Exclusive Distribution
Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product.
Electronic Data Interchange (EDI) Systems
The electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically rather than with paper.
Trading Partners
Business entities conducting business electronically.
Streamline
Make (an organization or system) more efficient and effective by employing faster or simpler working methods.
Slotting Allowances / Slotting Fee
A fee charged to produce companies or manufacturers by supermarket distributors (retailers) in order to have their product placed on their shelves. Known as Pay-to-Stay.
Consumer Choice
The range of competing products and services from which a consumer can choose.
Tariff
A tax or duty to be paid on a particular class of imports or exports. OR. Fix the price of (something) according to a tariff.
Horizontal Conflict
Refers to a disagreement among two or more channel members at the same level. For example, suppose a toy manufacturer has deals with two wholesalers, each contracted to sell products to retailers in different regions. If one wholesaler decides to branch its operations into the other wholesaler’s region, a conflict will result.
Vertical Conflict
A disagreement between two channel members on consecutive levels. For example, if the toy manufacturer discovers its products are arriving at retail stores later than scheduled, a conflict might develop between the manufacturer and the wholesaler responsible for shipping to retailers.
Chargeback
A demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.
Scrambled Merchandising
When a shop sells goods that are usually sold by another type of shop, in order to increase profits or attract new customers.
Direct Selling
The marketing and selling of products directly to consumers away from a fixed retail location. Peddling is the oldest form of direct selling. Modern direct selling includes sales made through the party plan, one-on-one demonstrations, and other personal contact arrangements as well as internet sales.
4 P’s of Marketing
Product
Price
Place
Promotion
Executive Summary
Sometimes known as a management summary, is a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all.
Project Status Meeting
A meeting to see how the project is progressing.
Brand Promise
Benefits and experiences that marketing campaigns try to associate with a product in its current and prospective consumers’ minds.
First-Line Managers
Term describing the management level of a company employee directly above non-managerial workers. First line managers generally supervise production on line tasks in the manufacturing business, and typically consist of positions such as foreman, section head and shift boss. First line managers are an important source of information about worker satisfaction for higher management to take into account in their organizational planning process.
Maslow’s Hierarchy of Needs
A description of the needs that motivate human behavior. In 1943, Abraham Maslow proposed five different kinds of human needs, beginning with the most basic: survival. Physiological needs, such as food and shelter, are followed by needs related to safety. Next, there are needs of love and belonging. Fourth, humans have needs of esteem, such as the need for being respected. The final need in the hierarchy is the need for self-actualization (fulfilling one’s potential). The hierarchy suggests that basic needs must be met prior to less basic needs; for example, a starving person will seek food before self-actualization.
Marketing
The action or business of promoting and selling products or services, including market research and advertising.
Product Literature
A primary subset of business publishing specifically geared toward the selection, purchase and use of a business’ products. Typically this includes product promotionally literature, product datasheets, product operating manuals and product purchase terms and conditions.
Entertainment Guidelines
Sets minimums for receiving business amenities.
Promotional Plan
An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service. A promotional plan is usually considered a vital planning tool by most business managers that helps contribute toward the successful launch of a new product or service or its expansion into a new market.
Internal Audience
Public relations term that refers to individuals or groups within (or closely associated with) an organization.
Public-Relations Activities
Advertising
Corporate Philanthropy
Corporate Sponsorship
Development
Lobbying
Promotion
Publicity
Public Relations Research
Special Event Management
Lobbying
The act of attempting to influence the decisions of others.
Corporate Philanthropy
The act of a corporation or business promoting the welfare of others, generally via charitable donations of funds or time.
Rebate
A partial refund to someone who has paid too much money for tax, rent, or a utility. A pay back.
Direct Marketing
A channel-agnostic form of advertising which allows businesses and nonprofit organizations to communicate straight to the customer, with advertising techniques that can include cell phone text messaging, email, interactive consumer websites, online display ads, database marketing, fliers, catalog etc.
Telemarketing
Marketing over the phone
Banner Ad
A form of advertising on the World Wide Web delivered by an ad server. This form of online advertising entails embedding an advertisement into a web page. It is intended to attract traffic to a website by linking to the website of the advertiser.
Interstitial
A page that is inserted in the normal flow of editorial content structure on a Web site for the purpose of advertising or promotion. It can be more or less intrusive and the reaction of viewers usually depends on how welcome or entertaining the message is.
Media-Rich Advertising
Involves animations that float across the computer screen and move back to their original space,
Puffery
Exaggerated or false praise.
Regulatory Agency
A public authority or government agency responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity.
Scope
Sum of all individual jobs.
Depth
The influence of an employee in his work environment such as decision making and accountability. Higher level positions have more job depth as it involves decision making and greater discretion on how a job is done.
Cash Conversion Cycle
It measures how fast a company can convert cash on hand into even more cash on hand.
Liquid Asset
An asset that can be converted into cash quickly and with minimal impact to the price received.
Profit Margin
The amount by which revenue from sales exceeds costs in a business.
