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Channel Management
The process of managing the distribution channels through which a company sells its products/ the process of overseeing the movement of goods from a manufacturer to the point of sale.
Channel of Distribution
The path through which products or services flow from the manufacturer to the final consumer, involving various intermediaries such as wholesalers, retailers, and agents.
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, a type of simple written report that usually is distributed to employees within a business.
1. Parts of a Memorandum:
  1. Heading: To, from. date, subject
  2. Opening Segment: Purpose, context, problem, task
  3. Context: Event, circumstance, or background of the problem you are solving
  4. Task: Describe what you are doing to help solve the problem.
  5. Summary paragraph (for long memos)
  6. Discussion Segments: All the details that support your ideas
  7. Closing Segment: Courteous ending + action
  8. Necessary Attachments
Opportunity Cost
Potential gain (or profit) that is lost when a different course of action is taken.
External Business Environment
The outside influences and factors that affect business operations.
Price Equilibrium
Also known as market equilibrium, is 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. It is also called a profit-and-loss statement.
Marginal Utility
The additional satisfaction or benefit (utility) that a consumer gets from one more product.
Jury of Executive Opinion
A forecasting method that involves a group of experts or managers within a company coming together to predict the future.
Data Mining
The process of analyzing a large batch of information to discern trends and patterns.
Operations Function (of a Company)
The management of the day-to-day activities and processes that keep a business running smoothly and efficiently.
Project Charter
A formal document that outlines a project's key details, including its goals, scope, responsibilities, and stakeholders.
Pareto Principle
Aka 80/20 rule states a small percentage of causes have a disproportionately large effect on many outcomes. For example, 80% of a company's revenue might come from 20% of its customers.
Lean Production
A management philosophy that aims to improve efficiency and reduce waste in the production process.
House of Quality Matrix
A diagram that visually represents how customer needs relate to a company's ability to meet those needs.
Trade Association
A group of people or businesses that work in the same industry or have similar interests and come together to promote their common goals.
Venture Teams
Key people from various departments of an organization given responsibility for the development of a new product from concept to commercialization.
Attrition
Reduction or decrease in numbers, size, or strength.
Arbitration
A procedure in which a dispute is settled by a third neutral party instead of taking the matter to court.
Institutional Promotion
Focuses on promoting the company's image to improve its reputation in the customer base (rather than a product).
Parts of the Selling Process
Prospecting, Preparation, Approach, Presentation, Handling Objections, Closing, and Follow-up.
Vertical Channel Integration
Involves a company taking ownership of two or more steps in its supply chain (example is Apple, which designs its own hardware and software, manufactures components, and sells its products through its own retail stores).
Horizontal Channel Integration
A company acquires or merges with another company in the same industry and at the same level of the supply chain (e.g., Disney's acquisition of 21st Century Fox).
Integrated Data Between Channel Members
The sharing of real-time information among all members in a distribution chain (like suppliers and retailers) to improve efficiency and decision-making.
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.
Inputs
All of the economic resources used in producing goods and services, can include human, natural, and capital resources.
Concurrent Engineering
A method of designing and developing products in which the different stages run simultaneously, rather than consecutively.
Forced Analogies
Synectics technique that compares a problem with something totally unrelated.
Vertical Staff Members
Refers to all employees who are not in management.
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/promise to give something to the other (ex. Lost pet, reward $500, only poster is obligated to do something)
Bilateral Contract/Agreement: Both parties have to give/promise something to each other (ex. Buying a car, one person gives money, other gives car)
Maslow’s Hierarchy of Needs: Pyramid of needs from most basic to advanced

Self-Actualization: Desire to become the most that one can be, all internal influences (most advanced level)
Esteem: Respect, self-esteem, status, etc. External influences
Love and Belonging/Social: Desire to feel sense of belonging
Safety: Safe and secure environment like emotional and financial security
Physiological: Basic needs like food and water. (most basic level)

