S/L trade-off Balance of organizational activities aiming to achieve long term and short term objectives when they are in conflict or where resources are scarce.

Sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods for a money consideration called the price.

Sales analysis Measuring and evaluating actual sales in relation to sales goals. (Philip Kotler)

Sales forecast see Forecast.

Sales forecasting see Forecasting.

Sales potential is the maximum percentage of market potential that an organization within an industry can expect to obtain for a certain product or service.

Factors determining sales potential : 1) Core of the product (it's essentially to customers, etc.), 2) The overall size of the possible market, 3) Competition.

Sales promotion
Definition #1. Sales promotion is an activity or material that acts as a direct inducement by offering added value to or incentive to the product for resellers, salespersons or consumers.
Definition #2. Sales promotion is a range of tactical marketing techniques, design within strategic marketing framework, to add value to a product or service, in order to achieve specific sales and marketing objective.

Sales promotion mix: 1) Fairs and trade shows, 2) Exhibits, 3) Demonstrations, 4) Contests and games, 5)Premium and gifts, 6) Rebates, 7) Low-interest financing, 8) Trade-in allowance.

Consumer sales promotion methods - Pull incentives: 1) Money off next purchase, 2) Cash back (money refunds), 3) Retail coupons, 4) % extra free, 5) Consumer contests (competitions), 6) Loyalty cards, 7) Free trials (samples), 8) Buy 2 get 1 free, 8) Free products, 9) Subscription offers, 10) Price reductions, 11) Extra product, 12) Demonstrations, 13) Trading stamps, 14) Point of sales displays, 16) Price-off, 17) Self-liquidators, 18) Premiums free in/on/off the pack, 19) Personality promotions, 20) Merchandising and point-of-sale displays, and advertising in stores, 21) Packaging, 22) Sponsorship, 23) Trade-in facilities, 24) Credit facilities, 25) Training schemes, 26) Guarantees, 27) Direct mail 'shots', 28) Saving schemes, 29) Banded and twin packs.

Trade sales promotion methods - Push incentives: 1) Buying allowances, 2) A buy-back allowance, 3) Count and recount, 4) Free merchandise, 5) Co-operative advertising, 6) Push money or dealer premiums, 7) Sales contests (trade and salesforce competitions), 8) Free products, 9) Extra product, 10) Subscription offers, 11) Coupons, 12) Pricing, 13) Cash discounts, 14) Increased margins, 15) Salesforce cash incentives, 16) Demonstrations, 17) Direct mail 'shots', 18) Training facilities, 19) Credit facilities.

See objectives of consumers and trade sale promotions.

A guide to consumer promotion of Ann Morgan:
1. Determine, in order of priority, the problems faced by the product/brand.
2. Determine the money available to solve these problems.
3. List and cost all the possible alternative solutions to the problems, e.g. theme advertising, price or product strategy, consumer promotion, etc.
4. Estimate the effectiveness of each solution.
5. If the answers to 3 and 4 suggest that a promotion is the most efficient answer to the problem, and if there is enough money available in 2, then promotion is indicated. The marketer the need to plan, implement and control the promotional campaign.

Developing the promotional campaign: 1. The size of incentive; 2. Conditions for participation; 3. Distribution vehicle; 4. Duration of promotion; 5. Quantity of promotion; 6. Timing and coordination; 7. Budget; 8. Pre-testing; 9. Legality; 10. Responding to unforeseen events.

Key characteristics of effective sales promotions: 1) Clear objectives, 2) Real add value, 3) Greater customer loyalty mean greater rewards, 4) Competitive advantage.

Key applications of promotion techniques: 1) To add appeal to the brand and thus enhance its image, 2) To encourage trial or repeat purchase, 3) To defend the product from competition, 4) To encourage customer loyalty, 5) To increase market penetration, To identify and attract new customers, 6) To educate customers regarding product improvements, 7) To Bring more customers into retail stores, 8) To stabilize reseller inventories, To obtain more and better shelf space and displays.

Also see Promotion and Advertising.

Sales quotas Standards set for sales-people staling the amount they should sell and how sales should be divided among the company's products. (Philip Kotler)

Salesforce composite Forecasting technique in which the sales force is asked to produce forecasts for their territory or area for each of the products/services they sell. Clearly the sales force is close to its customers, but not necessary aware of macro-economic factors which may affect overall sales or those in particular region.

