Download marketing¾the process of planning and executing the conception

Principles of Marketing
Vocabulary Terms and Definitions
PROJECT 1 :: GETTING TO KNOW YOU
marketingthe process of planning and executing the conception, pricing, promotion, and distribution of
ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
marketing conceptmanagement philosophy according to which a firm’s goals can be best achieved
through identification and satisfaction of the customer’s state and unstated needs and wants.
channel managementprocess by which a producer or supplier directs marketing activities and
involving and motivating the entities comprising its channel of distribution.
marketing-information managementprovides data use for decisions and it provided data about
effectiveness of marketing efforts.
pricingmethod adopted by a firm to set its selling price; it usually depends on the firm’s average costs
and on the customer’s perceived value of the product in comparison to his/her perceived value of the
competing products.
product/service managementthe organizational structure within a business that manages the
development, marketing and/or sale of a product or set of products throughout the product life cycle.
promotionadvancement of a product, idea, or point of view through publicity and/or advertising.
sellingexchanges a product for currency or something of value.
channelthe activities and organizations that assist a marketer in moving products (goods or services)
from the hands of the marketing company to the hands of the final customer.
channel intensitynumber of intermediaries at each level.
channel lengthnumber of individual entities comprising the channel of distribution between the
producer and the consumer.
distribution patternspatterns to successfully distribute a product.
exclusive distributiona retail setting strategy typically used by manufacturers of high priced
merchandise such as cars and jewelry.
selective distributiontype of product distribution that lies between intensive distribution and exclusive
distribution, and in which only a few retail outlets cover a specific geographical area.
intensive distributionmarketing strategy under which a firm sells through many outlets as possible so
that the consumers encounter the product virtually everywhere they go.
marketing informationany information used or required to support marketing decisions, often drawn
from a marketing information system.
marketing-information management systemthe set of procedures and practices employed in
analyzing marketing information gathered continuously from sources inside and outside a firm.
marketing researchscientific discovery methods applied to marketing decision making.
product/service managementthe organizational structure within a business that manages the
development, marketing and sale of a product or set of products throughout the product life cycle. It
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Principles of Marketing
Vocabulary Terms and Definitions
encompasses the broad set of activities required to get the product to market and to support it
thereafter.
PROJECT 2 :: MARKETING PLAN ANALYSIS
marketing mixthe combination of the marketing tactics: product, price, place (distribution), and
promotion.
productmerchandise; commodities offered for sale.
placelocation.
promotiona message issued on behalf of some product or cause or idea or person or institution.
pricemonetary value; the property of having material worth.
goalsthe purpose towards which an endeavor is directed; an objective.
strategiesa plan of action designed to achieve a particular goal.
tacticsa plan for attaining a particular goal.
marketplace where commercial promotion, sale, or distribution of goods and/or services takes place.
target marketa particular group of customers that a business seeks to attract; the customers who fall
into a particular target market share similar needs and characteristics.
mass marketinga market coverage strategy in which a firm decides to ignore market segment
differences and goes after the whole market with one promotion.
marketing segmentsa smaller part of a larger market consisting of customers grouped (i.e.,
segmented) by characteristics shared by others in the group.
market segmentationa key element of a target marketing strategy in which large markets, where
customers possess different characteristics, is divided into smaller market segments in which
customers are grouped by characteristics shared by others in the segment.
demographic segmentationbasic objective descriptive classifications of consumers, such as their
age, sex, income, education, size of household, ownership of home, etc. This does not include
classification by subjective attitudes or opinions of consumers.
geographic segmentationareas broken down into general interests and common products bought.
psychographic segmentationdescribes consumers or audience members on the basis of
psychological characteristics initially determined by standardized tests; people’s lifestyles and
personalities.
behavioral segmentationthe division of the target market is made according to the pattern in which
the people in the market live and spend their time and money.
marketing plana written document that specifies how, where, and to whom a business plans to market
its product(s) and/or brand(s).
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Principles of Marketing
Vocabulary Terms and Definitions
situation analysisevaluating the situation and trends in a particular company’s market. Situation
analysts are often called the “three C’s,” which refers to the three major elements that must be
studied: customers, cost, and competition.
