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Glossary

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    54134
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    Glossary Entries
    Word(s) Definition Image Caption Link Source
    accelerator effect The effect of a loyalty program that, as a consumer approaches the next level of benefits, the rate of consumer’s purchases increases.        
    Account managers A salesperson responsible for ongoing business with a customer who uses a product. Satisfying long-term customers and persuading them to reorder products are important activities for account managers.        
    activity goals The number and type of sales calls a representative is expected to make in a certain period of time.        
    adaptation The changes that an organization must make for a product or service to fit the local culture.        
    Advergames Electronic games sellers create to promote a product or service.        
    Advertising A message that is paid for and sent to large groups of the population at one time with an identified organization or brand (product or service) being promoted.        
    advertising allowance An allowance (money) a manufacturer provides to retailers to advertise its products in local newspapers.        
    advertising allowance An allowance (money) a manufacturer provides to retailers to advertise its products in local newspapers.        
    affordable method A budgeting technique whereby companies spend what they think they can afford promoting a product.        
    affordable method A budgeting technique whereby companies spend what they think they can afford promoting a product.        
    AIDA model A model that includes several different promotion objectives, including attention, interest, desire, and action. One objective may be to get attention. Other objectives of promotion may be to generate interest and desire. The ultimate objective is to get customers to take action or purchase the product or service.        
    AIDA model A model that includes several different promotion objectives, including attention, interest, desire, and action. One objective may be to get attention. Other objectives of promotion may be to generate interest and desire. The ultimate objective is to get customers to take action or purchase the product or service.        
    alpha testing The testing of a product in a laboratory setting.        
    alpha testing The testing of a product in a laboratory setting.        
    Analytics software Software that utilizes a firm’s data, regression models, linear programming, and other statistical methods to help managers who are not computer experts make decisions.        
    Analytics software Software that utilizes a firm’s data, regression models, linear programming, and other statistical methods to help managers who are not computer experts make decisions.        
    approach The first step in the sales process. The salesperson introduces himself or herself and the company to the buyer and determines if the buyer has any interest in purchasing the firm’s products.        
    approach The first step in the sales process. The salesperson introduces himself or herself and the company to the buyer and determines if the buyer has any interest in purchasing the firm’s products.        
    atmospherics The physical aspects of the selling environment retailers try to control.        
    atmospherics The physical aspects of the selling environment retailers try to control.        
    Attitudes “Mental positions” or emotional feelings, favorable or unfavorable evaluations, and action tendencies people have about products, services, companies, ideas, issues, or institutions.        
    Attitudes “Mental positions” or emotional feelings, favorable or unfavorable evaluations, and action tendencies people have about products, services, companies, ideas, issues, or institutions.        
    attitudinal loyalty The degree to which a customer prefers or likes a brand.        
    attitudinal loyalty The degree to which a customer prefers or likes a brand.        
    augmented product Services and accessories that improve the core product’s ability to deliver benefits.        
    augmented product Services and accessories that improve the core product’s ability to deliver benefits.        
    B2B auctions Web-based auctions that occur between businesses.        
    B2B auctions Web-based auctions that occur between businesses.        
    B2B exchanges E-commerce Web sites where multiple buyers and sellers go to find and do business with one another.        
    B2B exchanges E-commerce Web sites where multiple buyers and sellers go to find and do business with one another.        
    back translation A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning.        
    back translation A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning.        
    Backward integration A form of vertical integration where the company integrating channel operations moves upstream, toward manufacturing.        
    Backward integration A form of vertical integration where the company integrating channel operations moves upstream, toward manufacturing.        
    Bait and switch A pricing tactic a seller uses to lure in, or “bait,” customers with a low-priced product. The seller then attempts to persuade the buyer to purchase higher-priced products, perhaps by telling him or her that the low-priced product is no longer available.        
    Bait and switch A pricing tactic a seller uses to lure in, or “bait,” customers with a low-priced product. The seller then attempts to persuade the buyer to purchase higher-priced products, perhaps by telling him or her that the low-priced product is no longer available.        
    BANT An acronym for the characteristics of a qualified prospect. A BANT has the budget, authority, need for, and time to purchase a product.        
    BANT An acronym for the characteristics of a qualified prospect. A BANT has the budget, authority, need for, and time to purchase a product.        
    Behavioral segmentation Dividing people and organization into groups according to how they behave with or act toward products.        
    Behavioral segmentation Dividing people and organization into groups according to how they behave with or act toward products.        
    benefit The degree to which a feature satisfies a buyer’s need or desire.        
    benefit The degree to which a feature satisfies a buyer’s need or desire.        
    beta testing The testing of a product by real customer in the customer’s location.        
    beta testing The testing of a product by real customer in the customer’s location.        
    blogs Websites with content that is updated regularly.        
    blogs Websites with content that is updated regularly.        
    Boston Consulting Group (BCG) matrix A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.        
    Boston Consulting Group (BCG) matrix A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.        
    bot Short for robot; a kind of program that perform automatic functions online.        
    bot Short for robot; a kind of program that perform automatic functions online.        
    bounce back A discount card or coupon purchasers can use on their next shopping visits during set dates.        
    bounce back A discount card or coupon purchasers can use on their next shopping visits during set dates.        
    boundary spanners People who work both inside and outside their organizations. Salespeople are boundary spanners.        
    boundary spanners People who work both inside and outside their organizations. Salespeople are boundary spanners.        
    brand extension The process of utilizing an existing brand name or brand mark for a new product category.        
    brand extension The process of utilizing an existing brand name or brand mark for a new product category.        
    brand manager A person responsible for all business decisions regarding offerings within one brand. A brand manager is often charged with running his or her brand as if it is its own separate business.        
    brand manager A person responsible for all business decisions regarding offerings within one brand. A brand manager is often charged with running his or her brand as if it is its own separate business.        
    brand mark A symbol or logo used to identify a brand.        
    brand mark A symbol or logo used to identify a brand.        
    Branding A set of activities designed to create a brand and position it in the minds of consumers.        
    Branding A set of activities designed to create a brand and position it in the minds of consumers.        
    breakeven point (BEP) The amount (in units or dollars) where total revenue equals total costs.        
    breakeven point (BEP) The amount (in units or dollars) where total revenue equals total costs.        
    Brokers Representatives of one or more manufacturers who sell products on their behalf to consumers, wholesalers, and distributors but do not take title to them.        
    Brokers Representatives of one or more manufacturers who sell products on their behalf to consumers, wholesalers, and distributors but do not take title to them.        
    business-level plans Plans developed for each strategic business unit typically have their own mission statement.        
    business-level plans Plans developed for each strategic business unit typically have their own mission statement.        
    Business-to-government (B2G) markets Markets in which local, state, and federal governments buy products.        
    Business-to-government (B2G) markets Markets in which local, state, and federal governments buy products.        
    Buying centers Groups of people within organizations who make purchasing decisions.        
    Buying centers Groups of people within organizations who make purchasing decisions.        
    Buzz Word of mouth that includes blogs, articles, and other forms of promotion.        
    Buzz Word of mouth that includes blogs, articles, and other forms of promotion.        
    Cannibalization When a new product takes sales away from the same company’s existing products.        
    Cannibalization When a new product takes sales away from the same company’s existing products.        
    capital equipment offering Tangible equipment business purchases that are depreciated.        
    capital equipment offering Tangible equipment business purchases that are depreciated.        
    Captive pricing A strategy firms use to price products when they know customers must buy specific replacement parts, such as razor blades, because there are no alternatives.        
    Captive pricing A strategy firms use to price products when they know customers must buy specific replacement parts, such as razor blades, because there are no alternatives.        
    case study A study that looks at how another company, or companies, solved a problem being researched.        
    case study A study that looks at how another company, or companies, solved a problem being researched.        
    cash cow Business or offering with a large share of a shrinking market.        
    cash cow Business or offering with a large share of a shrinking market.        
    category killer A firm that sells a high volume of a product in a particular category.        
    category killer A firm that sells a high volume of a product in a particular category.        
    category manager Someone responsible for managing a broad group of products that may belong to multiple manufacturers.        
    category manager Someone responsible for managing a broad group of products that may belong to multiple manufacturers.        
    Causal research design A type of research design that examines cause-and-effect relationships to allow researchers to answer “what if” types of questions.        
    Causal research design A type of research design that examines cause-and-effect relationships to allow researchers to answer “what if” types of questions.        
    Causality The relationship between two variables whereby one variable is a direct consequence of the other.        
    Causality The relationship between two variables whereby one variable is a direct consequence of the other.        
    cause-related marketing When a company supports a nonprofit organization in some way in order to generate positive public relations.        
    cause-related marketing When a company supports a nonprofit organization in some way in order to generate positive public relations.        
    Cause-related marketing When a company supports a nonprofit organization in some way in order to generate positive public relations.        
    Cause-related marketing When a company supports a nonprofit organization in some way in order to generate positive public relations.        
    channel conflict A dispute among channel members.        
    channel conflict A dispute among channel members.        
    channel leaders A strong channel member that wields channel power.        
    channel leaders A strong channel member that wields channel power.        
    channel members The firms a company partners with to actively promote and sell a product as it travels through its marketing channel to users.        
    channel members The firms a company partners with to actively promote and sell a product as it travels through its marketing channel to users.        
    classical conditioning A learning process where consumers associate a response with a condition that was previously not associated with the response.        
    classical conditioning A learning process where consumers associate a response with a condition that was previously not associated with the response.        
    Clickstream data Data collected from Web sites showing the Web pages visitors clicked on and the order of their clicks.        
