Marketing study 2019

Channel Management

The process of overseeing and coordinating the various intermediaries (wholesalers, distributors, retailers) involved in getting a product from the producer to the final consumer.

Customer Service

Support and assistance provided by a business to ensure customer satisfaction before, during, and after a purchase.

Product Displays

Visual presentations of merchandise in retail settings to attract customers and encourage purchases.

Credit Terms

The conditions under which a seller extends credit to a buyer, including payment due dates, interest rates, and penalties for late payments.

Franchise

A business model where an individual (franchisee) purchases the right to operate a business using a company's (franchisor) name, brand, and products under agreed-upon terms.

Sole Proprietorship

A business owned and operated by a single person, who assumes full liability for debts and obligations.

Corporation

A legal entity separate from its owners (stockholders), which provides limited liability and is subject to corporate taxation.

Partnership

A business structure where two or more individuals share ownership, profits, and liabilities.

Channel of Distribution

The path a product takes from the producer to the final consumer, which can involve wholesalers, retailers, and other intermediaries.

Electronic Billing

The process of sending and receiving invoices digitally rather than through traditional paper-based methods.

Purchase-Order Verification

A system used by businesses to confirm orders placed by customers before processing.

Bar-Code Technology

A system that uses machine-readable codes on products for tracking and inventory management.

Horizontal Channel Integration

A strategy where a business acquires or merges with competitors operating at the same level of the distribution chain.

Vertical Channel Integration

A strategy where a company controls multiple stages of production and distribution within its supply chain.

Tort

A civil wrongdoing that causes harm to an individual or business, leading to legal liability.

Duty of Care

A legal obligation requiring individuals and businesses to act reasonably and avoid harm to others.

Channel Conflict

Disputes between channel members (e.g., manufacturer vs. retailer) regarding pricing, territory, or competition.

Slotting Fees

Payments made by manufacturers to retailers to secure shelf space for their products.

Verbal Communication

The exchange of information through spoken words, which can convey tone, emphasis, and emotion.

Nonverbal Communication

Conveying messages without words, such as through body language, facial expressions, and gestures.

Passive Listening

Hearing without actively engaging or understanding the message being communicated.

Technical Jargon

Industry-specific terminology used in professional settings, often difficult for outsiders to understand.

Memorandum (Memo)

A formal document used for internal communication within a business.

Social Media Policy

Guidelines that outline appropriate online behavior and the responsible use of social media in a business setting.

Brand Promise

A company's commitment to customers regarding the quality, experience, and values associated with its brand.

Slogan

A short, memorable phrase used in marketing to convey a brand message.

Opportunity Cost

The value of the next best alternative foregone when making a decision.

Specialty Business

A retailer that focuses on a particular product category or niche market.

Limited-Line Business

A business that offers a narrow range of products within a specific category.

Business Ethics

Principles and standards guiding moral and ethical decision-making in business practices.

Patent

A legal protection granted to inventors, giving them exclusive rights to their invention for a specific period.

Copyright

Legal protection for original works of authorship, including books, music, and software.

Trademark

A symbol, word, or phrase legally registered to represent a business or product.

Depression (Economic Term)

A prolonged period of economic downturn characterized by high unemployment and low consumer spending.

Gross Domestic Product (GDP)

The total value of goods and services produced in a country within a specific time period.

Economic Instability

Fluctuations in economic indicators such as inflation, interest rates, and employment, leading to uncertainty.

Ethnocentrism

The belief that one's own culture is superior to others.

Self-Esteem

A person’s overall sense of self-worth and confidence.

Personal Ethics

An individual’s moral principles that guide their behavior and decisions.

Integrity

Adherence to moral and ethical principles, demonstrating honesty and consistency.

Ethical Dilemma

A situation where making a decision involves choosing between two conflicting ethical values.

Time Management

The practice of organizing and planning how to divide time between different activities efficiently.

Employee Privacy

The right of employees to keep personal and professional information confidential in the workplace.

Organizational Culture

The values, beliefs, and behaviors that shape the work environment of a company.

Entrepreneurship

The process of starting and managing a business, often involving risk-taking and innovation.

Medium of Exchange

A function of money that allows it to be used for buying and selling goods and services.

Equal Credit Opportunity

A law ensuring that all individuals have equal access to credit without discrimination.

Fixed Expenses

Costs that remain constant over time, such as rent, mortgage payments, and insurance.

Variable Expenses

Costs that fluctuate based on usage or activity, such as utilities and groceries.

Restrictive Endorsement

A check endorsement that limits how the check can be used, such as "For Deposit Only."

Income Statement

A financial document showing a company's revenues, expenses, and net profit over a specific period.

Marketing Information

Data collected and analyzed to assist businesses in making informed marketing decisions.

Privacy Policy

A document outlining how a company collects, stores, and protects customer data.

Cookies (Internet Technology)

Small data files stored on a user’s device that track online behavior and preferences.

Sampling (Market Research)

The process of selecting a representative group of individuals to analyze consumer preferences.

Research Objective

A statement outlining what a marketing research study aims to achieve.

Sales Volume Analysis

An evaluation of the number of products sold within a given period to assess performance.

1. Observation Method – A data collection technique where researchers gather information by watching consumers' behaviors and interactions.

2. Relational Method – A research approach that studies relationships between variables rather than collecting direct data from individuals.

3. Interview Method – A face-to-face or virtual question-and-answer method used to collect primary data from individuals.

4. Contact Method – Any approach used to reach respondents for data collection, including surveys, calls, or personal interactions.