Organic Word of Mouth: Consumers share information about products just because they like them.
Amplified Word of Mouth: Companies use marketing to foster word of mouth referrals via influencers, etc.
Spyware: Malicious software that enters a device and is used to steal data
Groupware: Computer software that helps members of a group work better together
Freeware: Completely free software for anyone to use
Shareware: Software that is initially free of charge (trial period), but later requires payment
Six-Thinking Hats Technique: Way to improve decision-making with multiple POVs
1. White Hat: Data, facts, known information
2. Red Hat: Feelings, intuitions, honest emotions
3. Yellow Hat: Value, benefits, why something may work
4. Black Hat: Problems, negative, why things may not work
5. Green Hat: Creativity, solutions, alternatives
6. Blue Hat: Manage process, next steps, action plan
Shill Marketing: Advertising a product without the customer knowing (usually done with false customer testimonials, lowkey illegal)
Mobile Marketing: Any advertising activity that promotes products and services via mobile devices
Virtual Marketing: Using digital or online techniques for marketing like social media
Infringement: An unauthorized use of a copyrighted or patented invention (so basically plagiarism)
Points of Difference: Characteristics of a product or service that can help a business set its products apart from similar competitors' products, similar to unique value propositions
Fixtures: Same thing as furniture and equipment, not permanently connected to a building
Environmental Scanning: Like a SWOT analysis, not actually having anything to do with environment
Likert Scale: Degree of agreement and disagreement in a questionnaire, ex. “I am happy today” Strongly Agree - Strongly Disagree (Different from Semantic Differential)
Exempt Contract: any written agreement for goods or services for which a procurement process is impractical and may be awarded on other than a competitive basis
Executed Agreement: establishes a contractual and enforceable relationship, and each party is now responsible for fulfilling the legal obligations stated in the agreement.
Bilateral Contract: an agreement between two parties in which each side agrees to fulfill their side of the bargain
EDI: Electronic data interchange (standardized format)
PLUs: Price Look up Codes
Invoices: designed specifically for digital marketing clients and lists the digital marketing services and tools used in projects and campaigns
Open Agreement: Signed without a specific date range
Intensive Distribution: Marketing strategy that involves making a company's products available to customers in as many places as possible
Selective Distribution: a marketing strategy focusing on selling certain types of products via a select network of retailers, resellers, or wholesalers
Tying Agreement: an agreement in which the seller conditions the sale of one product (the “tying” product) on the buyer's agreement to purchase a separate product (the “tied” product) from the seller
Matching Engine Technology: uses algorithms to execute orders that match based on parameters such as price, quantity and time of order entry
Campaign Management Software: collaborate and avoid mistakes and delays by breaking down campaign planning and execution into smaller tasks (such as content/digital asset creation, messaging development, implementation, and analytics), assigning those tasks to the right team and monitoring the campaign's progress
Personalization Technology: using data and analytics to create content tailored to each individual customer
Sales Force Automation Technology: helps sellers take the next-best action by using machine learning and comprehensive, account-level data
Revolving Credit: an open line of credit a business can use whenever it is needed. Think of it like an extra monetary resource a business can draw from, especially for corporate cash flow.
Installment Credit: a loan that offers a borrower a fixed, or finite, amount of money over a specified period of time
Tax Liability: the amount of money your business owes in taxes
Capital Investment Decision: a comprehensive analysis of risk, market conditions, financial projections, and financing options
Semantic-Differential Rating Scales: measures the perceived distance or gap between two opposite concepts, and thus, provides information about the attitude of the respondent towards the object
Marketing Strategy: a long-term plan for achieving a company's goals by understanding the needs of customers, whilst creating a distinct and sustainable competitive advantage
Marketing Tactic: any action that marketers take to accomplish their big-picture goals of acquiring and retaining customers
Unconscious Problem Solving: having a "Eureka!" moment when a solution to a problem in the past presents itself without the involvement of active thinking.
Linking: a search engine optimization technique that increases your search engine ranking.
Patent: Protects inventions.
Copyright: Protects creative works (like books or music).
Trademark: Protects brand names, logos, or symbols.
License: Permission to use someone else's protected work or property
Strain vs. Sprain:

