Card Set Information

2012-09-11 11:26:20
dmvmarketing5 mark juan vann

Show Answers:

  1. incrementalism
    The notion that strategies are the outcome of a series of piecemeal and minor tactical decisions in response to problems and opportunities rather than through systematic, formal, prepared plans. Incrementalism holds that organizations are more reactive than proactive.
  2. independent carrier
    An owner-operator or individual trucker who provides line-haul service for others. Under current transportation regulations, an independent carrier can make business arrangements with common carriers, contract carriers, exempt carriers, and private carriers.
  3. index of retail saturation
    A technique normally used in larger areas to aid retailers' choice among possibilities for location of new outlets. It offers better insight into location possibilities than a simple descriptive analysis of market potential because it reflects both the demand side and the supply side; i.e., the number of existing outlets in the area and the number and/or income of consumers.
  4. indirect channel
    A channel whereby goods and services are sold indirectly from producer through independent middlemen to final users.
  5. indirect denial
    A method used by salespeople to respond to prospect objections by denying the validity of the objection but attempting to soften the response by first agreeing that the issue raised in the objection is important.
  6. indirect traceable costs
    Costs that are not incurred solely for a particular activity but, through reasonably objective means, can be traced, in part, to the activity for which they are incurred.
  7. individual brand
    The brand identity given to an individual product, as separate from other products in the market and from other items in the product's own line. A trademark.
  8. industrial market
    The industrial market (also called the producer market or business market) is the set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others. The major types of industries making up the industrial market (business market) are agriculture, forestry, and fisheries; mining; manufacturing; construction and transportation; communication and public utilities; banking, finance, and insurance; and services.
  9. industrial market segmentation
    The process of separating an industrial market (business market) into groups of customers or prospects such that the members of each resulting group are more like the other members of that group than they are like members of other segments.
  10. inelastic demand
    1. A situation in which a cut in price yields such a small increase in quantity taken by the market that total revenue decreases. 2. A situation in which the percentage of quantity taken in the market "stretches" less than the percentage drop in price.
  11. inelastic supply
    1. A situation in which the quantity offered to the market increases less than proportionately to an increase in price. 2. A situation in which the percentage of goods offered to the market "stretches" less than the percentage increase in price.
  12. inflation
    1. (economic definition) An economic condition characterized by a continuous upward movement of the general price level. 2. (global marketing definition) An increase in prices in a country that results in a decline in the purchasing power of consumers.
  13. influence strategy
    A means of communication used by a channel member's personnel in applying its power in specific channel relationships.
  14. influence, interpersonal, in the buying center
    The influence of one individual member of the buying center on an other is the change in behavioral and/ or psychological states of other buying center members brought about by the perception of each other's power in an organizational buying situation.
  15. informal group
    The interpersonal and inter-group relationships that develop within a formal group or organization. This might include cliques, "coffee colleagues" or friendship circles. An informal group tends to form when the formal organization fails to satisfy important needs of the members.
  16. information search
    1. (industrial definition) The process by which a buyer seeks to identify the most appropriate supplier(s) once a need has been recognized. The information search process may vary based upon variables such as organizational size and buying situation. 2. (consumer behavior definition ) Intentional exposure to information. Before buying a camera, for example, the consumer might be attracted to and seek out advertisements for cameras, read articles in photography magazines, and turn to Consumers' Reports. Seeking the advice of an expert, knowledgeable acquaintance, or salesperson can be involved.
  17. initiating structure
    A leadership style wherein sales managers closely direct their sales personnel; clarify their roles for them; and plan, coordinate, problem solve, criticize, and pressure them to perform. A sales manager using this leadership style tends to exhibit task-oriented behavior.
  18. inner-directedness
    A system of values prevalent in production-oriented societies in which members of the society are taught specific value systems dependent on self-sufficiency and inner values. This was first developed by David Riesman in his monograph The Lonely Crowd and later adapted by Stanford Research Institute in its VALS program.
  19. innovation
    n the marketing literature, innovation implies the introduction of a new product, idea, or service into the market place. According to Robertson, it involves a new product that is very different from the established products or at least perceived to be different by consumers in the relevant market segment. New products can be referred to as continuous innovations such as Crest spearmint toothpaste or Michelob light beer. Or they can be discontinuous innovations, a completely new product such as the electric light bulb or perhaps the computer.
  20. innovative imitation
    The strategy or practice whereby a firm's new products are emulative of others already on the market but are significantly different in at least one aspect. The product differs from pure imitation, in which the new item is a "me-too" product or a total copy, and from an emulative product because the difference here is significant.
