Marketing Cluster Vocabulary

A set of vocabulary flashcards based on marketing and business terminology from the lecture notes.

accounts receivable

Money owed to the business for purchases made by customers

activity report

An account of sales calls or other business activities carried out by staff

agents

Intermediaries who assist in the sale and/or promotion of goods and services but do not take title of t

alteration

A product mix strategy in which a business makes changes to its products or product lines

appropriation (tort)

Involves a business or person who uses without permission, another person's name, likeness and other unique characteristics for the benefit or gain of the user

bank notes

currency

below cost pricing

When a company prices its products making it difficult for other companies to compete with the low p causing the other companies to possibly go out of businesses

Brand promise

A business's agreement with customers that will consistently meet their expectations and deliver on i brand characteristics and values

breakthrough project

Relies on the use of new technology to make major changes that create entirely new markets

cash conversion cycle

The ratio that reflects the number of days between a co. paying for raw materials and receiving cash selling the products made from those raw materials.

channel management

involves understanding the concepts and processes needed to identify, select, monitor and evaluate sales channels

clientele

Consists of a body of customers upon which the organization can rely for significant repeat business

commercial bank

Provides a variety of financial services to individuals and businesses i.e. loans, credit cards etc.

complex buying behavior

Involves much customer involvement because the items are expensive and purchased infrequently such as cars, homes

constant sum

A type of comparative rating scale that requires the respondent to assign a value to the options provided on the questionnaire

consumer channel activities

delivery, installation and price

consumer spending habits

An economic factor that may be a threat or an opportunity

continual improvement

A focus on increasing efficiency and effectiveness in all areas of the organization

contraction

A product mix strategy in which a business removes, or deletes product items or product lines from its product mix

corporation

Acts as a "legal person" in doing business and is owned by stockholders who have purchased stock