Bid Peddling

Belief – 1. (consumer behavior definition) A cognition or cognitive organization about some aspect of the individual’s world. Unlike an attitude, a belief is always emotionally or motivationally neutral. 2.  Very basic ideas about the central values of life, such as morality, to which a person adheres generally out of pure faith or intuition. See: Attitudes

Belly Cargo – The air freight transported in the belly of a passenger plane. See: Belly Freight

Belly Freight – The designation given to air freight handled in some type of container, on a secured pallet load, or as special-handling large sized items.

Below-the-Line Cost – Any cost in the advertising production process that is not specifically itemized in the production budget.

Belly-to Belly Selling – Describe the type of selling which takes place when the sales person personally confronts the prospect or customer. Same as: Nose-to-Nose Selling

Below-the-Market Strategy – Pricing by a retailer according to a plan of offering merchandise below usual levels. See: Discount House

Benday – A method by means of which an engraver applies shaded tints in a choice of various patterns made up of lines or dots to sections of art work that otherwise would be printed only as a solid color or white.

Benefit Approach – A sales approach in which the salesperson states a benefit of the product or service that will satisfy a prospect’s need.

Benefit Segmentation – One of a four-way classification of the strategies of segmentation, this considers the benefits the market derives from products. Need analysis may be of help. The other three are: Product Usage Segmentation, State- of- Being Segmentation, and the State-of-Mind Segmentation. 2. the process of grouping consumers into market segments on the basis of the desirable consequences sought from the product. For example, the toothpaste market may include one segment seeking cosmetic benefits such as white teeth and another seeking health benefits such as decay prevention.

Benefit Summary Method – A method used by salespeople to secure a prospect commitment by reviewing the agreed upon benefits of a salesperson’s proposal.

Bernoulli Process – A probabilistic model in which the probability p that an event of interest occurs remains the same over repeated observations. That is, p stays overtimes and does not depend on the outcome of the past observations. This stationary, zero order model has been used to represents brand choice or behavior or media viewing behavior by individuals.

Beta Binomial Model – A probability mixture model commonly used to represent patterns of brand choice behavior or media exposure pattern. The model assumes that each individual’s behavior follows a Bernoulli process. That is, an individual performs some behavior interest ( e.g., buying a brand of interests) with probability p on each possible opportunity (e.g., occasion on which a purchase is made from the product category of interest). The number of times that behavior of interest is exhibited, out of the given number of opportunities, has the binomial distribution for any individual. The model further assumes that the probability values p vary across individuals according to a beta distribution. A generalization of these model to represent choice among more than two items is termed the Dirichlet multinomial model. These models are used to predict future brand choice or media exposure pattern based on individuals’ past behavior.

Beta Coefficient – A measure of the system tematic risk (the risk that cannot be diversified away by holding diversified portfolio) of an asset or security- where the variance of the return distribution is used as the risk surrogate. Beta is generally estimated as the slope coefficient of linear regression of the asset or security’s return on the market’s return for some “representative” number of periods:

Better Business Bureau – A non profit organization, sometimes called the “Three Bees” whose objectives are to promote ethical business practices in advertising, selling, investment and fund raising.

Bias – In research, anything which prevents the right answer from appearing, or which alters the answer in some way, e.g., an unconscious emphasis by a researcher asking a question of a respondent.

Bid – A legal document in which a seller agrees to provide products and or/servicesto a potential buyer at a specific price under specified condition.

Bid Buying – The initiation of the procedures which result in bidding by prospective sources of supply.

Bidding – the activity of making an offer of price and other details as solicited by a prospective buyer who wishes to, or is required by the law to get competitive offers before placing an order. 2. An invitation to potential suppliers to submit their offers and a price for a particular opportunity. A closed bid is formal, written, and sealed and usually all closed bids are opened and reviewed at the same time, with the contract being awarded to the lowest bidder who meets the specifications. An open bid is usually more informal and is used when specific requirements are hard to rigidly define or when products vary substantially. Same as: Competitive Bidding

Bid Peddling – Taking the lowest bid around to potential suppliers to find who will take the contract for even less. In recent case involving bid clearances through an association, which was ruled to have discouraged competition and promoted price fixing, the California Supreme Court called bid peddling “Open price competition in its purest form.” Any buyer who practices this should expect eventual reluctance by suppliers to bid, perhaps even to the point of being left only with the poorest sources.

Big Ticket Merchandise – In retailing, items that are of large prize size, and usually large physical size as well.

Big Ticket Selling – Same as: Megaselling

Bilateral Monopoly – A structure of the market such the monopoly exist on the selling side and monopsony exist on the buying side. See: Countervailing power

Billboard -(1) Same as: Poster See: Outdoor Advertising (2) In television, consist of the statement, “This portion of the program is brought to you by (name of advertiser), (Slogan).” Depending upon the station’s policy and the amount of advertising used, the advertiser may get this statement without additional cost to him.

Bill of Exchange – An unconditional order in writing addressed by one person (the drawer) to another (the drawee), signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or to fixed or determinable future time, a sum certain in money to, or to order of, a specified person or to bearer.

Bill of Lading – 1. ( global marketing definition) A vital document in international trade that is required to establish legal ownership and facilitate financial transactions. the bill of lading serves the following purposes; 1) A a contract for shipment between the carrier and the shipper; 2) as a receipt from the carrier for shipment; and 3) as a certificate of ownership or title to the goods. 2. (physical distribution definition) The basic document in the purchase of transportation services.  It describes commodities and quantities shipped as well as the terms and conditions of carrier liability. Current law allows the bill of lading to be electronically generated and transmitted.

Bill of Materials (BOM) – A list of every item and its quantity used in a firm’s product. The purchasing department receives a copy after a manufacturing schedule has been set by production planning, and with items not in stock noted. Effectively used mainly where manufacture is to order in rather than to stock. 2. An assessment of combination of assemblies, subassemblies, parts, and materials needed to support planned production as detailed in the materials requirement plan.

Billed Cost – The price appearing on a vendor’s bill before deducting cash discount, but after deducting any trade discounts from the last price.

Bimodal – See: Mode

Bin – (1) A holder for merchandise displayed in bulk. Can be made of variety of materials, such as wood, wire, heavy paperboard, etc. See: Dump Bin, Jumble Basket (2) A materials compartment in a storage area.

Biogenic Needs – Same as: Primary Needs

Bipolar Adjectives – The pair of adjectives that define the opposite ends of the variations in an attitude. See: Semantic Differential Scale

Bird Dog – An individual used by a salesperson to point to prospects. Usually someone in a position to know as quickly as anyone about prospect’s requirements. The salesperson has some arrangement agreed about the reward for good information. Not as common as in the past because in many lines of business it is considered unethical to give out pertinent information.

Birdieback – Same as Piggyback except that planes are used rather than trains. See: Fishyback

Birth Rate – Defined b the Bureau of the Census as the total number of births during specified period of time per 1,000 persons in the population. See: Crude Birthrate

Bit – A single character in Binary Number. Modern computers can store millions of memory bits. One must bear in mind that these enter the computer’s memory as inputs gathered and fed in by the user of the computer, a painstaking and laborious process. No computer comes with these self-contained, only with the capability of accepting and retaining a certain large number of them for use as directed by the computer’s user. Derived from the words binary number and digit.

Bit Rate – In ADP, the speed at which Bits are transmitted, usually expressed in bits-per-second.

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