    Clickstream data Data collected from Web sites showing the Web pages visitors clicked on and the order of their clicks.        
    close A request for a commitment or decision from the buyer.        
    close A request for a commitment or decision from the buyer.        
    closed-ended message A promotional message that draws a logical conclusion.        
    closed-ended message A promotional message that draws a logical conclusion.        
    closed-ended questions Questions that limit a respondent’s answers. Multiple-choice and yes-and-no questions are examples of closed-ended questions.        
    closed-ended questions Questions that limit a respondent’s answers. Multiple-choice and yes-and-no questions are examples of closed-ended questions.        
    Closed-loop lead management systems Information systems that track sales leads from the point at which the marketer identifies them to the point at which they are closed.        
    Closed-loop lead management systems Information systems that track sales leads from the point at which the marketer identifies them to the point at which they are closed.        
    cognitive age The age a buyer perceives himself or herself to be.        
    cognitive age The age a buyer perceives himself or herself to be.        
    Collaborative planning, forecasting, and replenishment (CPFR) A practice whereby supply chain partners share information and coordinate their operations.        
    Collaborative planning, forecasting, and replenishment (CPFR) A practice whereby supply chain partners share information and coordinate their operations.        
    Collateral Printed or digital material, such as brochures, position papers, case studies, clinical studies, market studies, or other documents created by marketing professionals.        
    Collateral Printed or digital material, such as brochures, position papers, case studies, clinical studies, market studies, or other documents created by marketing professionals.        
    commission Pay based on a single sale.        
    commission Pay based on a single sale.        
    Communicating In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers.        
    Communicating In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers.        
    communication gap A gap that occurs when a marketer overstates the performance level of a product, thereby creating unrealistic expectations on the part of consumers.        
    communication gap A gap that occurs when a marketer overstates the performance level of a product, thereby creating unrealistic expectations on the part of consumers.        
    competitive parity A budgeting method whereby companies make sure their promotion budgets are comparable to their competitors’.        
    competitive parity A budgeting method whereby companies make sure their promotion budgets are comparable to their competitors’.        
    Concentrated marketing Targeting a very select group of customers.        
    Concentrated marketing Targeting a very select group of customers.        
    consultative selling A selling strategy in which a salesperson uses special expertise to create a somewhat customized solution to a buyer’s problem.        
    consultative selling A selling strategy in which a salesperson uses special expertise to create a somewhat customized solution to a buyer’s problem.        
    Consumer behavior The study of when, where, and how people buy things and then dispose of them.        
    Consumer insight An understanding of consumers that results when both quantitative and qualitative information are gathered about them.        
    Consumer insight An understanding of consumers that results when both quantitative and qualitative information are gathered about them.        
    Consumer sales promotions Promotional activities (coupons, contests, rebates, mail-in offers) companies do in addition to advertising, public relations, and professional selling in order to help sell a product.        
    Consumer sales promotions Promotional activities (coupons, contests, rebates, mail-in offers) companies do in addition to advertising, public relations, and professional selling in order to help sell a product.        
    Contests Sales promotions that people enter or participate in order to win a prize.        
    Contests Sales promotions that people enter or participate in order to win a prize.        
    Contract manufacturing When companies hire manufacturers to produce their products in another country.        
    Contract manufacturing When companies hire manufacturers to produce their products in another country.        
    Control (a) The degree to which you can manipulate an outcome; (b) the degree to which you can separate the effects of a variable on a consequence.        
    Control (a) The degree to which you can manipulate an outcome; (b) the degree to which you can separate the effects of a variable on a consequence.        
    Convenience offerings Low-priced, frequently purchased products and services that require little shopping effort.        
    Convenience offerings Low-priced, frequently purchased products and services that require little shopping effort.        
    convenience sample Type of nonprobability sample that’s drawn because it’s readily available and convenient to do so.        
    convenience sample Type of nonprobability sample that’s drawn because it’s readily available and convenient to do so.        
    Convenience stores Miniature supermarkets that stock a limited assortment of products. Many of them sell gasoline and are open twenty-four hours a day.        
    Convenience stores Miniature supermarkets that stock a limited assortment of products. Many of them sell gasoline and are open twenty-four hours a day.        
    conventional marketing system A marketing system in which the channel members have no affiliation with one another.        
    conventional marketing system A marketing system in which the channel members have no affiliation with one another.        
    Conventions Meetings of groups of professionals that provide a way for sellers to show potential customers different products.        
    Conventions Meetings of groups of professionals that provide a way for sellers to show potential customers different products.        
    Conversion ratios The rate at which a salesperson moves, or converts, potential customers from one stage of the sales cycle to the next.        
    Conversion ratios The rate at which a salesperson moves, or converts, potential customers from one stage of the sales cycle to the next.        
    Coupons Provide an immediate price reduction off an item that is reimbursed to the retailer by the manufacturer.        
    Coupons Provide an immediate price reduction off an item that is reimbursed to the retailer by the manufacturer.        
    Crisis communication A crisis management PR effort aimed to minimize any negative effects a company gets from bad publicity.        
    Crisis communication A crisis management PR effort aimed to minimize any negative effects a company gets from bad publicity.        
    cross-docking The practice of moving products between supply chain intermediaries so that they spend little or no time in warehouses as they are transported.        
    cross-docking The practice of moving products between supply chain intermediaries so that they spend little or no time in warehouses as they are transported.        
    cross-promotion marketing A method in which two or more groups act together to reach potential customers.        
    cross-promotion marketing A method in which two or more groups act together to reach potential customers.        
    Culture The shared beliefs, customs, behaviors, and attitudes that characterize a society used to cope with their world and with one another.        
    Culture The shared beliefs, customs, behaviors, and attitudes that characterize a society used to cope with their world and with one another.        
    customer empowerment Providing tools that enable customers to take control or influence marketing.        
    customer profiles The description of a type of customer based on market segmentation criteria.        
    customer profiles The description of a type of customer based on market segmentation criteria.        
    customer satisfaction The feeling that results when an offering meets a consumer’s expectations.        
    customer satisfaction The feeling that results when an offering meets a consumer’s expectations.        
    dashboards A display of information used by managers to make decisions easier; often dynamic in the sense that a manager can click on the display to probe deeper into the numbers and get more detail.        
    dashboards A display of information used by managers to make decisions easier; often dynamic in the sense that a manager can click on the display to probe deeper into the numbers and get more detail.        
    data cleaning The process of removing research data that have accidentally been duplicated (entered twice into the computer) or correcting data that have obviously been recorded wrong.        
    data cleaning The process of removing research data that have accidentally been duplicated (entered twice into the computer) or correcting data that have obviously been recorded wrong.        
    deal-prone Willing to succumb to a special offer or lower price.        
    deal-prone Willing to succumb to a special offer or lower price.        
    decider The person who makes the final purchasing decision.        
    decider The person who makes the final purchasing decision.        
    decline stage The stage of the life cycle at which sales drop and companies must decide whether to keep, modify, or drop a product.        
    decline stage The stage of the life cycle at which sales drop and companies must decide whether to keep, modify, or drop a product.        
    decodes Receivers interpret messages.        
    decodes Receivers interpret messages.        
    delivery gap A gap that results when a product fails to meet its performance standards.        
    delivery gap A gap that results when a product fails to meet its performance standards.        
    demand backward pricing Pricing a product based on what customers are willing to pay for it and then creating the offering based on that price.        
    demand backward pricing Pricing a product based on what customers are willing to pay for it and then creating the offering based on that price.        
    Demand-planning software Software that can synthesize a variety of factors to better predict a firm’s demand.        
    Demand-planning software Software that can synthesize a variety of factors to better predict a firm’s demand.        
    demographic segmentation Segmenting buyers by personal characteristics such as their ages, incomes, ethnicity, and family sizes.        
    demographic segmentation Segmenting buyers by personal characteristics such as their ages, incomes, ethnicity, and family sizes.        
    Department stores Stores that carry a wide variety of household and personal types of merchandise such as clothing and jewelry.        
    Department stores Stores that carry a wide variety of household and personal types of merchandise such as clothing and jewelry.        
    depth interview An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.        
    depth interview An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.        
    depth interviews An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.        
    depth interviews An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.        
    Derived demand Demand that springs from, or is derived from, a secondary source other than the primary buyer of the product.        
    Derived demand Demand that springs from, or is derived from, a secondary source other than the primary buyer of the product.        
    descriptive research design A study that involves gathering hard numbers, often via surveys, to describe or measure a phenomenon so as to answer the questions of who, what, where, when, and how.        
    descriptive research design A study that involves gathering hard numbers, often via surveys, to describe or measure a phenomenon so as to answer the questions of who, what, where, when, and how.        
    Direct investment Owning a company or facility overseas.        
    Direct investment Owning a company or facility overseas.        
    direct mail A form of direct marketing that is mailed to consumers. It can be personalized and ask consumers to make a certain response. Catalogs are often part of direct mail campaigns.        
    direct mail A form of direct marketing that is mailed to consumers. It can be personalized and ask consumers to make a certain response. Catalogs are often part of direct mail campaigns.        
    direct marketing Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, or telephone, or in person.        
    direct marketing Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, or telephone, or in person.        
    Direct marketing Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, telephone, or in person.        
    Direct marketing Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, telephone, or in person.        
    Direct response advertising Direct marketing that includes an offer and a call to action.        
    Direct response advertising Direct marketing that includes an offer and a call to action.        
    disintermediation A situation that occurs when intermediaries are cut out of marketing channels.        
    disintermediation A situation that occurs when intermediaries are cut out of marketing channels.        
    dissociative groups Groups a consumer does not want to associate with or join.        
    dissociative groups Groups a consumer does not want to associate with or join.        
    distribution center A warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers rather than on storage.        
    distribution center A warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers rather than on storage.        
    distributors Businesses that purchase large quantities of products, can store products, can sell products, can deliver desired quantities of products, and can offer services. Distributors generally take title to products and employ a sales force to actively market their products.        
    distributors Businesses that purchase large quantities of products, can store products, can sell products, can deliver desired quantities of products, and can offer services. Distributors generally take title to products and employ a sales force to actively market their products.        
