firewall. | Software that prevents entry to an intranet from an unauthorized location or by an unauthorized person is called the |
| spyware. | Software that secretly gathers user information through the user’s Internet connection without his or her knowledge is called |
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