MARKETING PRAXIS

absolute advantage
exists when a country can produce a good or service at a lower cost than other countries
advance dating
a date other than the invoice date
agents
negotiate goods without taking ownership (ex – broker)
allowance
partial return of sale price for kept merchandise
balance of trade
difference in exports / imports
basic stock list
buying plan for items that should always be in stock
blind check
check merchandise using Style #s and descriptions
bonded warehouse
stores products that require payment of federal tax
brand extension
branindg strategy that uses and existing brand name for a new product in the product line
brand licensing
authorization to allow another company to use your brand
brand mark
part of the brand that is the symbol, color or lettering
carload
minimum # of pounds to fill a boxcar
co-branding
combine brands to increase customer loyalty
command economy
government answers economic questions
common carrier
UPS, fed ex etc… provide services for any business with a fee
comparative advantage
nation gain this by selling goods it produces more efficiently
contract carrier
provides transport on a selective basis according to the agreements by the carrier or shipper
copy
selling messages in a written ad
CPM
Cost per thousand – costs of exposing a thousand people to an add
cost plus
cost, expense calculated and desired profit added to arrive at the price
customer advisory board
consumers who make suggestions on new products
debt capital
raising funds by borrowing money
derived demand
demand in one market based on demand in another
direct check method
compare merchandise against an invoice or PO
direct close
salesperson asks for the sale
distribution center
warehouse designed to speed delivery
dollar control
planning and managing the total inventory method during a set amount of time
dummy invoice check method
a method of checking merchandise using a form similar to an invoice with styles and sizes omitted
elastic demand
change in price changes demand
EOM date
End of the month dating
endless chain
asking previous customers for names of potential customers
exclusive distribution
use of only one sales outlet for a product in a geographic region
extra dating
allows additional days before dating terms take effect
family life cycle
single, newlywed, full nest, empty nest, sole survivor
fidelity bonds
protects a business from employee dishonesty
flexible price
customers can bargain
GDP
gross domestic product – measure production of goods and services by those located in that country.
GNP
gross national product – measure of the production by a nation’s residents whether there or abroad.
horizontal organization
non traditional business structure
GOE
Guide for Occupational Eduction – organizes work into 12 interest areas.