MKT 320 test 3 chapter 13
Intellectual property:
Property that is intangible and created by intellectual (mental) effort as opposed the physical effort.
Exclusive dealing agreements:
Restriction a manufacturer or wholesaler places on a retailer, and sold exclusively by the retailer.
Stocklifts:
Same as buyback and lift-outs.
Life-outs:
Same as buyback and stocklifts.
Parallel Imports:
Same as gray-market goods.
House brands:
See generic brand.
Partnering relationship:
See strategic relationship.
Duties:
See tariffs.
National brands:
a line of products designed, produced, and marketed by a vendor. Also called a manufacturer's brand.
Manufacturer brands:
a line of products designed, produced, and marketed by a vendor. Also called a national brand.
Chargeback:
a practice used by retailers in which they deduct money from the amount they owe a vendor.
Family brand:
a product's brand name associated with the company's brand.
Trust:
A belief that a partner is honest (reliable, stands by its word, sincere, fulfills obligation) and benevolent (concerned about the other party's welfare).
Wholesale market:
A concentration of vendors within a specific geographic location, perhaps even under one roof or over the Internet.
Copyright:
A regulation that protects original works of authors, painters, sculptors, musicians, and others who produce works of artistic or intellectual merit.
Buyback:
A strategy vendors and retailers use to get products into retailers stores, either when a retailer allows a vendor to create space for goods by "buying back" a competitor's inventory and removing it from a retailer's system or when the retailer forces a vendor to buy back slow-moving merchandise.
Tariffs:
A tax placed by a government upon imports. Also known as duty.
Trade shows:
A temporary concentration of vendors that provide retailers opportunities to place orders and view what is available in the marketplace; also known as market week.
Commercial bribery:
A vendor's offer of money or gifts to a retailer's employee for the purpose of influencing purchasing decisions.
Tying contract:
An agreement between a vendor and a retailer requiring the retailer to take a product it does not necessarily desire (the tied product) to ensure that it can buy a product it does desire (the tying product).
Resident Buying Offices:
An organization located in a major buying center that provides services to help retailers buy merchandise.
Trademark:
Any mark, work, picture, or design associated with a particular line of merchandise or product.
Reverse auctions:
Auction conducted by retailer buyers. Known as reverse auction because there is one buyer and many potential sellers. In reverse auction, retail buyers provide specification for what they want to a group of potential vendors. The competing vendors then bid down the price at which they are willing to sell until the buyer accepts a bid.
Counterfeit Merchandise:
Goods that are made and sold without permission of the owner of a trademark, a copyright, or a patented invention that is legally protected in the country where it is marketed.
Strategic relationship:
Long-term relationship in which partners make significant investments to improve both parties' profitability.
Diverted merchandise:
Merchandise that is diverted from its legitimate channel of distribution; similar to the gray-market goods except there need not be distribution across international boundaries.
Gray-market goods:
Merchandize that posses a valid U.S. registered trademark and is made by a foreign manufacturer but is imported into the United States without permission of the U.S. trademark owner.
Black market:
The availability of merchandise at a high price when it is difficult or impossible to purchase under normal market circumstances; commonly involves illegal transactions.
Exclusive brands:
a brand developed by a national brand vendor, often in conjunction with a retailer, and sold exclusively by the retailer.
Copycat brands:
a branding strategy that imitates the manufacturer brand in appearance and trade dress but generally is perceived as lower quality and is offered at a lower price.
Premium store brands:
a branding strategy that offers the consumer a private label at a comparable manufacturer-brand quality, usually with a modest price savings.
Subbrand:
part of a branding strategy in which a product's brand name is associated with the description of the product, such as Frosted Flakes, where the family brand name is Kellogg's.
Private label brands:
products developed and marketed by the retailer and only available for sale by the retailer. Also called store brands.
Umbrella brand:
same thing as family brand
Market weeks:
same thing as trade shows.
Store brands:
see private label brands and own brands.
Own brands:
see private label brands and store brands.
Generic brands:
unbranded, unadvertised merchandise found mainly in drug, grocery, and discount stores.