asdf

Features

"Facts about the product

Advertising research

"Focuses on the advertising message and the media; designed to measure two things:

Consumer good/service

"intended for final use by individuals, the customers

Capital good

"used to by businesses to produce other goods and services

Benefits

"what the consumer gains from the feature

Brand licensing

"when a company allows other organizations to use their brand, brand mark, or trade character.

For-profit organization

A business or other organization whose primary goal is making money (a profit). Most companies are considered for profit organizations; this includes anything from retail stores to restaurants to sports franchises to real estate companies.

Mall

A containment of stores serving a large area that is usually an enclosed building with an adjacent parking lot.

Lease

A contract between a landlord and a tenant for use of a property for a specified amount of time in exchange for a specified amount of rent.

CAN-SPAM Act

A federal law that placed guidelines on mass commercial emails.

Income Statement

A report that outlines projected business revenue and business expenses for a period of time.

Cash Flow Statement

A report that provides information about when cash comes into a business and when that cash will be spent.

Balance Sheet

A report that summarizes a business's assets and liabilities, and the owner's equity.

Address List

A set of email addresses of potential customers, either purchased from a third party or generated internally.

Focus Group

A small group of 8-15 people who provide qualitative data through their opinions about a business, its products, or other issues under the direction of a discussion leader.

Freestanding Location

A store that is unattached to other stores.

Free Flow Layout:

A type of store layout that features merchandise on fixtures, arranged in asymmetrical or free flowing patterns on the sales floor.

Loop Layout:

A type of store layout that is designed to lead customers from the front of the store, through the store, and back to the front or in a loop around the store.

Just-in-Time Inventory Control System

A usually computerized method of inventory control that involves linking a store to its suppliers through a computer system that purchases new inventory automatically as sales are made.

Market

All potential customers who share common needs and wants, and who have the ability and willingness to buy the product.

Federal Trade Commission (FTC)

An agency of the federal government that enacts and enforces advertising laws that protect consumers.

Bounce

An email that cannot be delivered.

Circular

An insert into a magazine or newspaper that typically contains product graphics and special offers.

Cease and Desist Order

An order issued by the FTC that forces advertisers to discontinue false or bait-and-switch advertising.

Consumer Relations

An organization's ability to satisfy and create a positive experience for their consumers

Business District

An unenclosed shopping area that has evolved without a lot of planning and that features a variety of stores.

Liability

Any debt an individual owes.

Loyalty Program

Any program that tries to build and maintain a base of repeat customers.

Asset

Any tangible item of value an individual owns.

Behavioral segmentation

Dividing the market based on differences in the consumption behavior of different groups of consumers, taking into account their lifestyles, patterns of buying and using, patterns of spending money and time, and similar factors.

Direct close

Extremely blunt close and works well with assertive prospects. Simply ask point blank, "Would you like to purchase my product or service?"

Data

Facts discovered in the market research process.

Advertising research

Focuses on the advertising message and the media; designed to measure two things:1.The effectiveness of the advertising message.2.The effectiveness of media placement.

Brand Awareness

How well consumers know a company's products

Investor Relations

Integration of communication, marketing, finance, and law to create a positive relationship between an organization and their shareholders

Feature-benefit selling

Matching the characteristics of a product to a customer's needs and wants

Intermediaries

Middleman, wholesalers, agents and retailers.

Exchange

One of the economic activities. The act of obtaining a desired object from someone by offering something in return. Example: $2.00 for two Big Macs.

Fixed-rate Lease

One that charges the tenant a specific amount of rent each month.

Complementary Business

One that sells merchandise that is related to, but not the same as, an area business's;s goods.

Competitive Business

One that sells the same or comparable merchandise.

Fixtures

Permanent or transportable store furnishings that are used to hold and display merchandise.

Institutional Promotion

Promotion meant to heighten a company's image.

Markdown:

Reduction in price of merchandise to increase sales of a product not selling according to projections.

Community Relations

Strategies associated with developing positive relationships between an organization and the community

Interest

The amount of money an individual pays to the lender for use of the money borrowed.

Book Value

The amount of money inventory is shown to be worth in the business's;s records.

Cost

The amount of money the store pays to purchase the merchandise from a supplier.

Margin

The difference between the retail price of an item and the cost of the item to the store.

Cost Per Name

The expense incurred developing an email list divided by the number of people who opened and read the email.

Bait and Switch

The illegal practice of advertising a product at a low price and then stocking little to none of that product, with the intention of selling customers a more expensive item.

Interest Rate

The interest on a loan expressed as an annual percentage.

Inventory Control

The management of the merchandise a store has for sale

Buyer

The person who is responsible for purchasing the merchandise for a store.

Constructive criticism

The process of offering valid and well-reasoned opinions about the work of others, usually involving both positive and negative comments, in a friendly manner rather than an oppositional one.

Greeting Approach Method

The salesperson welcomes the customer to the store

Copy

The selling message in a written advertisement.

Consumability

The speed with which products are used up and must be purchased again. Automobiles have low consumability; paper towels have high consumability.

Inventory/Stock

The total amount of goods a business has, including goods in the backroom and on the sales floor.

Employee Theft

The unauthorized taking of merchandise by an employee from an employer.

Invoice

The vendor's bill for stock purchased.

Buying Behavior

The way consumers react to satisfying a need or want when making a purchase

Cold call

To telephone a prospect without previous contact.

Limited Decision Making

Used when the customer has purchased the good/service before, but not regularly. Information is often needed before buying the product.

Extensive Decision Making

Used when there has been little or no previous experience with the item; these goods/services have a high degree of perceived risk, are very expensive, or have a high value to the customer.

Impulse Purchases:

Usually small items of merchandise that are purchased with little or no thought on the part of the customer.

Consultative selling

When a salesperson relies primarily on the customer to determine which product most closely matches his or her needs.

Incorporated business

a type of business that offers many benefits over being a sole proprietor or partnership, including liability protection & additional tax deductions. Forming a corporation also allows you raise capital through sale of shares of your company.

Emotional Buying

based on feelings, positive or negative

Benefit segmentation

dividing your market based upon the perceived value,benefit, or advantage consumers perceive that they receive from a product or service. You can segment the market based upon quality, performance, customer service, special features, or other benefits

Indirect close

laid-back prospect; It's not a high pressure closing. Ask the prospect to decide whether to buy in an indirect manner by using such questions as "What do you think?" and "Do these terms suit you?" Their answer determines your next move.

Generic Brand

no frills; that don't carry a brand name; sold in discount stores

Cause-related

products that raise money for charities

Headline

sentence, phrase, word, or group of words set in large, bold type

Grid Layout:

store layout that is characterized by long rows of shelving with aisles between the rows.

indirect competition

the suppliers of different types of products that satisfy the same needs. For example, a pizza shop competes indirectly with a fried chicken shop

Capital good

used to by businesses to produce other goods and servicesex. an oven in a bakery or delivery service

Benefits

what the consumer gains from the featureEx. The color matches many of the outfits you plan to wear it with

Brand licensing

when a company allows other organizations to use their brand, brand mark, or trade character.Ex. Minions Monopoly; Fisher Price mini-Harley