PROJECT 3 :: SHE SELLS CELL PHONES AT THE CELL STORE
gradesposition in a scale of size, quality, or intensity.
standardsan acknowledged measure of comparison for quantitative or qualitative value or criterion.
warrantya offer, often associated with a purchase, in which a marketer provides customers a level of
protection, beyond a guarantee period, that covers repair or replacement of certain product
components if found defective within some identified time frame.
express warrantyan assurance by the seller of property that the goods or property are as represented
or will be as promised.
implied warrantywarranty that is not written but exists under the law.
full warrantycontract law; as opposed to a limited warranty, a warranty that completely covers the
repair or replacement of any defect in a consumer product.
limited warrantywarranty that imposes certain limitations and is therefore not a full warranty.
guaranteeassurance offered by a marketer that the product will perform up to expectations or the
marketer will support the customer’s decision to replace, have the product repaired or accept a return
for a refund.
product life cyclethe marketing theory that a product moves through different stages of life from its
birth to its death.
introductionstage within the product life cycle which occurs when a product is released to the market
and sales begin though often sales start out slow as the market becomes aware of the product.
growthstage within the product life cycle which occurs when a product is widely accepted and often
reaches rapid growth characterized by a large percentage sales increase over previous periods.
maturitystage within the product life cycle which occurs when product growth slows with total sales
increasing but at decreasing rates compared to previous periods.
declinestage within the product life cycle which occurs when the market is no longer able to sustain
sales levels for a product as sales are decreasing at increasing rates compared to previous periods.
pricing decisionsusually made by top management or market managers; based on competition, cost,
advertising, and sales promotion; the decision of deciding the price of a product.
sellingexchanges a product for currency or something of value.
channels of distributionthe activities and organizations that assist a marketer in moving product
(goods or services) from the hands of the marketing company to the hands of the final customer.
producera person or company that makes a good.
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Principles of Marketing
Vocabulary Terms and Definitions
ultimate consumerindividual (such as a housewife) or a group (such as a family) which actually
consumes or uses a good or service, as distinct from the buyer or shopper who may only be a
purchasing agent. Marketers try to identify the ultimate consumers to aim their promotional efforts at
them.
industrial userpart of the channel of distribution when the end user is in an industrial location.
middlemensee below.
intermediariesfirm or person (such as a broker or consultant) who acts as a mediator on a link
between parties to a business deal, investment decision, negotiation, etc. In money markets, for
example, banks act as intermediaries between depositors seeking interest income and borrowers
seeking debt capital. Intermediaries usually specialize in specific areas and serve as a conduit for
market and other types of information; also called middlemen.
retailersa business that sells goods to the consumer, as opposed to a wholesaler or supplier which
normally sell their goods to another business.
wholesalersa person or firm that buys a larger quantity of goods from various producers or vendors
and resells to retailers.
agentsa party that has oral or written authority to act for another so as to bring the principal into
contractual relationships with other parties.
direct channelsdistribution channel in which a producer supplies or serves directly to an ultimate user
or consumer, without any middlemen, agents, distributor, wholesaler or retailer.
indirect channelsdistribution channel in which a producer supplies or serves directly to an ultimate
user or consumer, with the help of middlemen, agents, distributor, wholesaler or retailer.
product mixthe total composite of products offered by a particular organization, consisting of both
product lines and individual products.
product itema specific version of a product that can be designated as a distinct offer among an
organization’s products.
product linea group of closely related product items that are considered a unit because of marketing;
technical or end use considerations.
widthnumber of different entities available for providing the same distribution function (as a distributor,
wholesaler, or retailer) at different stages in a distribution channel.
depthnumber of the units of a security that be traded without causing an appreciable change in its
price.
consistencybasic accounting function that one an accounting method is adopted, it should be followed
consistently from one accounting period to the next. If, for any reason, the accounting method is
changed, a full disclosure of the change and an explanation of its effects on the items of the financial
statements must be given in the accompanying notes (footnotes).
expansiongrowth; as in economic recovery.
contractiona period of general economic decline; contractions are often part of a business cycle,
coming after an expansionary phase and before a recession.
