- StudyBlue
- Texas
- Texas State University-San Marcos
- Business
- Business 3353
- Murdock
- chapters 17-22
chapters 17-22
Business 3353 with Murdock at Texas State University-San Marcos
About this deck
By: Courtney Harris
Created: 2010-12-01
Size: 90 flashcards
Views: 28
Created: 2010-12-01
Size: 90 flashcards
Views: 28
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retailing
all activities involved in selling, renting, and providing products and services to ultimate consumers for personal,family, or household use
time utility
a store open 24hrs a day -- finding the right sporting equipment during the off-season
place utility
providing mini banks in supermarkets
form utility
production or alteration of a product -- customize purchases in the bakery,deli,and florist
possession utility
allowing several payment and credit options
independent retailer
business owned by an individual --one of the most common forms of retail ownership
corporate chain
multiple outlets under common ownership -- department stores
radio frequency identification tags (RFID)
tags that improve the quality of information available about products
depth of product line
a store carries a large assortment of each item
ex. a shoes store that offers running shoes,dress shoes, and children's shoes.
breadth of a product line
the variety of different items a store carries
ex. they sell appliances and cd's
retail positioning matrix
a matrix developed by MAC group that positions retail outlets in two dimensions by breadth of product line & value added
retailing mix
activities related to managing the store and the merchandise in the store
markup
how much should be added to the cost the retailer paid for a product to reach the final selling prices
original markup
difference between retailer cost and initial selling price
gross margin or maintained markup
the difference between the final selling price and retailer cost
markdown
discounting a product when the product does not sell at the original price and adjustment is necessary
everyday low pricing
consistently low prices and eliminate most markdowns
everyday fair pricing
may not offer the lowest price but try to create value for customers through service and total buying experience
benchmark or signpost
when consumers use prices of a product to form and overall impression of the stores prices
off price retailing
selling brand-name merchandise at lower than regular price
advertising
any paid form of non personal communications about an organization, good, service, or idea by an identified sponsor
noise
extraneous factors that can work against effective communication by distorting a message or feedback received
personal selling
the two way flow of communication between a buyer and a seller designed to influence a person's or groups purchase decision
public relations
a form of communications management that seeks to influence the feelings,opinions, or beliefs held by customers, prospective customers, stockholders, suppliers,employee's and other publics about the company and its products or services
publicity
non personal,indirectly paid presentation of an organizations,good or service.
sales promotion
a short-term inducement of value offered to arouse interest in buying a good or service
direct marketing
direct communications with consumers to generate a response int eh form of an order,a request for further information, or a visit to retail outlet
product complexity
the technical sophistication of product and hence the amount of understanding required to use it
product risk
an element for the buyer can be assessed in terms of financial,social, & physical.
ancillary services
pertain to the degree of service or support required after the sale
pre purchase stage
stage when advertising is more helpful then personal selling
purchase stage
the stage at which personal selling is highest
post-purchase stage
the stage at which public relations plays a small role and advertising and personal selling reduces the buyers anxiety
push strategy
directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product-- personal selling & sales promotion play major roles
pull strategy
directing its promotional mix to ultimate consumers to encourage them to ask the retailer for a product
pioneering advertisements
advertisements that tell people what a product is,what it can do, and where it can be found
competitive advertisements
advertisement that try to persuade the target market to select the firms brand rather than the competitors brand
reminder advertising
advertising used to reinforce previous knowledge of a product
institutional advertisements
the objective is to build goodwill or an image for an organization rather then promote a specific good or service
advocacy advertisements
ad's that state the position of a company on an issue
Cost Per Thousand (CPM)
the cost of reaching 1,000 individuals or households with the advertising message in a given medium.
advertising pretest
conducted before the advertisements are placed in any medium
portfolio test
used to test copy alternatives.. several evaluative scales such as very informative to not very informative
jury test
test involving showing the ad copy to a panel of consumers and having them rate how they liked it,how much it drew their attention, and how attractive they thought it was.
