RMS Marketing Terms (Exam) ICDC 26'

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Administrative Staff

Professionals who support an organization's daily operations, efficiency, and workflows. (Support Staff)

Credit Union

A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Capacity

The legal competence of a person or entity to enter into a binding contract (sanity, sobriety, legal age)

Genuineness of assent

The requirement that parties to a contract must give true, voluntary, and informed consent for it to be legally binding.

Consideration

The bargained-for exchange of value (money, goods, services, or promises) required to make a contract legally binding.

Legality of Purpose

Requires that a contract's object, terms, and intent be lawful and moral to be enforceable.

Batch Production Process

Where a specific quantity of identical products (a "batch") moves through each stage of the production process together.

Unit Production Process

A flexible manufacturing process that creates single, customized, or small-batch, high-quality products to meet specific customer requirements

Intermittent Production Process

A flexible, non-continuous manufacturing method where goods are produced in batches, low-volume, or customized products.

Continuous Production Process

A manufacturing method where materials are in constant motion, undergoing continuous chemical or physical treatment 24/7 with minimal interruptions

Policy

A course or principle of action adopted or proposed by a government, party, business, or individual.

Protocols

Established, formal rules guiding conduct, communication, and operations to ensure consistency, professionalism, and efficiency

Procedures

An established or official way of doing something.

Appendix

A section or table of additional matter at the end of a book or document.

Cash Flow Statement

A core financial report tracking the exact amount of cash entering and leaving a business over a specific period

First-Line Management

"Boots-on-the-ground" supervisors who directly manage individual contributors and entry-level employees

Executive Management

Top-level leaders responsible for setting organizational strategy, making high-level decisions, and overseeing overall operations to ensure business success

Mid-Level Management

The link between first-line and executive management responsible for executing strategic goals, managing departments, and driving operational performance

Libel

Making false statements that harm an individual's reputation

Misrepresentation

Making unrealistic claims about products.

Loss Aversion

The tendency to avoid a loss at all costs, even when attempting to avoid that loss, can lead to negative consequences.

Conformity

The tendency to behave in the same way that everyone else does rather than exercising one's own judgment.

Concurrent Control

Monitors activities during their performance and makes corrective suggestions

Feedback Control

Evaluates an activity afterwards and points out what may have gone wrong.

Technological Obsolence

Equates to significant technological improvements that result in a more effective product

Style Obsolesce

Refers to superficial changes to a product resulting in a new product.

Attrition

A natural reduction in numbers of people due to death, retirement, and job changes

Penetration Pricing

A strategy used during the introduction stage, where marketers price a product low to achieve rapid market acceptance.

Discovery-oriented questions

Aimed at answering the questions “what?” or “why?”

Strategy-oriented questions

Aimed at answering the questions “how?” or “which?”

Six Thinking Hats technique

A creative-thinking technique that utilizes different ways of approaching a problem.

White Hat (Six Thinking Hats Technique)

Looks at all the facts and data available

Blue Hat (Six Thinking Hats Technique)

Summarizes and organizes thoughts and information.

Red Hat (Six Thinking Hats Technique)

Allows for expressing emotions, hunches, and gut reactions without justification.

Black Hat (Six Thinking Hats Technique)

Evaluates potential risks, dangers, obstacles, and why an idea might not work.

Yellow Hat (Six Thinking Hats Technique)

Explores the positive aspects, benefits, and value of an idea.

Green Hat (Six Thinking Hats Technique)

Stimulates new ideas, alternatives, possibilities, and innovative solutions.

Sanctions

Penalties imposed by governments or international bodies to restrict trade, financial transactions, and investment with specific countries, entities, or individuals to achieve foreign policy goals.

Editorial

Generally written by a staff member of a publication.

Letter to the editor

A form of editorial that is generally written by readers of the publication.

Press Kit

A package of promotional material provided to members of the press to brief them, especially about a product, service, or celebrity.

Matte release

An article that is not generated by a publication's staff is instead submitted to be printed by one or more media outlets.

Branching

A technique that requires respondents to go to another place in the questionnaire to answer specific questions if they respond a certain way to the initial question.

Flowcharts

Illustrates the relationships between major components at an industrial plant, they are used to to document, study, plan, improve and communicate often complex processes in clear, easy-to-understand diagrams.

Double Counting

When production is counted more than once.

Nominal GDP

GDP that has not been adjusted to account for the effects of inflation.

Savings and loans associations

Established to promote homeownership, S&Ls focus primarily on residential mortgages, construction loans, and home improvements.

Commercial Bank

Offer full-service banking, checking and savings accounts, secured and unsecured loans, installment credit, and bank credit cards.

Fiat money

Money that has no natural value (paper money)

Unit of Measure

The standard, precise unit used to count, value, and track inventory, materials, or services

Job Description

A written document outlining the purpose, duties, responsibilities, and required qualifications for a specific role within an organization

Judgment sampling

A non-probability sampling technique where researchers use their professional expertise to deliberately select participants who are most knowledgeable or relevant to the research goal

Cluster sampling

A probability sampling method where researchers divide a large, geographically dispersed population into smaller, distinct, and usually, pre-existing groups called "clusters"

Simpson’s Paradox

A statistical phenomenon where a trend observed in multiple, separate groups of data disappears or reverses when the groups are combined (aggregated)

Synectics

A structured, collaborative problem-solving method that fosters innovation by connecting seemingly unrelated, diverse ideas through analogies and metaphors.