Salesforce management The analysis, planning, implementation, and control of salesforce activities. It includes setting salesforce objectives; designing salesforce strategy; and recruiting, selecting, training, supervising, and evaluating the firm's salespeople. (Philip Kotler)

Possible salesforce structure :
1. Customer salesforce structure A salesforce organization in which salespeople specialize in selling only to cer-tain customers or industries.
2. Product salesforce structure A salesforce organization in which salespeople specialize in selling only a portion of the company's products or lines.
3. Territorial salesforce structure A salesforce organization that assigns each salesperson to an exclusive geographic territory in which that salesperson carries the company's full line.
(Philip Kotler)

Salesforce promotion Sales promotion designed to motivate the salesforce and make salesforce selling efforts more effective, including bonuses, contests, and sales rallies. (Philip Kotler)

Salesperson An individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing, and information gathering. (Philip Kotler)

Salutary products Products that have low appeal but benefit consumers in the long run. (Philip Kotler)

Sample A segment of the population selected for marketing research to represent the population as a whole. (Philip Kotler)

Convenience sample :
A non-probability sample in which members of the population are chosen because they are convenient or readily available.

Non-probability sample :
A type of sample in which items are selected from the population according to convenience, a quota, or the researcher's judgment.

Probability sample :
A sample in which every member of the population has a known, nonzero chance of being chosen to be surveyed.

Quota sample :
A non-probability sample involving items selected from the population according to characteristics set by the researcher.

Simple random sample :
A probability sample in which all tile members of the population have an equal probability of being picked for a survey.

Stratified sample :
A probability sample in which researchers divide the population into groups according to a common characteristic and then apply a random sample to each group.

Samples Offers of a trial amount of a product to consumers. (Philip Kotler)

Sample frame is constructed to include all members of a population.

Sampling
Definition # 1. Products offered to consumers usually for free to introduce a new product.
Definition # 2. Taking a limited number of a large population so that by studying the part something may be learnt about the whole. The 'population' is all those people who have the characteristics in which the researcher is interested.

Random sample is one selected in such a way that every item in the population has an equal chance of being included.

There are several faults or weaknesses which might occur in design or collection of sample data : 1) Bias; 2) Insufficient data; 3) Unrepresentative data; 4) Omission of an important factor; 5) Carelessness; 6) Confusion between 'cause' and 'correlation'.

Factors of deciding upon the size of the sample: 1) Budget available, 2) Rule of thumb or gut feeling, 3) Number of sub-groups.

Saving That part of income, which is not spent on current consumption.

Scalar chain Chain of authority from the most senior boss to the most junior worker.

Scarce resource is an item that is essential to production activity, but that is available only in a limited quantity.

Scenario
Definition #1. Scenario is an internally consistent view of what the future might turn out to be. (Porter)
Definition #2. Scenario is a description of the future based on mutually consistent groupings of determinants. Says here are some of the key factors you have to take into account and this is the way they could affect you business. Designed to be considered with other scenarios it is valueless on its own. A tool to assist understanding. It form the backdrop to decision making, not an internal part of it. A means of placing responsibility for planning decisions on the managers concerned. Essentially qualitative.

Scenario building The process of identifying and modeling alternative futures. Industry-scenarios are restricted to those particular factors emphasizing the industry and accounts for the structures within it.

Also see Forecast.

Scenarios are alternative views of the future.

Multiple scenarios Forecasting technique in which researchers build pictures of alternative futures.

SCEPTICAL list is a model of analysis.

Scientific management is the application of scientific methods to the analysis and understanding of work processes, in order to promote greater efficiency, productivity and reward; developed in the late nineteenth century, by Taylor etc; widely credited with removing all autonomy from the work force, as jobs were designed by work study specialists in the technostructure. Interesting comparisons can be made with TQM, but in the latter case the workers are responsible for analyzing work.

Seal of approval is a mark, given by an expert, to confirm or guarantee a product.

Sealed-bid pricing Setting price based on how the firm thinks competitors will price rather than on its own costs or demand-used when a company bids for jobs. (Philip Kotler)

Secondary data In marketing research, data neither collected directly by the user nor specifically for the user, often under conditions not known to the user. Examples include government reports.

The different types of external secondary data available from non-government sources can be broken into: 1. Economic information, for example exchange rates, is available from quality newspapers like the Financial Times. 2. Industry information will be available from trade journals and also trade associations. Banks, stockbrokers and market research reports are another potential source of reports about specific industries. 3. Competitor information is available both from companies themselves in the form of price list and literature, and also from directories (Kompass, Who owns Whom, Kelly's, etc.). 4. Media information. Types available and their reach can be obtained from the Audit Bureau of Circulation (ABC) for magazines, from BARB (Broadcasters Audience Research Board) for television viewing figures and JICRAR (the Joint Industry Committee for Radio Audience Research) for commercial radio figures, and so on. 5. International secondary data can be collected in home country or in the country to be researched. Non-governmental sources include consultants, international agencies such as the Union Nation and the World Bank and multi-national banks and businesses.

Internal data sources: 1) Order/sales statistics (by customer), 2) Sales statistics (by product), 3) Delivery details, 4) Profitability (by product/by customer), 5) Complaints, 6) Stock levels, 7) Debtor information.

Use of secondary data : 1) Background to primary research, 2) Substitute for field research, 3) Technique itself, 4) Acquisition studies.

Advantages of secondary data : 1. Saving time, 2. Saving (some times great) money; 3. Use for: 3.1 Setting parameters, defining a hypothesis, highlighting variables, etc., 3.2 Providing guidance (past methods of research) for primary data collection, 3.3 Helping to assimilate the primary research with the past one, 3.4 Defining sampling parameters.

Disadvantages of secondary data : 1. Relevance, 2. Cost, 3. Availability, 4. Bias, 5. Accuracy: 5.1 Representativeness of sample, 5.2 Construction of questionnaires, 5.3 Possible biases, 5.4 Analysis and statistical methods, 5.5 Including raw data, 5.6 Supervising field workers.

Internal secondary data are records inside the organization, gathered by another department or section for research task in hard: 1) Order/sales statistics by customer, 2) Sales statistics by product, 3) Delivery details, 4) Profitability by product and by customer, 5) Complaints, 6) Stick levels, 7) Debtor information.

External secondary data (Tull and Hawkins): 1) Directories, 2) Computerized databases, 3) Associations, 4) Government agencies, 5) Syndicated agencies, 6) Other published sources, 7) External experts.

Also see Information sources.

Secondary stakeholders see Stakeholders.

Segmentation (Market segmentation) involves the subdividing of a market into distinct and increasingly homogenous subgroups of customers, were any subgroup can conceivably be selected as a target to be met with a distinct marketing mix.

Process of segmentation:
1. Segmentation - dividing the market into subgroups and then profiling the characteristics of these groups: 1.1 Establishing criteria for segmenting the market, 1.2 Identifying and developing the profiles of each segment.
2. Targeting - evaluation of the attractiveness of each segment and the decision concerning which segment to target: 2.1 Evaluating potential of each segment, 2.2 Determining which segments to target, 2.3 Choosing targeting strategy.
3. Positioning  - selecting a position signaling it to target market: 3.1 Establishing consumer perceptions within target market, 3.2 Selecting positioning concepts, 3.3 Developing appropriate marketing strategy.

Bases of market segmentation: 1. Geographical area; 2. End use; 3. Demographic and social: 3.1 Age, 3.2 Sex, 3.3 Family size and Family life cycle, 3.4 Income, 3.5 Occupation, 3.6 Education, 3.7 Religion or religious sect; 3.8 Race, 3.9 Nationality, 3.10 Social class; 3.11 Life-style, 4. Benefits sought, 5. Usage rate, 6. Attitude, 7. Customer size, 8. Purchasing procedures, 9. Buying situation, 10. Psychographic.

Situation specific segmentation refers to actual situation in which consumption of the product takes place. Examples of situation specific segmentation (the purchase of ice cream): 1. A special occasion, 2. Everyday consumption, 3. An outdoor picnic, 4. In restaurant, 5. In groups or alone.

Examples of the psychographic segmentation:
(i) Cross-Cultural Consumer Classification (Four Cs) groups of Young and Rubicam:
1. Mainstreamers: 1.1 Brand conscious; 1.2 Seek security/reliability; 1.3 Risk averse; 1.4 Buy products of local (national) producers.
2. Aspires: 2.1 Image conscious; 2.2 Seek individual recognition; 2.3 Conspicuous consumption; 2.4 Fashion orientated.
3. Achievers: 3.1 Career oriented; 3.2 Achieved personal success; 3.3 Like to be in control; 3.4 Personal wealth.
4. Reformers: 4.1 Value of life; 4.2 Highly educated, 4.3 Independent; 4.4 Family oriented.
(ii) VALS (Values, Attitudes and Lifestyles) groups: 1. Actualizers; 2. Fulfillers, 3. Believers, 4. Strivers, 5. Makers and Strugglers.

