Traffic Item – A consumer product in demand and with high replacement frequency that regularly brings traffic to a store or department.
Traffic Management – A corporate function that is responsible for determining the mode of transportation and utilization of transportation equipment as well as general administration of the movement of goods by the firm. A traffic manager usually heads the traffic management function.
Transaction Code – The unique identifying number that defines the specific data being transmitted via an electronic data interchange transaction. Numbers are assigned to various types of document transactions such as purchase orders, warehouse shipping orders, and motor carrie shipment information.
Transaction Value – The subjectively weighted difference between the buyer’s reference price and the actual price to be paid.
Transactions Cost Analysis – An approach to analyze the economics of vertical relationships. The basic premise is that firms will internalize those activities for which other providers have an advantage. The costs transactions are determined by the frequency with which they recur, the environmental uncertainty surrounding them, and the specificity of the asset they require.
Transfer (Interdepartmental Merchandise) – An intrafirm transaction accounting for the movement of merchandise from one selling department or location to another, which is a transfer-in for the department or other selling unit receiving the goods and a transfer-out for the department or location sending the goods.
Transfer Pricing – The pricing of goods and services that are sold to controlled entities of the same organization, e.g., movements of goods and services within a multinational or global corporation.
Transformational Advertising – The advertising that associates product usage with certain feelings, images, or meanings that then transform the experience of using the product. For example, a transformational ad could make the experience of using a product warmer or more exciting.
Transformational Leadership – A leadership style wherein sales managers use inspiration and charisma, seek to intellectually stimulate the salespeople, and treat each salesperson as an individual. The goal of transformational leadership is to move the salespeople beyond their own self interests toward those of the organization. The inspiring and charismatic sales manager can create feelings of extraordinary esteem, affection, admiration, respect, and trust within sales personnel. Intellectually stimulating salespeople entails creating a reediness for changes in salespeople’s thinking and encouraging the sales personnel to think of ne ways to solve old problems. Treating salespeople as individuals involves establishing and exhibiting genuine concern for each salesperson.
Transit Rate – A rate that allows the through shipment of goods to be interrupted for intermediate processing. even though the goods are stopped enroute to their ultimate destination.
Trend Analysis – The use of analytical techniques, such as time series analysis, to discern trends.
Trend Extrapolation – The projection of patterns identified in data about the past into the future.
Trial – A psychological term denoting the number of a practice run, such as a 5 trial learning experience, or a series of repetitions of a learning experience. It is also used to imply a sampling of a product before repurchase.
Trial Close – An attempt made by the salesperson to close the sale.
Trickle Down Theory – The belief that clothing fashions trickle down from the higher socioeconomic classes to the lower classes as consumers attempt to emulate individuals with greater social status. Research evidence generally does not support a trickle down theory. The diffusion of fashion appears to trickle across social classes rather than trickle down or up.
Turnkey Operation – Also called system selling, this is a complete system solution, in which the seller provides the buyer with a complete working operation, including all equipment, assembly, operating expenses, personal training, and the like. It is common in foreign licensing in which a fir provides experts to set up a foreign company, ultimately turning the operation over to the host entirely.
Twig – A store (smaller than a branch) that specializes in a particular category or few categories of merchandise when the firm does not believe a wider offering in that market is reasonable -e.g., a home furnishing twig.
Two Column Tariff – A system of tariffs in which the initial single column of duties is supplemented by a second column of duties that shows reduced rates agrees through tariff negotiations with other countries.
Two Step Flow of Communication – The belief that the process of influence of communications material is not directly from the communicator to the audience or interpreters, but rather influence is a two step process from the mass communications, such as advertising, to the opinion leader in the group and from the opinion leader to the other individuals.
Type I Error – The rejection of a null hypothesis when it is true; it is also known as alpha error.
Type II Error – The failure to reject a null hypothesis when it is false; it is also known as beta error.
Typesetting – The process of choosing appropriate type faces (or fonts), reproducing the headlines and other text in an appropriate size (or point size), and placing the type in the proper place on the page.
Ultimate Consumer – A consumer who buys goods for personal or family use or for household consumption.
Unadvertised Brand – A brand that is not advertised. Frequently unadvertised brands are the private brands of retail food chains.
Understored – A market condition that exits when a market has too few stores to provide satisfactorily for the needs of the consumer.
Uneven Exchange – An exchange of goods made by a customer when the value of the new goods received is different from that of the goods returned.