5. Point-of-Sale Scanners – Digital tools used at checkout to automatically collect data about customer purchases.

6. Comment Cards – A feedback tool used by businesses to collect customer opinions and satisfaction ratings.

7. Manual Equipment – Non-digital tools used for data collection, such as handwritten logs or customer checklists.

8. Sound-Wave Meters – A less common data-collection method that may be used to track consumer responses to sound-based marketing.

Survey & Marketing Research Techniques

9. Leading Question – A biased survey question that suggests a particular answer, often influencing the respondent’s choice.

10. Open-Ended Inquiry – A survey method that allows respondents to answer in their own words rather than choosing from set options.

11. Indifferent Statement – A neutral or vague question that lacks a clear direction for response.

12. Unstated Alternative – A missing possible answer in a question that could provide more accurate data.

Marketing Functions & Strategies

13. Marketing-Information Management – The process of collecting, analyzing, and using marketing data to improve business decisions.

14. Product/Service Management – The function responsible for developing and maintaining products to meet customer needs.

15. Pricing – The process of determining the value to charge for a product or service.

16. Promotion – The activities used to inform, persuade, and remind consumers about a company’s offerings.

17. Marketing Strategy – A business's overall approach to reaching target customers and achieving marketing goals.

Market Identification & Sales Forecasting

18. Target Market – The specific group of customers a business aims to reach with its products and services.

19. Sales Forecast – A prediction of future sales based on market trends, historical data, and economic conditions.

20. Marginal Utility – The additional satisfaction gained from consuming one more unit of a product.

21. Situation Analysis – An assessment of the internal and external factors affecting a business.

22. Jury of Executive Opinion – A qualitative forecasting method where experienced executives predict future sales.

Information & Research Accuracy

23. Factual Information – Data that is verifiable, objective, and based on evidence.

24. Unwarranted Criticism – Negative feedback or accusations without factual support.

25. Inconclusive Evidence – Data that does not provide a definitive answer or solution.

26. Current Data – Information that is up-to-date and relevant at the present time.

27. Reputable Source – A trustworthy and authoritative source of information.

28. Propaganda – Biased information used to influence public perception or opinions.

Technology in Marketing

29. Operating System – A software that manages computer hardware and applications.

30. Digital Connection – The integration of digital technology in communication and transactions.

31. Transfer Protocol – A set of rules that define how data is transmitted online.

32. Electronic Resource – Any digital tool used for business or research purposes.

33. Web Host – A service that provides storage and accessibility for websites.

34. Domain Name – The unique web address required for a website.

35. Site Builder – A tool or software used to create and design websites.

Data Interpretation & Business Operations

36. Data Mining – The process of analyzing large datasets to identify patterns and trends.

37. Visual Representation – Graphs, charts, and images used to interpret data findings.

38. Clustering – Grouping similar data points together for analysis.

39. Operations Management – The function responsible for overseeing day-to-day business activities.

Workplace Safety & Project Management

40. Workplace Supervision – The monitoring and management of employees' activities.

41. Fair Treatment – Employee rights related to non-discriminatory and ethical work environments.

42. Initiation Papers/Project Charter – Documents that formally authorize a project to begin.

43. Tangible Resources – Physical assets required for a business or project.

Quality Control & Business Inputs

44. Quality Standards – Benchmarks that define the expected level of quality in products or services.

45. Concurrent Engineering – A method where product development and production are integrated to improve efficiency.

46. House of Quality Matrix – A tool used to translate customer requirements into product specifications.

47. Lean Production – A manufacturing approach focused on reducing waste and improving efficiency.

48. Pareto Principle – Also known as the 80/20 rule, stating that 80% of outcomes come from 20% of efforts.

Ethics & Business Regulations

49. Ethical Standards – Guidelines for professional conduct in marketing and business.

50. Trade Association – An organization formed by businesses within an industry to promote common interests.

51. Rules of Conduct – A company’s policies on employee behavior and expectations.

52. Unethical Pricing – Pricing strategies that exploit customers or take advantage of market conditions.

Branding & Product Management

53. National Brand – A brand that is marketed and sold nationwide by a manufacturer.

54. Private Brand (Distributor Brand) – A brand owned and marketed by a retailer or distributor rather than the manufacturer.

55. Generic Brand – A lower-cost, non-branded version of a product.

56. Product Life Cycle – The stages a product goes through from introduction to decline.

57. Venture Team – A group formed to develop and manage new products or services.

Promotional Strategies

58. Institutional Promotion – A marketing strategy designed to improve a company's image rather than sell a specific product.

59. Product Promotion – Marketing efforts aimed at increasing awareness and sales of a specific product.

60. Digital Advertising – The use of online platforms and technology to market products.

61. Word-of-Mouth Communication – A promotional method where customers share their experiences with others.

Selling Process & Customer Relations

62. Selling Policies – The guidelines businesses use when interacting with customers and selling products.

63. Client Discovery – The process of identifying customer needs and preferences.

64. Reaching Closure – The stage of the selling process where a sale is finalized.

Customer Dispute Resolution

65. Arbitration – A dispute resolution process where an impartial third party makes a binding decision.

Inventory & Pricing Strategies

66. Stock-Turn Techniques – Methods used to manage inventory turnover rates.

67. Product-Bundling – A pricing strategy where multiple products are sold together at a discount.

Advertising & Media

68. Advertising Media – The channels used to deliver promotional messages (e.g., TV, print, digital).

69. Billboards – A form of outdoor advertising positioned in high-traffic areas.

70. Direct Mail – A promotional strategy involving printed or digital materials sent to potential customers.