Marketing segment should be: 1) Measurable - Information on customer characteristics should be obtainable cost effectively so that the marketer know who is in the segment and therefore the size of the segment, 2) Accessible - It should be possible to communicate effectively with the chosen segment using marketing methods, 3) Substantial - Large enough to consider for separate marketing activity, 4) Meaningful - Customers who have different preferences and vary in market behavior/response to marketing efforts.

Criteria for market segment definition:
1. Consumer markets: 1.1 Who? : 1.1.1 Demographic, 1.1.2 Socioeconomic, 1.1.3 Geographic, 1.1.4 Personality and life-style, 1.1.5 User status; 1.2 What? : 1.2.1 Usage rate, 1.2.2 Price paid, 1.2.3 Place of purchase; 1.3 Why? : 1.3.1 Benefit(s) sought, 1.3.2 Attitude, 1.3.3 Purchase occasion, 1.3.4 Brand loyalty.
2. Industrial markets: 2.1 Who? : 2.1.1 Industry type, 2.1.2 Size of company, 2.1.3 Geographic location, 2.1.4 Technological base; 2.2 What? : 2.2.1 End-use application, 2.2.2 Product specification; 2.3 Why? : 2.3.1 Purchasing policy, 2.3.2 Buyer/seller relationship, 2.3.3 Buyer personality, 2.3.4 Benefit(s) sought.

Evaluating segment attractiveness: 1) the structure and size of the market, 2) the company's brand and market share, the intensity of competition, 3) product/marketing scale economies, 4) capabilities of the company in matching with the target markets. needs relative to competition.

Targeting strategies: 1) Undifferentiated marketing (a single product for many buyers, without segmentation). 2) Concentrating marketing (a ideal product for a single segment). Reliance of a single market. 3) Differentiated marketing (several products, each aimed at a different segment).

Positioning is the perception or image that the target market holds of the product. Positioning describes to customers how the company differs from current or potential competitors.

Creating a positioning strategies: 1. Identify alternative competitors and competing products within defined product category; 2. Establish consumers' perceptions of competing products; 3. Determine relative position of competing products utilizing perceptional positioning map; 4. Identify gap within market by assessing customer needs with existing product offering; 5. Select identified positioning; 6. Implement marketing and promotional strategy; 7. Monitor and control.

Strategies of positioning: 1) Position on product features, 2) Position on benefits, 3) Position on usage, 4) Position on user, 5) Position against competition.

Creating a differential advantage using the marketing mix : 1) Product (Performance / Durability / Reliability / Style / Upgradebility / Technical assistance / Installation), 2) Distribution (Location / Quick and reliable delivery / Distributor support / Delivery quarantines / Computerized reordering), 3) Promotion (Creative or more advertising / Creative or more sales promotion/ Co-operative promotions / Well-trained salesforce / Dual Selling / Fast, accurate quotes / Free demonstrations / Free or low cost trial / Fast complaint handling) 4) Price (Lower price / Credit facilities / Low interest loans / Higher price)

Benefits of segmentation : 1) The identification of new marketing opportunities as a result of better understanding of consumer needs in each of the segments, 2) Specialists can be developed and appointed to each of the company's major segments, 3) Operating practices then benefit from the expertise of staff with specialist knowledge of the segment's business, 4) The total marketing budget can be allocated more effectively, according to needs and the likely return from each segment, 5) Precision marketing approaches can be used. The company can make finer adjustments to the product and service offerings and to the marketing appeals used for each segment, 6) Specialist knowledge and extra effort may enable the company to dominate particular segments and gain competitive advantage, 7) The product assortment can be more precisely defined to reflect differences between customer needs, 8) Improved segmentation allows more highly targeted marketing activity. For instance, the sales team develops an in-depth knowledge of the needs of a particular group of consumers and can get to know a network of potential buyers within the business and there is an increased likelihood of referrals and recommendations, 9) Feedback and customer problems are more effectively communicated. Producers develop an understanding in the needs of a target segment and expertise in helping to solve its problems.