    Diversification strategies Offering products that are unrelated to other existing products produced by the organization.        
    Diversification strategies Offering products that are unrelated to other existing products produced by the organization.        
    divest When a firm drops or sells a product or business.        
    divest When a firm drops or sells a product or business.        
    divesting Companies get rid of a product, service, or business.        
    divesting Companies get rid of a product, service, or business.        
    Do Not Call Registry Established by the Federal Trade Commission (FTC) in 2008, a service that prevents organizations from calling any phone numbers registered with the FTC.        
    Do Not Call Registry Established by the Federal Trade Commission (FTC) in 2008, a service that prevents organizations from calling any phone numbers registered with the FTC.        
    dog Business or offering with low growth and a low market share.        
    dog Business or offering with low growth and a low market share.        
    double-barreled question A survey question that is potentially confusing because it asks two questions in the same question.        
    double-barreled question A survey question that is potentially confusing because it asks two questions in the same question.        
    downsize To decrease the size of the package or the amount of product in the package.        
    downsize To decrease the size of the package or the amount of product in the package.        
    Drugstores Stores that specialize in selling over-the-counter medication, prescriptions, and health and beauty products and offer services such as photo developing.        
    Drugstores Stores that specialize in selling over-the-counter medication, prescriptions, and health and beauty products and offer services such as photo developing.        
    dump accounts An e-mail account that is used for registering when buying products online in order to ignore spam and other junk e-mail later.        
    dump accounts An e-mail account that is used for registering when buying products online in order to ignore spam and other junk e-mail later.        
    dumping The practice of selling goods in another country for a price lower than sold in the home country or at a price that is not economically feasible.        
    dumping The practice of selling goods in another country for a price lower than sold in the home country or at a price that is not economically feasible.        
    e-commerce Commerce conducted electronically, such as over the Internet.        
    e-commerce Commerce conducted electronically, such as over the Internet.        
    Electronic data interchange (EDI) A special electronic format companies use to exchange business documents from computer to computer.        
    Electronic data interchange (EDI) A special electronic format companies use to exchange business documents from computer to computer.        
    electronic product code (EPC) A barcode that can distinguish between two seemingly identical products. It contains information about where the product was manufactured and where it was shipped from and bound to.        
    electronic product code (EPC) A barcode that can distinguish between two seemingly identical products. It contains information about where the product was manufactured and where it was shipped from and bound to.        
    Environmental sustainability The idea that firms should engage in business practices that have the least impact on the environment so that it is sustained for future generations.        
    Environmental sustainability The idea that firms should engage in business practices that have the least impact on the environment so that it is sustained for future generations.        
    ethnography A type of study whereby marketing researchers interview, observe, and often videotape people while they work, live, shop, and play.        
    ethnography A type of study whereby marketing researchers interview, observe, and often videotape people while they work, live, shop, and play.        
    Evaluative criteria Certain characteristics of products consumers consider when they are making buying decisions.        
    Evaluative criteria Certain characteristics of products consumers consider when they are making buying decisions.        
    everyday low prices The practice of charging a low initial price for an offering and maintaining that price throughout the offering’s product life cycle.        
    everyday low prices The practice of charging a low initial price for an offering and maintaining that price throughout the offering’s product life cycle.        
    exchange The transaction of value, usually economic, between a buyer and seller.        
    exchange The transaction of value, usually economic, between a buyer and seller.        
    Exchanging The act of transacting value between a buyer and a seller.        
    Exchanging The act of transacting value between a buyer and a seller.        
    Exclusive distribution A strategy of selling products through one or a few retailers in a specific location.        
    Exclusive distribution A strategy of selling products through one or a few retailers in a specific location.        
    Executive opinion A forecasting method in which an executive or group of executives provides a best estimate of what will be sold or what will happen.        
    Executive opinion A forecasting method in which an executive or group of executives provides a best estimate of what will be sold or what will happen.        
    Expert opinion A forecasting method in which the forecast is based on an objective third-party expert’s best estimate of what will happen in the market and how that will influence sales.        
    Expert opinion A forecasting method in which the forecast is based on an objective third-party expert’s best estimate of what will happen in the market and how that will influence sales.        
    exploratory research design A less-structured type of research design used to initially investigate a marketing research project that hasn’t yet been defined well enough for an in-depth study to be conducted.        
    exploratory research design A less-structured type of research design used to initially investigate a marketing research project that hasn’t yet been defined well enough for an in-depth study to be conducted.        
    exponential smoothing A method of trend analysis forecasting that weights more recent periods of time more heavily than more distant periods of time.        
    exponential smoothing A method of trend analysis forecasting that weights more recent periods of time more heavily than more distant periods of time.        
    export Sell products to buyers in foreign markets.        
    export Sell products to buyers in foreign markets.        
    expressed warranty An oral or written statement by the seller regarding how a product should perform and the remedies available to the consumer in the event of its failure.        
    expressed warranty An oral or written statement by the seller regarding how a product should perform and the remedies available to the consumer in the event of its failure.        
    extended problem solving Purchasing decisions in which a consumer gathers a significant amount of information before making a decision.        
    extended problem solving Purchasing decisions in which a consumer gathers a significant amount of information before making a decision.        
    Facilitating offerings Offerings that support an organization’s ability to do business but do not go into the final product.        
    Facilitating offerings Offerings that support an organization’s ability to do business but do not go into the final product.        
    Family life cycle The stages families go through over time and how it affects people’s buying behavior.        
    Family life cycle The stages families go through over time and how it affects people’s buying behavior.        
    feedback Means of telling sellers you saw their information and wanted to try their product.        
    feedback Means of telling sellers you saw their information and wanted to try their product.        
    Fidelity The degree to which a plan is implemented as intended.        
    Fidelity The degree to which a plan is implemented as intended.        
    financial feasibility A new offering’s ability to make money.        
    financial feasibility A new offering’s ability to make money.        
    Fluctuating demand Demand that fluctuates sharply in response to a change in consumer demand.        
    Fluctuating demand Demand that fluctuates sharply in response to a change in consumer demand.        
    FOB (free on board) destination A pricing arrangement that designates that a product’s title changes at its destination (the place to which it’s transported), and the seller pays the shipping charges.        
    FOB (free on board) destination A pricing arrangement that designates that a product’s title changes at its destination (the place to which it’s transported), and the seller pays the shipping charges.        
    focus group A group of potential buyers brought together to discuss a marketing research topic with one another.        
    focus group A group of potential buyers brought together to discuss a marketing research topic with one another.        
    Franchising Granting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee.        
    Franchising Granting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee.        
    free on board (FOB) A contract term that designates which party is responsible for a product’s shipping costs and owns the title to the goods and when.        
    free on board (FOB) A contract term that designates which party is responsible for a product’s shipping costs and owns the title to the goods and when.        
    freight forwarders An organization whose duties include consolidating small loads of freight, negotiating rates for their shipment, and booking space for them on transportation vehicles and in warehouses.        
    freight forwarders An organization whose duties include consolidating small loads of freight, negotiating rates for their shipment, and booking space for them on transportation vehicles and in warehouses.        
    frequency How often people are exposed to a message.        
    frequency How often people are exposed to a message.        
    funnel The amount of time or number of steps it takes to make a sale; also called the sales cycle or pipeline.        
    funnel The amount of time or number of steps it takes to make a sale; also called the sales cycle or pipeline.        
    gatekeepers People who decide if and when a salesperson gets access to members of the buying center.        
    gatekeepers People who decide if and when a salesperson gets access to members of the buying center.        
    General Electric (GE) approach A portfolio planning approach that examines a business’s strengths and the attractiveness of industries.        
    General Electric (GE) approach A portfolio planning approach that examines a business’s strengths and the attractiveness of industries.        
    geodemographics Combining both demographic and geographic information for marketing purposes.        
    geodemographics Combining both demographic and geographic information for marketing purposes.        
    Going-rate pricing Pricing whereby purchasers pay the same price for a product regardless of where they buy it or from whom.        
    Going-rate pricing Pricing whereby purchasers pay the same price for a product regardless of where they buy it or from whom.        
    gray market A market in which a producer hasn’t authorized its products to be sold.        
    gray market A market in which a producer hasn’t authorized its products to be sold.        
    Green marketing Marketing environmentally safe products and services in a way that is good for the environment.        
    Green marketing Marketing environmentally safe products and services in a way that is good for the environment.        
    growth stage The stage of the life cycle in which sales increase and more competitors enter the market.        
    growth stage The stage of the life cycle in which sales increase and more competitors enter the market.        
    horizontal conflict Conflict that occurs between organizations of the same type.        
    horizontal conflict Conflict that occurs between organizations of the same type.        
    horizontal integration Adding to operations at the same level in the distribution channel, usually through acquisition of competitors.        
    horizontal integration Adding to operations at the same level in the distribution channel, usually through acquisition of competitors.        
    ideal self How a person would like to view himself or herself.        
    ideal self How a person would like to view himself or herself.        
    implied warranty An obligation for a seller to provide an offering of at least average quality, beyond any written statements.        
    implied warranty An obligation for a seller to provide an offering of at least average quality, beyond any written statements.        
    impulse offerings An offering that is purchased on impulse, without prior planning.        
    impulse offerings An offering that is purchased on impulse, without prior planning.        
