Untitled Flashcards Set

Quality Insurance - Includes the processes used to ensure a product is free of defects and/or meets a desired level of service

Marketing Research Brief - A written document that includes a market and strategic overview, background information, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget and existing research or other information related to the study.

Channel Management - Also known as distribution, channel management deals with getting goods to consumers.

Marketing Plan - A formal document that specifies a company’s activities for a determined amount of time

Buzz Marketing - Develops from a viral marketing technique used to get consumers talking about a product

Correlations - Refers to connections between two or more variables in a market research study; correlational analysis uses statistics to determine if a correlation, or connection, exists

Exploratory Research - A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information.

Product Bundling - Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices

Error - A wrong action that can not be attributed to a lack of knowledge.

Consumer Protection - Federal and state laws that regulate the sale and credit policies surrounding consumer sales.

Special Events - A public event or activity, used in marketing to promote a business or product.

Questionnaire - Written questions, used in marketing research, to obtain information from respondents

Safety Procedures - Processes implemented to ensure the safety of workers and customers to a business; including the process for handling on-the-job accidents/injuries.

Observations - Used in marketing research in which people’s actions are watched and recorded.

Financial Analysis - Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.

Business Image - The public perception of a business

Amenity - Hotel products and services designed to appeal to guests

Emotional Intelligence - The ability to identify, assess and influence one’s own feelings and those of others.

Cash Controls - Procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing.

External Business Correspondence - Communications and promotional efforts aimed at individuals or groups outside of an organization.

Hospitality - A variety of businesses who serve people who are away from home.

Primary Information - Data gathered for the first time for a specific product, service and/or business.

Sales Promotion - All marketing activities other than advertising, public relations, and personal selling that are directed at a customer to increase sales.

Social Platforms - Consists of software or technology that allows one to develop, distribute and manage social media

Pay Per Click Ads - An online form of advertising, in which the advertiser pays everytime a potential customer clicks on their advertisement

Grades - Used to describe the quality of a product

Product Life Cycle - The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline.

Banner Ads - An advertisement that runs along the top, bottom or sides of a website.

Product Extensions - Utilizing a current company’s recognizable brand name to introduce a new or upgraded product

Casual Research - A study into an issue or topic that looks at the effect of one thing or variable on another.

Terms - Outlines the conditions of a sale, such as when payment is due or shipping method/cost

Internal Business Correspondence - Outlines the conditions of a sale, such as when payment is due or shipping method/cost

Post - Sales Experience - Includes activities directed toward the customer AFTER the customer has made the purchase - it may include a follow-up thank you, survey or other promotional activity to retain the customer.

Display Ads - A large advertisement - typically in a magazine or newspaper, with large graphics. Also refers to online advertisements that may also include video and audio.

Continuing Education Courses - A broad term for post-secondary training - including: formal education, webinars, seminars and other training opportunities.

Economics - Attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction.

Market Planning - The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it

Warranties - A promise that is given to a consumer that a product will meet certain standards.

Cash Controls - Procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing.

Promotion - Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers

Guarantees - A commitment from a company that their product will perform as described.

Product Marketing - Refers to the marketing of a tangible good or a service - including, developing the product, identifying the target market, and determining price, promotion and distribution of the product

Secondary Information - Data that has been previously collected for non-marketing activity and is available for a business’ use.

Word Of Mouth Strategy - Utilizing oral or written recommendation by a satisfied customer to the prospective customers of a good or service to obtain sales

Service Marketing - Refers to the marketing of an intangible product (service) - including developing the service, identifying the target market, and determining price, promotion and distribution of the service

Product Positioning - A strategy that either emphasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.

Visual Merchandising - Conveying a certain image to customers through the manipulation of physical elements within a business

Information Management - Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business

Market Identification - The process of a marketer in identifying the most profitable areas to offer a new product or service.

Product Development - Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.

Distribution - The function of moving and selling goods from producer to consumer.

Branding - Creating a unique image or reputation for a product or company through the development of a name, brand mark and promotion

Operations - Jobs or tasks consisting of one or more elements performed typically in one location.

Press Kit - A package of promotional materials sent to the media to inform them about a product

Product Placement - A promotion that involves a brand or product being mentioned or shown in a media outlet - such as television, movies or sporting events

Regulations - A rule, often created by a regulatory agency or government, that can be enforced by law.

Data Collection Instrument - To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications

Secondary Information - Data that has been previously collected for non-marketing activity and is available for a business’ use.

Marketing Information Management - The process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business

Diaries - A qualitative marketing research technique where participants are asked to record activities, opinions, etc…in a journal or diary

Mobile Marketing - Promotional messages designed for cell phones, smart phones, tablets or other handheld devices.

Sales Promotion - All marketing activities other than advertising, public relations, and personal selling that are directed at a customer to increase sales.

Invoice - A document that lists goods purchased, price, terms of sale and total amount due

Vendor - An individual or organization with a product for sale

Advergaming - Utilizing a video game to promote a product by integrating that product into the video game

Trade Show - An event at which business within the same or similar industries promote their products

Tourism - Travelling for leisure, recreation or pleasure.

Channels Of Distributions - Refers to the path a product takes from producer to the final consumer.

Descriptive Statistics - Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data

Professional Development - Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/ or advancement

Advertising - A form of paid, non personal promotion in which a company promotes an idea, good or service through a variety of media

Competitive Advantage - A circumstance that puts a company in a favorable or superior business position

Special Events - A public event or activity, used in marketing to promote a business or product.

Discussions - A qualitative marketing research technique in which data is gathered through individual or group conversations.

Sales Data - Usable information collected as part of a sales report - that could include such data as: sales by day, sales by product category, average items per transaction, etc…

Promotional Mix - The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy.

Terms - Outlines the conditions of a sale, such as when payment is due or shipping method/cost

Direct Marketing - Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience.

Petty Cash Fund - A small amount of cash kept on hand by a business to cover incidental expenses

Marketing Research - The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions.

Business Law - Laws that govern businesses and transactions between businesses.

Sales Channel - The methods a company uses to market it’s products

Public Relations - Promotional activities that are designed to create a good image with the public.

Casual Research - A study into an issue or topic that looks at the effect of one thing or variable on another.

Expense Control - Identifying and reducing business expenses in order to increase profits.

Suggestion Selling - Selling additional goods or services to a customer.

Product/Service Management - The process of creating and changing the information about a company’s catalog of offerings.