Marketing and Business Terms: A Comprehensive Glossary, Quizzes of Marketing

Download Marketing and Business Terms: A Comprehensive Glossary and more Quizzes Marketing in PDF only on Docsity! TERM 1 Product DEFINITION 1 The result (output) of some activity that can be offered to a market for attention, acquisition, or consumption. TERM 2 Intangible, Perishable, Variable, Inseparable DEFINITION 2 Characteristics of services (4) TERM 3 Brand Extensions DEFINITION 3 Leveraging the brand associations in one context so that they apply to a related product. TERM 4 Complementarity, Transferability of Skills, Substitutability DEFINITION 4 Elements for a successful brand extension (3). TERM 5 Strategic Business Units DEFINITION 5 Profit centers that a firm organizes its products into when it grows and adds products. TERM 6 Graphical Portfolio Analysis DEFINITION 6 Provides management with a visual technique for simultaneously comparing the firm's SBUs on a common set of criteria. TERM 7 New Product DEFINITION 7 A product that is unfamiliar to the firm that produces it or to the market. TERM 8 Adoption DEFINITION 8 The acceptance and continued use of a new product by an individual. TERM 9 Diffusion DEFINITION 9 The rate to which a new product spreads through (penetrates) the market. TERM 10 Learning Agenda DEFINITION 10 A process of defining the knowledge that management can use to truly influence strategic direction of their organization. TERM 21 Marketing Functions DEFINITION 21 Activities that are performed during the exchange or transfer of resources; they can be shifted and shared among channel members, but they cannot be eliminated. TERM 22 Channel Structure DEFINITION 22 Refers to the composition or configuration of the route used to make products available to the market. TERM 23 Channel Conflict DEFINITION 23 This arises when one or more intermediaries tries to maximize self-interest at the expense of other members' interests. TERM 24 Channel Competition DEFINITION 24 Refers to the normal struggle for resources within the channel or between channels TERM 25 Grey Markets DEFINITION 25 Selling trademarked products through distribution channels that are not authorized by the trademark holder TERM 26 Functional (Constructive) Conflict DEFINITION 26 Type of channel conflict that results in new methods that increase channel efficiency and effectiveness TERM 27 Dysfunctional (Destructive) Conflict DEFINITION 27 Type of channel conflict that results in uncooperative intermediaries and decreases channel efficiency and effectiveness. TERM 28 Administered Systems DEFINITION 28 Type of vertical marketing system where leadership is assumed by one or a few dominant members (i.e. channel Captain) TERM 29 Contractual Systems DEFINITION 29 Type of vertical marketing system wherein there is a contractual agreement among channel members. TERM 30 Corporate Systems DEFINITION 30 Type of vertical marketing system wherein there is common ownership at different levels of the channel. TERM 31 Horizontal Marketing Systems DEFINITION 31 Type of structure that occurs when two or more independently operated companies at the same level of distribution work together to take advantage of an emerging marketing opportunity. TERM 32 Horizontal Integration DEFINITION 32 Type of horizontal marketing system; acquiring existing organizations at the same level TERM 33 Horizontal Expansion DEFINITION 33 Type of horizontal marketing system; creating additional organizations at the same level. TERM 34 Joint Ventures DEFINITION 34 Type of horizontal marketing system; develop contractual arrangements with independent organizations at the same level. TERM 35 Logistics DEFINITION 35 Refers to the activities required to move resources through the marketing channel. TERM 46 Pull Strategy DEFINITION 46 Strategy in which the manufacturer markets directly to the consumer to try to create demand for the product so that the intermediary must request the product. TERM 47 Affordable DEFINITION 47 Type of promotional budget in which you simply put in what you can each month; causes inconsistent message, frequency, and takes longer for the audience to understand it. TERM 48 Competitive Parity DEFINITION 48 Type of promotional budget in which you spend what your competitors do; you may not have the same resources as your competitors. TERM 49 Percentage of Sales DEFINITION 49 Type of promotional budget in which you simply allocate a set proportion of revenues to promotions. TERM 50 Objective and Task DEFINITION 50 Type of promotional budget in which you decide what you want to accomplish and how much it will take to do it; difficult to determine how much to spend to hit a specified goal.