    Independent agents Independent salespeople a company hires to sell its products. Independent agents set their own hours, determine their own activities, and for the most part, manage themselves.        
    Independent agents Independent salespeople a company hires to sell its products. Independent agents set their own hours, determine their own activities, and for the most part, manage themselves.        
    indirect channel A marketing channel that consists of a producer, a consumer, and one or more intermediaries.        
    indirect channel A marketing channel that consists of a producer, a consumer, and one or more intermediaries.        
    industrial distributors Intermediary firms that sell products that businesses or government departments and agencies use but don’t resell.        
    industrial distributors Intermediary firms that sell products that businesses or government departments and agencies use but don’t resell.        
    industrial espionage The process of gathering corporate information illegally or unethically.        
    industrial espionage The process of gathering corporate information illegally or unethically.        
    influencer marketing Targeting individuals known to influence others so they will use their influence in the marketer’s favor.        
    influencer marketing Targeting individuals known to influence others so they will use their influence in the marketer’s favor.        
    influencer panel A special type of community that participates regularly in marketing research activities.        
    influencer panel A special type of community that participates regularly in marketing research activities.        
    Influencers People who may or may not use the product but actively participate in the purchasing process in order to secure a decision they consider favorable.        
    Influencers People who may or may not use the product but actively participate in the purchasing process in order to secure a decision they consider favorable.        
    Initiators People within the organization that first see the need for a product and, depending on their ability to make the final decision, either notify the purchasing agents of what is needed or lobby executives to consider making a change.        
    Initiators People within the organization that first see the need for a product and, depending on their ability to make the final decision, either notify the purchasing agents of what is needed or lobby executives to consider making a change.        
    insourcing When firms move activities, such as logistics, in-house.        
    insourcing When firms move activities, such as logistics, in-house.        
    Institutional markets Nonprofit organizations such as the American Red Cross, churches, hospitals, charitable organizations, private colleges, and civic clubs.        
    Institutional markets Nonprofit organizations such as the American Red Cross, churches, hospitals, charitable organizations, private colleges, and civic clubs.        
    Integrated marketing communications (IMC) Approach designed to deliver one consistent message to buyers across an organization’s promotions.        
    Integrated marketing communications (IMC) Approach designed to deliver one consistent message to buyers across an organization’s promotions.        
    intensive distribution A strategy of selling a product in as many outlets as possible.        
    intensive distribution A strategy of selling a product in as many outlets as possible.        
    Interference Any distractions or noise that senders and receivers face during the transmission of a message.        
    Interference Any distractions or noise that senders and receivers face during the transmission of a message.        
    intermediaries Third parties that facilitate the supply and sale of products from manufacturers to users.        
    intermediaries Third parties that facilitate the supply and sale of products from manufacturers to users.        
    Intermodal containers Metal boxes used to ship consumer goods.        
    Intermodal containers Metal boxes used to ship consumer goods.        
    intranet A private, internal Web site accessible only to a firm’s employees.        
    intranet A private, internal Web site accessible only to a firm’s employees.        
    introduction stage The first stage of the product life cycle after a product is launched.        
    introduction stage The first stage of the product life cycle after a product is launched.        
    Joint demand When the demand for one product increases the demand for another.        
    Joint demand When the demand for one product increases the demand for another.        
    Joint ventures An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.        
    Joint ventures An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.        
    judgment techniques Forecasting methods that rely on someone’s estimate(s).        
    judgment techniques Forecasting methods that rely on someone’s estimate(s).        
    knowledge gap A firm’s failure to understand a customer’s expectations or needs, which then leads it to create an offering that disappoints the customer.        
    knowledge gap A firm’s failure to understand a customer’s expectations or needs, which then leads it to create an offering that disappoints the customer.        
    Lead scoring The process of rating leads based on the readiness of potential buyers to purchase products.        
    Lead scoring The process of rating leads based on the readiness of potential buyers to purchase products.        
    lead time The amount of time it takes for a customer to receive a good or service once it’s been ordered.        
    lead time The amount of time it takes for a customer to receive a good or service once it’s been ordered.        
    lead users Potential customers who are innovative and develop new applications or new products for their own use without the aid of a supplier.        
    lead users Potential customers who are innovative and develop new applications or new products for their own use without the aid of a supplier.        
    leading indicator A correlate that occurs before the variable being forecasted (e.g., permits to build new houses is a leading indicator of building material sales because permits are issued before the materials are purchased).        
    leading indicator A correlate that occurs before the variable being forecasted (e.g., permits to build new houses is a leading indicator of building material sales because permits are issued before the materials are purchased).        
    Learning The process by which consumers change their behavior after they gain information or experience with a product.        
    Learning The process by which consumers change their behavior after they gain information or experience with a product.        
    license Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.        
    license Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.        
    limited problem solving Purchasing decisions made based on consideration of some outside information.        
    limited problem solving Purchasing decisions made based on consideration of some outside information.        
    line extension A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.        
    line extension A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.        
    Logistics The physical flow of materials in the supply chain.        
    Logistics The physical flow of materials in the supply chain.        
    Logistics The physical flow of materials in the supply chain.        
    Logistics The physical flow of materials in the supply chain.        
    longevity effect The process of lengthening a customer’s lifetime value over time.        
    longevity effect The process of lengthening a customer’s lifetime value over time.        
    loss leaders Products priced below cost; this is illegal in some states.        
    loss leaders Products priced below cost; this is illegal in some states.        
    Low-involvement decisions Products that carry a low risk of failure or have a low price tag for a specific individual or group making the decision.        
    Low-involvement decisions Products that carry a low risk of failure or have a low price tag for a specific individual or group making the decision.        
    Loyalty programs Sales promotions designed to get repeat business.        
    Loyalty programs Sales promotions designed to get repeat business.        
    Loyalty programs Marketing efforts that reward the frequent purchase and consumption of an offering.        
    Loyalty programs Marketing efforts that reward the frequent purchase and consumption of an offering.        
    Maintenance, repair, and operations (MRO) Offerings used to maintain, repair, and operate the physical assets of an organization.        
    Maintenance, repair, and operations (MRO) Offerings used to maintain, repair, and operate the physical assets of an organization.        
    manufactured material A material that has been processed into a finished good but is not a stand-alone product; it still has to be incorporated into something else to be usable.        
    manufactured material A material that has been processed into a finished good but is not a stand-alone product; it still has to be incorporated into something else to be usable.        
    manufacturer’s representative A type of independent agent who represents manufacturers. Typically, the person represents noncompeting manufacturers that sell complementary products.        
    manufacturer’s representative A type of independent agent who represents manufacturers. Typically, the person represents noncompeting manufacturers that sell complementary products.        
    Manufacturers’ sales offices or branches Selling units that work directly for manufacturers. A type of factory outlet store.        
    Manufacturers’ sales offices or branches Selling units that work directly for manufacturers. A type of factory outlet store.        
    margin of error A measure of the possible inaccuracy of the data reported in a survey.        
    margin of error A measure of the possible inaccuracy of the data reported in a survey.        
    markdowns The amount (in dollars or percent) taken off the price.        
    markdowns The amount (in dollars or percent) taken off the price.        
    Market development strategies Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.        
    Market development strategies Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.        
    market intelligence Information gathered on a regular, ongoing basis to enable a firm’s decision makers to stay in touch with what’s happening in the marketplace.        
    market manager Someone responsible for managing efforts within a particular market, such as a geographic market or another grouping of customers into a market (e.g., a single industry or size).        
    market manager Someone responsible for managing efforts within a particular market, such as a geographic market or another grouping of customers into a market (e.g., a single industry or size).        
    market oriented The degree to which a company follows the marketing concept.        
    market oriented The degree to which a company follows the marketing concept.        
    Market penetration strategies Selling more of existing products and services to existing customers.        
    Market penetration strategies Selling more of existing products and services to existing customers.        
    market potential Total industry-wide sales expected in a particular product category for the time period of interest.        
    market potential Total industry-wide sales expected in a particular product category for the time period of interest.        
    market research The process of researching a specific market to determine its size and trends.        
    market segmentation The process of breaking down all consumers into groups of potential buyers with similar characteristics.        
    market test The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.        
    market test The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.        
    market test The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.        
    market test The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.        
    Marketing “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”        
    Marketing “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”        
    marketing audit A snapshot of the state of the company’s marketing strategies as they are actually implemented; an examination of the implementation of a marketing plan to determine if it was implemented properly and if it was successful.        
    marketing audit A snapshot of the state of the company’s marketing strategies as they are actually implemented; an examination of the implementation of a marketing plan to determine if it was implemented properly and if it was successful.        
    marketing channel The group of organizations involved in selling and promoting goods from the time they are produced until they reach end users.        
    marketing era From 1950 to at least 1990 (see service-dominant logic era, value era, and one-to-one era), the dominant philosophy among businesses is the marketing concept.        
    marketing era From 1950 to at least 1990 (see service-dominant logic era, value era, and one-to-one era), the dominant philosophy among businesses is the marketing concept.        
    marketing information system (MIS) A system, either paper or electronic, used to manage information a firm’s marketing professionals and managers need to make good decisions.        
    marketing information system (MIS) A system, either paper or electronic, used to manage information a firm’s marketing professionals and managers need to make good decisions.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing plan A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.        
    marketing research aggregator A marketing research company that doesn’t conduct its own research but instead buys it from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.        
    marketing research aggregator A marketing research company that doesn’t conduct its own research but instead buys it from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.        
    mass customization Mass producing goods customized to the specifications of individual consumers.        
    mass customization Mass producing goods customized to the specifications of individual consumers.        
    Mass marketing Selling the same product to all consumers.        