  21. innovativeness
    1. (product development definition) When applied to a buyer, the extent to which that person or firm is willing to accept the risks of early purchase of an innovation. 2. (consumer behavior definition) A personality trait designed to account for the degree to which a consumer accepts and purchases new products and services.
  22. input evaluation measure
    An objective measure of the amount of effort or resources expended by the sales force, including the number of sales calls; amount of time and time utilization; expenses; and non-selling activities such as letters written, number of phone calls made, and number of customer complaints received.
  23. inquiry
    A customer's request for additional information about a product or service. Comment: Inquiries are often generated through advertising in which a customer can request additional information by mailing a card or coupon.
  24. inquiry test
    A method of testing the effectiveness of an advertising message and/or media vehicles based on the number of customer inquiries that can be directly attributed to the message by means of coupons attached to the ads or special telephone numbers or code numbers used in ads or commercials.
  25. institutional advertising
    An advertising message or advertising campaign that has the primary purpose of promoting the name, image, personnel, or reputation of a company, organization, or industry. When employed by a company or corporation it is sometimes called corporate advertising.
  26. institutional market
    The market consisting of churches, museums, private hospitals, schools and colleges, clubs, and many other organizations that have objectives that differ basically from those of traditional business organizations.
  27. institutional marketing
    The marketing of goods and services to the institutional market.
  28. Institutionalization
    In social marketing, creating the conditions under which a behavior-change program is continued beyond its initial campaign. Comment: Institutionalization is of major concern to agencies funding social marketing programs in developing countries that wish to terminate program support but see the effects continue
  29. in-store marketing
    The marketing dollars spent inside the store in the form of store design, merchandising, visual displays, or in-store promotions.
  30. instrumentality
    A salesperson's estimate of the likelihood that higher levels of performance will lead to his or her receiving greater rewards. In essence, it is the linkage between salesperson performance and attainment of various rewards. For example, a salesperson might estimate that there is a 25 percent probability (instrumentality) of his or her receiving a pay raise if he or she achieves quota. Instrumentalities can influence a salesperson's level of motivation.
  31. integrated development
    A process of combining diverse organizational talents and functional groups to support a new product's development. Also called cross-functional integration, integrated development requires regular, high-quality communication and problem- solving among the different contributors to the new product development process.
  32. integrated division
    This division contains both marketing and production functions, thereby providing the division manager coordination and control of the principal factors affecting profits.
  33. integrated marketing communications
    A planning process designed to assure that all brand contacts received by a customer or prospect for a product, service, or organization are relevant to that person and consistent over time.
  34. integrated service provider
    A for-hire firm that performs a range of logistics service activities such as warehousing, transportation, and other functional activities that constitute a total service package. The majority of these firms customize the service package to meet individual customer needs.
  35. integration
    The acquisition or development of businesses that are related to the company's current businesses as a means of increasing sales and/or profit and gaining greater control. There are three forms of integration: (1) backward integration-in which the company acquires one or more of its suppliers or develops its own supply capability in order to gain more profit and/or control; (2) forward integration-in which the company acquires one or more of its buyers (e.g., wholesalers or retailers when the buyer is not the "ultimate buyer"); and (3) horizontal integration-in which the company acquires one or more of its competitors.
  36. intention
    1. (marketing research definition) Anticipated or planned future behavior. 2. (industrial definition) The decision to acquire specific goods and/or services under given terms and conditions.
  37. interactive agency
    A advertising/marketing agency offering a mix of Web design/development, Internet advertising/marketing, or e-business/e-commerce consulting.
  38. interindustry competition
    The rivalry among sellers in different industries to achieve such objectives as gaining a larger share of the market, increasing profits, or increasing sales, by urging consumers to substitute a seller's products or services for their current choices. Examples are substituting cotton clothing for synthetics, or fish for steaks.
  39. intermodal transportation
    The movement of goods that combines two or more modes of transportation such as truck and rail to maximize the benefits of both modes while minimizing their drawbacks. For example, the combination of rail and motor carriage utilizes the flexibility of motor carriers and the low line-haul cost of rail.
  40. internal validity
    One criterion by which an experiment is evaluated; the criterion focuses on obtaining evidence demonstrating that the variation in the criterion variable was the result of exposure to the treatment or experimental variable.
  41. international advertising
    The advertising phenomenon that involves the transfer of advertising appeals, messages, art, copy, photographs, stores, and video and film segments (or spots) from one country to another.
  42. international corporation
    An early stage in the development of a global/ transnational corporation. An international corporation may operate in many countries, but it does not have a global vision or strategy.
