DECA Marketing

Marketing
The dynamic activities that focus on the customer to generate a profitable exchange
The Goal of Marketing
To meet customers’ needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy
Dynamic
constantly changing
Customer
an individual or group who buys products
Target Market
The specific group of customers whose needs a company will focus on satisfying
The Four Ps of Marketing
Product, Place, Price, and Promotion
Product
Anything that can be bought or sold
Good
A physical item
Service
An action that is done for you
Idea
A concept, cause, issue, image, or philosophy that can be marketed
Place
The process of making products available to customers
Distribution
the process of physically delivering goods to customers
Price
The amount of money requested or exchanged for a product
Marketing Plan
A guide for a company’s product which includes Market Opportunities and Analysis, Strategy, and an Action Plan
SWOT Analysis
An analysis of a company’s strengths, weaknesses, opportunities, and threats
Forecast
A prediction of future sales or revenue
Need
Something that is necessary for survival
Want
Something a person desires but could function without
Economic Needs and Wants
Needs and wants that you can satisfy by buying something
Economic Goods and Services
The products that you buy to satisfy economic needs
Exchange
To trade something of value for something you want
Money
A consistent item people accept in exchange for goods or work
Value
How much something is worth
Time Value of Money
The greater potential worth in the future than it does today
Store of Wealth
Money’s ability to keep and store wealth for long periods of time.
Business
The general term for all the activities involved in the development and exchange of products
Profit
The money that a business has left after all the expenses and costs of running the business are paid
Sole Proprietorship
A business owned by one person [who] has all the responsibility and gets all the profits from the business
Partnership
A business owned by a small number of people, usually two or three
Legal Entity
An artificial person that exists separately from [other people]
Corporation
A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued
Stockholders
People who own a corporation
Stock
The right of partial ownership in a corporation
Two Categories of Business Organizations
For-profit and not-for-profit
For-Profit
A business organization whose goal is to make a profit for the owners
Not-for-Profit
A legal entity whose goal is to benefit society
NPO Categories
Social services, recreation and sport, arts and culture, food and health, housing, religion, and education
Functions of Business
Production, Finance, Marketing, and Management
Production
Any activity related to making a product
Finance
All activities involving money
Management
All activities required to plan, organize, lead, and control a business
Utility
Making a product more useful or accessible
Marketing Concept
An approach to business that says that the way to make a profit is to focus on customer satisfaction
Customer Satisfaction
The positive feeling a customer gets when the product purchased meets or exceeds the customer’s expectations
Total Company Approach
The idea that all company employees can have an effect on the customers
Elements of the Marketing Concept
Customer satisfaction, Total Company Approach, Profit
Marketing Function
The function a company takes to learn about customer needs and wants through production, finance, and management
Channel-Management
Handles activities involved in getting products from producers to customers
Marketing-information Management
Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers.
Market Planning
This function is used to determine and target marketing strategies to select audiences
Pricing
All activities involved in setting prices for products
Product/Service Management
The function of developing new products and improving an old product
Promotion
the nonpersonal communication with customers that is designed to influence them to purchase products
Selling
The function which consists of personal communications with customers […] including helping customers in a store, making sales presentations, answering questions on the phone, and demonstrating how a complex product works
Scarcity
A condition in which there are not enough resources to meet needs
Traditional Economy
An economy in which people perform activities the way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices.
Command Economy
An economy in which the national government answers economic questions. The goal of this economy is to ensure all members of the nation share limited resources, get a job, and receive other social services
Mixed economy
An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance.
Market Economy
Private property, economic freedom, and market forces are properties of this type of economy.
Private Property
The right of individuals to own land, goods, and make products.
Economic Freedom
The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell.
Market Forces
Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy.
Profit Motive
The drive to earn more money
Law of Demand
The economic principle that says when prices fall, demand rises.
Law of Supply
The economic principles that says when prices are high, supply will rise.
Productivity
The amount of product a worker produces per hour
Competition
The rivalry between two or more businesses to attract scarce (limited)
customer dollars
Business Opportunity
The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product.
