Page 552 - Foundations of Marketing

Glossary G-7

regularly from sources inside and wholesalers, business customers, or new-product development process A
outside the organization retailers seven-phase process for introducing
marketing intermediaries Middlemen that micromarketing An approach to market products: idea generation, screening,
link producers to other intermediaries segmentation in which organizations concept testing, business analysis,
or ultimate consumers through focus precise marketing efforts on very product development, test-marketing,
contractual arrangements or through small geographic markets and commercialization
the purchase and resale of products mission statement A long-term view, or new-task purchase An organization’s
marketing management The process of vision, of what the organization wants initial purchase of an item to be used
planning, organizing, implementing, to become to perform a new job or solve a new
and controlling marketing activities missionary salespeople Support problem
to facilitate exchanges effectively and salespeople, usually employed news release A short piece of copy
efficiently by a manufacturer, who assist the publicizing an event or a product
marketing mix Four marketing activities— producer’s customers in selling to their noise Anything that reduces a
product, pricing, distribution, and own customers communication’s clarity and accuracy
promotion—that a firm can control to modified rebuy purchase A new-task noncumulative discounts One-time price
meet the needs of customers within its purchase that is changed on subsequent reductions based on the number of
target market orders or when the requirements of a units purchased, the dollar value of the
marketing objective A statement of straight rebuy purchase are modified order, or the product mix purchased
what is to be accomplished through money refunds Sales promotion non-price competition Emphasizing
marketing activities techniques that offer consumers a factors other than price to distinguish a
marketing plan A written document that specified amount of money when they product from competing brands
specifies the activities to be performed mail in a proof of purchase, usually for nonprobability sampling A sampling
to implement and control the multiple product purchases technique in which there is no way to
organization’s marketing strategies monopolistic competition A competitive calculate the likelihood that a specific
marketing research The systematic structure in which a firm has many element of the population being
design, collection, interpretation, potential competitors and tries to studied will be chosen
and reporting of information to help develop a marketing strategy to nonprofit marketing Marketing activities
marketers solve specific marketing differentiate its product conducted to achieve some goal other
problems or take advantage of monopoly A competitive structure in which than ordinary business goals such
marketing opportunities an organization offers a product that as profit, market share, or return on
marketing strategy A plan of action for has no close substitutes, making that investment
identifying and analyzing a target organization the sole source of supply nonstore retailing The selling of products
market and developing a marketing motive An internal energizing force that outside the confines of a retail facility
mix to meet the needs of that market directs a person’s behavior toward North American Free Trade Agreement
markup pricing Adding to the cost of the satisfying needs or achieving goals (NAFTA) An alliance that merges
product a predetermined percentage of MRO supplies Maintenance, repair, Canada, Mexico, and the United States
that cost and operating items that facilitate into a single market
Maslow’s hierarchy of needs The five production and operations but do not North American Industry Classification
levels of needs that humans seek to become part of the finished product System (NAICS) An industry
satisfy, from most to least important multinational enterprise A firm that has classification system that generates
materials handling Physical handling of operations or subsidiaries in many comparable statistics among the United
tangible goods, supplies, and resources countries States, Canada, and Mexico
maturity stage The stage of a product’s multiple sourcing An organization’s objective-and-task approach Budgeting
life cycle when the sales curve peaks decision to use several suppliers for an advertising campaign by first
and starts to decline, and profits multiple-unit pricing Packaging together determining its objectives and then
continue to fall two or more identical products and calculating the cost of all the tasks
media plan A plan that specifies the selling them at a single price needed to attain them
media vehicles to be used and the National Advertising Review Board odd-even pricing Ending the price with
schedule for running advertisements (NARB) A self-regulatory unit that certain numbers to influence buyers’
megacarriers Freight transportation firms considers challenges to issues raised by perceptions of the price or product
that provide several modes of shipment the National Advertising Division (an off-price retailers Stores that buy
merchandise allowance A manufacturer’s arm of the Council of Better Business manufacturers’ seconds, overruns,
agreement to pay resellers certain Bureaus) about an advertisement returns, and off-season merchandise
amounts of money for providing negotiated pricing Establishing a final for resale to consumers at deep
special promotional efforts, such as price through bargaining between discounts
setting up and maintaining a display seller and customer offshore outsourcing The practice of con-
merchant wholesalers Independently neighborhood shopping center A type tracting with an organization to perform
owned businesses that take title to of shopping center usually consisting some or all business functions in a
goods, assume ownership risks, and of several small convenience and country other than the country in which
buy and resell products to other specialty stores the product will be sold

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