  43. International Development Association (IDA)
    An affiliate of the International Bank for Reconstruction and Development formed in 1960 to help developing countries by extending financial aid on subsidized terms. It helps countries whose credit standing does not enable thetas to borrow from the bank, and it is prepared to finance a wide variety of projects.
  44. International Monetary Fund (IMF)
    A multinational organization whose objective is to promote international financial cooperation and to coordinate the stabilization of exchange rates and the establishment of freely convertible currencies.
  45. interpersonal factors
    Those influences or forces on the consumer due to other individuals within the individual's life space or sphere of activity. Wearing a tie when others are doing so would be an example, as would a person purchasing perfume to impress someone else.
  46. inter-selling
    The process of selling between and among departments to facilitate larger transactions and to make it more convenient for the customer to accessorize.
  47. Interstate Commerce Commission (ICC) (1887)
    The first independent regulatory agency established, the ICC is required to "foster the preservation and development of a national transportation system adequate to meet the needs of the commerce of the United States, of the postal service, and of the national defense."
  48. intertype competition
    The competition between different types of firms selling the same product. For example, automobile tires may be sold through discount stores; gasoline service stations; department stores; tire, battery, and accessory dealers; and independent garages.
  49. intraindustry competition
    The rivalry among sellers of the same product or service to achieve such objectives as increasing sales, market share, or profits.
  50. Intranet
    Intranets are private networks, usually maintained by corporations for internal communications, which use Internet -- usually web -- protocols, software and servers. They are relatively cheap, fast, and reliable networking and information warehouse systems that link offices around the world. They make it is easy for corporate users to communicate with one another, and to access the information resources of the Internet.
  51. intrapreneurship
    The practice of entrepreneurship within a large firm. Intrapreneurship is a style of management thought to be independent, risk-taking, innovative, daring, and typical of the style used in successful start-up firms. In some situations intrapreneurship requires that the entrepreneurial unit be segregated or isolated from the other units, thus permitting the unique style of management.
  52. intratype competition
    The conflict (or competition) between firms of the same type-e.g., a department store competes with another department store; a supermarket competes with another supermarket.
  53. intrinsic reward
    A reward that comes from within the individual rather than externally. Practicing the piano for the sheer joy of learning and creating music rather than for a cash reward is an example.
  54. introduction approach
    A method for approaching prospects in which salespeople simply state their name and the name of their company.
  55. introductory stage of product life cycle
    The first stage of the product life cycle. The new product is introduced to the market, sales are slow, promotion is usually heavy, costs are accumulated, profits are frequently negative, and expectation is focused on determining when and if the product will soon enter the second (growth) stage of the cycle.
  56. inventory cushion
    The allowance in the inventory made for uncertainties in sales or deliveries, often added to the basic low stock to provide for conditions neither controllable nor accurately predictable.
  57. inventory management
    The process of acquiring and maintaining a proper assortment of merchandise while keeping ordering, shipping, handling, and other related costs in check.
  58. investment
    Any outlay of cash flow in the near term that is expected to generate cash inflows in future periods. Typically some or all of the cash outlay is capitalized on the balance sheet of the firm.
  59. investment strategy
    A strategy that specifies (1) the requirements for funds needed to achieve the competitive advantage, and (2) the outcomes expected from the allocation of these funds. The broad investment choices are build, defend, or harvest market position.
  60. invisible assets
    Assets that are hard to copy, very time-consuming to develop, capable of many uses, and unattainable with money alone. Invisible assets are mainly embodied in factors such as the superior skills of people, corporate culture, advanced technical design and production skills, and mastery of the dominant technologies. These assets may be acquired through first-mover advantages, accumulated experience, continued investment in training, and insightful nurturing of strengths.
  61. involvement
    The degree of personal relevance a consumer perceives a product, brand, object, or behavior to have. High involvement products are seen as having important personal consequences or as useful for achieving important personal goals. Low involvement products are not linked to important consequences or goals.
  62. item merchandising
    The special planning and control effort employed to discover and take advantage of the sales opportunities afforded by items that are in greater consumer demand
  63. item nonresponse
    A source of nonsampling error that arises when a respondent agrees to an interview but refuses or is unable to answer specific questions.
  64. itemized rating scale
    A scale distinguished by the fact that individuals must indicate their ratings of an attribute or object by selecting one from among a limited number of categories that best describe their position on the attribute or object.
  65. job lot
    A promotional grouping of merchandise through which some vendors dispose of end-of-season surpluses and incomplete assortments. For example, a blouse manufacturer may offer, in minimum units of three dozen garments, a miscellaneous selection of different sizes and styles at one-half the original or early season wholesale price.