Strategy
A plan developed to reach a goal
Target Market
The specific group of customers whose wants and needs you will try to meet with a specific marketing mix
Qualities of a Target Market
Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable
Marketing Mix
The decisions made about the product, place, price, and promotion for one product
Product Strategies
All decisions made about what product to offer
Price Strategies
All the decisions made about pricing a product
Place Strategies
All decisions made about where the product will be sold
Promotion Strategies
All the decisions made about how to tell customers about the company and the product
Mass Market
All the customers for a specific type of product
Mass Marketing
The development of only one marketing mix for a specific product […] assumed everyone has exactly the same wants and needs for the product
Nature of Consumer Markets
Diverse, consisting of many groups of consumers with different needs
Target Marketing
The development of a unique marketing mix for a specific market
Approaches to Choosing a Target Market
(1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product
Market Niche
A small segment of the market whose needs are not being met
Market Segmentation
The process of dividing a large market into smaller parts
Segmentation Variable
A customer characteristic that is used to segment a market
Categories of Market Segmentation
Geography, Demographics, Psychology, Behavioral
Geographic Segmentation
Segmenting a market based on where customers live
Census
A count of the people in a country made by the government
Demographic Information
Statistics that describe the characteristics of a population
Generation
A group of people born during a particular period of history
Discretionary Income
The income left after taxes and after the necessities of life have been paid for
Psychographic Segmentation
Segmenting a market based on psychological characteristics of customers
Behavioral Segmentation
Segmenting a market based on the way customers use a product
Market Segment Profile
A detailed description of the typical consumer in a market segment
Categories of Customer Influences
(1) Psychological, (2) social, (3) situational
Psychological Influences
The influences that come from within a person
Buying Motive
The reason that a customer seeks a product
Social Influence
The influences that come from the society in which you live
Categories of Social Influence
(1) Culture, (2) family, (3) friends and coworkers
Reference Group
The people who influence your buying decisions
Peer Pressure
The social influence that comes from the people your age with whom you interact daily
Situational Influences
Influences that come from the environment
Consumer decision-making process
1. Awareness of need or problem
2. Information search
3. Evaluation of options
4. Decision to buy
5. Purchase
6. Post-purchase evaluation
Impulse Purchase
A purchase decision made with no planning or research
Routine Buying Decision
A buying decision that is made quickly and without much thought
Limited Decision Making
Decision making that is made with some research and planning
Extensive Decision Making
Decision making which involves a great deal of research and planning
Competitor
One of the businesses that competes for customers
Monopoly
The exclusive control of a product by one company
Direct competitors
Businesses that sell similar products
Competitive Edge
The special feature or aspect of a product that makes it different from and better than other businesses
Price competition
Competing on the basis of price
Nonprice Competition
Competition that is based on something other than price
Market Share
One competitor’s percentage of the total sales in a specific market
Equation of Market Share
Company Sales / Total Sales in Market x 100%
Competition Grid
A chart used for recording information about competitors
Marketing Research
The gathering of information to make marketing decision
Areas of Marketing Research
(1) Customers, (2) competition, and (3) opportunity
Primary Data
Data collected for and about a specific company
Secondary Data
Data collected for someone else or for nonmarketing reasons, but is available for you to use
Secret Shopper
A person hired by a business to observe the quality of service
Five Ways to Collect Primary Data
(1) Observation, (2) Interview, (3) Survey, (4) Diaries, (5) Experiment
Interview
A formal meeting between two or more people, during which questions are asked of one person
Focus Group
A small group or panel of individuals who discuss topics of interest to the researcher
Bias
A prejudice for or against something
Survey
An organized study in which a researcher asks questions of a number of people
Questionnaire
A series of questions
Database
A computerized file of information
Data Mining
The process of analyzing company data to find answers to questions
Industry Publication
A magazine or newsletter that focuses on a specific industry
