Page 548 - Foundations of Marketing

Glossary G-3

consistency of quality The degree to carries a narrow assortment of quantities of products they intend to
which a product has the same level of products, usually convenience items buy during a specific period
quality over time cooperative advertising An arrangement customer relationship management (CRM)
consumer buying behavior The decision in which a manufacturer agrees to pay Using information about customers
processes and purchasing activities a certain amount of a retailer’s media to create marketing strategies that
of people who purchase products for costs for advertising the manufacturer’s develop and sustain desirable customer
personal or household use and not for products relationships
business purposes copy The verbal portion of advertisements customer services Human or mechanical
consumer buying decision process A core competencies Things a company does efforts or activities that add value to a
five-stage purchase decision process extremely well, which sometimes give product
that includes problem recognition, it an advantage over its competition customers The purchasers of
information search, evaluation corporate strategy A strategy that organizations’ products; the focal point
of alternatives, purchase, and determines the means for utilizing of all marketing activities
postpurchase evaluation resources in the various functional cycle analysis An analysis of sales figures
consumer contests Sales promotion areas to reach the organization’s goals for a three- to five-year period to
methods in which individuals compete cost-based pricing Adding a dollar amount ascertain whether sales fluctuate in a
for prizes based on their analytical or or percentage to the cost of the product consistent, periodic manner
creative skills cost comparison indicator A means of cycle time The time needed to complete
consumer games Sales promotion comparing the costs of advertising a process
methods in which individuals compete vehicles in a specific medium in relation database A collection of information
for prizes based primarily on chance to the number of people reached arranged for easy access and retrieval
consumer jury A panel of a product’s cost-plus pricing Adding a specified dollar dealer listings Advertisements that
existing or potential buyers who amount or percentage to the seller’s cost promote a product and identify the
pretest ads coupons Written price reductions used to names of participating retailers that
consumer market Purchasers and encourage consumers to buy a specific sell the product
household members who intend to product dealer loader A gift, often part of a display,
consume or benefit from the purchased credence qualities Attributes that custom- given to a retailer that purchases a
products and do not buy products to ers may be unable to evaluate even after specified quantity of merchandise
make profits purchasing and consuming a service decentralized organization A structure
consumer misbehavior Behavior that crowdsourcing Combines the words crowd in which decision-making authority
violates generally accepted norms of a and outsourcing and calls for taking is delegated as far down the chain of
particular society tasks usually performed by a marketer command as possible
consumer products Products purchased to or researcher and outsourcing them to decline stage The stage of a product’s life
satisfy personal and family needs a crowd, or potential market, through cycle when sales fall rapidly
consumer sales promotion methods Sales an open call decoding process Converting signs or
promotion techniques that encourage cultural relativism The concept that symbols into concepts and ideas
consumers to patronize specific stores morality varies from one culture to Delphi technique A procedure in which
or try particular products another and that business practices are experts create initial forecasts, submit
consumer socialization The process therefore differentially defined as right them to the company for averaging,
through which a person acquires the or wrong by particular cultures and then refine the forecasts
knowledge and skills to function as a culture The accumulation of values, demand-based pricing Pricing based on
consumer knowledge, beliefs, customs, objects, the level of demand for the product
consumer sweepstakes A sales promotion and concepts that a society uses to demand curve A graph of the quantity of
in which entrants submit their names cope with its environment and passes products expected to be sold at various
for inclusion in a drawing for prizes on to future generations prices if other factors remain constant
consumerism Organized efforts by cumulative discounts Quantity discounts demonstrations Sales promotion methods
individuals, groups, and organizations aggregated over a stated time period a manufacturer uses temporarily to
to protect consumers’ rights customary pricing Pricing on the basis of encourage trial use and purchase of a
contract manufacturing The practice of tradition product or to show how a product works
hiring a foreign firm to produce a customer advisory boards Small groups of department stores Large retail
designated volume of the domestic actual customers who serve as sounding organizations characterized by a wide
firm’s product or a component of it to boards for new-product ideas and offer product mix and organized into separate
specification; the final product carries insights into their feelings and attitudes departments to facilitate marketing
the domestic firm’s name toward a firm’s products and other efforts and internal management
convenience products Relatively elements of its marketing strategy depression A stage of the business cycle
inexpensive, frequently purchased customer contact The level of interaction when unemployment is extremely
items for which buyers exert minimal between provider and customer needed high, wages are very low, total
purchasing effort to deliver the service disposable income is at a minimum,
convenience store A small self-service customer forecasting survey A survey and consumers lack confidence in the
store that is open long hours and of customers regarding the types and economy

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