Glossary

Social Impact of Marketing – The external effects of the processes and outcomes of marketing on the well-being of society in general or specific population segments. Comment: The economic term “externalities” connotes the same effects. The social impacts may be positive or negative. Examples of general impacts would be the effects on public health of … Read more

Sensitivity Coefficient – The average percentage change in consumption corresponding to a 1 percent change in disposable personal income. Sequence Bias – The distortion in the answers to some questions on a questionnaire because the replies are not independently arrived at but are conditioned by responses to other questions; the problem is particularly acute in … Read more

Screening of Ideas – The step just prior to research and development and systems design in the product development process. It involves use of scoring models, checklists, or personal judgments and is based on information from experience and various market research studies (including concept testing). Screening calls for judgments that predict the organization’s ability to … Read more

Sales Report – A report submitted by salespeople that tells management what is happening in the field. Most managers expect salespeople to report competitive activities, reactions of customers to company policies and products, as well as any other information management should know. In addition, sales reports can provide records for evaluating sales force performance. Sales … Read more

Sales Demonstration – An aspect of the sales presentation that provides a sensory appeal to show how the product works and what benefits it offers to the customer. Sales Engineer – A salesperson who has extensive product knowledge and uses this knowledge as a focal aspect of the sales presentation. Sales Force Compensation – A … Read more

Reverse Logistics – The process of returning products in a physical channel. In many logistics systems, there are two way flows of product and service. In some systems, products must be returned to a central location for repair and refurbishing. In other systems, products may be recalled and returned to a central processing area. Reverse … Read more

Reseller Market – A market composed of the individuals and organizations that acquire goods for the purpose of reselling or renting them to others at a profit. Reservation Price -The highest price a buyer is willing to pay for the product or service. Reserve System of Stock Control – A method of controlling the amount … Read more

Reference Price – The price that buyers use to compare the offered price of a product or service. The reference price may be a price in a buyer’s memory, or it may be the price of an alternative product. Referral – A lead for a prospect given to the salesperson by an existing customer. Referral … Read more

Rating – The percentage of the total potential audience who are exposed to a particular media vehicle. In television, a rating is the number of households with their television sets tuned to a particular program for a specified length of time divided by the total number of households that have television. In print media, ratings … Read more

Pure Competition – A market model in which (1) a lower price is the only element that leads buyers to prefer one seller to another, and (2) the amount that each individual seller can offer constitutes such a small proportion that acting alone it is powerless to affect the price. Push Money – Cash or … Read more