18. Hypermarket is …

a) single-storey shop with at least 50, 000 square feet of selling space.

b) the performance of business activities that direct the flow of goods and services from producer to consumer.

c) a group of people who follow the trends that have been tested by the early majority.

19. Mail-order house is …

a) the function of marketing which involves extending credit to consumers, wholesalers, and retailers.

b) a kind of shop which sells a range of goods very similar to those found in a department store.

c) a type of retail including telemarketing and television shopping channels.

20. Multiple shop is ...

a) a kind of shop which belongs to chains of very similar stores that are owned by large companies.

b) those goods purchased by individuals for their own personal use rather than for business use.

c) the places where raw materials and some manufactured goods are bought and sold for immediate or future delivery.

21. Supermarket is …

a) the human characteristics associated with the brand.

b) a single-storey shop with at least 50, 000 square feet of selling space.

c) a self-service food store with a sales area of more than 2000 square feet.

22. Superstore is

a) a single-storey shop with at least 50, 000 square feet of selling space.

b) a supermarket with a sales area of 25, 000 square feet, in which food may occupy no more than half the selling space.

c) a self-service food store with a sales area of more than 2000 square feet.

23. Voluntary group is …

a) a group of people who create something new and start a new trend.

b) a voluntary association formed by independent wholesalers and retailers because of the severe competition.

c) a group of people who follow the trends that have been tested by the early majority.

Glossary a

Accessory equipments are goods and materials purchased by organizations for use in production, administrative, clerical, or marketing activities, but not directly in the manufacture or finished products. (Unit 11)

Attitude branding is the choice to represent a large feeling, which is not necessarily connected with the product or consumption of the product at all. (Unit 10)

В

Barter is the direct exchange of goods and services. (Unit 14)

Brand essence is how the consumers see the brand: the values they associate with it. (Unit 10)

Brand experience is the sum of all points of contact with the brand. (Unit 10)

Brand image is a symbolic construct created within the minds of people, and consists of all the information and expectations associated with a product or service. (Unit 10)

Brand leader is the best-selling brand in a particular market. (Unit 10)

Brand management is the art of creating and maintaining a brand. (Unit 10)

Brand manager is a person responsible for branding – creating, maintaining and building a brand. (Unit 10)

Brand mission is how to take action on the brand vision. (Unit 10)

Brand name is the name given to a product or a range of products – goods of a similar type that are marketed together. (Unit 10)

Brand personality is the human characteristics associated with the brand. (Unit 10)

Brand promise is the explicit promise the organization makes to its target audiences, including employees, about the quality and use of the brand. (Unit 10)

Brand tone of voice is the language the brand uses to convey its values. (Unit 10)

Brand vision is the values the brand has today and the values it will need in the future. (Unit 10)

С

Capital goods are the means of production. Capital goods are products that cost a lot of money and last a long time, such as factories and machinery. (Unit 11)

Co-branding are two brands working together to create a new product. (Unit 10)

Commerce is a moving of goods from the man who wants to sell, to the man who is willing to buy, or, as it is sometimes expressed, the exchange and distribution of goods and services. (Unit 14)

Commerce is a division of trade or production which deals with the exchange of goods and services. (Unit 14)

Commercialisation is the process of transforming something into a product, service or activity which one may then use in commerce. (Unit 14)

Commodity markets / exchanges are the places where raw materials and some manufactured goods are bought and sold for immediate or future delivery. (Unit 4)

Competition-based pricing is the pricing strategy at which the firm essentially ignores costs and market demand. (Unit 12)

Component parts are goods such as engines, tires, and windshields. (Unit 11)

Consumer goods are those goods purchased by individuals for their own personal use rather than for business use. (Unit 11)

Consumer products are those purchased to satisfy personal and family needs. (Unit 12)

Convenience goods and services are products that the consumer wants or purchase frequently and with a minimum of efforts. (Unit 11)

Cost-based pricing is the pricing strategy at which the seller first determines the total cost of producing one unit of the product and then adds an amount to cover additional cost and profit. (Unit 12)

Cost-plus pricing is a pricing technique which involves adding a mark-up amount (or percentage) to the retailer’s cost. (Unit 14)

Counter service is a type of retail where goods are out of reach of buyers and must be obtained from the seller. (Unit 14)

Customer profile is the image of a typical consumer. (Unit 5)

D

Delivery (commerce) is a type of retail where goods are shipped directly to consumer’s homes or workplaces. (Unit 14)

Demand-cost pricing is the pricing strategy at which the goal of a firm is to determine how many units it can sell at each possible price. (Unit 12)

Department store is a kind of shop which consists of several special shops under one roof and offer customers the attractive prospect of doing most of their shopping in one building. (Unit 13)

Direct marketing is a type of retail including telemarketing and television shopping channels. (Unit 14)

Distribution is the process of getting the products to the customer. (Unit 8)

Distribution channel is the set of people and firms involved in the transfer of title to a product as the product moves from producer to ultimate consumer or business user. (Unit 13)

