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Channel Management

The process of managing the distribution channels through which a company sells its products.

Channel of Distribution

The path through which products or services flow from the manufacturer to the final consumer.

Tort

A civil wrong that causes harm or loss to another person, leading to legal liability.

Memorandum (memo)

A written message used for internal communication within an organization.

Opportunity Cost

Potential gain that is lost when a different course of action is taken.

Price Equilibrium

The price at which the supply of goods is equal to demand for goods.

Income Statement

Financial summary that shows how much money the business has made or lost. Also has prfit and loss statement

Marginal Utility

The additional satisfaction or benefit a consumer gets from one more product.

Data Mining

The process of analyzing a large batch of information to discern trends and patterns.

Project Charter

A formal document that outlines a project's key details, including its goals and responsibilities.

Lean Production

A management philosophy that aims to improve efficiency and reduce waste in the production process.

Trade Association

A group of people or businesses that work in the same industry to promote their common goals.

Attrition

Reduction or decrease in numbers, size, or strength.

Arbitration

A procedure in which a dispute is settled by a third neutral party.

Vertical Channel Integration

Involves a company taking ownership of two or more steps in its supply chain.

Horizontal Channel Integration

A company acquires or merges with another company in the same industry at the same level of the supply chain.

Duty of Care

Legal obligation to act reasonably and avoid causing harm to others.

Balance Sheet

Shows a firm's assets, liabilities, and owner's equity.

Concurrent Engineering

A method of designing and developing products in which the different stages run simultaneously.

Express Contract

A contract written out in words or explicitly stated orally.

Implied Contract

Not explicitly stated, but still legally binding by the actions of both parties.

Unilateral Contract/Agreement

One party has the obligation to give something to the other.

Bilateral Contract/Agreement

Both parties have to give or promise something to each other.

Maslow’s Hierarchy of Needs

A pyramid of needs from the most basic to advanced needs.

Organic Word of Mouth

Consumers share information about products just because they like them.

Spyware

Malicious software that enters a device and is used to steal data.

Six-Thinking Hats Technique

A way to improve decision-making with multiple perspectives.

Shill Marketing

Advertising a product without the customer knowing.

Mobile Marketing

Any advertising activity that promotes products via mobile devices.

Infringement

An unauthorized use of a copyrighted or patented invention.

Points of Difference

Characteristics of a product or service that help set it apart from competitors.

Environmental Scanning

A process similar to SWOT analysis, assessing external factors affecting a business.

Exempt Contract

Any written agreement for goods or services for which a procurement process is impractical.

Vertical Staff Members

Refers to all employees who are not in management.

Guarantee vs. Warranty

Guarantee: A promise a product will meet standards. Warranty: A formal agreement to repair or replace a product.

Credit Union

A nonprofit bank owned by its members.

Loss Leader

A product sold at a loss to attract customers.

Types of Insurance

Health, Auto, Life, Home insurance provide coverage for various risks.

Predatory Pricing

Selling products very cheaply to drive competitors out of business.

Joint Venture

A business arrangement where parties collaborate on a project while remaining independent.

Aggregate Demand

The total demand for goods and services in an economy at a specific time.

Behavioral Segmentation

Dividing customers into groups based on their behaviors.

Trade Publications

Magazines or newspapers aimed at professionals in a specific industry.

Mail Response List

A list of people who have reacted to previous direct-mail campaigns.

Vertical Channel Conflict

Disputes between different levels of the supply chain.

Instant Gratification vs. Formal Recognition

Instant Gratification: Immediate satisfaction. Formal Recognition: Public acknowledgment.

Dividends

Payments made by a company to its shareholders from its profits.

Semantic Differential Scale

A method to measure satisfaction on a scale between two opposite concepts.

Professional Development

Specialized training or education for on-the-job success.

Slogan

A catchy phrase identifying a product or business.

Emotional Motive

A feeling expressed by a consumer through association with a product.