Whole Life Insurance

Lifelong coverage with fixed premiums and a guaranteed death benefit that lasts until death. It features a cash value component that grows on a tax-deferred basis, which you can borrow against or withdraw during your lifetime. It is generally more expensive than term life insurance.

Industrial User

A business that buys materials, services, or goods that will be used to make other goods or which will be used in the operation of the company

Intrinsic Motivation

Comes from within the individual and is a result of the work or task itself.

Extrinsic Motivation

Motivation that comes from outside the individual and their work or task.

Causal Research

Completed by conducting experiments or simulations, which must be carefully designed and tightly controlled.

Vertical Staff Members

All employees who are not in management

Convenience Good

A consumer product purchased quickly and without much thought or effort.

Collection Letter

A type of persuasive message that many businesses write to customers who are delinquent in making payments on their accounts.

Snowball sampling

Also called referral sampling, is a method in which researchers ask respondents to help them identify and recruit additional respondents for the study.

The public interest

The responsibility of accountants to look out for the greater good of the public as a whole, not just for themselves or their clients.

Matrix Organizational Structure

Uses horizontal authority to integrate departmental functions with product orientation

Span of control

How many workers are supervised by one manager.

Line-and-Staff Organizations

Typically involves advisory authority, often without the ability to enforce or take action.

Bureaucratic Organization Structure

An organizational structure known for its insistence on unnecessary procedures and red tape.

Product seeding

"Planting" or placing the product in the hands of specific influencers, the goal being the influencers to be seen using or wearing the product, which will, in turn, generate interest in and desire for the product.

Fixed Costs

Business costs that are not affected by changes in sales volume.

Variable Costs

Change with changes in sales volume.

Job Scope

The boundaries, duties, and responsibilities defining a particular role, outlining exactly what tasks an employee is expected to perform and their limits

Job Depth

The amount of authority and responsibility associated with a job.

Economic Recession

A significant, widespread, and prolonged downturn in economic activity, often characterized by two consecutive quarters of negative GDP growth.

Economic Contraction

A phase in the business cycle marked by a sustained decline in national economic activity, typically defined by falling Gross Domestic Product (GDP) for two or more consecutive quarters.

Defined Benefits Plan

Defines the amount of retirement income that will be paid, regardless of the success of the investments made.

Defined Contributions Plan

People funding their retirement savings with their own money, sometimes with additional contributions from employers.

Project

A series of structured tasks, activities, and deliverables that are carefully executed to achieve a desired outcome. These contain a definite beginning and end

Coworkers

The business's general workforce, who can help new hires familiarize themselves with company procedures and policies and address on-the-job questions or concerns.

Demographic segmentation

Focuses on the characteristics people have in common that affect their purchasing power.

Online Library

A site where data has been compiled by another person or group.

Sales forecast

The process of estimating future sales revenue or volume over a specific period to enable companies to make data-driven decisions regarding budgeting, hiring, production, and inventory management.

Externality

A liability that cannot be quantified (measured through numbers or values)

Securities and Investments Industry

Firms and professionals engaged in buying, selling, and underwriting financial assets like stocks, bonds, and derivatives to raise capital and generate returns.

Preparing a Resume

-Use High Quality Paper
-Add relevant numbers
-List your technical training and experience
-Use action verbs

Time-series Analysis

-Analyzing sequences of data points collected at consistent, chronological intervals to extract meaningful statistics, identify trends, and forecast future values

Causal Modeling

A research technique that constructs, tests, and visualizes hypothesized relationships between variables to explain the underlying mechanisms of a phenomenon

Qualitative Forecasting

Using subjective expert judgment, intuition, and non-numerical insights to predict future trends, particularly when historical data is scarce or unreliable.

Brand Promise

A foundational, actionable commitment a company makes to its customers regarding the specific benefit or experience they can expect from every interaction

Personal selling

Uses planned, personalized communication to influence purchase decisions and enhance future business opportunities. It is most effective to use when the product is complex or difficult to explain.

Affirmative disclosure

A legal remedy in which the government orders the advertiser to include product information in future advertisements that it omitted in its previous advertisements.

Indictment

The legal process of formally accusing a person of a crime and putting that person on trial.

Feature-Benefit Chart

A sales and marketing tool that maps a product's specific, physical characteristics (features) directly to the tangible, emotional, or practical advantages (benefits) they provide to the user

Strategic Planning

Long-range planning for the company as a whole and is a responsibility of top-level management.

Joint Venture

An arrangement that involves two or more businesses entering into a relationship by combining complementary resources such as technology, skills, capital, or distribution channels for the benefit of all parties.

The marketing concept

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.

Order Cycle

The period of time that it takes to process and deliver an order upon receipt of a purchase order or requisition.

Commercialization

The point at which a product goes into full-scale production, the marketing plan is put in place, service and sales training are done, and the product's life cycle begins.

Product Bundling

Combining several products and selling them for one all-inclusive price.