  66. joint rate
    A form of transportation pricing in which more than one carrier is involved in the movement of freight. A joint rate means that freight moves on a through bill of lading even though multiple carriers are involved in the transport.
  67. joint venturing
    A linkage between two companies in order to facilitate the supply and/or sale of products to a market or market segment. A joint venture arrangement might be set up between two or more companies in order to enter a new market (e.g., a foreign market), or between two or more companies in the value chain as when the child of two corporate parents develops a new distribution or builds a supplying plant. Joint ventures can be informal sharing agreements or formal equity-sharing arrangements.
  68. junket
    A publicity device in which members of the media are brought to a company to observe the product being made, research facilities, and the like.
  69. jury of executive opinion
    A method of developing a sales forecast in which the executives of the company are polled for their assessment of likely sales. It is also known as the jury of expert opinion method.
  70. just-in-time (JIT)
    An inventory management system based upon the philosophy that well-run manufacturing plants do not require the stockpiling of parts and components. Instead, they rely upon receiving necessary inventory in the exact quantity and at a specified time to support manufacturing schedules.
  71. just-in-time II (JIT II)
    A supply management system that builds on JIT to include close working relationships between suppliers and manufacturers. Suppliers actually work in the manufacturer's facility to coordinate production scheduling, delivery, and participate in early product design. No traditional buyer/supplier representatives exist in such a relationship
  72. key account
    A large account, usually generating more than a prespecified annual sales level, that receives special treatment from salespeople.
  73. key success factors
    Those factors that are a necessary condition for success in a given market. That is, a company that does poorly on one of the factors critical to success in its market is certain to fail.
  74. keystone markup
    A markup in which the cost price is doubled or a markup of 50 percent of retail is obtained. For example, if an item is retailed at $20 and cost the retailer $10, then the keystone markup has been applied
  75. keyword marketing
    Placing a marketing message in front of users based on they keywords they are using to search
  76. Keyword/Keyword Phrase
    A specific word or combination of words that a searcher might type into a search field. Includes generic, category keywords; industry-specific terms; product brands; common misspellings and expanded variations (called Keyword Stemming), or multiple words (called Long Tail for their lower CTRs but sometimes better conversion rates). All might be entered as a search query. For example, someone looking to buy coffee mugs might use the keyword phrase “ceramic coffee mugs.” Also, keywords – which trigger ad network and contextual network ad serves – are the auction components on which PPC advertisers bid for all Ad Groups/Orders and campaigns.
  77. Kickback
    A payment made by a salesperson to a buyer based on the size or number of orders placed by the buyer for the salesperson's products or services.
  78. knowledge function of attitudes
    A function of attitudes that serves the individual in understanding the environment. The knowledge function aids the individual in organizing information into an understandable or cohesive whole. It is one of the functions of attitudes proposed by the functional theory of attitudes
  79. label
    The information attached to or on a product for the purpose of naming it and describing its use, its dangers, its ingredients, its manufacturer, and the like. A label is usually thought of as printed material, but labeling in the broader sense has been ruled to include spoken information and separate promotional pieces, if they serve the information purpose and are closely allied to the product.
  80. laddering
    A technique to discover the associations consumers have between specific product attributes and more general end states or consequences
  81. late majority
    The fourth (and large) group of users to adopt an innovation.
  82. launch control
    The process by which a management plans for and supervises the introduction of a new product; the product's progress is monitored against pre-established norms, variances are detected, and corrections made such that the original goals set for the product are achieved.
  83. law of comparative advantage
    This law states that a country tends to export those economic goods in the production of which it has a comparative advantage and to import those economic goods in the production of which it has a comparative disadvantage. If a country has no comparative advantage, then it should tend to produce those products for which it has the least comparative disadvantage.
  84. law of demand
    1. (popular definition) The law that, other things being equal, consumers will buy more of a product at a low price than at a high price. 2. (economic definition) The law that, under the same conditions of demand, the amount of product taken by a market varies inversely with its price.
  85. law of diminishing marginal utility
    A situation in which consumption of an additional unit of a good adds less to total satisfaction than the preceding unit.
  86. law of effect
    A technical term from learning theory in psychology often credited to Thorndike. Of the several responses made to the same situation, that which is accompanied or closely followed by satisfaction, other things being equal, will more likely be repeated, and the connections learned. Those responses that are followed by punishment will be extinguished. For example, the consumer's probability of repeating purchase of a brand would increase if he/she were satisfied with the purchase and decrease if he/she were dissatisfied. However, whether rewards and punishment are essential for learning to occur is controversial in that many learning theorists claim that reinforcement is unnecessary.