Selective attention see Communication theory.

Selective distortion see Communication theory.

Selective recall see Communication theory.

Selling management : 1) Organizing the salesforce, 2) Motivating, 3) Training, 4) Controlling.

Selective demand The demand for a given brand of a product or service. For example, the demand for a Hondo motorcycle. (Philip Kotler)

Self-concept Self-image, or the complex mental pictures people have of themselves. (Philip Kotler)

Selling concept The idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort. (Philip Kotler)

Selling process The steps that the salesperson follows when selling, which include prospecting and qualifying, pre-approach, approach, presentation and demonstration, handling objections, closing, and follow-up. Selling process:
1. Prospecting and qualifying The step in the selling process in which the salesperson identifies qualified potential customers.
2. Preapproach The step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call.
3. Approach The step in the selling process in which the salesperson meets and greets the buyer to get the relationship off to a good start.
4. Presentation and demonstration The step in the selling process in which the salesperson tells the product "story" to the buyer, showing how the product will make or save money.
5. Handling objections The step in the selling process in which the salesperson seeks out, clarifies, and overcomes cus-tomer objections to buying.
6. Closing The step in the selling process in which the salesperson asks the cus-tomer for an order.
7. Follow-up The last step in the selling process in which the salesperson follows up after the sales to ensure customer satisfaction and repeat business.

Roles of sales management : 1) organizing, 2) motivating, 3) training and 4) controlling salesforce.

Semantic differential scale is a scaling technique which attempts to measure attitude.

The form of possible responses of semantic differential scale : 1) Strongly agree, 2) Agree, 3) Agree with neither, 4) Agree, 5) Strongly agree. (Bi-polar constructs at the sides of scale)

Semi-closed system System with predictable or controlled environmental inputs from and outputs to the environment.

Semi-variable cost see Overheads/costs/expenses.

Sequential product development A new-product development approach in which one company department works individually to complete its stage of the process before passing the new product along to the next department and stage. (Philip Kotler)

Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. (Philip Kotler)

See also Services.

Service cost center is a center providing services to other cost centers.

Criteria for evaluating the outcome and experience of service encounter: 1) Access, 2) Reliability, 3) Credibility, 4) Security, 5) Understanding the customer, 6) Responsiveness, 7) Courtesy, 8) Competence, 9) Communication, 10) Tangibles.

Barriers to the matching of expected and perceived service levels : 1) misconceptions, 2) inadequate resources, 3) inadequate delivery, 4) exaggerated promises.

Service quality is an aspect of customer care.

Benefits of service quality : 1) improved customer retention rated and higher customer loyalty, 2) word of mouth recommendation, 3) higher market share, 4) improved morale, 5) some insulation from price competition, 6) lower advertising and promotion costs, 7) lower operating costs, 8) increased productivity.

Dimensions of service quality : 1. Technical quality; 2. Functional quality: 2.1 Attitudes and behavior of the employees, 2.2 Interrelationships between employees and customers, 2.3 Relationships between employees, 2.4 Appearance and personality of service personnel, 2.5 Service-mindedness of the personnel, 2.6 Accessibility of the service to the customer, 2.7 Approachability of service personnel.

Determinants of service quality : 1) Tangibles, 2) Reliability, 3) Responsiveness, 4) Communication, 5) Credibility, 6) Competence, 7) Courtesy, 8) Understanding customers. needs, 9) Access.

Services Distinguished from products because they are generally produced as they are consumed, and cannot be stored or taken away. For example, a bus is a product which is used to provide a service (transportation); the service is provided as you are consuming it (i.e. your trip from A to B). Also the standard of service differs each time it is produced (e.g. one bus driver may be a better or faster driver than another).

Services characteristics : 1) Intangibility (a deed, performance or effort; difficulty in evaluation; use tangible cues; 2) Variability (standardization difficult, selection, training and rewarding of staff, evaluation systems; use of reliable equipment); 3) Inseparability (simultaneous production and consumption; importance of service provider; selection, training and rewarding of staff; avoid inter-customer conflict); 4) Perishability (consumption cannot be stored; match supply and demand; use of part-time staff; multiskilling; participation by consumers; differential pricing; comfortable waiting area; reservation system); 5) Ownership (services do not result in a transfer of property).