    Mass marketing Selling the same product to all consumers.        
    maturity stage The stage of the product life cycle at which sales begin to level off and competitors have saturated the market.        
    maturity stage The stage of the product life cycle at which sales begin to level off and competitors have saturated the market.        
    medium The general types of communication (e.g., television or radio) available for advertisers.        
    medium The general types of communication (e.g., television or radio) available for advertisers.        
    Microtargeting The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them.        
    Microtargeting The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them.        
    mission statement Defines the purpose of the organization and answers the question of how a company defines its business.        
    mission statement Defines the purpose of the organization and answers the question of how a company defines its business.        
    missionary salesperson A salesperson who calls on people who make decisions about products but don’t actually buy them.        
    missionary salesperson A salesperson who calls on people who make decisions about products but don’t actually buy them.        
    mobile marketing Marketing media that is available in different places such as cell phones or on forms of transportation.        
    mobile marketing Marketing media that is available in different places such as cell phones or on forms of transportation.        
    modified rebuy When a company wants to buy the same type of product it has in the past but make some modifications to it.        
    modified rebuy When a company wants to buy the same type of product it has in the past but make some modifications to it.        
    Motivation The inward drive people have to get what they need.        
    Motivation The inward drive people have to get what they need.        
    multisegment marketing Targeting multiple groups of consumers.        
    multisegment marketing Targeting multiple groups of consumers.        
    mystery shopper A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.        
    mystery shopper A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.        
    mystery shoppers A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.        
    mystery shoppers A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.        
    needs-satisfaction selling The process of asking questions to identify a potential buyer’s needs and then tailoring the sales pitch to satisfy those needs.        
    needs-satisfaction selling The process of asking questions to identify a potential buyer’s needs and then tailoring the sales pitch to satisfy those needs.        
    new-buy When a firm purchases a product for the first time.        
    new-buy When a firm purchases a product for the first time.        
    Niche marketing Targeting an extremely select group of consumers.        
    Niche marketing Targeting an extremely select group of consumers.        
    nondisclosure agreement (NDA) A contract that specifies information that is proprietary, or owned by a channel partner, and how, if at all, the other partners can use that information.        
    nondisclosure agreement (NDA) A contract that specifies information that is proprietary, or owned by a channel partner, and how, if at all, the other partners can use that information.        
    nonprofit marketing Marketing activities conducted to meet the goals of nonprofit organizations.        
    nonprofit marketing Marketing activities conducted to meet the goals of nonprofit organizations.        
    Objections A statement by a buyer of concern about an offer or salesperson.        
    Objections A statement by a buyer of concern about an offer or salesperson.        
    objective and task method A budget based on a company’s promotion objectives and the costs of the activities and tasks necessary to accomplish those objectives.        
    objective and task method A budget based on a company’s promotion objectives and the costs of the activities and tasks necessary to accomplish those objectives.        
    Objectives What organizations want to accomplish (the end results) in a given time frame.        
    Objectives What organizations want to accomplish (the end results) in a given time frame.        
    Odd-even pricing A strategy in which a company prices products a few cents below the next dollar amount or a few dollars (for high-cost products such as automobiles) below the next hundred- or thousand-dollar value.        
    Odd-even pricing A strategy in which a company prices products a few cents below the next dollar amount or a few dollars (for high-cost products such as automobiles) below the next hundred- or thousand-dollar value.        
    OEM offerings or components Products, or parts, sold by one manufacturer to another that get built into a final product without further modification.        
    OEM offerings or components Products, or parts, sold by one manufacturer to another that get built into a final product without further modification.        
    Off-price retailers Stores that sell a variety of discount merchandise that consists of seconds, overruns, and the previous season’s stock other stores have liquidated.        
    Off-price retailers Stores that sell a variety of discount merchandise that consists of seconds, overruns, and the previous season’s stock other stores have liquidated.        
    offering The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.        
    offering The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.        
    Offering The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.        
    Offering The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.        
    offshoring Outsourcing work to a company abroad.        
    offshoring Outsourcing work to a company abroad.        
    one-to-one era From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually.        
    one-to-one era From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually.        
    one-to-one marketing Forming close, personal relationships with customers and giving them exactly what they want.        
    one-to-one marketing Forming close, personal relationships with customers and giving them exactly what they want.        
    Online retailers Companies that sell products directly to consumers via the Web.        
    Online retailers Companies that sell products directly to consumers via the Web.        
    operant or instrumental conditioning A type of behavior that’s repeated when it’s rewarded.        
    operant or instrumental conditioning A type of behavior that’s repeated when it’s rewarded.        
    Opinion leaders People with expertise certain areas. Consumers respect these people and often ask their opinions before they buy goods and services.        
    Opinion leaders People with expertise certain areas. Consumers respect these people and often ask their opinions before they buy goods and services.        
    opportunity risk The potential loss of revenue a company risks when it chooses an alternative course of action such as launching a different offering.        
    opportunity risk The potential loss of revenue a company risks when it chooses an alternative course of action such as launching a different offering.        
    out-of-home advertising Billboards and movable promotions that are displayed in a broad range of public spaces including tray tables on airplanes, the inside of subways, trains, buses, and even in bathroom stalls.        
    out-of-home advertising Billboards and movable promotions that are displayed in a broad range of public spaces including tray tables on airplanes, the inside of subways, trains, buses, and even in bathroom stalls.        
    Outlet stores Stores that sell a variety of merchandise that may consist of seconds, overruns, and the previous season’s stock, as well as first-run merchandise all from one manufacturer.        
    Outlet stores Stores that sell a variety of merchandise that may consist of seconds, overruns, and the previous season’s stock, as well as first-run merchandise all from one manufacturer.        
    outsource Hiring an organization to do a task your firm previously performed.        
    outsource Hiring an organization to do a task your firm previously performed.        
    Payment pricing A pricing strategy in which customers are allowed to break down product payments into smaller amounts they pay incrementally.        
    Payment pricing A pricing strategy in which customers are allowed to break down product payments into smaller amounts they pay incrementally.        
    penetration pricing strategy A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.        
    penetration pricing strategy A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.        
    penetration pricing strategy A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.        
    penetration pricing strategy A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.        
    percentage of last year’s sales A budgeting technique based on a set percentage of current or projected sales.        
    percentage of last year’s sales A budgeting technique based on a set percentage of current or projected sales.        
    Perception How people interpret the world around them.        
    Perception How people interpret the world around them.        
    perceptual map A two-dimensional graph that visually shows where a product stands, or should stand, relative to its competitors.        
    perceptual map A two-dimensional graph that visually shows where a product stands, or should stand, relative to its competitors.        
    perceptual process The way in which people select the information they are exposed to, pay attention to it, interpret it, and retain it.        
    perceptual process The way in which people select the information they are exposed to, pay attention to it, interpret it, and retain it.        
    personal value equation The net benefit a consumer receives from a product less the price paid for it and the hassle or effort expended to acquire it.        
    personal value equation The net benefit a consumer receives from a product less the price paid for it and the hassle or effort expended to acquire it.        
    Personality An individual’s disposition as other people see it.        
    Personality An individual’s disposition as other people see it.        
    phishing Soliciting personal information in order to steal an identity and use it to generate cash fraudulently.        
    phishing Soliciting personal information in order to steal an identity and use it to generate cash fraudulently.        
    Physiological measurements Measurements that record people’s involuntary physical responses to marketing stimuli, such as an advertisement.        
    Physiological measurements Measurements that record people’s involuntary physical responses to marketing stimuli, such as an advertisement.        
    pipeline The amount of time or number of steps it takes to make a sale; also called the sales cycle or funnel.        
    pipeline The amount of time or number of steps it takes to make a sale; also called the sales cycle or funnel.        
    planned obsolescence A deliberate effort by companies to make their products obsolete, or unusable, after a period of time.        
    planned obsolescence A deliberate effort by companies to make their products obsolete, or unusable, after a period of time.        
    Point-of-purchase displays In-store displays designed to encourage consumers to buy products immediately.        
    Point-of-purchase displays In-store displays designed to encourage consumers to buy products immediately.        
    pop-up store Small temporary stores designed to generate “buzz” for a retailer and drive customers to its regular stores.        
    pop-up store Small temporary stores designed to generate “buzz” for a retailer and drive customers to its regular stores.        
    population The entire target market being studied.        
    population The entire target market being studied.        
    population density The number of people per square mile.        
    population density The number of people per square mile.        
    portfolio planning approach An approach to analyzing various businesses relative to one another.        
    portfolio planning approach An approach to analyzing various businesses relative to one another.        
    Positioning How consumers view a product relative to the the competition.        
    Positioning How consumers view a product relative to the the competition.        
    postpurchase dissonance Situations that occur when experiences do not match expectations and consumers rethink their decisions after purchasing products and wonder if they made the best decision.        
    postpurchase dissonance Situations that occur when experiences do not match expectations and consumers rethink their decisions after purchasing products and wonder if they made the best decision.        
    postpurchase dissonance A situation in which consumers rethink their decisions after purchasing products and wonder if they made the best decision.        
    postpurchase dissonance A situation in which consumers rethink their decisions after purchasing products and wonder if they made the best decision.        
    predatory pricing When companies act in a predatory manner by setting low prices to drive competitors out of business.        
    predatory pricing When companies act in a predatory manner by setting low prices to drive competitors out of business.        
    premium Something consumers get for free or for a small handling charge with proof of purchase.        
    premium Something consumers get for free or for a small handling charge with proof of purchase.        
    press release A news story written by an organization to promote a product, service, or person.        
    press release A news story written by an organization to promote a product, service, or person.        
    Price bundling A strategy of selling different products or services together, typically at a lower price than if each product or service is sold separately.        
