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Final Exam
| Question | Answer |
|---|---|
| Retailing | includes all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. |
| Form of ownership | distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet. |
| Level of service | is the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service. |
| A merchandise line | describes how many different types of products a store carries and in what assortment. |
| Depth of product line | means that the store carries a large assortment of each product item. |
| Breadth of product line | describes the variety of different product items a store carries. |
| Scrambled merchandising | consists of offering several unrelated product lines in a single store |
| A hypermarket | is a form of scrambled merchandising, which consists of a large store (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location. |
| Intertype competition | consists of competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy. |
| Telemarketing | consists of using the telephone to interact with and sell directly to consumers. |
| The retail positioning matrix | is a matrix that positions retail outlets on two dimensions: breadth of product line and value added, such as location, product reliability, or prestige. |
| The retailing mix | consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. |
| Off-price retailing | consists of selling brand name merchandise at lower than regular prices. |
| A central business district | is the oldest retail setting, usually located in the community’s downtown area. |
| Regional shopping centers | are retail locations that consist of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores. |
| A community shopping center | is a retail location that typically has one primary store (usually a department store branch) and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive. |
| A strip mall | is a retail location that consists of a cluster of neighborhood stores to serve people who are within a 5- to 10- minute drive. |
| A power center | is a retail location that consists of a huge shopping strip with multiple anchor (or national) stores. |
| Shopper marketing | is the use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store. |
| Shopping experience | is a consumer’s perception of an encounter with a store’s physical environment, personnel, and policies and procedures. |
| Category management | is an approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, |
| The wheel of retailing | is a concept that describes how new forms of retail outlets enter the market. |
| The retail life cycle | is the process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages. |
| Multichannel retailers | are retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, TV home shopping, and online retailing. |
| Merchant wholesalers | are independently owned firms that take title to the merchandise they handle. |
| Manufacturer’s agents | are agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. Also called manufacturers’ representatives. |
| Brokers | are independent firms or individuals whose principal function is to bring buyers and sellers together to make sales. |
| Retail media | refers to advertising capabilities and services offered by a retailer and facilitated by the retailer’s data and analytics. |
| Interactive marketing | is the two-way buyer–seller electronic communication in which the buyer controls the kind and amount of information received from the seller. |
| A choiceboard | is an interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options. |
| Collaborative filtering | s a process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases. |
| Personalization | is the consumer-initiated practice of generating content on a marketer’s website that is custom tailored to an individual’s specific needs and preferences. |
| Permission marketing | is the solicitation of a consumer’s consent (called “opt- in”) to receive e-mail and advertising based on personal data supplied by the consumer. |
| Online consumers | are the subsegment of all Internet users who employ this technology to research products and services and make purchases. |
| The eight-second rule | is a view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds. |
| Customerization | is the practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer. |
| Web communities | are websites that allow people to congregate online and exchange views on topics of common interest. |
| Spam | consists of communications that take the form of electronic junk mail or unsolicited e-mail. |
| Viral marketing | is an Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs. |
| Dynamic pricing | is the practice of changing prices for products and services in real time in response to supply and demand conditions. |
| Cookies | are computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer’s website. |
| Behavioral targeting | uses information provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising. |
| Social commerce | is the use of social networks for browsing and buying. |
| Subscription commerce | involves the payment of a fee to have products and services delivered on a recurring schedule. |
| A cross-channel consumer | is a consumer who shops online but buys offline, or shops offline but buys online. |
| Showrooming | is the practice of examining products in a store and then buying them online for a cheaper price. |
| Webrooming | is the practice of examining product online and they buying them in a store. |
| Marketing attribution | is the practice and techniques used to credit or value a particular channel and consumer touchpoint. |
| Social media | a digital technology that facilitates the creation and sharing of user-generated content—text, photos, video, and animation (games)— through virtual communities and networks. |
| User-generated content (UGC) | consists of the various forms of online media content that are publicly available and created by end users. Also called consumer-generated content. |
| Influencer marketing | is the practice of focusing on the identification and recruitment of influencers to advocate a company’s products, services, and brands rather than focusing exclusively on prospective buyers. |
| Social shopping | is the use of social network services and websites by consumers to share their latest purchases, deals, coupons, product reviews, want lists, and other shopping finds with friends and contacts. |
| is a website where users may create a personal profile, add other users as friends, and exchange comments, photos, videos, and “likes” with them. | |
| is a social networking service that allows users to upload photos and videos that can be edited with filters, organized with tags and location information, and shared publicly or with approved followers. | |
| X (formerly Twitter) | is a website that enables users to send and receive “tweets,” messages up to 280 characters long. |
| YouTube | is a video-sharing website in which users can upload, view, and comment on videos. |
| is a pinboard-style photo- and content-sharing website. | |
| TikTok | is a video hosting service owned by the Chinese company ByteDance that allows users to post videos ranging in duration from 3 seconds to 10 minutes. |
| is a business-oriented website that lets users post their professional profiles to connect to a network of businesspeople, who are also called connections. | |
| A social media marketing program | is that portion of a company’s integrated marketing communications effort designed to create and deliver compelling online media content that attracts viewer attention and encourages readers to share it with their social network. |
| Customer engagement | is the degree and depth of brand-focused interactions a customer chooses to perform online with their social network. |
| Social media content | is the information and experience that are directed toward an end user or audience. |
| Apps | are small, downloadable software programs that can run on smartphones and tablet devices. Also called mobile apps or applications. |
| The promotional mix | is the combination of one or more communication tools used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product. |
| Integrated marketing communications (IMC) | s the concept of designing marketing communications programs that coordinate all promotional activities—advertising, personal selling, sales promotion, public relations, and direct marketing—to provide a consistent message across all audiences. |