Positioning services : 1) Choice of target market (Accessibility, Reliability, Credibility, Security, Responsiveness, Courtesy, Competence, Confidence, Wide selection, Value, Prestige, Quarantines, Credit, Comfort, Privacy, Technical advice, Speed); 2) Creation of differential advantage (4P, Physical evidence, Process, People).

Additional services marketing mix elements : 1) People Marketing mix element for services, to highlight the fact that the quality of many services depends on the quality of the people delivering it (e.g. a play can be ruined by bad acting). 2) Physical evidence Marketing mixelement for services denoting the environment in which the service is delivered (seating comfort and lighting in a restaurant, uniform, decorative identity). 3) Processes Marketing mix element for services denoting how the service is actually delivered.

Key jobs for service marketers : 1) managing differentiation, 2) managing productivity, 3) managing service quality.

Differences in selling goods and services:
1. Customer's purchase perception of services:
1.1 Customers view service as having less consistent quality, 1.2 Service purchasers have higher risks, 1.3 Service purchasing is less pleasant, 1.4 When services are bought greater consideration is given to the particular salesperson, 1.5 Perception of the company is an important factor when deciding to buy a service.
2. Customer's purchase behavior with services:
2.1 Customers may do fewer price comparisons with services, 2.2 Customers give greater consideration to the particular seller of services, 2.3 Customers are less likely to be influenced by advertising an more by personal recommendations.
3. Personal selling of services:
3.1 Customer involvement is greater, 3.2 Customer satisfaction is influenced by the salesperson's personality and attitude, 3.3 Salespeople may have to spend more time reducing customer uncertainty.

Guidelines to consider when designing communication campaigns for service markets:
1. Use clear unambiguous messages to communicate the range, depth, quality and level of services.
2. Emphasize the benefits of the service rather than their technical details.
3. Only promise what can be delivered, to avoid disappointment.
4. Advertise to employees as they are particularly important in many people intensive services.
5. Obtain maximum customer co-operation in the service production process as the service is often an interactive system.
6. Build on word of mouth communication from one satisfied customer to another.
7. Provide tangible evidence to strengthen promotional messages. Use well known personalities to support the messages.
8. Develop continuity in promotion by the use of consistent and continuous symbols, themes, formats or images.
9. Remove post purchase anxiety (care) by reassuring the buyer of the soundness of choice especially where there is no tangible product.
10. Personal selling becomes more important in the promotion of services.

Shareholders' funds is the aggregate of called up share capital and all reserves.

Shopping mall test See Mall intercept survey

Sheet size - is an historical term which traditionally referred to the number of sheets of paper that were pasted to make up a poster.

Short run is the period of time over which the supply of at least one factor of production is fixed, thus constraining the productive capacity of a firm. However, the degree of utilization of variable factors can be changed in the short run.

Short-termism Preference supposed to exist in the UK, US and similar business cultures, as opposed to Japan or Germany, in which short-term results take priority over long-term benefits (i.e. the S/L trade off is weighted towards the short term). Used by industrialists to blame the City institutions' alleged reluctance to invest in high risk high-tech ventures, and investors' preferences for high dividend payouts. Use this phrase with caution, as empirical evidence to support it is shaky, and there are many other reasons which explain the UK's poor economic performance, in relative terms, in comparison with its former adversaries.

Simon Majaro's planning hierarchy illustrates integrated relationship between corporate and marketing objectives: 1. Mission statement; 2. Corporate strategies; 3. Functional objectives: 3.1 Marketing, 3.2 Financial, 3.3 Production, 3.4 Personnel; 4. Functional strategies; 5. Activity objectives; 6. Programs and budgets.

Size is a concept which relates to the relative scale of turnover of a business. Concentration ratios measure relative size by calculating the number of firms accounting a given proportion of sales.

SLEPT is a mnemonic for the external factors that may affect an organization: Soci(ologic)al, Legal, Economic, Political and Technological.
Also see Environment.

Slides are prepared acetates or photographic material used on overhead projectors. They may also be generated directly from computers.

Small businesses are independently owned and operated with only a limited slice of total sales.

Characteristics of small businesses marketing: 1. Do-it-yourself - Planning, implementation and control; 2. Employ small agencies - Matching the size; 3. Importance of the marketing research - Reducing the risk; 4. Personal selling - Likely to be main method; 5. Public relations - Can be dome at a low cost; 6. Direct marketing - Cost effective by telephone and mail; 7. Door drops (leaflet distribution) - Very low cost targeting; 8. Advertising - Likely to be more expensive; 9. Sales promotion - Immediate benefits to cash flow; 10. Rapid feedback - Allowing for improvements to be made.

