Marketing Test
Terms
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- quantitative research
- seeks structured responses that can e summarized in numbers, like percentages, averages, or other stats.
- qualitative research
- seeks in-depth, open-ended responses, not yes or no answers.
- marketing research process
- a five-step application of the scientific method
- consumer panels
- a group of consumers who provide information on a continuing basis
- marketing model
- a statement of relationships among marketing variables
- validity
- the extent to which data measures what it is intended to measure
- confidence intervals
- the range on either side of an estimate from a sample that is likely to contain the true value for the whole population
- focus group interview
- an interview of 6 to 10 people in an informal group setting
- response rate
- the percent of people contacted in a research sample who complete the questionnaire
- battle of brands
- the competition between dealer brands and manufacturer brands
- licensed brand
- a well-known brand that sellers pay a fee to use
- brand preference
- target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience
- trademark
- those words, symbols, or marks that are legally registered for use by a single company
- homogeneous shopping products
- shopping products the customer sees as basically the same and wants at the lowest price
- heterogeneous shopping products
- shopping products the customer sees as different and wants to inspect for quality and suitability.
- product assortment
- the set of all product lines and individual products that a firm sells
- manufacturer brands
- brands created by producers
- universal produce code
- special identifying marks for each product readable by electronic scanners
- brand rejection
- potential customers won't buy a brand unless its image is changed.
- fashion
- currently accepted or poplar style
- fad
- an idea that is fashionable only to certain groups who are enthusiastic about it, ut these groups are so fickle that a fad is even more short-lived than a regular fashion.
- product liability
- the legal obligation of seller 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/brand managers
- manage specific products, often taking over the jobs formerly handled by an advertising manager, sometimes called brand managers
- federal trade commission
- federal government agency that polices anti monopoly laws
- consumer product safety act
- a 1972 law that set up the consumer product safety commission to encourage more awareness of safety in product desgin and better quality control
- product life cycle
- the stages a new product idea goes through from beginning to end
- new product
- a product that is new in any way for the company concerned
- channel of distribution
- any series of firms or individuals who participate in the flow of products from producer to final user or consumer
- channel captain
- a manager who helps direct the activities of a whole channel and tries to avoid, or solve, channel conflicts.
- vertical marketing system
- channel systems in which the whole channel focuses on the same target market at the end of the channel
- vertical integration
- acquiring firms at different levels of channel activity
- reverse channels
- channels used to retrieve products that customers no longer want
- intensive distribution
- selling a product through all responsible and suitable wholesalers or retailers who will stock or sell the product
- selective distribution
- selling through only those middlemen who will give the product special attention
- exclusive distribution
- selling through only one middleman in a particular geographic area
- bulk breaking
- dividing larger quantities into smaller quantities as products get closer to the final market
- direct marketing
- direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling
- distribution center
- a special kind of warehouse designed to speed the flow of goods and avoid unnecessary string costs
- customer service level
- how rapidly and dependably a firm can deliver what customers want
- electronic data interchange
- an approach that puts information in a standardized format easily shared between different computer systems
- inventory
- the amount of goods being stored
- logistics
- the transporting, storing, and handling of goods in ways that match target customers' needs with a firm's marketing mix-both within individual firms and along a channel of distribution
- piggyback service
- loading truck trailers or flatbed trailers carrying containers on rail cars to provide both speed and flexibility
- physical distribution concept
- all transporting, storing, and product-handling activities of a business and a whole channel system should e coordinated as one system that seeks to minimize the cost of distribution for a given customer service level
- supply chain
- the complete set of firms and facilities and logistics activities that are involved in procuring materials, transforming them into intermediate and finished products, and distributing them to customers.
- transporting
- the marketing function of moving goods
- total cost approach
- evaluating each possible PD system and identifying all of the costs of each alternative.
- specialty shop
- a type of conventional limited-line store-usually small and with a distinct personality.
- department stores
- larger stores that re orgainzed into many separate departments and offer many product lines.
- mass-merchandisers
- large, self-service stores with many departments that emphasize soft goods and staples and selling lower margins to get faster turnover.
- wheel of retailing theory
- new types of retailers enter the market as low-status, low-margin, low-rice operators and then, if successful, evolve into more conventional retailers offering more services with higher operating costs and higher prices.
- franchise operation
- a franchisor develops a good marketing strategy, and the retail franchise holders carry out the strategy in their own units.
- merchant wholesalers
- wholesalers who own the products they sell.
- rack jobbers
- merchant wholesalers that specialize in hard-to-handle assortments of products that a retailer doesn't want to manage-and they often display the products on their own wire racks.
- export agents
- manufacturers' agents who specialize in export trade.
- selling agents
- agent middlemen who take over the whole marketing job of producers, not just the selling function.
- wholesalers
- firms whose main function is providing wholesaling activities
- one-price policy
- offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities.
- flexible-price policy
- offering the same product and quantities to different customers at different prices.
- price discrimination
- injuring competition by selling the same products to different buyers at different prices.
- zone pricing
- making an average freight charge to all buyers within specific geographic areas
- advertising allowances
- price reductions to firms in the channel to encourage them to advertise or to other wise promote the firm's products locally.
- cash discounts
- reductions in the price to encourage buyers to pay their bills quickly.
- cumulative quantity discounts
- reductions in price for larger purchases over a given period, such as a year.
- unfair trade practice acts
- put a lower limit on prices, especially at the wholesale and retial levels.
- dumping
- pricing a product sold in a foreign market below the cost of producing it or at a price lower than it its domestic market.
- stocking allowances
- allowances given to middlemen to get shelf space for a product-sometimes called slotting allowances.
- markup
- a dollar amount added to the cost of products to get the selling price.
- total fixed costs
- the sum of those costs that are fixed in total-no matter how much is produced.
- total variable cost
- the sum of those changing expenses that are closely related to output-such as expenses for parts, wages, packaging materials, outgoing freight, and sales commissions.
- target return pricing
- pricing to cover all costs and achieve a target return.
- break-even analysis
- an approach to determine whether the firm will be able to break even-that is, cover all its costs-with a particular price.
- marginal revenue
- the change tin total revenue that results from the sale of one more unit of a product.
- price leader
- a seller who sets a price that all others in the industry follow.
- leader pricing
- setting some very low prices-real bargains- to get customers into retail stores
- prestige pricing
- setting a rather high price to suggest high quality or high status.
- rule for maximizing profit
- the highest profit is earned at the price where marginal cost is just less than or equal to marginal revue.