theater test
the most sophisticated form of pretesting--consumers are invited to view new television shows or movies in which test commercials are shown
full service agency
an agency that does research selects media, develops copy, and produces artwork; also coordinates integrated campaigns with all marketing efforts
limited service agency
an agency that specializes in one aspect of creative process; usually provides creative production work;buys previously unpurchased media spaces; contractual agreement for services performed
in house agency
an agency that provides range of services depending on company needs; made up of company's own advertising staff
personal selling
involves the two-way flow of communications between a buyer and seller often face-to-face encounter, designed to influence a person's or groups purchase decision
sales management
involves planning the selling program and implementing and evaluating the personal selling effort of the firm
relationship selling
customer value creation-- the practice of building ties
partnership selling (enterprise selling)
companies take relationship selling to higher level , buyers and sellers combine their expertise for mutual benefit and to maximize value for the end user
order takers
a sales person who processes routine orders or reorders for products that were already sold by the company;primary responsibility is toe preserve ongoing relationships with existing customers
order getter
a sales person who sells in a conventional sense and identifies prospective customers,provides customers with information,persuades customers to buy, closes sales and does follow ups
team selling
the practice of using an entire team of professionals in selling to and servicing major customers;most often used when specialized knowledge is needed
prospecting stage
the stage that search for and qualify prospects;start of the selling process
pre-approach stage
the stage where you gather information and decided how to approach the prospect;information sources come from personal observation, other customers, and own sales people
approach stage
the stage where you gain a prospects attention stimulate interest, and make transition to presentation;first impression is critical
presentation stage
the stage at which you begin to converting a prospect into a customer by creating a desire for the product or service
close stage
the stage at which you obtain a purchase commitment form the prospect and create a customer
follow-up stage
the stage which you ensure that the customer is satisfied with the product or service
sales plan
a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed. (1)setting objectives (2) organizing the sales force (3) developing account management policies
key account management
the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships
emotional intelligence
the ability to understand one's own emotions and the emotions of people with whom one interacts on a daily basis
sales quota
contains specific goals assigned to a salesperson,sales team, branch sales office, or sales district for a stated time period
choice-board
an interactive internet-enabled system that allows individual customers to design their own products and services
collaborative filtering
a process that automatically groups people with similar buying intentions,preferences, and behaviors and predicts future purchases
context
websites aesthetic appeal and functional look reflected by the sites visual design
content
all digital information on a web site; in forms of text,video,audio, & graphics
commerce
the web sites ability to conduct sales transactions for products and services
click & mortar
women who tend to browse retailer websites but actually buy products in traditional retail outlets
hunter-gatherers
married couples with children at home who use the internet like a consumer magazine to compare products and prices
brand loyalist
people who regularly visit their favorite bookmarked web sites and send the most money online
time sensitive materialist
people who regard the internet as a convenience tool for buying music,books,computer software, and electronics
hooked,online,& single
young affluent and single online consumers who bank play games and spend more time online than any other segment
ebivalent newbies
relative newcomers to internet who rarely sepnd money online but seek product information
bots
electronic shopping agents or robots that comb web sites to compare prices and product or service features
eight second rule
customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds
blog
a webpage that serves as a publicly accessible personal journal for and individual or organization.
spam
electronic junk mail or unsolicited e-mail
buzz
word-of-mouth behavior in the marketspace
viral-marketing
internet-enabled promotional strategy that encourages individuals to forward marketer-intiated messages
cookies
computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketers website
cross channel shopper
an online consumer who researches products online and then purchases them at a retail store
line positions
have authority and responsibility to issue orders to people who report to them
staff positions
have authority and responsibility to advise people but cannot issue direct orders to them
cost leadership strategy
focuses on reducing expenses in turn,lowers product prices while targeting a broad array of market segments
differentiation strategy
superior service which ends up charging a higher price while targeting a borad array of market segments
cost focus strategy
lower cost but targeted at a narrow range of market segments
differentiation focus strategy
targets one or only a few markets segments
About this deck
By: Courtney Harris
Created: 2010-12-01
Size: 90 flashcards
Views: 28
Created: 2010-12-01
Size: 90 flashcards
Views: 28
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy