Fabricating Materials – processed materials required for producing goods and services that are not considered component parts. Examples are steel plates, chemicals, glass, coke, sheet metal, plastics, leather.
Face Value – The printed financial value of a coupon (actual savings). The face value can be either a specific monetary amount, a percentage discount, or combination offer with another product.
Facilitating Agent – A business firm that assists in the performance of distribution tasks other than buying, selling, and transferring title (e.g., bank, transportation company, warehouse).
Factor – 1. A specialized financial institution engaged in factoring accounts receivable and lending on the security of inventory. 2. A type of commission house that often advances funds to the consignor, identified chiefly with the raw cotton and naval stores trades.
Factor Analysis – A body of statistical techniques concerned with the study of interrelationships among a set of variables, none of which is given the special status of a criterion variable.
Factoral Design – An experimental design that is used when the effects of two or more variables are being simultaneously studied; each level of each factor .
Factoring – A specialized financial function whereby manufacturers, wholesalers, or retailers sell accounts receivable to financial institutions, including factors, banks, and sales finance companies, often on a non-recourse basis.
Factors of Production – The productive resources of an economy, usually classified as land, labor, and capital. Management is frequently included as a fourth factor of production.
Factory Outlet Center – A shopping center that specializes in manufacturer’s outlets that dispose of excess merchandise or that may serve as an alternate channel of distribution.
Factory Pack – The multiple packaging of one product, or of one product and another product of the same firm, or one product and a sample or premium. The packaging is done at the factory and arrives in the trade channel already in the promotional form.
Fad – A product (e.g., unique doll and video arcade) whose popularity is intense but temporary. A fad comes in fast, receives much attention and publicity, and goes out fast. The time period is highly variable, and a fad can repeat at intervals of several years as the hula hoop does.
Fair Credit Reporting Act – (1970) -This act is designed to ensure accuracy of credit reports and to allow customers the right to learn the nature of information and challenge and correct erroneous information.
Fair Debt Collection Practices Act (1978) – An act that specifies that a third party debt collector (i.e., one who collects debts owed to another), cannot communicate with the consumer in connection with the debt at any unusual time or place, and may not harass or abuse any person in connection with the collection of the debt.
Fair packaging And Labeling Act (1966) -This act requires that labels on consumer commodities identify the type of product being sold, the name and address of the supplier, and where applicable, the quality and contents of each serving. The act also authorizes the FTC and FDA to issue regulations concerning specific products covering items such as ingredient statements, package size standards, “slack fill” packaging,and sales price representations.
Fair Trade Laws – Federal and State Statutes Permitting suppliers of branded goods to impose resale price maintenance contracts fixing minimum retail prices. The Consumer Goods Pricing Act of 1975 outlawed such practices.
Fairness Doctrine – his doctrine requires broadcasters to afford reasonable opportunity for the discussion of conflicting views on issues of public importance. In 1987, The federal Communications Commission Abandoned its fairness doctrine: however, there have been an efforts by legislators to place the doctrine into law.
Family – A group of at least two people in a household based on marriage, cohabitation, blood relationships, or adoption.
Family Brand – A brand that is used on two or more individual products. The product group may or may not be all of that firm’s product line. The individual members of the family also carry individual brands to differentiate them to other family members. In rare cases there are family brands that have as members other family brands, each of which has individual brands. Automobiles fit the latter situation, as with Oldsmobile (family) Cutlass (family) Ciera (individual).
Family Decision Making – The processes, interactions, and roles of family members involved in making decisions as a group.
Family Life Cycle – 1. (consumer behavior definition) A sociological concept that describes changes in the families across time.Emphasis is placed on the effects of marriage, divorce, births, and deaths on families and the changes in income and consumption through various family stages. 2. (consumer behavior definition)Families account for a very large percentage of all consumer expenditures. Much of this spending is systematic and stems from natural needs that change as a family unit goes through its natural stages of life. These range from the young single and the newly married stages to the full nest as the children are born and grow, to the empty nest and the final solitary survivor stage. Each transition prompts changes in values and behavior.
Family Packaging – The use of one design or other key packaging element to integrate the packaging of two or more individual items. The packages clearly belong to one set, but there are usually some individualization, especially in brand name.
Fashion – An accepted and popular style.
Fashion Coordination – the function of analyzing fashion trends in order to ensure that the merchandise offered for sale in various related apparel departments is of comparable style, quality and appeal.
Fashion Cycle -The process by which a particular design, activity, color, etc., comes into some popularity and then phases out. This cycle of adoption and rejection is quite similar to the product life cycle, but the fashion cycle uses different terms to describe its phases: 1. distinctiveness phase, in which the style is eagerly sought; 2. emulation stage, in which its popularity grows; and 3. economic stage, in which it becomes available at lower prices to the mass market.
Fashion Product – A subcategory of a shopping product. This subcategory contains items that are wanted by consumers for their fashion aspects.
Fast Food Outlet – A food retailing institution featuring a very limited menu, pre-prepared or quickly prepared food, and take-out operation.
Fear Appeals – Communications material that attempts to persuade or manipulate by using frightening message content (e.g., not using Brand X deodorant will lead to a miserable social life). The relationship between fear and persuasibility seems to be curvilinear such that moderate levels of fear appear to be more effective than the use of either mild fear or strong fear.the difficulty is in the definitions and measurement of what are mild, moderate, and extreme fear appeals.
Feature– The use of advertising, displays, or other activity, generally by a retailer, to call special attention to a product, generally for a limited period of time.