Dividend
A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
Sugging
The act of selling or attempting to sell a product under the guise of conducting market research.
Price Discrimination
The action of selling the same product at different prices to different buyers, in order to maximize sales and profits.
Scanner Fraud
When a store changes the sticker price of an object to be on sale, but doesn’t change the price within the computer, so the consumer will pay the higher price at the point of sale.
Price Gouging
A seller prices goods or commodities at a level much higher than is considered reasonable or fair. This rapid increase in prices occurs after a demand or supply shock: examples include price increases after hurricanes or other natural disasters.
Invoice
A commercial document that itemizes a transaction between a buyer and a seller. Will usually include the quantity of purchase, price of goods and/or services, date, parties involved, unique invoice number, and tax information.
SWOT Analysis
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
Demographic
A particular sector of a population.
Geographics
A particular sector of the world/ geography.
Psychographics
Study of personality, values, opinions, attitudes, interests, and lifestyles. Because this area of research focuses on interests, attitudes, and opinions.
Six Thinking Hats
A creative-thinking technique that involves categorizing and focusing on different aspects of a problem, issue, or situation. Each “hat” represents one aspect or way (i.e., facts, positives, negatives, emotions, new ideas, organization) of looking at the situation. Brainstorming involves identifying as many different ideas as possible during a set time frame. Mind mapping is a form of brainstorming that organizes ideas and information graphically using shapes, pictures, and words. Unconscious problem solving involves relaxation and distraction from the product, situation, or issue.
Tort
A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.
Competition (of business)
The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
Bilateral Contract
A reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party’s act. Each party is an (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party’s promise.
Executed Agreement
All parties have agreed to the terms and conditions of the proposed contract by signing and initialing any changes to the written document.
Sole Proprietorship
A business that legally has no separate existence from its owner. Income and losses are taxed on the individual’s personal income tax return.
Sole Proprietor
An unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners.
Bar Code
A machine-readable code in the form of numbers and a pattern of parallel lines of varying widths, printed on and identifying a product.
Price Look-Up Codes (PLU)
Identification numbers affixed to products in large retailers and supermarkets to make check-out and inventory control easier, faster, and more accurate. The code may be a four-digit number, currently in the 3000-4999 range, identifying the type of bulk produce, including the variety, or a five-digit number.
Tying Agreement
An agreement by a party to sell one product but only on the condition that the buyer also purchases a different (or tied) product, or at least agrees he will not purchase the product from any other supplier.
Automation
The use of largely automatic equipment in a system of manufacturing or other production process.
Gross Domestic Product (GDP)
The monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis.
Product Life-Cycle
The cycle through which every product goes through from introduction to withdrawal or eventual demise.
Product Life-Cycle Stages
http://productlifecyclestages.com/
Introduction:
Launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing.
Growth:
Strong growth in sales and profits which allows more money to invest in promotion.
Maturity:
The product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.
Decline:
the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product
Certificate of Deposit (CDs)
A certificate issued by a bank to a person depositing money for a specified length of time.
Capital Investment
Funds invested in a firm or enterprise for the purposes of furthering its business objectives. May also refer to a firm’s acquisition of capital assets or fixed assets such as manufacturing plants and machinery that is expected to be productive over many years.
Turnover
The amount of money taken by a business in a particular period. OR The rate at which employees leave a workforce and are replaced.
Inventory Clerks
Keeps track of stock that moves in and out of a specified location, commonly referred to as a stockroom.
Fixed Costs
Business costs, such as rent, that are constant whatever the quantity of goods or services produced.
A/B Testing
This is the process of comparing two variations of a single variable to determine which performs best in order to help improve marketing efforts
Blogging
Weblog or Weblog. Core component of inbound marketing as it can accomplish several initiatives simultaneously, such as website traffic growth, thought leadership, and lead generation. It does not, however, do your taxes.
Call-to-Action
A text link, button, image, or some type of web link that encourages a website visitor to visit a landing page and become of lead. Some examples of CTAs are “Subscribe Now” or “Download the Whitepaper Today.”
Qualified Lead
A contact that opted in to receive communication from your company, became educated about your product or service, and is interested in learning more.
Niche Marketing
Market plan to serve a specific demographical, geographical, psychographics slice of the market place.