Trade Association
An organization of people in a specific type of business
Chamber of Commerce
A group of businesses whose primary purpose is to promote businesses in their area
Hypothesis
A statement that can be tested and proven to be true or false
Trend
A direction of movement of consumer behavior
Three Trends of Interest
(1) Social Trends, (2) Demographic Trends, (3) Product Trends
Social Trends
Changes in society which lead to changes in consumer behavior
Demographic Trends
Changes in the size of various segments of the population
Product Trends
The direction of development of products
Fad
Something that enjoys high popularity for a short amount of time and then disappears
Sales forecast
A prediction of future sales based on past sales and an analysis
Sales Forecast Formula
Past sales + Percentage increase factor = Sales Forecast
Not-for-profit Organization
An organization whose goal is to benefit society
Corporate Sponsorship
A financial contribution by a business to an NPO that pays for specific products or events
Mission
What the organization will do to improve quality of life by addressing some aspect of human needs or wants
Mission Statement
States the NPO’s goal and may include additional information, such as the organization’s activities or who is involved in their organization
Fundraising
Collecting money from individuals, organizations, or governments in order to achieve the NPO’s mission
Registered Charities
Organizations that have obtained registered charitable status from the Government of Canada
Board of Governors
The group of people that runs the organization and makes decision about its activities
Public Service Announcement
A type of advertisement intended to raise awareness about an issue and encourage people to change their behavior
Telemarketing
The selling of goods, services, or ideas through telephone calls
Cause-related marketing
An ongoing relationship between an NPO and a business
Mobile App
Software that can be used on a mobile device
3-D Tour
A video-based tour that lets you ‘walk’ through a place
Canvass
To go door-to-door to ask for donations
Lottery funding
Involves selling numbered tickets to raise money for the NPO
E-commerce
Business activities conducted via the Internet
Online
The condition of being connected to the Internet or being available on the Internet
Search Engine
Software that searches the Web to find websites on your topic
Dot-com
A business that conducts all of its sales and most of its promotion online via a website
Bricks-and-mortar business
A business that serves customers from a building or store
Electronic Data Interchange
A business-to-business exchange of information via computers using standard formats
Information Technology
When businesses use computer technology to store and transmit information
E-tailing
Selling products to consumers over the Internet
Social Media
Interactive forms of media that let users communicate with each other online
E-marketing
Marketing using computer technology, including websites, e-mail, and mobile phones
Microblogging
A short, immediate form of blogging — usually about 20 to 25 words
Nonsecure connection
An Internet connection over which anyone can see any of the information
Encryption
A process that converts data into a form that can be read only by a person with an authorized code
Secure Connection
An Internet connection that uses encryption
Tangible
An object that exists physically and can be touched
Intangible
Something that exists but is not physical and cannot be touched
Consumer products
Products sold to customers for personal use
Business products
Products sold to businesses for business uses
Service Economy
An economy in which most of the GDP comes from services and most of the workers have jobs in services
Differences between services and goods
(1) Intangible, (2) inseparable, (3) variable, (4) perishable
Inseparable
Production of the service cannot be separated from the use of the service
Perishable
Cannot be stored for later use
Installation
The process of placing a good where it will be used and making the good ready for use
Technical Support
People who are available to help customers with problems
Standards
Measurable attributes that describe the value and utility of a product
Warranty
A written document stating the quality of a product and promising to correct specific problems that may occur
Guarantee
A promise that a product has a certain quality or will provide a satisfaction
Product Strategy
All the decisions made about the product
Product Life Cycle
The stages that a product or a product category goes through from its beginning to its end
Stages of Product Life
(1) Introduction, (2) growth, (3) maturity, and (4) decline
Industry Sales
All the sales of a product
Saturated Market
A market in which most of the potential customers who need, want, and can afford a product have bought it
Brand
A mark or design placed on a product to distinguish it from other products to identify the owner of the brand
