Marketing study 2020

Bilateral contract – A contract in which both parties make mutual promises to fulfill obligations (e.g., ZRB Company and LST Inc.).

Customs regulations – Laws governing the import and export of goods to prevent illegal materials from crossing borders.

Channel of distribution – The path products take from producer to consumer (e.g., manufacturer → retailer → consumer).

Supply chain management – The coordination of logistics, inventory, and suppliers to ensure efficient product flow.

Antitrust laws – Laws preventing monopolies and anti-competitive practices (e.g., exclusive dealing agreements by dominant firms).

Exclusive dealing agreement – A contract in which a buyer agrees to purchase exclusively from a specific seller.

Selective vs. intensive distribution – Selective limits distribution to specific outlets, while intensive aims for maximum market coverage.

Horizontal conflict – Conflict between businesses at the same level in a supply chain (e.g., retailers competing for market share).

Affinity marketing – A partnership between businesses to target shared customer bases (e.g., a bank partnering with a supermarket).

Direct-mail marketing – Advertising sent directly to potential customers via mail.

Email security risks – Threats related to email communication, such as hacking and data breaches.

Face-to-face communication – Direct interaction allowing for better interpretation of nonverbal cues.

Mirroring – Adapting communication style to match another person’s to build rapport.

Online marketing – Business interactions conducted over digital platforms.

Materials vs. supplies – Materials are raw inputs used in production; supplies are consumable goods used in operations.

Strategic management – High-level planning to set business direction and long-term success.

Free trade agreements – Treaties that reduce trade barriers between countries.

Environmental regulations – Laws governing the sustainable use of natural resources.

Gross Domestic Product (GDP) – The total value of goods and services produced in a country, categorized into investments, consumption, government spending, and net exports.

Self-assessment – Evaluating personal strengths and weaknesses to improve performance.

Nonverbal communication – Conveying messages without words, such as through gestures or facial expressions.

Open communication – A work environment where employees can freely share ideas and concerns.

Objection handling – Addressing concerns raised during a presentation or negotiation.

Conflict resolution – Strategies to address workplace disputes, such as clarifying expectations.

Shared vision – A common goal within an organization guiding decision-making.

Impression management – Behaviors used to influence how others perceive an individual.

Workplace ethics – The moral principles guiding professional conduct.

Late fee – A charge for failing to make a payment on time.

Tax deductions – Expenses that reduce taxable income (e.g., charitable donations).

Credit card interest – The cost of borrowing money, calculated based on the balance and interest rate.

Defined contribution plan (401(k)) – A retirement savings plan where employees contribute funds that grow over time.

Financial reporting – The preparation of business financial statements to ensure accuracy and neutrality.

Marketing-information system (MIS) – A system for collecting and analyzing marketing data to inform decision-making.

Big data – Large sets of consumer information used to predict behaviors.

Privacy policy – A business’s statement on how it collects, stores, and uses customer data.

Marketing research process – A structured approach to gathering market insights, beginning with identifying research objectives.

Primary vs. secondary data – Primary data is collected firsthand for a specific purpose, while secondary data comes from existing sources.

Causal research – A type of marketing research used to determine cause-and-effect relationships.

Customer loyalty cards – A data collection tool that tracks consumer purchases for rewards programs.

Survey design – The structure of questionnaires to ensure unbiased and reliable responses.

Nonresponse error – An issue in survey research when participants do not answer certain questions.

Consumer perception – How buyers interpret and respond to products or brands.

Psychographics – Market segmentation based on lifestyle, interests, and values.

SWOT analysis – A business tool evaluating strengths, weaknesses, opportunities, and threats.

Inventory management – Tracking product levels to optimize stock availability and reduce waste.

Marketing Plan – A document that outlines a company’s marketing goals, strategies, and tactics to achieve business objectives.

Quantitative Sales Forecasting – The process of using numerical data and statistical techniques to predict future sales based on past trends.

Cybercrime – Criminal activities that involve computers and networks, such as data breaches and fraud.

Customer Relationship Management (CRM) – A system or strategy used by businesses to manage interactions with customers and streamline sales, marketing, and service efforts.

Data Mining – The process of analyzing large datasets to uncover patterns, trends, and useful business insights.

