FSU CTE 3806 - Chapter 15 Affordable budgeting method

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Exam 4 TermsChapter 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 competitorsBrand associations – anything linked to or connected with the brand name in a consumer’s memoryBrand awareness – the ability of a potential costumer to recognize or recall that a particular brand name belongs to a retailer or product/serviceBrand image – set of associations consumers have about a brand that are usually organized around some meaningful themesBrand 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 availableBreak-even analysis – a technique that evaluates the relationship between total revenue and total cost to determine profitability at various sales levelsCooperative advertising – a program undertaken by a vendor in which the vendor agrees to pay all or part of a promotion for its productsForms 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 ideaso Newspaperso Magazineso Televisiono Radioo 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 mediaIntegrated marketing communication program – the strategic integration of multiple communication methods to form a comprehensive, consistent messageRetail 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 contributionMethods 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 assistantsObjective 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 costsPercentage-of-sales method – a method for setting a promotion budget based on a fixed percentage of forecast salesPop-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 testingPublic 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 mediaSocial media – media content distributed through social interactions. Three major online facilitators of social media are YouTube, Facebook, and TwitterSpecial 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 serviceChapter 16 Autocratic leader – a manager who makes all decisions on his or her own and then announces them to employeesEqual 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 practicesExtrinsic reward – reward (such as money, promotion, or recognition) given to employees by their manager or the firmIncentive compensation plan – a compensation plan that rewards employees on the basis of their productivity Intrinsic reward – nonmonetary rewards employees get from doing their jobsJob 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 referencesJob 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 costsOn-the-job training – a decentralized approach in which job training occurs in the work environment where employees perform their jobsSexual harassment – unwelcome sexual advances, requests, for sexual favors, or other verbal or physical conduct with sexual elementsStructured 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

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