| Communication | is the process of conveying a message to others that requires six elements: a source, a message, a channel of communication, a receiver, and the processes of encoding and decoding. |
| A source | is a company or person who has information to convey during the communication process. |
| A message | consists of the information sent by a source to a receiver during the communication process. |
| A channel of communication | is the means (e.g., a salesperson, advertising media, or public relations tools) of conveying a message to a receiver during the communication process. |
| Receivers | consist of consumers who read, hear, or see the message sent by a source during the communication process. |
| Encoding | is the process of having the sender transform an idea into a set of symbols during the communication process. |
| Decoding | is the process of having the receiver take a set of symbols, the message, and transform them back to an idea during the communication process. |
| Field of experience | is a mutually shared understanding and knowledge that the sender and receiver apply to a message so that it can be communicated effectively during the communication process. |
| A response | in the feedback loop, is the impact the message had on the receiver’s knowledge, attitudes, or behaviors during the communication process. |
| Feedback | in the feedback loop, is the sender’s interpretation of the response, which indicates whether a message was decoded and understood as intended during the communication process. |
| Noise | consists of extraneous factors that can work against effective communication by distorting a message or the feedback received during the communication process. |
| Advertising | is any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor. |
| Personal selling | consists of the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision. |
| Public relations | is a form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and its products or services. |
| Publicity | is a nonpersonal, indirectly paid presentation of an organization, product, or service. |
| Sales promotion | is a short-term inducement of value offered to arouse interest in buying a product or service. |
| Direct marketing | is a promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet. |
| A push strategy | involves directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product. |
| A pull strategy | involves directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product |
| The hierarchy of effects | is the sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action that includes awareness, interest, evaluation, trial, and adoption. |
| Percentage of sales budgeting | involves allocating funds to promotion as a percentage of past or anticipated sales, in terms of either dollars or units sold. |
| Competitive parity budgeting | involves allocating funds to promotion by matching the competitor’s absolute level of spending or the proportion per point of market share. Also called matching competitors or share of market. |
| All-you-can-afford budgeting | involves allocating funds to promotion only after all other budget items are covered |
| Objective and task budgeting | involves allocating funds to promotion whereby the company: (1) determines its promotion objectives; (2) outlines the tasks to accomplish these objectives; and (3) determines the promotion cost of performing these tasks. |
| Direct orders | are the result of a direct marketing offer that contains all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction. |
| Lead generation | is the result of a direct marketing offer designed to generate interest in a product or service and a request for additional information. |
| Traffic generation | is the outcome of a direct marketing offer designed to motivate people to visit a business. |
| Advertising | is any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor. |
| Product advertisements | are advertisements that focus on selling a product or service and which take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder. |
| Institutional advertisements | are advertisements designed to build goodwill or an image for an organization rather than promote a specific product or service. |
| Reach | is the number of different people or households exposed to an advertisement. |
| Rating | is the percentage of households in a market that are tuned to a particular TV show or radio station. |
| Frequency | is the average number of times a person in the target audience is exposed to a message or advertisement. |
| Gross rating points | is multiplying reach by frequency. |
| Cost per thousand | refers to the cost of reaching 1,000 individuals or households with the advertising message in a given medium. |
| Infomercials | are program-length (30-minute) advertisements that take an educational approach to communication with potential customers. |
| Mobile marketing | is the broad set of interactive messaging options that enable organizations to communicate and engage with consumers through any mobile device. |
| Pretests | are tests conducted before an advertisement is placed in any medium to determine whether it communicates the intended message or to select among alternative versions of the advertisement. |
| Posttests | are tests conducted after an advertisement has been shown to the target audience to determine whether it accomplished its intended purpose. |
| Consumer-oriented sales promotions | consist of sales tools used to support a company’s advertising and personal selling directed to ultimate consumers. Also called consumer promotions. |
| Product placement | is a consumer sales promotion tool that uses a brand name product in a movie, TV show, video game, or a commercial for another product. |
| Trade-oriented sales promotions | are sales tools used to support a company’s advertising and personal selling directed to wholesalers, distributors, or retailers. Also called trade promotions. |
| Cooperative advertising | consists of advertising programs by which a manufacturer pays a percentage of the retailer’s local advertising expense for advertising the manufacturer’s products. |
| Publicity tools | are methods of obtaining nonpersonal presentations of an organization, product, or service without direct cost, such as news releases, news conferences, and public service announcements (PSA’s). |
| Personal selling | is the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision. |
| Sales management | consists of planning the selling program and implementing and evaluating the personal selling effort of the firm. |
| Relationship selling | is the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time. |
| An order taker | processes routine orders or reorders for products that were already sold by the company. |
| An order getter | sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers’ use of a product or service. |
| Team selling | is the practice of using an entire team of professionals in selling to and servicing major customers. |
| The personal selling process | consists of sales activities occurring before, during, and after the sale itself, consisting of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up. |
| A stimulus-response presentation | s a sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy. |
| A formula selling presentation | is a sales presentation format that consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect. |
| A need-satisfaction presentation | is a sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers. |
| Adaptive selling | is a need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information. |
| Consultative selling | is a need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution. |
| A sales plan | is a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed. |
| Key account management | is the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships. |
| Sales enablement | is the process of providing the sales organization with the information, content, and tools that help salespeople sell more effectively. |
| Account management policies | specify whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out. |
| Emotional intelligence | is the ability to understand one’s own emotions and the emotions of people with whom one interacts on a daily basis. |
| A sales quota | consists of specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period. |
| Salesforce automation (SFA) | is the use of computer, information, communication, and Internet technologies to make the sales function more effective and efficient. |
Created by:
SantiJack