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Intentional torts
Torts that occur when a party purposely commits wrongdoing.
Negligent torts
Torts that occur when a party fails to adhere to standards or duty.
Strict torts
Torts that bypass the issue of intention or negligence, often involving product liability.
Selective distribution
A distribution pattern where a producer sells a product through a limited number of middlemen in a geographic area.
Wholesalers
Intermediaries that buy goods from producers and sell them to retailers.
Technology in channel management
Technological tools that increase efficiency throughout the channel.
Slotting allowance
Payment from a manufacturer to a distributor or retailer to ensure a product appears on the shelf.
Place (Marketing)
Marketing element focusing on getting a product in the right place at the right time.
Affinity marketing
Partnership between businesses to promote and sell products, attracting new customers and building trust.
Growth mindset
Objective response to feedback, seeing it as opportunities to learn and grow.
Revision
Making large, overarching changes to a document’s content and structure.
Customer experience management
Strategies to meet or exceed customer expectations and provide outstanding experiences at touchpoints.
Relative price
Ratio between two separate prices.
Profit
Income minus expenses, resulting in profit if income exceeds expenses.
Industrial union
Union of workers in the same industry with a variety of different jobs.
Expansion
Beginning of a business cycle with growth in economic activities, signifying economic prosperity.
Contraction
A period of diminishing economic activity.
Recession
Widespread economic contraction lasting for an extended period.
Stagnation
Not a business cycle phase.
Change leaders
People who initiate and facilitate change, embracing learning and growth.
Objective measure
Setting specific criteria for success, independent of past performance or comparison.
Responsibility
Feeling valuable and respected by being given important tasks.
Competitive negotiation style
Viewing situations as a rivalry or game-like challenge.
Overcommitted
Committing to more than what is possible, necessary, or desirable.
Good faith money
Deposit indicating intention to complete a business deal.
Stocks
Ownership shares in a corporation with associated rights and risks.
Conflict of interest
Occurs when independence and objectivity are compromised.
Asset
Anything of value owned by a business or individual.
Primary information
Data collected systematically for a specific situation.
Effective marketing research
Systematic and timely gathering, recording, and analyzing of information.
Product strategy
Involves determining what products to offer or develop.
Ethics in marketing-information management
Importance of obtaining information ethically.
X-data
Experience data, insights, and perspectives used in data analysis.
Financial records
Secondary data sources like public corporation records or sales invoices.
Range
The difference between the highest and lowest values in a data set.
External data
Secondary data that already exist outside the organization, sourced from trade publications like AdWeek.
Decision problem
The basic issue managers face, prompting the need for marketing research.
Predatory pricing
Strategy using low prices to eliminate competition and establish a monopoly.
Convenience sample
Sampling method based on opportunity, like asking mall passersby to review a new soda flavor.
Focus groups
Qualitative data collection method involving group discussions with target market participants.
Nonresponse error
Sampling error due to insufficient responses from potential respondents.
Leading question
Question subtly influencing respondents to answer in a particular way.
Clear and neutral
Characteristics of effective survey questions, avoiding ambiguity and complexity.
Sugging
Selling under the guise of research, misleading individuals or companies for sales purposes.
Situational influences
Factors overriding dominant influences on buying behavior, like sales promotions.
Promotion element
Marketing mix component focusing on coordinating communication efforts to inform, persuade, or remind customers.
Mass marketing
Designing products and marketing to appeal to the whole market, communicating broad messages.
Strengths and weaknesses
Information about competitors included in a firm's situation analysis in a marketing plan.
Environmental scanning
Process of collecting information about internal and external environments to evaluate potential opportunities and threats.
Quantitative forecasting
Costly method of sales forecasting that can be objective but lacks accuracy.
Privacy
Legal issues in information management, especially concerning consumer privacy laws.
Credentials
Information about a person's skills and qualifications, essential for verifying the validity of sources.
Thorough Review Process
Implementing a detailed review process to ensure consistency and catch voice inconsistencies in shared documents.
Collaborate on Internal Documents
Working together to create a unified voice in complex internal documents.
Merchandising Security
Using security measures like security stands and surveillance cameras to protect products in retail settings.
Adversarial Threat
Various cyber threats including insider threats, malware, and corporate espionage.
Enterprise Resource Planning Software
Software integrating different operational aspects like product planning, inventory management, and order tracking.
Project Scope
Defining the boundaries of a project in terms of what will and will not be included.
Brainstorming
Generating ideas freely without censorship to encourage creativity and idea flow.
Marketing Analyst
Individuals responsible for monitoring and developing products or brands.
Unethical Marketing
Marketing tactics using false claims to manipulate consumers into purchasing products.
Adhering to Company Protocols
Following company guidelines and seeking clarification when needed.
Communicating Organizational Goals
Involving employees at all levels in understanding and achieving organizational goals.
Realistic Pricing
Setting prices that are competitive, flexible, and practical.
Selling Price
Helping customers allocate their money by determining the value of goods or services.
Surveying Customers
Gathering qualitative data by collecting opinions and experiences related to products.
Loss Leader
Strategy involving selling products at low prices to attract customers and increase sales of other items.
Product/Service Management
Involves making decisions about what to offer customers in the product/service mix.
Trading Up
Adding higher-priced products to the product mix to enhance offerings.
Quality Standard
Measuring the excellence of a good or service.
Using Warranties
Advertising warranties or guarantees as promotional tools to build customer loyalty and encourage feedback.
Brand Insistence
When consumers will only accept a specific brand for a given purpose and refuse to consider substitutes.
Market Saturation
Occurs when a product has reached most potential customers, and sales growth relies on population increase or market share shifts.
Prototype
An early model or sample of a product used for testing and development.
Environmental Impact
The consideration of a product's packaging materials' effects on the environment in product management decisions.
Pure Bundling
A marketing strategy where products are only available as a combined package and cannot be purchased separately.
Product Class
Marketing a product by emphasizing its product type or class rather than its specific features.
Divergent Thinking
Generating multiple creative ideas or solutions to a problem.
Logo
A distinctive symbol, design, or group of letters representing a brand.
Customer Review
An evaluation of a product or service by someone with experience, influencing branding efforts.
Post-Purchase Touchpoints
Opportunities for businesses to connect with customers after a sale, like thank you cards and billing communications.
Public Relations
Function of business to establish and maintain positive relationships with various publics
Carousel Ads
Featured on social media, allow scrolling through different images to display multiple products
Word-of-Mouth Marketing
Utilizes recommendations from friends, family, and customer reviews for effective communication
Coupon
Certification entitling holder to reduced purchase price, can be print or digital
Press Kit
Set of articles and pictures provided to media for publicity, includes company description and testimonials
White Space
Increases legibility and comprehension by providing open and clean design, reduces cognitive load
Corporate Social Responsibility
Business duty to contribute to society's wellbeing, goes beyond focusing solely on business interests
Internal Public Relations
Boosts employee relations and morale, recognizes employees for accomplishments
Intangible Product
Service or activity paid for by the customer, contrasts with tangible products that can be touched
Prospecting
Identifying potential buyers and organizing information for future use, aided by advancements in analytics