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Exam 4 Terms Chapter 15 Affordable budgeting method a budgeting method in which a retailer first sets a budget for every element of the retail mix except promotion and then allocates the leftover funds to a promotional budget Brand a distinguishing name or symbol such as a logo design symbol or trademark that identifies the products or services offered by a seller and differentiates those products and services from the offerings of competitors Brand associations anything linked to or connected with the brand name in a consumer s memory Brand awareness the ability of a potential costumer to recognize or recall that a particular brand name belongs to a retailer or product service Brand image set of associations consumers have about a brand that are usually organized around some meaningful themes Brand loyalty indicates customers like and consistently buy a specific brand in a product category They are reluctant to switch to other brands if their favorite brand isn t available Break even analysis a technique that evaluates the relationship between total revenue and total cost to determine profitability at various sales levels Cooperative advertising a program undertaken by a vendor in which the vendor agrees to pay all or part of a promotion for its products Forms of Communication Personal selling a communication process in which sales associates help customers satisfy their needs through face to face exchanges of information Advertising the placement of announcements and persuasive messages purchased by retailers and other organizations that seek to inform and or persuade members of a particular target market or audience about their products services organizations or ideas o Newspapers o Magazines o Television o Radio o Co op Programs Public Relations involves managing communications and relationships to achieve various objectives such as building and maintaining a positive image of the retailer handling or heading off unfavorable stories or events and maintaining positive relationships with the media Integrated marketing communication program the strategic integration of multiple communication methods to form a comprehensive consistent message Retail analysis a method of analysis used in setting a promotional budget or allocating retail space based on the economic principle that firms should increase expenditures as long as each additional dollar spent generates more than a dollar of additional contribution Methods of Communication Interactive online direct marketing mobile marketing and online marketing web site blog social media Interactive offline personal selling sales promotions contests sweepstakes special events in store demonstrations pop up stores Passive online direct marketing e mail Passive offline Advertising sales promotions coupons public relations direct marketing mail catalogs Mobile marketing m commerce communicating with and even selling to customers through wireless handheld devices such as cellular telephones and personal digital assistants Objective and Task method a method for setting a promotion budget in which the retailer first establishes a set of communication objectives and then determines the necessary tasks and their costs Percentage of sales method a method for setting a promotion budget based on a fixed percentage of forecast sales Pop up store stores in temporary locations that focus on new products or a limited group of products Premiums a type of sales promotion whereby an item is offered free of charge or at a bargain price to reward some type of behavior such as buying sampling or testing Public relations PR a retail communication tool for managing communications and relationships to achieve various objectives such as building and maintaining a positive image of the retailer handing or heading off unfavorable stories or events and maintaining positive relationships with the media Social media media content distributed through social interactions Three major online facilitators of social media are YouTube Facebook and Twitter Special event sales promotion program comprising a number of sales promotion techniques built around a seasonal cultural sporting musical or other event Top of mind awareness the highest level of brand awareness arises when consumers mention a brand name first when they are asked about a type of retailer a merchandise category or a type of service Chapter 16 Autocratic leader a manager who makes all decisions on his or her own and then announces them to employees Equal Employment Opportunity Commission a federal commission that was established for the purpose of taking legal action against employers that violate Title VII of the Civil Rights Act Title VII prohibits discrimination in company personnel practices Extrinsic reward reward such as money promotion or recognition given to employees by their manager or the firm Incentive compensation plan a compensation plan that rewards employees on the basis of their productivity Intrinsic reward nonmonetary rewards employees get from doing their jobs Job analysis identifying essential activities and determining the qualifications employees need to perform them effectively Job application a form a job applicant completes that contains information about the applicant s employment history previous compensation reasons for leaving previous employment education and training personal health and references Job description a description of the activities the employee needs to perform and the firm s performance expectations Labor costs the costs to maintain employees using employees efficiently is important to reduce labor costs On the job training a decentralized approach in which job training occurs in the work environment where employees perform their jobs Sexual harassment unwelcome sexual advances requests for sexual favors or other verbal or physical conduct with sexual elements Structured training program training that teaches new employees the basic skills and knowledge they will need to do their job Transformational leader a leader who gets people to transcend their personal needs for the sake of realizing the group goal Chapter 17 Americans with Disabilities Act a federal civil rights law that protects people with disabilities from discrimination in employment transportation public accommodations telecommunications and the activities of state and local government Atmospherics the design of an environment through visual communications lighting colors music and scent to

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FSU CTE 3806 - Chapter 15 Affordable budgeting method

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