Society and Culture (Impact on Business) – The influence of societal values, beliefs, and behaviors on consumer preferences and business decisions.

Interdependent Jobs – Tasks or roles that rely on each other to be completed effectively within a project or organization.

Automation (Production Process) – The use of technology and machines to streamline production, reduce labor costs, and increase efficiency.

Six Sigma – A business methodology focused on improving quality and reducing inefficiencies through continuous process improvements.

Supply Chain Management (SCM) – The management of the flow of goods, services, and information from suppliers to consumers to optimize efficiency and cost savings.

Creativity in Business – The ability to generate original ideas and innovate in product development, marketing, and problem-solving.

Operations Management – The area of business concerned with overseeing, designing, and controlling production processes to maximize efficiency.

Marketing Research – The process of gathering, analyzing, and interpreting information about a market, customers, and competitors to make informed business decisions.

Social Responsibility in Pricing – The ethical practice of setting fair and justifiable prices, avoiding price gouging, and ensuring accessibility.

Pricing-Analytic Software – A digital tool used to analyze and determine optimal pricing strategies based on market trends and consumer behavior.

Supply and Demand (Effect on Pricing) – The economic principle that prices fluctuate based on product availability and consumer demand.

Packaging – The design and production of product containers or wrappers that protect goods, attract customers, and convey important information.

Market Saturation – A situation where a product has become widely available and demand decreases, often leading to product decline.

Planned Obsolescence – A strategy where products are designed with limited lifespans to encourage repeat purchases and upgrades.

Demographics – Statistical data about a population, such as age, gender, income, and education, used to understand consumer behavior.

Programmed Thinking (Ideation Method) – A structured approach to problem-solving that relies on logical and organized techniques.

Facilitator (Brainstorming) – A person who guides discussions and encourages participation in idea-generation sessions.

Product Standards – The criteria and specifications that define the quality, safety, and performance of a product.

Product Instructions – Written guidelines provided to consumers to ensure proper usage and reduce the risk of damage or injury.

Product Class (Positioning Strategy) – A method of differentiating a product by associating it with a specific category or competing product.

Brand Preference – When consumers favor one brand over others but are still willing to switch if their preferred brand is unavailable.

Private Brand – A product that is manufactured by one company but sold under a retailer’s brand name.

Corporate Brand Positioning – The strategic decision-making process that shapes how a company’s brand is perceived in the market.

Customer Touchpoint – Any interaction between a business and a customer, such as live chat, social media, or in-store experiences.

Promotion – The process of communicating information about goods, services, or ideas to attract and retain customers.

Publicity – Free media coverage or public exposure gained through news articles, interviews, or events rather than paid advertisements.

Deceptive Promotion – Misleading advertising practices that create false impressions about a product’s benefits or availability.

Social Networking (Marketing Tool) – The use of social media platforms like Facebook, Instagram, and LinkedIn to engage with customers and promote products.

Amplified Word-of-Mouth Marketing – A strategy where businesses actively encourage customers to share reviews, testimonials, or referrals online.

Point-of-Sale (POS) Marketing – Advertising and promotional materials placed near checkout areas to encourage impulse purchases.

Public Relations (PR) – The management of a business’s image and relationships with the public, media, and stakeholders.

Crisis Management – The process of handling and responding to emergencies or negative publicity to protect a company’s reputation.

Media Relations (Press Releases) – The practice of communicating business announcements to external audiences through news outlets.

Customer Service (Competitive Advantage) – The quality of assistance and support provided to customers, which can differentiate a business from competitors.

Sales Presentation (Handling Controversy) – The ability to professionally manage discussions and objections during sales interactions.

Selling Policy – The guidelines and rules a business follows when dealing with customer transactions, returns, and exchanges.

Ethical Selling – The practice of honesty, integrity, and transparency in sales interactions, ensuring customers receive truthful information.

Care and Maintenance (Product Labeling) – Instructions on how to properly use and maintain a product to extend its lifespan.

Multiple Uses (Product Features) – The ability of a product to serve various functions, enhancing its value and appeal to consumers.

Customer Relationship Management in Sales – Establishing strong relationships with customers to reduce sales time and increase customer loyalty.

Post-Purchase Behavior – The stage after a customer buys a product where they evaluate their satisfaction and may experience buyer’s remorse.