Busad 250 Midterm 2

establishing the overall level of resources needed to meet customer demand

in a PERT network diagram, the sequence of operations that requires the longest time to complete

creation of unique goods/services for each costumer

goods/materials kept in stock for production/sale

determining the right quantities of supplies and products to have on hand and tracking where those items are

a globally recognized family of standards for quality management systems

inventory management in which goods are materials are delivered throughout the production process right before needed

systems in manufacturing/functional ares that maximize productivity by reducing waste/delays

the creation of identical goods/services, usually in large quantities

a manufacturing approach in which part of the product is mass produced and the remaining features are customized for each buyer

transferring a part/all of business functions to a facility in another country

contracting out certain business functions of operations to other companies

acquisition of raw materials, parts, components, supplies, and finished products required to produce goods/services

the efficiency with which an organization can convert inputs to outputs

overseeing all the activities involved in producing goods/services

degree to which a product or process meets reasonable or agreed upon expectations

potential to increase production by expanding or replicating its initial production capacity

rigorous quality management program that strives to eliminate deviations between the actual and desired performance of a business system

use of random sampling and tools such as control charts to monitor the production process

set of connected systems the coordinates the flow of goods/materials from suppliers all the way through to the final customer

elements and processes that convert inputs to outputs

elements/processes that add value

multidimensional networks of suppliers and outsourcing partners

categorization of customers according to their relationship with products or response to product characteristics

identification and marketing of a social issue, cause, or idea to selected target markets

tension that comes about when beliefs don't match behaviors

individuals and households that buy goods and services for personal use

collecting data about customer and company interactions and using it

systems for moving goods/services from producer to customer

creating new products for new markets

act of obtaining a desired object or service from another party by offering something of value in return

categorization of customers according to geo location

a group of customers who need/want a particular product and have money to buy it

selling existing products to new markets

selling more of a firms existing products into the markets it already serves

the division of diverse market into smaller, relatively homogenous groups

a firms portion of the total sales in the market

an approach to business management that stresses customer needs/wants, seeks long term profitability, and integrates marketing with other functions in the organization.

the four key elements of marketing strategy: product, price, distribution, customer communication

includes four elements as well as marketing plan and identification of target markets

companies, government agencies, and other organizations that buy goods/services either to resell or use to create their good/service

marketing approach in which a firm first asks permission to deliver messages to an audience and then restricts messages to subject areas audience have expressed interest in

marketing effort to attract people/organizations in a particular geo area

managing a business in a way designed to occupy a particular place in the minds of the target customers

a bundle of value that satisfies a customer need/want

creating new products for current markets

a wide variety of persuasive techniques used by companies to communicate with their target markets and general public

classification of customers on the basis of their psych make up, interests, and lifestyles

a focus on developing and maintaining long-term relationships with customers, suppliers, and distribution partners for mutual benefit

creation and sharing of product related information among customers and potential customers

the delivery of marketing messages to people who are not aware that they are being marketed to

process of examining an organizations current marketing situation, assessing opportunities, setting objectives, and then developing a market strategy.

power of a good/service to satisfy a need

value a company has built up in a brand

applying a successful brand name to a new product category

portion of brands that cannot be expressed verbally

a method of calculating the minimum volume of sales needed to break even

offering several goods/products for a single lower prices

more expensive organizational products with a longer useful life

large scale production and distribution

everyday goods/services that people buy frequently usually without planning

method of setting prices based on production/marketing costs rather than conditions in marketplace

continually adjusting prices to reflect changes in supply/demand

inexpensive products that organizations generally use within a year of purchasing

using a brand name on a variety of products

business costs that remain constant regardless of production

hybrid pricing strategy of offering some product/service for free white charing for others

computer-based pricing method that creates a demand curve for every product

allowing customers to pay amount they think product is worth

introducing a new product at a low price in hopes of building sales volume quickly

measure of the sensitivity of demand to changes in prices

four stages through which a product progresses : introduction, growth, maturity, and decline

series of related products offered by a firm

all products offered by company

preproduction samples of products used for testing/eval

fairly important goods and services that people buy less frequently with more planning and comparison