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Principles of Marketing
Vocabulary Terms and Definitions
alterationchange that does not affect the basic character or structure of the thing it is applied to; also
see middlemen and alteration.
trading upincreasing the number of features of a product and improving its quality.
trading downreducing the number of features of a product and decreasing its quality.
positioningmarketing strategy that aims to make a brand occupy a distinct ‘position,’ relative to the
competing brands, in the mind of the consumer.
competitive advantagesuperiority gained by a firm when it can provide the same value as its
competitors.
brandan identifying symbol, word, or mark that distinguishes a product or company from its
competitors. Usually brands are registered (trademarked) with a regulatory authority and so cannot
be used freely by other parties. For many products and companies, branding is an essential part of
marketing.
brand nameword(s) that identify not only a product but also its manufacturer or producer, such as
Apple, Coca Cola, IBM, Shell, Sony, Toyota.
brand symbolthe swoosh of Nike.
trade character people, animals, animated characters, objects, or the like that are used in advertising
a brand and that come to be identified with the brand, in much the same way that a trademark is
identified with a brand.
brand recognitionconsumer awareness that a particular brand exists.
brand preferencemeasure of brand loyalty in which a consumer will choose a particular brand in
presence of competing brands, but will accept substitutes if that brand is not available.
brand insistencethe stage of brand loyalty where the buyer will accept no alternative and will search
extensively for the required brand.
product brandsa brand that is advertised with a name like Tide, Charmin, or Dawn.
generic brand’no-name’ or non-descript brand that is not advertised, and is sold at a price
substantially lower than the required brand.
national brandbrand marketed throughout a national market; owned and promoted usually by large
manufacturer.
private/distributor brandalternative term for private label.
brand strategieslong-term marketing concept for a brand, based on the definition of the characteristics
of the target customers.
family brandingmain brand under which several new products are introduced to take advantage of its
credibility, identity, and name recognition.
individual brandingmarketing policy under which each product has its own brand, different from every
other product in the same product family or from the same firm.
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Principles of Marketing
Vocabulary Terms and Definitions
brand extensionsalternative term for line extension.
brand licensingthe process of creating and managing contracts between the owner of a brand and a
company or individual who wants to use the brand in association with a product, for an agreed period
of time, within an agreed territory.
co-brandingin Internet commerce (e-commerce), two firms working together to market a good or
service.
brand identityvisible elements of a brand that together identify and distinguish the brand in the
consumer’s mind.
valuesin general, important and enduring beliefs or ideals shared by the member of a culture about
what is good or desirable and what is not.
brand cueswords that guide a buyer’s decision to purchase a product or not; if looking for low calorie
food, cues like “lite” or “non-fat” might guide a consumer to buy that product.
brand personalitythe attribution of human personality traits to a brand as a way to achieve
differentiation.
touch pointsis the interface of a product, a service, or a brand with customers, non-customers,
employees and other stakeholders before, during, and after a transaction respectively, a purchase.
This applies for business-to-business as well as business-to-consumer markets.
brand promisebenefits and experiences that marketing campaigns try to associate with a product in its
current and prospective consumers’ minds.
corporate brandsthe practice of using a company’s name as a product brand name.
PROJECT 4 :: PROMO BLITZ
product promotionalternative name for advertising specialty; item such as a bag, calendar, cap, clock,
diary, pen, etc., given away to current or prospective customer. These items usually carry the name
and address of the firm, as well as information on the products and services, and serve as reminders.
Also called advertising novelty or promotional product.
primary product promotioncommunication that focuses on the primary products of an organization.
secondary product promotioncommunication that focuses on the secondary products of the
organization.
institutional promotioncommunication that focuses on the image of the organization.
public serviceprovided or supported by government or its agencies; agency involved in providing
public service for or on behalf of a government.
public relationssystematic effort to create and maintain goodwill of an organization’s various publics
usually through publicity and other non-paid forms of communication.
patronagethe motives that drive an individual user toward a selection of a particular outlet, retailer, or
supplier of services.
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Principles of Marketing
Vocabulary Terms and Definitions
promotional mixusing several different types of communications to support marketing goals which
include advertising, personal selling, sales promotion, and publicity.
advertisingthe paid, public, non-personal announcement of a persuasive message by an identified
sponsor.
personal sellingis a promotional method in which a salesperson uses skills and techniques for building
personal relationships with the people who are involved in a purchase decision that results in both of
these parties obtaining value.
publicitya type of public relations in the form of a news item or story which conveys information about
a product, service, or idea in the media.
sales promotiona series of activities and materials used to create sales of goods and services.
advertising mediaa form of communication that typically attempts to persuade potential customers to
purchase or to consumer a particular brand.
PROJECT 5 :: MASCOT MISERY
factspieces of information about circumstances that exist or events that have occurred.
estimateapproximation, prediction, or projection of a quantity based on experience and/or information
available at the time, with the recognition that other pertinent facts are unclear or unknown. An
estimate is almost the same as an educated guess, and the cheapest (and least accurate) type of
modeling.
predictionsee above.
relationshipsa connection between variables, such as a correlation, or between people, such as a
marriage.
marketing informationdata used to make marketing decisions.
request and complaint reportsgenerated when customer’s have requests or complaints about a
product or service.
lost sales reportsgenerated when profits are foregone because the orders could not be fulfilled for
whatever reason.
call reportssalesperson's record of calls or visits made to the customers and their outcome, submitted
to the sales manager.
activity reportsa collection of data used to make decisions; sales activity reports will give retailers an
indication of what products are selling better than others; reports of sales for a certain time period.
marketing researchscientific discovery methods applied to marketing decision making. It generally
comprises of (1) Market research: identification of a specific market and measurement of its size and
other characteristics. (2) Product research: identification of a need or want and the characteristic of
the good or service that will satisfy it. (3) Consumer research: identification of the preferences,
motivations, and buying behavior of the targeted customer. Information for marketing research is
collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone
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Principles of Marketing
Vocabulary Terms and Definitions
or face-to-face interviews, and from published sources (such as demographic data). The main
objective is to find a real need and fulfill it in a most cost effective and timely manner.
secondary researchuses research already carried out by someone else for some other purpose.
primary researchcarried out primarily for an organization’s own use.
personal interviewface to face interview.
mail interviewinterview conducted through the mail.
telephone interviewinterview conducted over the telephone.
questionnairea group of questions and is used as an investigative market research tool in order to
gain information from a respondent. It is used mainly in quantitative research. Questionnaires
normally contain closed questions but open questions can also be included.
focus grouprespondents (normally between 8-10 people) are gathered together in order to gauge their
responses to specific stimuli. Groups are guided by a research moderator who often uses a topic
guide to control the discussion to ensure it meets the initial research objectives. The data generated
is probably most applicable to exploratory work. The technique falls under the broad category of
qualitative research.
marketing research problem5 step application process of the scientific method: define the problem,
analyze the situation, get problem specific data, interpret the data, solve the problem
decision problemthe basic issue that managers are facing; the reason they believe marketing
research is necessary
variablesoptions; things being studied.
unit of analysisthe major entity that is being analyzed in the study, e.g., individuals, groups,
households, stores, companies, etc.
research objectivesthe goals you need to accomplish with your research
research designthe way a researcher lays out a plan for obtaining information.
descriptive designprovides an accurate description for something that is occurring. For example, what
age group is buying a particular brand, a product’s market share within a certain industry, how many
competitors a company faces, etc. This type of research is by far the most popular form of market
research. It is used extensively when the research purpose is to explain, monitor and test
hypotheses, and can also be used to a lesser extent to help make predictions and for discovery.
exploratory designattempts to discover general information about a topic that is not well understood
by the marketer. For instance, a marketer has heard news reports about a new Internet technology
that is helping competitors but the marketer is not familiar with the technology and needs to do
research to learn more. When gaining insight (i.e., discovery) on an issue is the primary goal,
exploratory research is used.
causal designform of research the marketer tries to determine if the manipulation of one variable,
called the independent variable, affects another variable, called the dependent variable. In essence,
the marketer is conducting an experiment. To be effective the design of causal research is highly
structured and controlled so that other factors do not affect those being studied.
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Principles of Marketing
Vocabulary Terms and Definitions
populationall elements, individuals, or units that meet the selection criteria for a group to be studied,
and from which a representative sample is taken for detailed examination. The total of all populations
is called a universe.
samplerefers to a group of interviewees or respondents who are chosen to represent the population as
a whole. The sample provides the data within the market research project.
non-probability sampling—the researcher selects the most accessible respondents (whoever happens
to be around)
sampling plan—the formal plan specifying a sampling method, a sample size, and procedures for
recruiting subjects
PROJECT 6 :: HSB GIVES BACK
selling policiesstates what a company will do once a sale is made; guarantee freshness, we stand
behind what we sell,
selling-activity policiesguidelines for selling activities that involve interaction with customers or
potential customers.
terms-of-sale policiesguidelines covering the aspects of a sale with which customers are usually most
concerned, through price, delivery, credit, discount, and guarantee policies.
service policiesguidelines for the service provided by the selling company to the buyer.
PROJECT 7 :: TICK TOCK, TECH TALK
none
exclusive dealingwhen a retailer or wholesaler is tied to a purchase from a supplier on the
understanding that no other distributor will be appointed or receive supplies in a given area.
tying agreementspurchase agreements in which the customer is forced to purchase a slow-selling or
unknown brand or product with a fast-selling or well known one. Such coercion is usually illegal.
full-line forcingproducer or supplier insistence that the dealer must carry the full range of products in
the line; this policy may be illegal if it can be established that it serves a legitimate business need.
closed territories An exclusive territory assigned to a reseller by a manufacturer; the reseller is
required to sell only to customers within the territory. Closed territories are generally illegal under the
Trade Practices Act.
self-regulationthe regulation (by a person or organization) of ones own behavior without external
control of monitoring.
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Principles of Marketing
Vocabulary Terms and Definitions
SUGGINGselling under the guise of research; enacted in 1995, the Telemarketing Sales Rule (TSR)
originally prohibited sugging (selling under the guise of research), by requiring that telemarketers
state promptly (at the beginning of the call) that they are selling something, what the product is, and
how much it costs.
FRUGGINGfundraising under the guise of research; the Telemarketing Sales Rule of 2003 now
includes a provision that prohibits the misrepresentation in charitable fundraising; Telefunders
(telemarketers soliciting charitable contributions) are now required to state promptly that their purpose
is to solicit a contribution. The provision makes it a violation of the TSR to misrepresent, either directly
or by implication any material information such as the nature, purpose or mission of any entity on
behalf of which a charitable contribution is being requested. Frugging is effectively prohibited.
Privacythe ability of an individual or group to seclude themselves or information about themselves and
thereby reveal them selectively.
bait-and-switch advertisingan illegal advertising strategy in which the seller baits customers by an
advertisement with a low-priced model of a product but then switches.
deceptive pricingthe pricing of goods and services in such a way to cause a customer to be misled.
dumpingselling goods abroad at a price below that charged in a domestic market.
loss-leader pricinga loss leader or leader is a product sold at a low price (at cost or below cost) to
stimulate other profitable sales.
predatory pricingthe practice of selling a product or service at a very low price, intending to drive
competitors out of the market or create barriers to entry for potential new competitors; also known as
destroyer pricing.
price discriminationwhen sales of identical goods or services are transacted at different prices from
the same provider.
price fixingan agreement between business competitors to sell the same product or service at the
same price; an agreement intended to ultimately push the price of a product as high as possible,
leading to profits for all sellers.
exploitationthe act of employing the greatest possible advantage.
coercionthe act of compelling by force or authority.
gray marketan unofficial market in which goods are bought and sold at prices lower than the official
price set by a regulatory agency.
slotting allowancea cash premium paid by the manufacturer to a retail chain for the costs involved in
placing a new product on its shelves.
promotion decisionsdecisions of how to advertise a product to the market.
place decisionsdecisions of where to sell the product.
product decisionswhat product(s) the business wants to sell.
selling pricethe price which a company’s product will be sold at.
mouth marketingthe passing of information from person to person by mouth (talking!).
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Principles of Marketing
Vocabulary Terms and Definitions
buzz marketingWord of mouth (WOM)
viral marketingmarketing techniques that use pre-existing social networks to produce an increase in
the sale of a product; word of mouth (WOM).
probability samplingany method of sampling that utilizes some form of random selection.
non-probability samplinga sampling procedure in which the selection of population elements is based
at least partly on personal judgment.
sampling plana plan stating sample sizes and the criteria for accepting or rejecting items or taking
another sample during inspection of a group of items.
descriptive statisticsdata in the form of a table or chart.
meanaverage.
medianmidpoint of a range of numbers that are set in order from the least number in a sample.
modethe most occurring number in a sample.
rangethe difference between the greatest number and the least number in a sample.
standard deviationused as a measure of the dispersion or variation in a distribution.
skeweddistorted or bias.
grassroots marketingtype of word of mouth marketing.
evangelist marketingtype of word of mouth marketing.