    Price bundling A strategy of selling different products or services together, typically at a lower price than if each product or service is sold separately.        
    price discrimination The process of charging different customers different prices for the same product and quantities of it purchased.        
    price discrimination The process of charging different customers different prices for the same product and quantities of it purchased.        
    Price elasticity The amount of sensitivity to price changes, which affects the demand for a product.        
    Price elasticity The amount of sensitivity to price changes, which affects the demand for a product.        
    Price fixing When firms get together and agree to charge the same prices.        
    Price fixing When firms get together and agree to charge the same prices.        
    price inelastic Buyers are not sensitive to price changes and demand is relatively unchanged.        
    price inelastic Buyers are not sensitive to price changes and demand is relatively unchanged.        
    price lining Pricing a group of similar products (e.g., neckties) at a few different price levels (e.g., $25, $50, and $75).        
    price lining Pricing a group of similar products (e.g., neckties) at a few different price levels (e.g., $25, $50, and $75).        
    pricing objectives What an organization wants to accomplish with its pricing.        
    pricing objectives What an organization wants to accomplish with its pricing.        
    Primary packaging Packaging designed to hold a single retail unit of a product.        
    Primary packaging Packaging designed to hold a single retail unit of a product.        
    privacy laws Laws that limit the amount and type of information a company can collect about a consumer and also specify how that information can be used or shared.        
    privacy laws Laws that limit the amount and type of information a company can collect about a consumer and also specify how that information can be used or shared.        
    Privacy policies Statements about how a company will use and protect a consumer’s private data.        
    Privacy policies Statements about how a company will use and protect a consumer’s private data.        
    probability sample A research sample in which each would-be participant has a known and equal chance of being selected.        
    probability sample A research sample in which each would-be participant has a known and equal chance of being selected.        
    Procurement The process of purchasing goods and services for your organization.        
    Procurement The process of purchasing goods and services for your organization.        
    Producers Companies that purchase goods and services that they transform into other products.        
    Producers Companies that purchase goods and services that they transform into other products.        
    product demonstrations A demonstration designed to show a channel partner’s customers how products work and answer any questions they might have.        
    product demonstrations A demonstration designed to show a channel partner’s customers how products work and answer any questions they might have.        
    Product development strategies Creating new products or services for existing markets.        
    Product development strategies Creating new products or services for existing markets.        
    product life cycle (PLC) The stages (introduction, growth, maturity, decline) that a product may go through over time.        
    product life cycle (PLC) The stages (introduction, growth, maturity, decline) that a product may go through over time.        
    product line A group of offerings that serve similar needs and are sold under the same name.        
    product line A group of offerings that serve similar needs and are sold under the same name.        
    product manager Someone with business responsibility for a particular product or product line. Like brand managers, product managers must make decisions, such as which offerings to include, advertising selection, and others.        
    product manager Someone with business responsibility for a particular product or product line. Like brand managers, product managers must make decisions, such as which offerings to include, advertising selection, and others.        
    product mix The entire assortment of products that a firm offers.        
    product mix The entire assortment of products that a firm offers.        
    product mix pricing Deciding how to price a firm’s products and services that go together, such as power options (locks, windows) on a car.        
    product mix pricing Deciding how to price a firm’s products and services that go together, such as power options (locks, windows) on a car.        
    product placement Getting a company’s product included as part of a television show, movie, video game, special event.        
    product placement Getting a company’s product included as part of a television show, movie, video game, special event.        
    product-oriented An approach to business that centers on capturing business by focusing on creating and manufacturing better products at lower prices.        
    product-oriented An approach to business that centers on capturing business by focusing on creating and manufacturing better products at lower prices.        
    production era A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed.        
    production era A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed.        
    Professional selling An interactive, personal, paid promotional approach between a buyer and a seller.        
    Professional selling An interactive, personal, paid promotional approach between a buyer and a seller.        
    Projective techniques An exploratory research technique used to reveal information research respondents might not reveal by being asked directly.        
    Projective techniques An exploratory research technique used to reveal information research respondents might not reveal by being asked directly.        
    promotion or communication mix Communication tools that may include advertising, sales promotions, public relations and publicity, professional selling, and direct marketing.        
    promotion or communication mix Communication tools that may include advertising, sales promotions, public relations and publicity, professional selling, and direct marketing.        
    Promotional pricing A short-term tactic to get people to purchase a product or more of it.        
    Promotional pricing A short-term tactic to get people to purchase a product or more of it.        
    prospector A salesperson whose primary responsibility is prospecting, or finding potential customers. The salesperson might be responsible for closing the sales or simply turning the prospects over to someone else to close.        
    prospector A salesperson whose primary responsibility is prospecting, or finding potential customers. The salesperson might be responsible for closing the sales or simply turning the prospects over to someone else to close.        
    Proximity marketing The process of segmenting buyers geographically and targeting them within a few hundred feet of a business businesses using wireless technology.        
    Proximity marketing The process of segmenting buyers geographically and targeting them within a few hundred feet of a business businesses using wireless technology.        
    Psychographic segmentation Segmenting people by their activities, interests, opinion, attitudes, values, and lifestyles.        
    Psychographic segmentation Segmenting people by their activities, interests, opinion, attitudes, values, and lifestyles.        
    Psychographics Measuring the attitudes, values, lifestyles, and opinions of consumers using demographics.        
    Psychographics Measuring the attitudes, values, lifestyles, and opinions of consumers using demographics.        
    Public relations (PR) The process of creating a positive image for a company, an offering, or a person via publicity.        
    Public relations (PR) The process of creating a positive image for a company, an offering, or a person via publicity.        
    Public relations (PR) The process of creating a positive image for a company, an offering, or a person via publicity.        
    publicity Publicized information such as news stories about products and services, people, and organizations.        
    pull strategy A strategy in which consumers are targeted with sales promotions such as coupons, contests, games, rebates, mail-in offers.        
    pull strategy A strategy in which consumers are targeted with sales promotions such as coupons, contests, games, rebates, mail-in offers.        
    pull strategy A strategy in which consumers are targeted with sales promotions such as coupons, contests, games, rebates, and mail-in offers.        
    pull strategy A strategy in which consumers are targeted with sales promotions such as coupons, contests, games, rebates, and mail-in offers.        
    push money A cash incentive a manufacturer provides its channel partners to sell particular items.        
    push money A cash incentive a manufacturer provides its channel partners to sell particular items.        
    push strategy A strategy in which businesses are the target of promotions so products get “pushed” through their marketing channels and sold to consumers.        
    push strategy A strategy in which businesses are the target of promotions so products get “pushed” through their marketing channels and sold to consumers.        
    push strategy A strategy in which businesses are the target of promotions so products get “pushed” through their marketing channels and sold to consumers.        
    push strategy A strategy in which businesses are the target of promotions so products get “pushed” through their marketing channels and sold to consumers.        
    Qualitative research Any form of research that results in data that is not quantitative and often seeks to answer questions such as why consumers do something, rather than how much or how often they do it.        
    Qualitative research Any form of research that results in data that is not quantitative and often seeks to answer questions such as why consumers do something, rather than how much or how often they do it.        
    Quality function deployment (QFD) A specific process for designing new offerings that begins by specifying a customer’s requirements and then designing a product to meet those needs.        
    Quality function deployment (QFD) A specific process for designing new offerings that begins by specifying a customer’s requirements and then designing a product to meet those needs.        
    quantity discounts Discounts buyers get for making large purchases.        
    quantity discounts Discounts buyers get for making large purchases.        
    question marks or problem children Businesses or offerings with a low share of a high-growth market.        
    question marks or problem children Businesses or offerings with a low share of a high-growth market.        
    radio-frequency identification (RFID) tag A tag that emits radio signals that can record and track a shipment as it comes in and out of a facility.        
    radio-frequency identification (RFID) tag A tag that emits radio signals that can record and track a shipment as it comes in and out of a facility.        
    Rebates A promotion whereby part of the purchase price of an offering is refunded to a customer after the customer completes a form and sends in the proof of purchase (sales receipt).        
    Rebates A promotion whereby part of the purchase price of an offering is refunded to a customer after the customer completes a form and sends in the proof of purchase (sales receipt).        
    Reciprocal agreements Agreements whereby merchants agree to promote one another’s offerings to customers.        
    Reciprocal agreements Agreements whereby merchants agree to promote one another’s offerings to customers.        
    reliable A study that, when repeated, produces the same or nearly the same result.        
    reliable A study that, when repeated, produces the same or nearly the same result.        
    Repositioning The process of “moving” a product to a different place in the minds of consumers.        
    Repositioning The process of “moving” a product to a different place in the minds of consumers.        
    request for proposal (RFP) An invitation to submit a bid to supply the good or service.        
    request for proposal (RFP) An invitation to submit a bid to supply the good or service.        
    resale price maintenance agreement An agreement whereby a producer of a product restricts the price a retailer can charge for it.        
    resale price maintenance agreement An agreement whereby a producer of a product restricts the price a retailer can charge for it.        
    research design An outline that specifies the research data to be gathered, from whom, how, and when the data will be analyzed once it has been obtained.        
    research design An outline that specifies the research data to be gathered, from whom, how, and when the data will be analyzed once it has been obtained.        
    research objective The goal(s) marketing research is supposed to accomplish.        
    research objective The goal(s) marketing research is supposed to accomplish.        
    Resellers Companies that sell goods and services produced by other firms without materially changing them.        
    Resellers Companies that sell goods and services produced by other firms without materially changing them.        
    response models Sophisticated statistical models used in forecasting that are based on how customers have responded in the past to marketing strategies.        
    response models Sophisticated statistical models used in forecasting that are based on how customers have responded in the past to marketing strategies.        