case law
primary source of law that is based on previous court decisions
duty of care
basic principle that expects all individuals and businesses to exhibit socially responsible behavior by using caution to prevent harm and by watching out for one another
tort
private wrongdoing that potentially harms another person or entity
doctrine of sovereign immunity
universally accepted principle that each nation has the right to manage it sown government and develop its own laws
exclusive distribution
means selling a product through just one middleman in a geographic area
agents
business or individuals that assist in the sale and/or promotion of goods and services but do not take title to them
wholesalers
businesses that buy goods from producers or agents and sell to retailers
retailers
business that buy consumer goods and services and sell them to ultimate consumers
industrial users
businesses that buy materials or goods that will be used to make other goods and services or in the operation of the business
refusing to sell to uncooperative retailers
violate the antitrust acts
horizontal conflict
disagreement among channel members that perform distribution activities at the same level
quantitative primary data
involves several steps; pre-writing, drafting, revising, editing, and publishing
continuous improvement
when a business evaluates its business processes to make them more efficient and effective
employee training
involves educating workers on how to best perform their jobs
organizational structuring
the way business functions relate within a company
business process management
aligning a company’s objectives and activities with customer’s needs
private enterprise
economic system in which individuals and groups own or control most or all o the means of production
spend rather than save
keep the economy strong
indications of economic growth
rising employment, wages, and profits
valuing diversity
openly acknowledging differences and believing that they are assets instead of problems
assertive behavior
reduce anxiety/conflict and to improve self-esteem, mutual respect and understanding, cooperation and the general quality of relationships
aggressive behavior
a willingness to ignore the rights of others or exploiting others to achieve personal goals
passive behavior
a failure to exercise personal rights and a lack of respect for personal needs
ambivalent behavior
waffling back and forth from one side of an issue to the opposite side
sales tax
fee that the government charges on retail products
property tax
tax on land and buildings
excise tax
specific type of sales tax on specific goods such as gasoline, cigarettes, and alcohol
income tax
tax on the income of a person’s earning
accounting function
collects and records the financial information in the appropriate format
accrual accounting method
records transactions at the time they occur even if no money changes hands at the time
budgets
guide financial decisions, such as what to buy and how much to pay
employee-assistance programs
a part of HR management activity of employee relations
situation analysis
a tool that is often used to gather background information about a current business situation or problem
competitive analysis
process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards
SWOT analysis
strengths, weaknesses, opportunities and threats
break-even analysis
financial analysis whose purpose is to identify the level of sales needed to reach the break-even point at various prices
sampling plan
course of action for gathering marketing information from a sections or portion of a target method
observation
method of collection primary data
itemized scale
provides respondents with a set of options from which they must choose an answer
balanced itemized scale
provides an equal number of favorable responses as it does unfavorable responses
continuous scale
type of non-comparative scale that allows respondents to place a slash mark on a line that is bounded by two opposite variables
invoice
formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchases, amounts, prices, delivery date, credit, discount terms, and other data regarding the sales transaction
accounting reports
summarize financial data as it relates to business activities
freight bills
are invoices that relate to the transportation of goods
survey
marketing-research method that involves asking consumers questions in order to learn their opinions and the reasons behind those opinions
message board
gathering place for transmitting ideas or information through electronic communication
case study
instructional method that involves giving trainees a written description of an organizational problem and asking them to determine the problem and potential solutions
point-of-scale scanner
records all of a customer’s purchases and can indirectly observe their purchasing habits
careers in marketing management
involve all marketing functions; channel management, marketing-information management, pricing, product/service management, promotion, and selling
careers in professional selling
involve marketing and management activities that determine customers needs/wants and respond through planned, personalized communication to influence purchase decisions and enhance future business operations
guarantee
promise made to a consumer that a product’s purchase prize will be refunded if it is not satisfactory
warranty
promise made by the seller to the consumer that the seller will repair or replace the product
product bundling
attempt to get customers to buy a product that they would not usually purchase
corporate brand
all of the combined impressions, images, or experiences associated with a company or parent entity
product brand
combined impressions, images, or expressions associated with a particular good, service or product line
fraud
deception purposely carried out to secure unfair or unlawful gain
tax evasion
when a business avoids paying monies that it owes the government
slander
verbal statement that one party makes with the intent to harm another party’s character
price fixing
illegal statement that on party makes with the intent to had another party’s character
hidden benefits
advantages that cannot be seen or understood without the assistance of a salesperson
unique/exclusive benefits
benefits that a competitor’s goods or service does not possess
management
process of coordinating resources in order to accomplish an organization’s goal
marketing
process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
marketing functions
involve the activities that focus on understanding customers and making available the products they want All of the marketing functions need to work together to make this happen. lf any one function is not doing its job the other functions are affected
product service management
involves obtaining, developing maintaining, and improving a product or service mix in response to market opportunities
marketing information management
gathering, accessing, synthesizing, evaluating, and disseminating information
pricing
involves determining and
adjusting prices to maximize return and meet customers perceptions of value
distribution
responsible for moving, storing, locating, and/or transferring ownership
of goods and services.
promotion
to communicate information about goods services, images, and/or ideas to achieve a desired outcome
selling
determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.
goal
an objective you plan to fulfill
strategy
strategy or plan of action, for achieving your goals and objectives
tactic
small steps, specific actions
marketing mix
a combination
of the four elements of marketing product,
price, place, and promotion. This mix is a unique blend of elements that are valuable individually
product
what goods, services, or ideas a business will offer its customers
price
the amount of money a firm
asks in exchange for its products
corporation
owned by stockholders, limits the losses or risks to the amount each individual owner has invested in the corporation
franchise
contractual agreement between a parent company and a franchisee to distribute goods and services
channel intermediaries
persons or businesses that perform channel functions in an indirect channel of distribution
ultimate goal of economics
consumption