Quick Recall
An experienced employee who supervises, coaches, and guides lower-level employees.
Who is a mentor?
Efforts to improve employee productivity and abilities, with one part focused on current skills and another on long-term abilities.
What is training and development?
Product, price, place, and promotion make up this.
What is the marketing mix?
A small group led by a discussion leader to share opinions about a product, organization, or issue.
What is a focus group?
The degree to which customers like a brand, are satisfied with it, and are committed to buying it again.
What is brand loyalty?
Any good, service, or idea that satisfies a want or need.
What is a product?
A business philosophy built around customer orientation, service orientation, and profit orientation.
What is the marketing concept?
Selling goods and services to final consumers over the Internet.
What is online retailing?
Data that you gather yourself rather than obtaining from previously published sources.
What is primary data?
The analysis of markets to find opportunities, challenges, and information needed for good decisions.
What is marketing research?
The value associated with a brand name and its symbols.
What is brand equity?
Nonbranded products that usually sell at a sizable discount compared with national or private-label brands.
What are generic goods?
A written summary of the minimum qualifications a worker must have for a particular job.
What are job specifications?
Good quality at a fair price, often thought of as benefits compared with costs.
What is value?
Everything customers evaluate when deciding whether to buy something; also called a value package.
What is the total product offer?
Selling goods and services by telephone.
What is telemarketing?
An evaluation that measures employee performance against established standards.
What is a performance appraisal?
This utility is created by making ownership easier through things such as credit, delivery, installation, guarantees, and follow-up.
What is possession utility?
Finding a small but profitable market segment and designing or finding products specifically for it.
What is niche marketing?
Management temporarily closes a business to put pressure on a union.
What is a lockout?
Making a product available exactly when customers need it creates this.
What is time utility?
Pricing something at $19.99 rather than $20.00 is an example of this.
What is psychological pricing?
Estimating costs and forecasting sales to judge the profitability of a new-product idea.
What is product analysis?
Expenses that remain the same regardless of how many products are made or sold.
What are total fixed costs?
A strategy that prices a new product high to earn strong profits while there is little competition.
What is a skimming price strategy?
These wholesalers take orders but have the producer ship the merchandise directly to the buyer.
Who are drop shippers? ?
This utility adds value by creating two-way flows of information between marketing participants.
What is information utility?
Independently owned wholesalers that actually take title to the goods they handle.
Who are merchant wholesalers?
Products consumers may not know about, think about buying, or realize they need until an unexpected problem occurs.
What are unsought goods and services?
A retailer keeps prices consistently low rather than relying on frequent sales.
What is everyday low pricing (EDLP)?
Unions representing unskilled and semiskilled employees in mass-production industries.
What are industrial unions?
A strategy that places a product in as many retail outlets as possible.
What is intensive distribution?
Employees do not have to join the union under this arrangement, but they must pay a union fee.
What is an agency shop agreement?
Workers in a critical industry return to work temporarily while union and management continue negotiating.
What is a cooling-off period?
The movement of finished products and information from businesses toward business buyers and final consumers.
What is outbound logistics?
This organization combines many small shipments into one larger shipment to reduce transportation costs.
What is a freight forwarder?
In a flextime arrangement, this is the period when all employees must be at their jobs.
What is core time?
Union officials who work permanently within an organization and represent employee interests day to day.
Who are shop stewards?
Founded in 1886, this organization brought together craft unions and championed major labor issues.
What is the American Federation of Labor (AFL)?
These laws give employees the right, under an open shop, to choose whether to join a union.
What are right-to-work laws?