  87. lead users
    1. (product development definition) A small group of potential product users who need new products before the general market recognizes the need. If this need can be satisfied, the lead user expects significant benefits. Because lead users have a specific problem to be solved in their own organizations, they can provide valuable information and assistance to a product developing organization 2. (industrial definition) The buying organizations that consistently are early adopters of new technologies. Lead users have needs that will become general in the marketplace later on, benefit significantly by obtaining a solution to those needs, and often largely influence other firms' buying decisions. For example, Intel has been a lead user of microchip production equipment.
  88. leader pricing
    The practice of knowingly and intentionally marking a part of the stock at prices that will not yield the maximum profit return on these particular goods. The article so selected for special price emphasis is identified as a leader.
  89. leadtime
    1. (retailing definition) The amount of time determined by a merchandiser to be necessary to add on to the purchasing period in order to assure that sufficient merchandise will be on hand until the particular order is received. If delivery time is long, or if raw materials are in short supply, leadtime may be longer than when conditions are normal. 2. (physical distribution definition) The time required to receive inventory once an order is placed. It is also called replenishment time.
  90. leapfrog routing
    A method for scheduling calls that requires salespeople to call on a cluster of customers that are in close geographic proximity, "leaping" over single customers in isolated areas. The objective of the method is to minimize travel time.
  91. learned reaction
    See cognition learning According to Hilgard, learning refers to more or less permanent change in behavior that occurs as a result of practice. It is a process by which an activity originates or is changed through reacting to an encountered situation, but does not include those changes induced by maturation, genetic response tendencies, or temporary situations such as fatigue or drug influence. It includes such activities as the learning of facts and skills, brands, jingles, purchase behavior, beliefs, and attitudes.
  92. learning curve
    Typically, this is a graph of the amount of material learned, plotted against time or number of trials. Many learning situations lead to an S-shaped curve.
  93. learning decay
    The fading of memory of a specific learned response. Because forgetting is a controversial issue among learning theorists-some claiming that nothing is ever forgotten-the terms decay of advertising effects or decay of a learned response are more accurate for the process of forgetting.
  94. leased department
    A section of a retail business managed and operated by an outside person or organization rather than by the store or which it is a physical part, whether conducted by an individual or a chain.
  95. licensing (1)
    1. (strategic marketing definition) A relatively simple, low risk linkage that allows a manufacturer to "enter" new markets (typically foreign markets). It is an arrangement in which a licensee in a new market is given the right to use a process, trademark, patent, or other proprietary item for a fee or royalty. 2. (global marketing definition) An agreement between two companies in which the licenser grants the right to the licensee to sell a patented product in specified markets for an agreed-upon fee. It is a tool for participating in foreign markets without large capital outlays. When capital is scarce, when import restrictions forbid any means of entry, when a country is sensitive to foreign ownership, or when it is necessary to protect trademarks and patents against cancellation for non-use, licensing is a legitimate means of capitalizing on a foreign market.
  96. licensing (2)
    Right to use a property’s logos and terminology on products for retail sale. Note: While a sponsor will typically receive the right to include a property’s marks on its packaging and advertising, sponsors are not automatically licensees.
  97. life style
    1. (consumer behavior definition) In general, this is the manner in which the individual copes and deals with his/her psychological and physical environment on a day-to-day basis. More specifically, it is used by some theorists as a phrase describing the values, attitudes, opinions, and behavior patterns of the consumer. 2. (consumer behavior definition) The manner in which people conduct their lives, including their activities, interests, and opinions.
  98. life-cycle costs
    The costs of a durable good over its entire operating life. Comment: Life-cycle costs are often introduced to show that products with higher initial costs (e.g., because they are built better) really have lower costs over their effective lives. (e.g., because they need fewer repairs).
  99. line extension
    A new product marketed by an organization that already has at least one other product being sold in that product/market area. Line extensions are usually new flavors, sizes, models, applications, strengths, etc. Sometimes the distinction is made between near line extensions (very little difference) and distant line extensions (almost completely new entries).
  100. linear learning model
    A brand choice model that views the probability of choosing a particular brand on the current choice occasion as linearly related to the consumer's probability for choosing that brand on the previous occasion. The particular linear function applied to the previous period's choice probability depends on whether the brand of interest was actually chosen last time (in which case the "acceptance operator" is applied) or not chosen last time (causing the "rejection operator" to be applied) (Kuehn 1962). In this model, the consumer's probability of selecting a particular brand on the current choice occasion is affected by the entire sequence of previous choices-hence the term learning model is appropriate.