Brand Name
Works, numbers, or letters that can be spoken as part of a company’s brand
Logo
The picture, design, or graphic image that is associated with a brand
Trade Character
A logo or brand mark that has been given human characteristics
Slogan
A phrase or sentence that summarizes some essential aspect of the product
Corporate Brand
The brand that represents the whole company
Product Brand
The brand of a specific product
Manufacturer Brand
A brand created by a manufacturer for its own products
Private Brand
A brand owned by a reseller
Generic Brand
A product that is not branded
Customer Functions of Branding
(1) Identifies the product, (2) provides assurance of quality, and (3) provides assurance of consistency
Marketing Functions of Branding
(1) Create a unique image of the brand, (2) create a positive image of the brand, and (3) develop brand loyalty
Benefit
The need-satisfying ability of a product
Functional Benefits
Benefits which meet physical and safety needs
Emotional Benefits
Benefits which meet acceptance and esteem needs
Self-expressive Benefits
Benefits which meet esteem and self-actualization needs
Visual Symbol
The graphic design; it may include the brand name, logo, or slogan
Metaphor
A comparison between two unlike objects or ideas, for the purpose of implying a similarity between them
Positioning
The actions marketers take to create a certain image of a product in the minds of customers
Brand Position
The image that a brand has in the mind of the customer
Brand Loyalty
A situation in which the customer will buy only a certain brand of a product
Trademark
Another term for brand; it refers to the word, phrase, symbol, or design, or a combination of words, phrases, symbols, and designs that identifies and distinguishes the source of goods
Service Mark
The same as a trademark, except that it identifies and distinguishes the source of a service
Generic Name
The general name for an entire product category
List Price
The established price of a product, as published in a catalog, on a price tag, or in a price list
Market Price
The actual price you pay for a product, after any discounts or coupons are deducted
MSRP
The price that the manufacturer recommends
Price Factors
(1) Company goals, (2) expenses, (3) other marketing mix variables, (4) customer response, (5) competition, (6) economic conditions, (7) government regulations, (8) product life cycle, and (9) supply and demand
Expenses
Money that goes out of the business to pay for the things that a business buys
Profit Equation
Profit = Revenue – Expenses
Price Fixing
A situation in which a group of competitors gets together and sets the price for a specific product; they then all agree to sell that product for the same price
Price Discrimination
A situation in which a company plays favorites by charging lower prices to some companies for the same products
Elastic Demand
The term used for demand that changes with price
Marginal Utility
The additional satisfaction you get when you use an additional unit of the same product
Law of Diminishing Marginal Utility
As a consumer consumes more units of the same product, the marginal utility from each unit goes down
Inelastic Demand
Demand that is not affected by price
Pricing Objectives
The goals that tell what a marketer wants to achieve through pricing
Common Pricing Objectives
(1) Maximize profit, (2) maximize sales, (3) increase market share, (4) meet competition, (5) return on investment
Return on Investment
A ratio that tells you how much you earned as a percentage of the investment you made to earn the money
Return on Investment Formula
Simple ROI = Profit / Investment
Return on Marketing Investment
A metric that measures the overall effectiveness and impact of a marketing campaign
ROMI Formula
Simple ROMI = (Gross Profit – Marketing Investment) / Marketing Investment
Revenue
The money a business takes in for the products it sells
Break-Even Point
The point at which revenue from sales equals costs
Break-Even Point Formula
Break-Even Point = (Cost/item)(Number of items purchased) / Selling Price
Psychological Pricing
A set of pricing techniques used to create an image of a product and to entice customers to buy
Unit Pricing
Displaying the price of an item based on a standard unit of measure, such as by grams or meters
Discount Pricing
A reduction from the regular or list price of the product
Channel of Distribution
The route a good takes from its original source to its final customer
Intermediaries
The businesses between the original source and the customer
Wholesaler
A business that buys products from a products, and then sells them to another business
Retailer
A business that buys products from a producer or a wholesaler and then sells the product to the final customer in the consumer market
Nonstore Retailer
A business that sells directly to consumers through ways other than a retail store
Segment