Smart card is a card, unique to the individual customer, to be used as a substitute for money.

SMART See Objectives.

Social chapter is published performance standards for customer service in public sector organization.

Social class comprises individuals who share common characteristics including occupation, level of income, education background and various aspects of life style.

Social class categories and occupation : 1) A (Upper middle class) - Professional, administrative, top management, 2) B (Middle class) - Intermediate professionals, etc., 3) C1 (Lower middle class) - Supervisory, clerical and lower management, 4) C2 (Skilled working class) - Skilled manual, 5) D (Skilled working class)  - Semi- and unskilled manual, 6) E (Lowest level of subsistence) - State pensioners, long-term unemployed, etc.

Social cost is the total cost of an economic activity to society. Social costs may diverge from private costs, as in the case of pollution. Taxation policy may aim to reflect social costs so that market prices reflect social costs (e.g. 'polluter pays' policies).

Social-cultural environment embraces changes in the nature, attitudes, behavior and values of society which affect employment and buying patterns.

Social responsibility Accepting responsibilities to the various publics of an organization which go beyond contractual or legal requirements. Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society.

Social responsibility : 1) consumer issues, 2) community relations, 3) green marketing.

Benefits of social responsibility for the company : 1) Cost savings now and in the future, 2) A positive image, 3) Reduced stakeholder pressure, 4) Possibly better products, 5) Possibly business opportunities, 6) Reduction in the impact of future regulations.

Social responsibility in context of an oil operate : 1) Health and safety of employees both in situ and trust must be beast available: includes technology and management procedure, 2) Maintenance standards should guarantee against any toxic leaks, 3) No flaring of gas residues - i.e. capture and utilize, 4) Design of the rig-life cycle orientated, allow safe dismantling and maximum recycling when useful life ended, 5) Construct rig in high unemployment shipyard are, 6) Retraining scheme for redundant mines to become rig workers, 7) Percentage contribution to wildlife conservancy projects, 8) Openness to media and various publics.

Social responsibility cost Tangible and intangible costs and losses sustained by third parties or the general public as a result of economic activity, e.g. pollution by industrial effluent.

See also Externalities.

Social system System consisting mainly of human beings or groups of human beings whose interrelationships are organized in a particular way.

Socialization the process by which individuals become accustomed to the norms expected of them by society

Societal marketing concept Concept that holds that the organization's task is to determine the needs, desired satisfactions are more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well being.

Soft information See Information.

Sole trader see Trading organizations.

SOSTAC is mnemonic elaborates for marketing communication planning. SOSTAC is 1) Situation Analysis, 2) Objective setting, 3) Strategy development, 4) Tactics, 5) Actions, 6) Control.

Span of control is the number of subordinates directly reporting to one superior.

Specialty goods Consumer goods with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (Philip Kotler)

Sports campaign Advertising at a sporting event through the use of ads, or underwriting sporting events. Includes World Cup, Olympic sponsorship, etc. (Responsive Database Services, Inc)

Sponsorship can be defined as the process of an organization supporting a beneficiary for altruistic reasons or for reasons gaining favorable attention and publicity by that fact. As a direct result of the 1990 Broadcasting Act, the number of organization sponsoring commercial television programs has increased substantially.

Sponsorship has two main advantages for the sponsor: 1) it provides them what can be substantial media coverage, 2) it can have an internal benefit in terms of helping to improve employee morale.

Program sponsorship. Benefits : 1) Standout, 2) Association value, 3) Cost effectiveness, 4) Precision targeting, 5) Blocking competition, 6) Possibility of joint promotions may enhance association value, 7) More opportunities to view, 8) Appropriate for augment brand profile. Weaknesses : 1) Restricted amount of information (no complex messages), 2) High cost of the time involved in establishing an agreement, 3) The Client guidelines may be regarded as prohibitive.

Positive aspects of traditional advertising : 1) Complete authority over advertisement and creative impute, 2) Ability to convey messages of a complex nature.

Sponsorship possibilities : 1) Programs, 2) Sports, 3) Personalities, 4) Arts.