Strain: Injury to muscles or tendons.
Sprain: Injury to ligaments

Professional Selling: Using personal interaction to sell a product or service.
Bilateral Contract: A deal where both sides agree to do something.
Exempt Contract: A contract that doesn’t follow certain rules because of special conditions.
Defensible Agreement: A legally strong or justified contract.
Brand Touchpoints: Any interaction a customer has with your brand (ads, websites, packaging).
Price Fixing: When competitors agree to set prices instead of competing.
Price Lining: Selling products at different price levels based on features or quality.
Incident Response: A plan for quickly handling emergencies like cyberattacks or product recalls.
Guarantee vs. Warranty:
Guarantee: A promise that a product will meet certain standards.
Warranty: A formal agreement to repair or replace a product if it fails.
Credit Union: A nonprofit bank owned by its members, offering loans and savings.
Direct Response Marketing: Ads designed to make people act immediately (like calling a number or ordering online).
Loss Leader: A product sold at a loss to attract customers to buy other items.
Types of Insurance:
Health: Covers medical costs.
Auto: Covers car accidents and damage.
Life: Supports your family after you pass away.
Home: Protects against damage to your home.
Slotting Fees: Money companies pay to get their products placed on store shelves.
Predatory Pricing: Selling products very cheaply to force competitors out of business.
Tying Agreements: Requiring customers to buy one product to get another.
Antitrust Laws: Rules to prevent unfair competition and stop monopolies.
Joint Venture: A business arrangement where two or more parties agree to work together on a specific project or business activity, sharing resources, risks, and profits while remaining independent otherwise.
Possession Utility: the amount of usefulness or perceived value a consumer derives from owning a specific product and being able to use it as soon as possible.
Aggregate Demand: The total demand for goods and services in an economy at a specific time.
Economic Contraction: A period when the economy shrinks, marked by reduced spending, job losses, and lower production.
Federal Bonds: Loans made to the government by investors, which the government promises to repay with interest.
Accounts Receivable vs. Accounts Payable:
1. Accounts Receivable: Money owed to a business by its customers.
2. Accounts Payable: Money a business owes to its suppliers.
Behavioral Segmentation: Dividing customers into groups based on their behaviors, like buying habits or brand loyalty.
Trade Publications: Magazines or newspapers aimed at professionals in a specific industry.
Attribute Listing: A brainstorming technique where all features of a product are listed to improve or innovate it.
Mail Response List: A list of people who have responded to previous direct-mail campaigns, useful for targeted marketing.
Cooling-Off Laws: Laws that allow customers to cancel certain purchases within a short time after buying.
Vertical Channel Conflict: Disputes between different levels of the supply chain, like manufacturers and retailers.
Marketing Concept: A business approach focused on satisfying customer needs and wants to achieve profits
Instant Gratification vs. Formal Recognition:
1. Instant Gratification: Immediate satisfaction from an action or purchase.
2. Formal Recognition: Public or official acknowledgment for achievements.
Dividends: Payments made by a company to its shareholders from its profits.
Types of Financial Systems:
1. Credit Union: Member-owned financial cooperative offering banking services.
2. Commercial Bank: Regular bank for individuals and businesses.
3. Investment Bank: Bank specializing in large financial transactions like mergers.
Trade Journal: A publication with news and articles for professionals in a specific industry.
Coding vs. Tabulating:
1. Coding: Assigning labels or numbers to data for analysis.
2. Tabulating: Organizing data into tables for better understanding.
Requisitions: Formal requests for goods or services in a business.
Product Life Cycle: The stages a product goes through: innovation, prototype, commercialization, growth, and decline.
Product Bundling Benefits: Selling multiple products together to offer convenience and savings to customers.
Specialty Advertising: Using branded items like pens or mugs to promote a business.
Consumer Magazine: A magazine aimed at the general public, covering topics like lifestyle, hobbies, or entertainment.

Sampling Plans: A course of action that obtains data or observations from a group
Marketing Strategies: Identifies a target market and coordinated marketing mix selections to create sales.
Marketing Plan: A formal document that specifies a company's activities for a determined amount of time
Buying Signals: Actions that a consumer does to indicate that they are ready to purchase
Signature: Name of the advertiser and/or logo that is the identification for a business in a promotional message
Market Identification: The process of a marketer in identifying the most profitable areas to offer a new product or service
Product Life Cycle: The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline
Semantic Differential Scale: A method used to measure satisfaction on a scale and the respondent is asked to circle a number where 0 is neutral and one moves outwards from it towards the extremes of goodness and badness

(basically Dogs is the topic, extremely bad-Extremely good scale, if that makes sense)

Professional Development: Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/or advancement
Slogan: A catchy phrase or words that identify a product or business
External Audience: Individuals or groups outside of an organization at whom its communications and promotional efforts are aimed
Personal Selling: Any form of direct contact between a salesperson and customer to fulfill their wants and needs
Emotional Motive: A feeling expressed by a consumer through association with a product