    Retailers Businesses that purchase products from manufacturers, wholesalers, agents, or distributors and then sell them to consumers.        
    Retailers Businesses that purchase products from manufacturers, wholesalers, agents, or distributors and then sell them to consumers.        
    Retro brands Old brands or products companies “bring back” for a period of time.        
    Retro brands Old brands or products companies “bring back” for a period of time.        
    reverse auction When the buyer lists what he or she wants to buy and also states how much he or she is willing to pay. The reverse auction is finished when at least one firm is willing to accept the buyer’s price.        
    reverse auction When the buyer lists what he or she wants to buy and also states how much he or she is willing to pay. The reverse auction is finished when at least one firm is willing to accept the buyer’s price.        
    reverse auctions When the buyer lists what he or she wants to buy and also states how much he or she is willing to pay. The reverse auction is finished when at least one firm is willing to accept the buyer’s price.        
    reverse auctions When the buyer lists what he or she wants to buy and also states how much he or she is willing to pay. The reverse auction is finished when at least one firm is willing to accept the buyer’s price.        
    reverse logistics Running broken, defective, and scrap products backward through the supply chain so as to extract value from them.        
    reverse logistics Running broken, defective, and scrap products backward through the supply chain so as to extract value from them.        
    Robinson-Patman Act A U.S. act that limits price discrimination (charging different customers different prices for the same product and quantities of it purchased).        
    Robinson-Patman Act A U.S. act that limits price discrimination (charging different customers different prices for the same product and quantities of it purchased).        
    Role conflict A situation in which someone faces competing expectations from two or more people or groups; for example, a salesperson who has a customer who wants one thing and a boss who wants another.        
    Role conflict A situation in which someone faces competing expectations from two or more people or groups; for example, a salesperson who has a customer who wants one thing and a boss who wants another.        
    rolling launch Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.        
    rolling launch Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.        
    routine response behavior When consumers make automatic purchase decisions based on limited information or information they have gathered in the past.        
    routine response behavior When consumers make automatic purchase decisions based on limited information or information they have gathered in the past.        
    Sales contests Contests designed to motivate salespeople to increase their sales of particular products.        
    Sales contests Contests designed to motivate salespeople to increase their sales of particular products.        
    sales force composite An estimate of future sales based on the sum of estimates from all of the company’s salespeople.        
    sales force composite An estimate of future sales based on the sum of estimates from all of the company’s salespeople.        
    sales potential The maximum total revenue a company hopes to generate from a product or the number of units of it the company can hope to sell.        
    sales potential The maximum total revenue a company hopes to generate from a product or the number of units of it the company can hope to sell.        
    sales quotas The minimum level of sales performance for an individual salesperson.        
    sales quotas The minimum level of sales performance for an individual salesperson.        
    sales support A staff that helps salespeople by pricing and by preparing proposals and other pre-sale and post-sale activities.        
    sales support A staff that helps salespeople by pricing and by preparing proposals and other pre-sale and post-sale activities.        
    sample A small amount of a product given to consumers to try for free.        
    sample A small amount of a product given to consumers to try for free.        
    sampling error Any type of marketing research mistake that results because a sample was utilized.        
    sampling error Any type of marketing research mistake that results because a sample was utilized.        
    sampling frame The list from which a research sample is drawn. The sampling frame won’t perfectly match the population.        
    sampling frame The list from which a research sample is drawn. The sampling frame won’t perfectly match the population.        
    scanner-based research Information collected by scanners at checkout stands in stores.        
    scanner-based research Information collected by scanners at checkout stands in stores.        
    script-based selling A form of selling in which the salesperson memorizes a sales pitch and delivers it verbatim to each prospective customer.        
    script-based selling A form of selling in which the salesperson memorizes a sales pitch and delivers it verbatim to each prospective customer.        
    Sealed bid pricing The process of offering to buy or sell products at prices designated in sealed bids.        
    Sealed bid pricing The process of offering to buy or sell products at prices designated in sealed bids.        
    search advertising Advertising that appears on the Web pages pulled up when online searches are conducted.        
    Secondary data Data already collected by your firm or another organization for purposes other than the marketing research project at hand.        
    Secondary data Data already collected by your firm or another organization for purposes other than the marketing research project at hand.        
    Secondary packaging Packaging designed to hold a single wholesale unit of a product.        
    Secondary packaging Packaging designed to hold a single wholesale unit of a product.        
    segmentation bases Criteria used to classify and divide buyers into different groups.        
    segmentation bases Criteria used to classify and divide buyers into different groups.        
    selective demand Demand for a specific brand (Tropicana orange juice).        
    selective demand Demand for a specific brand (Tropicana orange juice).        
    selective distortion The process whereby consumers misinterpret information and messages.        
    selective distortion The process whereby consumers misinterpret information and messages.        
    selective distribution A strategy of selling products at specific outlets and/or locations.        
    selective distribution A strategy of selling products at specific outlets and/or locations.        
    selective retention The process whereby a person retains information based on how well it matches their values and beliefs.        
    selective retention The process whereby a person retains information based on how well it matches their values and beliefs.        
    sell-side site A Web site in which a single seller sells products to many different buyers.        
    sell-side site A Web site in which a single seller sells products to many different buyers.        
    selling era A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed.        
    selling era A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed.        
    Sentiment analysis Examining content in social media to determine what a market is thinking or how customers feel, in general, about an offering or an idea. Also used by the government to track the progress of epidemics.        
    Sentiment analysis Examining content in social media to determine what a market is thinking or how customers feel, in general, about an offering or an idea. Also used by the government to track the progress of epidemics.        
    service An intangible component of an offering.        
    service An intangible component of an offering.        
    service-dominant An approach to offerings that integrates the physical product, attendant services, and price into the total offering.        
    service-dominant An approach to offerings that integrates the physical product, attendant services, and price into the total offering.        
    service-dominant logic era The period from 1990 to the present in which some believe that the philosophy of service-dominant logic dominates the way firms compete.        
    service-dominant logic era The period from 1990 to the present in which some believe that the philosophy of service-dominant logic dominates the way firms compete.        
    shock advertising Advertising designed to startle people so as to get their attention.        
    shock advertising Advertising designed to startle people so as to get their attention.        
    shopping offering An offering for which the consumer will make an effort to compare various firms’ offerings and select a brand.        
    shopping offering An offering for which the consumer will make an effort to compare various firms’ offerings and select a brand.        
    Shrinkage A term used to describe a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, and supplier fraud.        
    Shrinkage A term used to describe a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, and supplier fraud.        
    situation analysis An assessment of an organization’s internal and external environments.        
    situation analysis An assessment of an organization’s internal and external environments.        
    skimming price strategy A strategy whereby a company sets a high initial price for a product. The idea is to target buyers who are willing to pay a high price (top of the market) and buy products early.        
    skimming price strategy A strategy whereby a company sets a high initial price for a product. The idea is to target buyers who are willing to pay a high price (top of the market) and buy products early.        
    skimming pricing strategy A high initial price that companies set when introducing new products in order to get back money invested.        
    skimming pricing strategy A high initial price that companies set when introducing new products in order to get back money invested.        
    SKU (stock-keeping unit) A label used to distinguish a product that is unique because of some characteristic, such as manufacturer, size, color, or model.        
    SKU (stock-keeping unit) A label used to distinguish a product that is unique because of some characteristic, such as manufacturer, size, color, or model.        
    social class A group of people who have the same social, economic, or educational status in society.        
    social class A group of people who have the same social, economic, or educational status in society.        
    social commerce zone Websites that provide a means for interactive shopping.        
    social commerce zone Websites that provide a means for interactive shopping.        
    Social communities Social media channels that focus on activities and relationships that include social networking sites (online hosts such as Facebook and LinkedIn), forums, wikis, and message boards.        
    Social communities Social media channels that focus on activities and relationships that include social networking sites (online hosts such as Facebook and LinkedIn), forums, wikis, and message boards.        
    social entertainment zone Websites with opportunities for games and entertainment.        
    social entertainment zone Websites with opportunities for games and entertainment.        
    social marketing Marketing conducted in an effort to achieve social change.        
    social marketing Marketing conducted in an effort to achieve social change.        
    social media The online communication that occurs among interdependent and interconnected networks of organizations, people, and communities.        
    social media The online communication that occurs among interdependent and interconnected networks of organizations, people, and communities.        
    Social media A catchall phrase for online channels of communication that build communities including social networking sites, blogs, podcasts, wikis, vlogs (video blogs), and other Internet-based applications that enable consumers to contribute content.        
    Social media A catchall phrase for online channels of communication that build communities including social networking sites, blogs, podcasts, wikis, vlogs (video blogs), and other Internet-based applications that enable consumers to contribute content.        
    social network A community or social group that centers its attention on a particular brand or product category.        
    social network A community or social group that centers its attention on a particular brand or product category.        
    social networking site A communication medium for communities, or social networks.        
    social networking site A communication medium for communities, or social networks.        
    Spam Any unwanted commercial e-mail similar to junk mail.        
    Spam Any unwanted commercial e-mail similar to junk mail.        
    Specialty offerings An offering that is highly differentiated from other offerings and is designed to satisfy a similar need or want.        
    Specialty offerings An offering that is highly differentiated from other offerings and is designed to satisfy a similar need or want.        
    Spiffs A word that originally meant “special promotion incentive funds” and now is used for any short-term bonus payments companies use to encourage salespeople to sell certain products.        
    Spiffs A word that originally meant “special promotion incentive funds” and now is used for any short-term bonus payments companies use to encourage salespeople to sell certain products.        
    sponsorship Paying a fee to have your name associated with different things such a particular venue, person’s apparel, or event, or even a NASCAR vehicle.        
    sponsorship Paying a fee to have your name associated with different things such a particular venue, person’s apparel, or event, or even a NASCAR vehicle.        
