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principles of marketing exam 3 (ch4, 15, 16)

Terms in this set (58)

cause marketing
occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
caveat emptor
the legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s
code of ethics
a formal statement of ethical principles and rules of conduct
Consumer Bill of Rights
An outline presented by President John F. Kennedy in 1962 that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.
economic espionage
the clandestine collection of trade secrets or proprietary information about a company's competitors
Ethics
the moral principles and values that govern the actions and decisions of an individual or group
green marketing
marketing efforts to produce, promote, and reclaim environmentally sensitive products
laws
society's values and standards that are enforceable in the courts
moral idealism
a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
social audit
a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility
Social Responsibility
the idea that organizations are part of a larger society and are accountable to that society for their actions
sustainable development
conducting business in a way that protects the natural environment while making economic progress
sustainable marketing
the effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs
Triple Bottom Line
recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
Utilitariansim
a personal moral philosophy that focuses on the "greatest good for the greatest number"
whistle-blowers
employees who report unethical or illegal actions of their employers
channel conflict
arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals
customer service
the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience
direct to consumer marketing channels
allow consumers to buy products by interacting with various print or electronic media without a face-to-face meeting with a salesperson
Disintermediation
a source of channel conflict that occurs when a channel member bypasses another member and sells or buys products direct
dual distribution
an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product
exclusive distribution
a level of distribution density whereby only one retailer in a specific geographical area carries the firm's products
intensive distribution
a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible
Logistics
those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
marketing channel
consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users
multichannel marketing
the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online
reverse logistics
a process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal
selective distribution
a level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products
supply chain
the various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users
total logistics cost
expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return products handling
vendor-managed inventory (VMI)
an inventory management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items
vertical marketing systems
professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact
breadth of product line
the variety of different items a store carries
brokers
independent firms or individuals whose principle function is to bring buyers and sellers together to make sales
category management
an approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category
central business district
the oldest retail setting, usually located in the community's downtown area
community shopping center
A retail location that typically has one primary store (usually a department store branch) and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive.
depth of product line
the store carries a large assortment of each item
form of ownership
distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet
hypermarket
A form of scrambled merchandising, which consists of a large store (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location.
intertype competition
competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy
level of service
Describes the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service.
manufacturer's agents
agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory
merchandise line
describes how many different types of products a store carries and in what assortment
merchant wholesalers
independently owned firms that take title to the merchandise they handle
multichannel retailers
retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing
off-price retailing
selling brand-name merchandise at lower than regular prices
power center
A retail location consisting of a huge shopping strip with multiple anchor (or national) stores
regional shopping centers
A retail location consisting of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores.
retail life cycle
the process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages
retail positioning matrix
A matrix that positions retail outlets on two dimensions: breadth of product line and value added, such as location, product reliability, or prestige.
Retailing
all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use
retailing mix
the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise
scrambled merchandising
offering several unrelated product lines in a single store
shopper marketing
the use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store
strip mall
A retail location consisting of a cluster of neighborhood stores to serve people who are within a 5- to 10-minute drive.
telemarketing
using the telephone to interact with and sell directly to consumers
wheel of retailing
a concept that describes how new forms of retail outlets enter the market
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