product seedingquite similar to celebrity endorsements, evangelist marketing, and is a grassroots way
of planting a product so that it can be seen by important or influential people. An example of product
seeding would be getting a celebrity to wear a certain hat or to hold a particular drink when being
photographed or interviewed. Product seeding also can be done in smaller ways online, such as
visiting forums and advocating for a particular product by someone who has a good reputation there.
influencer marketinga person who has a greater than average reach or impact through word of mouth
in a relevant marketplace; Oprah talking about a product on her TV show.
cause marketinga type of marketing involving the corporative efforts for profit.
conversation creationwom that creates a conversation about a particular product.
brand blogginga post on-line (in a blog) about the positive attributes of a particular product.
referral programsprovides service credits to those clients who send you new business.
social networkson-line communities where people meet, socialize, and exchange digital files, pictures,
etc.
direct marketinga promotion delivered directly to the individual prospective customers.
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Principles of Marketing
Vocabulary Terms and Definitions
free-standing insert (FSI)a promotional brochure that rides with a newspaper.
couponsa negotiable certificate attached to a bond that represents a sum of money off a good.
rebatesreturn of a portion of a purchase price by a seller to a buyer, usually on purchase of a specified
quantity, or value, of goods within a specified period.
push moneya special reward given by manufacturers or service agencies for encouraging sales.
point-of-sale displayssame as point of purchase displays.
trade allowancesoffers channel partners price breaks for agreeing to stock a certain product.
dealer loadersgifts offered to a retailer or a manufacturer as a bonus for purchasing the
manufacturer’s merchandise.
contestspromotions, offering a prize, that may or may not require a purchase or demonstration of skill
for prize eligibility.
sweepstakesa popular type of sales promotion where lavish prizes are offered to entrants who have
only to submit entries with their name and address.
gamespromotional event more similar to a contest than to a sweepstakes because it requires some
level of skill (such as hitting a target with a ball).
loyalty programsmarketing program designed to enhance brand loyalty by cultivating a on-going
relationship between a marketer and the customer.
demonstrationspromotional technique whereby the use of a product is demonstrated in a retail outlet.
personal appearancesthe visual aspect of a person, especially with regard to personal cleanliness
and neatness of clothing.
advertising-support programsfinancial support in the form of advertising money that markets may
provide to retailers if these retailers agree to include the company’s products in their advertisements.
co-op advertisinga form of advertising in which the manufacturer reimburses the retailer for part of all
of the advertising expenses.
trade-in promotionscommunication about trade in offers a company may offer; auto dealers offer
trade-in promotions during certain times of the year.
samplesfree stuff.
premiumsa reward or prize, esp. one offered free or at a special low price as an added inducement to
buy or do something; bonus.
free productsfree stuff.
promotional productsarticles and merchandise that are used in marketing and communication
programs.
trade showsan exhibition for companies in a specific industry to showcase and demonstrate their new
products and services.
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Principles of Marketing
Vocabulary Terms and Definitions
push strategiespromotion to members of the marketing channel, rather than promotion to end-users,
to facilitate the flow of a good or service from the producer to the final customer.
pull strategiespromotion to end-users, rather than to members of the marketing channel, to facilitate
the flow of a good or service from the producer to the final customer.
press kitsa comprehensive package of information outlining a company’s products and services most
frequently sent to members of the press.
audio/video releasesinformation about a product that is released in an audio or video format.
matte releasea consumer-oriented article provided by a company to newspaper outlets free of charge;
usually mentions the company that wrote and distributed the article; used by newspaper editors to
add content and/or fill space in their publications.
website press rooma section of a company’s web site that contains written articles and pictures about
the company; usually used to make important announcements and/or explain major corporate
developments.
special eventsoccurrence happening at a determinable time and place, with or without the
participation of human agents. It may be a part of a chain of occurrences as an effect of a preceding
occurrence and as the cause of a succeeding occurrence.
sponsorshipsfinancial backing of a public-interest program or project by a firm, as a means of
enhancing its corporate image.
community relationsthe various methods companies use to establish and maintain a mutually
beneficial relationship with the communities in which they operate.
philanthropyvoluntary promotion of human welfare.
crisis managementactions taken by a company to maintain its credibility and good reputation after a
situation has occurred that may affect the company in a negative manner and therefore reduce sales
of that company’s product or service.
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