Each step in a supply chain
Supply Chain
A channel of distribution
Agent
Another type of intermediary is the agent or broker
Broker
Another term for agent
Direct Distribution
A channel of distribution with no intermediaries
Indirect Distribution
A channel of distribution that uses one or more intermediaries
Inventory
Items held in a storage
Physical Distribution
The physical movement of goods in the distribution channel
Logistics
A general term for the handling of detail of any complex activity
Components of Physical Distribution
(1) The products which are shipped in a channel of distribution, (2) channel members, (3) transportation companies, and (4) warehouses
Merchandise
Finished consumer goods to be shipped to a retailer
Shipment
A group of products which are shipped to fill an order
Suppliers
Channel [of distribution] members
Carrier
Another term for a transportation company
Major Modes of Transportation
(1) Truck, (2) Ship, (3) Train, (4) plane, and (5) pipeline
Terms of Sale
The conditions governing a sale
Purchase Order
A document authorizing the purchase and delivery of certain goods at specific prices and time
Contract
A legal written agreement
Order processing
Receiving and filling orders
Pick Ticket
A list of the items requested for one order
Channel Management
To oversee physical distribution first by selecting, motivating, and evaluating Shipping Mode, Warehouse Storage, and Inventory Control
Just-in-time
A distribution strategy: material should not be delivered to the factory until the moment they are needed for production
Marketing Communication
Another term commonly used for promotion
Persuasion
The use of logic, argument, or pleading to get another person to agree with you or to act in a certain way
Effective Promotion
Promotion that achieves its goals
Promotion Categories
(1) The target market, (2) what is being promoted, or (3) the elements of promotion
Business-to-business promotion
The promotion that occurs when a business promotes its products to another business
Product Promotion
Marketing communication that focuses on the product and selling the product
Institutional Promotion
Communication that focuses on the image of the organization
Four Elements of Promotion
(1) Personal selling, (2) advertising, (3) sales promotion, and (4) public relations
Personal Promotion
The marketer and the customer communicate in person
Nonpersonal Promotion
Promotion that communicates the same message to all potential customers
Nonpersonal Elements of Promotion
(1) Advertisement, (2) sales promotion, and (3) public relations
Advertising
A written or spoken media message designed to interest consumers in purchasing a product or service
Sales Promotion
Marketing activities designed to entice customers to buy a company’s products
Visual Merchandising
The physical presentation of merchandise for the purpose of increasing sales
Coupon
An offer that indicates the product and the amount of price reduction when the coupon is used
Rebate
The return of a portion of the money paid for a purchase
Premium
An item given to the customer for free or at a reduced price along with the purchase of a product
Sweepstakes
Competitions that offer participants a chance to win a price
Promotional Tie-In
Promotion involving the products of two or more companies
Product Placement
In this form of promotion, the advertiser work with a media company to place one of its products in a movie or TV show, so that the brand name can clearly be seen
Trade Promotion
Another term for business-to-business sales promotion
Trade Show
An exhibit of products of interest to a specific industry
Trade Allowance
A discount or money paid to the intermediary who buys the product
Buying Allowance
A discount given to retailers for the goods purchased
Promotional Allowance
Money that the manufacturer pays to the reseller to cover the costs of promotion done by the reseller
Slotting Allowance
Money that the manufacturer or wholesaler pays to the retailer to cover the costs of carrying a new product
Point-of-purchase advertising
A promotional display located at the place where the customer makes the buying decision
Sales Incentives
Contests and rewards used by manufacturers and other channel members to motivate wholesalers and retailers to sell more of the product
Public Relations
Promotional activities designed to create goodwill between a company and the public
Proactive Public Relations
Communications initiated within the company for the purpose of image building
Reactive Public Relations
Communications in response to negative events or damaging information that appears in the media
Publicity
Information about a company and its products that appears in the media
Press Release
A story about the company that the public relations specialist writes and sends to the media
Press Kit
information about the company and its products
Press Conference
A meeting called by a business to which the media is invited
AIDA
