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Retailers
sell directly to consumers
Wholesalers
sell to retailers
Agents
individuals responsible for specifying, marketing, obtaining final agreements of sales of more complicated product-service combinations
Industrial Distributors
sell to wholesalers
channel management
process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base
channel
way in which products/services are made available to customers
channels of distribution
chains of businesses through which a service must pass to reach a customer
direct channels
allow customers to buy goods from manufacturers, while indirect channels allow product to be bought from a wholesaler
SWOT analysis
chart that businesses use to analyze/plan their companies by identifying strengths, weaknesses, opportunities, and threats
product life cycle
period of time over which an item is developed, brought to market, and eventually removed from the market
affinity partnership
strategy in which an organization solicits responses from a group that shares a common interest or activity
price deflator
economic metric that converts prices to a base dollar value and allows GDP to be accurately compared over time
double counting
when production is counted more than once
balance of trade
difference between imports and exports
nominal GDP
GDP that hasnāt been adjusted to account for the effects of inflation
law of diminishing returns
if one input increases while others are constant, at some point the increases in output will decline
tight money supply
if the money is low/tight, there is less money available to lend, causes interest rates to rise
tolerance for ambiguity
the willingness to take action despite having incomplete information or lacking clear direction
fiat money
physical money (paper/coins) that is backed/valued by the government
representative money
check or other form of currency that can be exchanged for physical money in stated amt, backed by a physical commodity
store of value
money saved rather than spent, retains value for future purchasing power
transit media
form of out-of-home media found in locations of mass transportation
financial ethics
making sure the business makes a profit and serves the best interest of its stakeholders (honest communication, transparent financial reporting, etc)
forecasting methods
making business projections via qualitative surveys, historical research, cause and effect analysis
judgement (expert) sampling
requires researchers to handpick respondents based on their knowledge or expertise
probability sampling
cluster sampling, stratified random sampling, and systematic random sampling
sugging
unethical practice in which a marketer pretends to conduct research but is actually trying to sell a good/service to a customer
secondary marketing info
information collected by others for purposes other than the project at hand
design software
applies graphic design principles to goals of marketing effort
intranet retrieval
private network that only employees can use
simpsonās paradox
occurs when a trend that appears in diff groups of data disappear when the groups are combined
routing production process
determines sequence for the steps in the production process
continuous production
involves turning out products without stopping, used when products have steady demand
unit production
producing one item at a time in small quantities
quality culture
working in teams, involving employees and allowing them to make decisions, seeking customer output
resistant culture
where employees are resistant to change and new ideas
executive culture
not a culture
oligopoly
competition is more likely to be based on style/brand than on price
monopoly
no competition because there is only one seller/provider of a good/service
monopolistic competition
many buyers and sellers offering different types of products at different prices
price fixing
illegal business arrangement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer
planned obsolescence
practice of designing a product to become obsolete/outdated/useless before it should need replacement
touchpoint
all opportunities that businesses have to connect with customers and reinforce their brand
institutional advertising
created certain image in the eyes of the customers
testimonial
someoneās personal statement about the benefits of the product
terms of sales policies
focus on aspect of a sale with which customers are most concerned, like discount, pricing, and credit policies
selling activity policies
focus on providing salespeople with guidelines for interacting with customers or potential customers
service policies
designed to govern that support a company provides to customers after the sale
installation policy
type of service policy
major functions of management
planning, organizing, staffing, directing, controlling
4 Pās of marketing
promotion, product, place, and price
market segmentation
dividing a broad target market into subsets of customers/businesses/countries that are perceived to have common needs/interests/priorities then designing/implementing strategies to target them
internal environment
factors/events/conditions within a business that influence its choices, activities, & employee behavior
external (operating) environment
factors/events/conditions surrounding a business that influence its actions/choices & determines opportunities/risks