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Advertising: - Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
Administered VMS: A vertical marketing system (VMS) that coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties.
Allowance: Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer’s product in some way.
Baby boomers: The 78 million people born during the baby boom following World War II and lasting until 1964.
Basing point pricing: A geographical pricing strategy in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer.
Benchmarking: The process of comparing the company’s products and process to those of competitors, to identify “best practices” and find ways to improve their quality and performance.
Brand equity: The evaluation of customer of a particular brand.
Brand Personality: The specific mix of human traits that may be attributed to a particular brand.
Cannibalization: The situation in which one product sold by a company takes a portion of its sales from other company products.
Catalog marketing: Direct marketing through print, video or digital catalogs that are mailed to select customers, made available in stores or presented online.
Category Killer: Giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees.
Chain store: Two or more outlets that are commonly owned and controlled.
Co-branding: The practice of using the established brand names of two different companies of the same product.
Concentrated marketing: A firm goes after a large share of one or a few segments or niches.
Consumer generated marketing: Marketing messages, ads and other brand exchanges created by consumers themselves-both invited and uninvited.
Consumer oriented marketing: The philosophy of sustainable marketing that holds that the company should view and organize its marketing activities from the consumer’s point of view.
Consumer to business (C2B) online marketing: Consumers search sellers, learn about their offers and initiate purchases, sometimes even driving transaction terms.
Consumer-to-consumer online marketing: Online exchanges of goods and information between final consumers.
Consumerism: An organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers.
Contract manufacturing: A joint venture in which a company contracts with manufacturers in a foreign market to produce the product and provide its service.
Contractual VMS: Independent firms at different levels of production and distribution join together through contracts to obtain more sales impact than they could achieve alone.
Convenience store: Small store, located near residential area.
Countertrade: International trade involving the direct or indirect exchange of goods for other goods instead of cash.
Customer Equity: The total combined customer lifetime values of the entire companies’ customer.
Customer perceived value: The difference between all the benefits and all the costs of a marketing offer.
Customization: The Company is able to produce individually differentiated goods whether ordered in person, on the phone, or online.
Customization: The combination of operational customization and marketing customization. A customaries company is able to dialog with individual customers and respond by customizing its products, services and message on one-to-one basis.
Department store: Carries a wide variety of product lines-each line is operated as a separate department.
Direct marketing: Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships.
Derived demand: Business demand that ultimately comes from the consumer goods.
Discount store: A retail operation that sells standard merchandise at lower prices and selling at higher volume.
Environmentalism: An organized movement of concerned citizens and government agencies to protect and improve current and future living environment.
Franchise: A contractual association between a manufacture, wholesaler, or service organization (a franchiser) and independent business people (franchisees) who buy the right to own and operate one or more units in the franchise system.
Gatekeepers: People in the organizations buying center who control the information to others.
Innovative marketing: Marketing principle that requires real product and marketing improvements.
Interactive marketing: Training service employees in the fine art of interacting with customers to satisfy their needs.
Licensing: A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret, or other item of value for a fee or royalty.
Market potential: The upper limit of market demand.
Marketing Return on investment (ROI): Dividing net marketing contribution by marketing expenses.
Marketing Return on sales (ROS): Dividing net marketing contribution by net sales.
Mission statement: Organizations’ purpose-what it wants to accomplish in the larger environment.
Multichannel distribution system: A single firm sets up two or more distribution channels.
Market –skimming pricing: Setting a price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales.
Market-penetration pricing: Setting a low price for a new product in order to attract a large number of buyers and a large market share.
Product Line: A group of products that are closely related because they function in a similar manner, are sold to the same customer group, are marketed through the same type of outlets or fall within given price ranges.
Product mix: The set of all product lines and items that a particular seller offers for sale.
Prospecting: Companies identifies qualified potential customer.
Pull strategy: Spending a lot on advertising and consumer promotion to induce final consumers to buy the product.
Push strategy: A promotion strategy that calls for using the sales force and trade promotion to push the product through channels.
Personal selling: Personal selling by the firm’s sales force for the purpose of making sales and building customer relationships.
Public relations: Building good relations with the company’s various public by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
Sales promotion: Short-term incentives to encourage the purchase or sale of a product or service.
Social marketing: Programs designed to influence individual behavior to improve their well-being and that of society.
Societal Marketing: A company’s marketing decisions should be concerned with consumer’s want, the companies requirements’ consumer’s long run interest and society’s long run interest.
Super market: A large, low-cost, low-margin, high-volume self-service store that carries a wide variety of grocery and household products.
Superstore: Much larger than supermarket that offers a large assortment of routinely purchased food products, nonfood items and services.
Specialty store: Carry a narrow product line with a deep assortment.
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