(1) Attention, (2) interest, (3) desire, and (4) action
Call to Action
Words to motivate action
Pull Strategy
Promotion efforts are focused on the consumer in this strategy
Push Strategy
Promotional efforts are focused on the wholesalers, distributors, and retailers in this strategy
Integrated Marketing Communications
A process designed to convey a single, unified message through all promotional activities
Personal Selling
The process of helping customers find solutions to problems created by their needs and wants
Inside Sales
Selling that is done from the seller’s place of business
Outside Sales
Selling that is done outside the seller’s place of business
Retail Sales/Consumer Sales
Selling to the final consumer in a store
Call Centre
An office equipped with a large number of telephones
Sales Representatives
Salespeople in B2B sales
Government Sales
When a business sells to a government
Institutional Sales
When a business sells to an NPO
Direct Selling/Consumer Field Sales
Situations in the consumer market in which salespeople go to the customer’s home
Party Plan
When a sales representative holds a party to demonstrate or sell products
Sales Tasks Categories
(1) Order getting, (2) order taking, and (3) sales support
Order Getting
The process of finding customers and then influencing them to buy your product
Order Taking
The recording of orders
Sales Support
The people behind the scenes who help sales representatives
Sales Process
A series of steps that a salesperson goes through to help the customer make a satisfying buying decision
Sales Process Stages
(1) Approach, (2) presentation, and (3) close
Tax
Money collected by a government from its citizens to pay for government activities
Counterfeiting
The process of making fake money with the intent of using it as real money
Public Good
This benefits everyone in society, is difficult to monitor and charge, and there is usually no way to prevent use of it.
Safety Net
Programs that work together to provide economic relief when people require it
Business Cycle
The alternating period of economic growth and slowdown
Crown Corporation
A type of business owned by the government
Key Government Activities
(1) Legal framework, (2) public order, (3) currency, (4) taxes, (5) infrastructure, (6) health, education, social welfare, (7) disaster relief, (8) data collection, (9) consumer of products, (10) producer of products
Government Economic Stabilization Tools
(1) Government spending, (2) taxes, and (3) interest rates
International Trade/World Trade/Foreign Trade
Trade between nations
Domestic Trade
Trade that occurs within the borders of a nation
Gross Domestic Product
The total value of all finished products in a country in a specific time period
Emerging Markets
These developing countries are often good markets in which to start or expand a business
Reasons for Trade
(1) Unequal distribution of natural resources, (2) products unique to certain nations, (3) lower prices, (4) opportunities for business growth
Exports
Products that are sold to another country
Imports
Products that are bought from another country
Balance of Payments
The income from exports minus the expenses from imports
Trade Surplus
A positive balance of payments
Trade Deficit
A negative balance of payments
Foreign Exchange Rates
The cost of one currency in terms of another currency
Tariff
A tax on an imported product
Quota
A limit on the amount of a specific product that can be brought into the country
Marketing Board
An organization that encourages the sale of a particular product
Interdependence
A situation in which countries rely on each other for economic goods and services
Trading Bloc
A group of countries that join together to trade as if they were one country
Free Trade Zone
A group of countries that have reduced trade barriers between them
Globalization
The process by which the economies of the world are gradually becoming more connected and interdependent
Strategies for International Markets
(1) Global strategy, (2) adaption strategy, (3) customized strategy
Global Strategy
One marketing mix that is used with minimal changes in all markets
Adaption Strategy
Making changes in product or promotion or both to meet that target market’s culture, needs, and wants
Customized Strategy
Developing a totally new product to meet specific target market needs
Social Responsibility
The responsibility that each person has not to harm another person, the community, or the environment
Business Social Responsibility
The obligation to make business decisions that consider the impact on society
Requirements of Social Responsibility
(1) Be legal, (2) be ethical, and (3) be philanthropic
Law’s Effect of Business
(1) Fair business practices, (2) safety, and (3) environmental protection
Product Recall
The withdrawal of a product from the market for consumer safety
Greenhouse Gas Emissions
Gases formed by human activity, including industry, that trap heat in the atmosphere and lead to climate change.
