Page 551 - Foundations of Marketing

G-6 Glossary

joint demand Demand involving the use line extension Development of a product market segment Individuals, groups, or
of two or more items in combination to that is closely related to existing organizations sharing one or more
produce a product products in the line but is designed similar characteristics that cause them
joint venture A partnership between a specifically to meet different customer to have similar product needs
domestic firm and a foreign firm or needs market segmentation The process of
government logistics management Planning, dividing a total market into groups
just-in-time (JIT) An inventory- implementing, and controlling the with relatively similar product needs to
management approach in which efficient and effective flow and storage design a marketing mix that matches
supplies arrive just when needed for of products and information from the those needs
production or resale point of origin to consumption to meet market share The percentage of a market
kinesic communication Communicating customers’ needs and wants that actually buys a specific product
through the movement of head, eyes, mail-order wholesalers Limited-service from a particular company
arms, hands, legs, or torso wholesalers that sell products through market test Making a product available
labeling Providing identifying, catalogs to buyers in one or more test areas and
promotional, or other information on mail survey A research method in which measuring purchases and consumer
package labels respondents answer a questionnaire responses to marketing efforts
laggards The last adopters, who distrust sent through the mail marketing The process of creating,
new products manufacturer brand A brand initiated by distributing, promoting, and pricing
late majority Skeptics who adopt new producers to ensure that producers are goods, services, and ideas to facilitate
products when they feel it is necessary identified with their products at the satisfying exchange relationships
late-mover advantage The ability of later point of purchase with customers and to develop and
market entrants to achieve long-term manufacturers’ agents Independent maintain favorable relationships with
competitive advantages by not being intermediaries that represent two stakeholders in a dynamic environment
the first to offer a certain product in a or more sellers and usually offer marketing channel A group of individuals
marketplace customers complete product lines and organizations that direct the
layout The physical arrangement of an marginal cost (MC) The extra cost flow of products from producers to
advertisement’s illustration and copy incurred by producing one more unit of customers within the supply chain
learning Changes in an individual’s a product marketing citizenship The adoption
thought processes and behavior caused marginal revenue (MR) The change in of a strategic focus for fulfilling
by information and experience total revenue resulting from the sale of the economic, legal, ethical, and
level of involvement An individual’s an additional unit of a product philanthropic social responsibilities
degree of interest in a product and market A group of individuals expected by stakeholders
the importance of the product for that and/or organizations that have needs marketing concept A managerial
person for products in a product class and philosophy that an organization should
level of quality The amount of quality a have the ability, willingness, and try to satisfy customers’ needs through
product possesses authority to purchase those products a coordinated set of activities that also
licensing An alternative to direct market density The number of potential allows the organization to achieve its
investment that requires a licensee to customers within a unit of land area goals
pay commissions or royalties on sales market growth/market share matrix A marketing cost analysis Analysis of costs
or supplies used in manufacturing helpful business tool, based on the to determine which are associated with
lifestyle An individual’s pattern of living philosophy that a product’s market specific marketing efforts
expressed through activities, interests, growth rate and its market share marketing decision support system
and opinions are important considerations in (MDSS) Customized computer
lifestyle shopping center A type of determining its marketing strategy software that aids marketing managers
shopping center that is typically open market manager The person responsible in decision making
air and features upscale specialty, for managing the marketing activities marketing environment The competitive,
dining, and entertainment stores that serve a particular group of economic, political, legal and
limited decision making A consumer customers regulatory, technological, and
decision-making process used when market opportunity A combination of sociocultural forces that surround the
purchasing products occasionally circumstances and timing that permits customer and affect the marketing mix
or needing information about an an organization to take action to reach marketing ethics Principles and standards
unfamiliar brand in a familiar product a particular target market that define acceptable marketing
category market orientation An organizationwide conduct as determined by various
limited-line wholesalers Full-service commitment to researching and stakeholders
wholesalers that carry only a few responding to customer needs marketing implementation The process
product lines but many products within market potential The total amount of a of putting marketing strategies into
those lines product that customers will purchase action
limited-service wholesalers Merchant within a specified period at a specific marketing information system (MIS) A
wholesalers that provide some services level of industry-wide marketing framework for managing and
and specialize in a few functions activity structuring information gathered

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