    Sponsorships The financial or other support for events, venues, or experiences that provide the opportunity to target specific groups and enhance a company’s image.        
    Sponsorships The financial or other support for events, venues, or experiences that provide the opportunity to target specific groups and enhance a company’s image.        
    spreader effect A loyalty program that results in buyers being more likely to try related products offered by a marketer.        
    spreader effect A loyalty program that results in buyers being more likely to try related products offered by a marketer.        
    standards gap A gap that results when a marketer sets performance standards for a product that are too low, in spite of what is known about the customer’s requirements.        
    standards gap A gap that results when a marketer sets performance standards for a product that are too low, in spite of what is known about the customer’s requirements.        
    star Business or offering with high growth and a high market share.        
    star Business or offering with high growth and a high market share.        
    statistical control Mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.        
    statistical control Mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.        
    status quo An objective a firm sets to maintain its current prices and/or its competitors’ prices.        
    status quo An objective a firm sets to maintain its current prices and/or its competitors’ prices.        
    stockout A situation that occurs when a firm runs out of a product a customer wants to buy.        
    stockout A situation that occurs when a firm runs out of a product a customer wants to buy.        
    Store brands Products retailers produce themselves or pay manufacturers to produce for them.        
    Store brands Products retailers produce themselves or pay manufacturers to produce for them.        
    straight rebuy When a purchaser buys the same product in the same quantities from the same vendor.        
    straight rebuy When a purchaser buys the same product in the same quantities from the same vendor.        
    strategic channel alliances An agreement formed by two or more firms to deliver their products via a channel. The products and organizations can be similar or different.        
    strategic channel alliances An agreement formed by two or more firms to deliver their products via a channel. The products and organizations can be similar or different.        
    strategic planning process A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.        
    strategic planning process A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.        
    strategic-partner selling A situation in which a buyer and seller jointly invest resources and share their expertise to create solutions designed to grow one another’s businesses.        
    strategic-partner selling A situation in which a buyer and seller jointly invest resources and share their expertise to create solutions designed to grow one another’s businesses.        
    subculture A group of people within a culture who are different from the dominant culture but have something in common with one another, such as common interests, vocations or jobs, religions, ethnic backgrounds, or sexual orientations.        
    subculture A group of people within a culture who are different from the dominant culture but have something in common with one another, such as common interests, vocations or jobs, religions, ethnic backgrounds, or sexual orientations.        
    Subliminal advertising Advertising that is not apparent to consumers but is thought to be perceived subconsciously by them.        
    Subliminal advertising Advertising that is not apparent to consumers but is thought to be perceived subconsciously by them.        
    sugging Any form of selling under another guise or under a phony front.        
    sugging Any form of selling under another guise or under a phony front.        
    Superstores Large department stores that carry a broad array of general merchandise as well as groceries. Superstores are also referred to as hypermarkets and supercenters.        
    Superstores Large department stores that carry a broad array of general merchandise as well as groceries. Superstores are also referred to as hypermarkets and supercenters.        
    supply chain All the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer.        
    supply chain All the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer.        
    supply chain management The process of managing and refining supply chains so as to make them as efficient as possible.        
    supply chain management The process of managing and refining supply chains so as to make them as efficient as possible.        
    supply chain visibility A situation in which supply chain partners share information with one another so they can see how well the chain is working.        
    supply chain visibility A situation in which supply chain partners share information with one another so they can see how well the chain is working.        
    Sustainability An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources.        
    Sustainability An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources.        
    Switching costs The costs associated with moving to a new supplier of an offering.        
    Switching costs The costs associated with moving to a new supplier of an offering.        
    SWOT analysis An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.        
    SWOT analysis An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.        
    SWOT analysis An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.        
    SWOT analysis An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.        
    Tactics Actions taken to execute strategies.        
    Tactics Actions taken to execute strategies.        
    tagline A catchphrase designed to sum up the essence of a product.        
    tagline A catchphrase designed to sum up the essence of a product.        
    target markets The group of customers toward which an organization directs its marketing efforts.        
    target markets The group of customers toward which an organization directs its marketing efforts.        
    technology platform The core technology that is the basis for an offering or product.        
    technology platform The core technology that is the basis for an offering or product.        
    Tertiary packaging Packaging designed for the shipping and efficiently handling of large quantities of a product.        
    Tertiary packaging Packaging designed for the shipping and efficiently handling of large quantities of a product.        
    test market The place an experiment is conducted or the demographic group of people an experiment is administered to.        
    test market The place an experiment is conducted or the demographic group of people an experiment is administered to.        
    third-party logistics (3PLs) firms Firms to which other companies outsource their entire order processing and shipping departments.        
    third-party logistics (3PLs) firms Firms to which other companies outsource their entire order processing and shipping departments.        
    total cost of ownership (TCO) The total amount of time and money spent to acquire, use, and dispose of an offering.        
    total cost of ownership (TCO) The total amount of time and money spent to acquire, use, and dispose of an offering.        
    track and trace systems Systems that electronically record the paths shipments take.        
    track and trace systems Systems that electronically record the paths shipments take.        
    trade allowances Discounts an organization gives its channel partners for performing different functions.        
    trade allowances Discounts an organization gives its channel partners for performing different functions.        
    trade promotions Business-to-business marketing sales promotions such as trade shows, sponsorships, and event marketing.        
    trade promotions Business-to-business marketing sales promotions such as trade shows, sponsorships, and event marketing.        
    Trade promotions Sales promotions aimed at businesses.        
    Trade promotions Sales promotions aimed at businesses.        
    trade salesperson Someone who calls on retailers and provides them assistance with merchandising and selling products to consumers.        
    trade salesperson Someone who calls on retailers and provides them assistance with merchandising and selling products to consumers.        
    trade show An event in which firms in a particular industry display and demonstrate their offerings to other organizations they hope will buy them.        
    trade show An event in which firms in a particular industry display and demonstrate their offerings to other organizations they hope will buy them.        
    trend analysis A group of forecasting methods that base the future period of sales (or another variable) on the rate of change for previous periods of time.        
    trend analysis A group of forecasting methods that base the future period of sales (or another variable) on the rate of change for previous periods of time.        
    Two-part pricing A pricing strategy in which providers have two different charges for a product, such as the base monthly rate for cell phone coverage and additional charges for extra minutes or texting.        
    Two-part pricing A pricing strategy in which providers have two different charges for a product, such as the base monthly rate for cell phone coverage and additional charges for extra minutes or texting.        
    Uniform Commercial Code (UCC) A group of laws that govern commercial practices in the United States.        
    Uniform Commercial Code (UCC) A group of laws that govern commercial practices in the United States.        
    Uniform-delivered pricing A pricing strategy in which buyers pays the same shipping charges regardless of their locations.        
    Uniform-delivered pricing A pricing strategy in which buyers pays the same shipping charges regardless of their locations.        
    unique selling proposition (USP) A specific product benefit consumers will remember.        
    unique selling proposition (USP) A specific product benefit consumers will remember.        
    Unsought offerings An offering consumers don’t typically shop for until it is needed. Examples include funeral and towing services.        
    Unsought offerings An offering consumers don’t typically shop for until it is needed. Examples include funeral and towing services.        
    Used retailers Stores that sell products that have already been used.        
    Used retailers Stores that sell products that have already been used.        
    Users The people and groups within the organization that actually use the product.        
    Users The people and groups within the organization that actually use the product.        
    value Total sum of benefits received that meet a buyer’s needs. See personal value equation.        
    value Total sum of benefits received that meet a buyer’s needs. See personal value equation.        
    value chain A term that is sometimes used interchangeably with the term supply chain. The idea behind the value chain is that your supply chain partners should do more for you than perform just basic functions.        
    value proposition A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employers may want to hire someone for their organization.        
    value proposition A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employers may want to hire someone for their organization.        
    Variable costs Costs that change with the level of production or service delivery.        
    Variable costs Costs that change with the level of production or service delivery.        
    vehicle The specific means, such as a particular magazine or a specific television show, within a medium to reach a selected target market.        
    vehicle The specific means, such as a particular magazine or a specific television show, within a medium to reach a selected target market.        
    vendor-managed inventory (VMI) The practice of having your suppliers monitor your inventory levels.        
    vendor-managed inventory (VMI) The practice of having your suppliers monitor your inventory levels.        
    vertical integration A strategy of disintermediation, or growth through acquisition or development of operations, or that eliminates middlemen in the channel.        
    vertical integration A strategy of disintermediation, or growth through acquisition or development of operations, or that eliminates middlemen in the channel.        
    vertical market managers Marketing managers who oversee B2B products sold to a particular industry.        
    vertical market managers Marketing managers who oversee B2B products sold to a particular industry.        
    viral marketing The spread of the company’s message (like a virus) through a community.        
    viral marketing The spread of the company’s message (like a virus) through a community.        
    Wholesalers Businesses that purchase products in large quantities, can store the products, can break the pallets down into cases or units, and can deliver the desired quantity of a product to distributors, retailers, and/or consumers.        
    Wholesalers Businesses that purchase products in large quantities, can store the products, can break the pallets down into cases or units, and can deliver the desired quantity of a product to distributors, retailers, and/or consumers.        
    win-loss analysis The process of reviewing each sales cycle after it is completed to identify key factors that accounted for the win or the loss of a sale.        
    win-loss analysis The process of reviewing each sales cycle after it is completed to identify key factors that accounted for the win or the loss of a sale.        
    Word of mouth The passing of information and opinions verbally.        
    Word of mouth The passing of information and opinions verbally.        
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