Ethics
Rules for deciding the right behavior in a situation
Confidentiality
The ability to keep confidential information private
Code of Ethics
A list of rules to help a person make ethical decisions
Diversity
A group that includes people from two or more different backgrounds
Philanthropy
Actions that improve human welfare and spread goodwill
3-D Printing
The creation of a 3-D object from a digital image using a laser printer
Immigration
The movement of people from their country of origin to another country in order to live there permanently
Multicultural Marketing
Marketing that reflects the heritage, attitudes, lifestyles, and media preferences of different cultural groups
Multinational Corporation
A corporation that has operation in more than one country, and both produces and sells products in many countries
Foreign Trade Zone
A pot designated by the government where goods can enter and leave the country duty-free
Disposable Income
Income that remains after paying taxes and fixed expenses
Challenges of International Marketing
(1) Corruption, and (2) political instability
Corruption
Dishonesty involving the payment of money
Bribe
The practice of offering a gift, usually money, to gain some sort of advantage
Political Instability
Occurs when a government can no longer fulfill its basic responsibilities to its citizens or is on the verge of collapse
Customary
According to customs or usual practices
Vertical Conflict
Conflict occurring between two or more different hierarchical members of a channel of distribution.
Channel
A set of practices or activities necessary to transfer the ownership of goods from the point of production to the point of consumption.
Oligopoly
A market form in which a market or industry is dominated by a small number of sellers
Skip Interval
A random method of sampling that applies a constant interval to choosing a sample of elements from the sampling frame.
Steward
An official appointed to supervise arrangements
Mediator
A person who attempts to make people involved in a conflict come to an agreement
Subsidy
A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive
Cooperative
Owned and run jointly by its members, with profits or benefits shared among them
Partnership
A business or firm owned and run by two or more partners
Proprietorship
The owner of a business, or a holder of property
Appropriation
The action of taking something for one’s own use; typically without the owner’s permission
Defamation
The action of damaging the good reputation of someone
Capital-Intensive
A business process or an industry that requires large amounts of money and other financial resources to produce a good or service.
Green Marketing
The practice of pricing, promoting, and distributing products
in such a way that they do not harm the natural environment
Vision
A desire for the future that is achieved over time with
determination and hard work
Cash Conversion Cycle
The ratio that reflects the number of days
between a company paying for raw materials and receiving cash from selling the products made from
those raw materials
Volume-tracking scanner
A scanners that is commonly used during a
sales transaction, which is the point of purchase, that reads or translates codes that are placed
on products and enters the product information into a computer
Environmental Scan
An analysis of external forces that influence a
business’s success
Platform Project
A project that creates something
entirely new
Product Innovation
The development of totally new or improved products
Process Innovation
Improving of some aspect of a process
Positioning Innovation
Identifying new, different ways to position a product or a company
Paradigm Innovation
A shift in the way of thinking that causes change
Market opportunity
When a situation exists to fulfill a market’s unmet needs
Subhead
Adds information to that expressed in the headline, it is usually positioned below the headline and set in slightly smaller size type
Touchpoints
The interactions that customers have with the business, and they can be divided into three categories: pre-purchase, purchase, and post-purchase experiences
Executive Summary
Provides an overview of the entire report and
contains the most important information included in the body of the report
FRUGGING
(fund-raising under the guise of research) unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization
Internal Secondary Data
Data from within the business that has been collected
for purposes other than the project at hand
Sampling
The course of action for gathering marketing information from a section or portion of a target market
Invoice
The formal, printed record of a sale that includes all necessary information about a
sales transaction
Respondent-selection Error
When interviewers survey an inappropriate sample of the population
Deliberate-falsification Error
When people provide false information on purpose
Respondent-inability Error
When respondents forget the answer to a question
Scanner Fraud
When the customer is charged an incorrect amount for the item when it is scanned at the checkout counter
Cease-and-desist order
A court-ordered demand requiring an advertiser to
stop running an advertisement
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
Push Promotional Strategy
Taking the product directly to the customer via whatever means, ensuring the customer is aware of your brand at the point of purchase
Pull Promotional Strategy
Motivating customers to seek out your brand in an active process
Likert
Scale that primarily measures attitudes by asking respondents their degree of agreement or disagreement to a number of statements