Door-to-door sales is a type of retail where the salesperson sometimes travels with the goods for sale. (Unit 14)

E

Early adopters is a group of people who identify trends early and like to be associated with the start of a trend. (Unit 5)

Early majority is a group of people who follow the trends set by the early adopters. (Unit 5)

Economy brand is a brand that is cheaper than its competitors. (Unit 10)

Education is the highest qualification that a person has, such as a diploma or a degree. (Unit 5)

Excess demand is a process when, at a particular market price, the quantity that suppliers want to provide to the market is less than the quantity that demanders want to purchase. (Unit 4)

Excess supply is a process when, at a particular market price, the quantity that suppliers want to provide to the market exceeds the quantity that demanders want to purchase. (Unit 4)

Exchange is the process by which two or more parties trade things of value, so that each party feels it better off after the trade. (Unit 6)

Exchange functions are the buying and the selling. (Unit 7)

Expense item is a tangible or measurable item whose cost must be recuperated from the particular company and/or from the particular client. (Unit 11)

F

Facilitating functions are standardization and grading, financing, risk taking, and securing market information. (Unit 7)

Financing function is the function of marketing which involves extending credit to consumers, wholesalers, and retailers. (Unit 7)

Flagship brand is the brand for which a business is best known, and which represents its image most appropriately. (Unit 10)

Futures markets is a kind of market where the buying and selling of goods, currency or securities are available for delivery at a future date for a price fixed in advance. (Unit 4)

G

Good is a real, physical thing that we can touch. (Unit 12)

H

Hypermarket is a single-storey shop with at least 50, 000 square feet of selling space. (Unit 13)

I

Iconic brands are brands having aspects that contribute to consumer’s self-expression and personal identity. (Unit 10)

Industrial or business-to-business products are purchased for the use in a company’s operations or to make other products. (Unit 12)

Innovators is a group of people who create something new and start a new trend. (Unit 5)

Integrated marketing is the orientation of the whole organization towards its brand. (Unit 10)

L

Laggards is the last group of people to buy a product or brand: indeed they may never buy it. (Unit 5)

Late majority is a group of people who follow the trends that have been tested by the early majority. (Unit 5)

Lifestyle is a way of life that reflects a person’s value and attitudes. (Unit 5)

Line-filling is adding further items in that part of a product range which a line already covers. (Unit 9)

Line-stretching is lengthening a product line by moving either up-market or down-market, i.e. making items of higher or lower quality. (Unit 9)

M

Market is a place where buyers meet sellers to do business with one another. (Unit 4)

Market is any arrangement which enables buyers and sellers to transact business in such a way that prices can be established and exchanges take place. (Unit 4)

Market is a set o f transactions in which a particular kind of commodity is exchanged, and in which the transactions for this commodity among different individuals and firms are related. (Unit 4)

Market is a mechanism that allows trade. (Unit 14)

Market hall is a place where buying and selling takes place. (Unit 4)

Market segmentation is the process of dividing the total market into several sub-markets (segments) that have similar characteristics. (Unit 5)

Market targeting is the process by which an organization decides which market segments to serve. (Unit 5)

Marketing is an integrated communication-based process through which individuals and communities discover that existing and newly-identified needs and wants may be satisfied by the products and services of others. (Unit 3)

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Unit 3)

Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer. (Unit 3)

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Unit 3)

Marketing is the process which identifies, anticipates and supplies customer requirements efficiently and profitably. (Unit 8)

Marketing management is a position created to maintain some control over the marketing functions in a firm. (Unit 8)

Marketing manager is a person who plans and executes the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. (Unit 8)

Marketing mix is the strategic combination of product decisions on packing, pricing, distribution, credit, branding, service, complaint handling, and other marketing activities. (Unit 8)

Mail order is a type of retail from printed catalogues. (Unit 14)

Mail-order house is a kind of shop which sells a range of goods very similar to those found in a department store. (Unit 13)

Marketing principles is the consequence of laws and logical development of the world economy, world market, and regional markets too. (Unit 6)

Markup is an amount added to cover additional cost and profit. (Unit 12)

Middleman is any person or firm that enters the distribution process between the manufacturer and ultimate buyer. (Unit 14)

Multiple shop is a kind of shop which belongs to chains of very similar stores that are owned by large companies. (Unit 13)

N

No brand is a product that doesn’t have a brand associated with it; also known as a generic brand. (Unit 10)

O

Online retailing is a type of electronic commerce used for business-to-consumer (B2C) transactions. (Unit 14)

Ordering by telephone is a type of retail from a catalogue, newspaper, television advertisement or a local restaurant menu, for immediate service. (Unit 14)

Own brand is a brand that is made exclusively for the retailer that sells it; also known as an own-label brand or a private label brand. (Unit 10)

P

Physical distribution functions are transporting and storing. (Unit 7)

Place is the location of certain goods and services as well as distribution of them. (Unit 3)

Place is a location where product is available and how it is distributed or means of getting the product or service to the customer. (Unit 8)