charging a high price for a new product during the introductory stage and lowering the price later

particular brands that the buyer especially wants and will seek out, regardless of location or price

a product development stage in which a product is sold on a limited basis to gauge its market appeal

brands that have been given legal protection so that their owners have exclusive rights to their use

a method of setting prices based on customer perceptions of value

business costs that increase with the number of units produced

independent wholesalers that do not take title to the goods they distribute but may or may not take possession of those goods

disagreement/tensions between two or more member in distribution channel

large stores that carry a variety of products in multiple categories

combination of intermediaries and channels a producer uses to reach target customers

firms overall plan for moving products through intermediaries and on to final customers

merchant wholesalers that sell products to organizational customers for internal operations or the production or other goods, rather than to retailers for resale.

application of internet technologies to wholesaling and retailing

market coverage strategy that gives intermediaries exclusive rights to sell a product in a specific geographic area

market coverage strategy that tries to place a product in as many outlets as possible

coordinated use of multiple modes of transportation

the planning, movement, and flow of goods and related information through the supply chain

businesspeople and organizations that assist in moving and marketing goods/services between producers and consumers

arrangements by which channel partners coordinate their activities under the leadership of one of the partners

independent wholesalers that take a legal title to goods they distribute

coordinated efforts to reach consumers through more that one retail channel

stores that sell designer labels and other fashionable products at steep discounts

functions involved in receiving and filling customer orders

all the activities required to move finished products from the producer to the customer

addition of entertainment or education aspects to the retail experience

market coverage strategy that uses a limited number of carefully chosen outlets to distribute products

evolutionary process by which stores that feature low prices gradually upgrade until they no longer appeal to price-sensitive shoppers and are replaced by a newer generation of competitors

facilities for storing inventory

intermediaries that sell products to other intermediaries for resale or to organizations for internal use

a creative tactic designed to capture the audiences attention and promote preference for the product or company being advertised

communications channels, such as newspapers, radio, television, and the internet

the delivery of announcements and promotional messages

advertising that presents a company's opinions on public issues

formal or informal groups of people united by their interest in particular products

point at which sale is completed

blend of communication vehicles that a company uses to reach current and potential custoemrs

approach in which a salesperson acts as a consultant and advisor to help customers find the best solutions to their personal or business needs

approach to customer communication in which companies initiate and facilitate conversations in a networked community of potential buyers and interested parties

single more important idea an advertiser wants to convey

direct communication other than personal sales contacts designed to stimulate a measurable response

the use of television commercials and longer-format infomercials that are designed to stimulate an immediate purchase response from viewers

advertising that seeks to create goodwill and to build a desired image for a company

strategy of coordinating and integrating communication and promotion efforts with customers to ensure greater efficiency and effectiveness

combination of print, broadcast, online, and other media used for an advertising campaign

one-on-one interaction between a salesperson and a prospective buyer

advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions

free or bargain-priced items offered to encourage consumers to buy a product

process of finding and qualifying potential customers

a promotional strategy that stimulates consumer demand via advertising and other communication efforts, thereby creating a pull effect

promotional strategy that focuses on intermediaries motivating them to promote or push products towards end consumers

partial reimbursement of price, offered as a purchase inventive

wide range of events and activities designed to promote a brand or stimulate interest in a product

approach to communication based on interactive social media and conversational communication styles

advertising that appears on various items such as coffee mugs, pens, etc to keep a companies name common

discounts or other financial considerations offered by producers to wholesalers and retailers

sales-promotion efforts aimed at inducing distributors or retailers to push a producers products

assets=liabilities + owners equity

measure of the time a company takes to turn its accounts receivable into cash

an accounting method in which revenue is recorded when a sale is made and an expense is recorded when it is incurred

any things of value owned or leased by a business

formal evaluation of the fairness and reliability of a clients financial statements

statement of a firms financial position on a particular date

accounting method in which revenue is recorded when payment is received and an expense is recorded when cash is paid

the highest ranking accountant in a company, responsible for overseeing all accounting functions

current assets/current liabilities