Unfair Competition – 1. (environments definition) The rivalry among sellers through the use of practices deemed to be unfair by judicial, legal, or administrative agencies such as selling products below cost to drive a competitor out of business, or dumping goods in foreign markets. It is defined in antitrust laws as act to mislead and confuse consumers, such as the deceptive substitution of one product for another in order to gain unfair advantage over competitors. 2. (retailing definition) A business practice that is not considered ethical in a trade and industry. According to federal and other laws, it is a certain situation and/or practice that unduly injures competitors and works contrary to the public interest as interpreted in the business community and the nation’s laws.
Unfair Trade Practices Acts – Sales below-cost statutes that vary widely from state to state and most frequently prohibit the sale of branded and unbranded goods below cost when the intent is to destroy competition or to injure a competitor.
Uniform Commercial Code – A code adopted by most states that provides consistency in commercial law and deals with all the aspects of a commercial transaction as well as other commercial matters such as bulk sales, investment securities, and the bank collection process.
Uniform Communication System (UCS) – A communications standard adopted by the food industry for electronic transmission of information between buyer and seller.
Uniform Freight Classification – A system that allows the grouping of related products into specific rate categories. These ratings are based on handling characteristics, bulk, value, and perishability of the product. These ratings are used as the basis for standardized rates for classes of products.
Unique Selling Proposition (USP) – An approach to develop the advertising message that concentrates on the uniquely differentiating characteristic of the product or service to be sold. The key idea is to concentrate on a characteristic of the product that is both important to the customer and a unique strength of the advertise product when compared to competing products.
Unit Control – The control of stock in terms of merchandise units rather than in terms of dollar value.
Unit Load – A shipment that contains multiple units but moves as a single entity. For example, shipment that are palletized or slipsheeted or containerized are unit load shipments.
Unit Packing – Packing merchandise in selling units (by manufacturer) so it can be sold from sample and delivered to the customer without repacking at the store.
Unit Pricing – Under unit pricing, products offered for sale include the price per unit such as per ounce, pound, or quart, in addition to the price of the product as packaged.
Unit Train – An entire train comprising a single product, typically a bulk commodity such as coal or grain. These trains are faster and less expensive to operate than traditional trains because the bypass railyards.
Unitary Price Elasticity – A special situation in which a cut in price increases quantity just enough that total revenue remains unchanged.
Universal Product Code (UPC) –1. (retailing definition) A national coordinated system of product identification by which a ten-digit number is assigned to products. the UPC is designed so that at the checkout counter an electronic scanner will read the symbol on the product and automatically transmit the information to a computer that controls the sales register. The code is called OCR-A. 2. (environments definition) A set of bars or lines, printed on most items sold in supermarkets and other mass retailing outlets, that permits computers at checkout counters to retrieve the price of the item fro its memory or data base. The data generated can be used for a wide variety marketing decisions such as inventory control, allocation of shelf space, advertising, pricing, and so on.
Unplanned Center – A cluster of retail stores within the city in which there is a structured internal pattern of locations, achieved by the independent decisions of store operating within the land market.
Unsought Good – A product which the consumer does not seek, either from lack of awareness or lack of interest in the particular attributes it has. Because most products are bought sought and unsought by different persons this category is not part of the basic classification of goods.
Unwholesome Demand – The desire for goods, services, and activities that are deemed to reduce individual and social welfare. Comment: Examples include the desire for illegal drugs, excessive amounts of alcoholic beverages, and driving at excessive speeds.
Use Up Rate – The volume or length of time required by a consumer to move from one purchase occasion to another.
Users’ Expectations Method – A method of forecasting sales that relies on answers from customers regarding their expected consumption or purchases of the product. It is also known as buyers’ intention method.
Utility – 1. (general definition) The state or quality of being useful. 2. (economic definition) The usefulness received by consumers from buying, owning, or consuming a product.
Valence – A salesperson’s desire to receive additional amounts of a given reward (e.g., a pay increase). Valences can influence salespeople’s level of motivation.
Validity – A term applied to measure instruments reflecting the extent to which differences in scores on the measurement reflect true differences among individuals, groups, or situations in the characteristic it seeks to measure, or true differences in the same individual, group, or situation from one occasion to another rather than constant or random errors.
Value Added – 1. (environment definition) An economic concept referring to the value that a firm adds to the cost of its inputs as a result of its activities, thereby arriving at the price of its outputs. 2. (product development definition) A measure of the contribution to a product’s worth by any organization that handles it on its way to the ultimate user. Value added is measured by subtracting the cost of a product (or the cost of ingredients from which it was made) from the price that the organization got for it. For resellers, this means the firm’s gross margin; for manufacturing firms, it means the contribution over cost of ingredients. Presumably whatever work that firm did is reflected in the higher price someone is willing to pay for the product, hence that firm’s value added.