Premium brand is a high quality brand, more expensive than its competitors. (Unit 10)

Price is an exchange of something of value for something else. (Unit 3)

Price is the cost of a product. (Unit 8)

Price lining is the process which involves offering products at different levels of price, rather than all at one price. (Unit 12)

Pricing is the process of setting a price for a product. (Unit 12)

Product is tangible or physical goods or services. (Unit 8)

Product is anything capable of satisfying a need or want. (Unit 9)

Product is a bundle of attributes that consumers want and need. (Unit 12)

Product is everything that is received in an exchange. (Unit 12)

Product differentiation is the creation of benefits and an image for a product that captures the imagination of the public. (Unit 8)

Product item is a specific version of a product. (Unit 12)

Product line is a production of a large number of products. (Unit 9)

Product line is a group of closely related product items. (Unit 12)

Product mix is the total group of products that an organization makes available to customers. (Unit 12)

Promotion is the most complex element that includes all kinds of communication in marketing: advertising, sales, direct mail, free additions, testers etc. (Unit 3)

Promotion is the means of informing people about the product or service. (Unit 8)

Q

Qualitative research is a kind of marketing research which involves working with smaller groups of consumers, often asking them to discuss products and services while researchers take notes about what they have to say. (Unit 6)

Quantity discount is a kind of discount which is given to customers who buy in large quantities. (Unit 12)

Quantitative research is a kind of marketing research which involves collecting a lot of information by using techniques such as questionnaires and other firms of survey. (Unit 6)

R

Raw material is something that is acted upon or used by human labor or industry, for use as a building material to create some product or structure. (Unit 11)

Raw material is a material that came from nature and is in an unprocessed or minimally processed state. (Unit 11)

Relative price is the only price at which the interests of demanders happen to coincide precisely with the interests of the suppliers. (Unit 4)

Risk taking is the function of marketing which involves dealing with uncertainties about future consumer behavior. (Unit 7)

Recreational shopping is a kind of shopping which involves window shopping and browsing, and does not always result in purchase. (Unit 14)

Retailing pricing is a pricing technique which involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer. (Unit 14)

Retailer is the final link from the producer to the consumer that is why this is the most expensive in the chain of distribution. (Unit 14)

Retailing is selling goods and services to the ultimate consumer. (Unit 14)

Retailing is the process which consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique, or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. (Unit 14)

S

Sales representative is a person who interacts with customers and is another important source of information. (Unit 8)

Seasonal discount is a kind of discount which promotes the purchase of goods or services out of season. (Unit 12)

Self-service is a type of retail where goods may be handled and examined prior to purchase. (Unit 14)

Selling price is the total of the cost plus markup. (Unit 12)

Service is a change we pay others to make for us. (Unit 12)

Shop or store is a retail establishment. (Unit 14)

Shopping is the act of buying products. (Unit 14)

Shopping goods and services are those products that the consumer buys only after comparing value, quality, and price from a variety of sellers. (Unit 11)

Specialty goods and services are products that have a special attraction to consumers who are willing to go out of their way to obtain them. (Unit 11)

Spot market is a kind of market where the buying and selling of goods, currency or securities are available for immediate delivery. (Unit 4)

Stock markets / exchanges are the markets where stocks and shares are bought and sold under fixed rules, but at prices controlled by supply and demand. (Unit 4)

Storing is the process which involves the warehousing of goods until they are needed for sale. (Unit 7)

Supermarket is a self-service food store with a sales area of more than 2000 square feet. (Unit 13)

Superstore is a supermarket with a sales area of 25, 000 square feet, in which food may occupy no more than half the selling space. (Unit 13)

T

Terminal markets are the markets dealing mainly with commodities that will be available in the future rather than goods that are available immediately. (Unit 4)

Total branding is a consistent approach to brand behaviour and brand experiences across all possible touch points – wherever the consumer has a brand experience: TV, out-of-home, at a friend’s house, etc. (Unit 10)

Trade is the voluntary exchange of goods, services, or both. (Unit 14)

Trade discount is a kind of discount which is offered to middlemen. (Unit 12)

Trade mark is the legal protection for the brand, its logo, and its brand name. (Unit 10)

Transporting is the process which involves the physical movement of the product from the seller to the buyer. (Unit 7)

U

Unique selling proposition (USP) are features and benefits that make it unlike any other product in its market. (Unit 12)

V

Voluntary group is a voluntary association formed by independent wholesalers and retailers because of the severe competition. (Unit 13)

W

Window shopping is just looking, but not buying. (Unit 14)

Wholesale business is a middleman who helps to move goods from manufacturers to consumers and then sells them in its turn to the retailer. (Unit 14)

Wholesaler is an organization providing the necessary means to: 1) allow suppliers to reach organizational buyers, and 2) allow certain business buyers to purchase products which they may not be able to otherwise purchase. (Unit 14)

Wholesaling is a distribution channel function where one organization buys products from supplying firms with the primary intention of redistributing to other organizations (but, in general, not to the final consumer). (Unit 14)