Measurement methods of sponsorship : 1) Adherence to budget, 2) Dynamic of sales, 3) Level of awareness.

Staff authority Staff authority is the authority to give specialist advice, where there is no line authority.

Stakeholder Person or group with an interest in organizational activities (e.g. shareholders, employees, customers, government etc).

Stakeholders are any group or individual, other than shareholders, who can affect or are affected by the achievement of organizational goals. Primary stakeholders make a direct and often continuous contribution to core activities of the business. The impact on or by secondary stakeholders is more intermittent and normally of less significance.

Primary/connected stakeholders include customers, employees, suppliers and creditors.

Secondary stakeholders include local community, pressure groups, media, analysts, government agencies, other firms, etc.

Stakeholder analysis : 1) Which publics are important to the firm's operations? 2) Are they increasing or decreasing in importance? 3) How strong are the company-stakeholders relationships? 4) What is the impact of corporate actions and operations of these publics? 5) What actual or potential impact could they have on the business? 6) What are the interests of each relevant public? 7) Which groups pose a threat and which an opportunity?

Stakeholder planning and policy-making process : 1) Stakeholder analysis, 2) Review of current policies, 3) Establishment of a stakeholder monitoring system, 4) Identify scope for competitive advantage through "reputation", 5) Implement mechanism for achieving change, 6) Measure and review progress.

Standard cost see Overheads/costs/expenses.

Standards
Definition #1. Standards are established by government agencies or the firm itself and normally set a weight, design, quality or process specification to which all production must conform.
Definition #2. Standards prescribed qualities and performances to which products must conform.

Static models comprise a 'snapshot' of a particular phenomenon at a particular point in time.

Statistical demand analysis A set of statistical procedures used to discover the most important real factors affecting sales and their relative influence; the most commonly analyzed factors are prices, income, population, and promotion. (Philip Kotler)

Statistical models Models that make no built-in assumptions about relationships between variables - any linkages between variables are defined through analysis.

Status The general esteem given to a role by society. (Philip Kotler)

Statute
Definition #1. Statute is a law passed through Parliament by a government as a means of implementing its policy program.
Definition #2. Statute is a law laid down by government legislation.

Stars see Boston classification.

Step cost see Overheads/costs/expenses.

Stereotyping Tendency to group together people on the basis of some characteristics, and ascribe other common characteristics to the group.

Stock turnover : 1) Raw material stock turnover is the length of time raw materials are held before being issued to the production department, 2) Work in progress turnover period is the length of time it tales to run raw materials into finished goods in the factory, 3) Finished goods stock turnover period is the length of time that finished goods are held in a warehouse before they are sold, 4) When a firm buys goods and re-sells them at a profit, the stock turnover period is the time between their purchase and their sale.

Stockist is distributor who receives more favorable financial rewards than distributors as they normally undertake to carry at least certain minimum level of stock.

Straight product extension Marketing a product in the foreign market without any change. (Philip Kotler)

Strategic business unit A unit of the company that has a separate mis-sion and objectives, and that can be planned independently of other company businesses. An SBU can be a company division, a product line within a division, or sometimes a single product or brand. (Philip Kotler)

Strategic control Strategic control should concentrate on targets that measure strategic process, just as budgetary control focuses on annual profit targets. The strategic control process should ensure that there is a clear agreement on the strategic targets that businesses are pursuing and a means of monitoring achievements against them. It should also provide incentives for business managers who achieve their targets, and should prompt central intervention where necessary to close gaps between planned and actual results. (Goold and Quinn)

Strategic control of marketing is carrying out the responsibilities of ensuring that the company is pursuing optimal policies with regard to its product, markets and distribution channels.

Strategic management is the implementation and control of an agreed strategy.

Strategic planning The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing op-portunities. It relies on developing a clear company mission, supporting objectives, a sound business portfolio, and coordinated functional strategies. (Philip Kotler)

Strategy is a course of action, including the specification of resources required, to achieve a desired objective. Note that different authors use the word to mean different things.

Mintzberg's definition of strategy:
1. Strategy as a plan. Strategy is a united, comprehensive, and integrated plan designed to ensure that the basic objectives of the enterprise are achieved. This definition indicates that strategy is a consciously intended course of action, a set of guidelines to deal with a given situation.
2. Strategy as a ploy. A ploy is a maneuver intended to attack an opponent or competitor.
3. Strategy as a pattern. Strategy can be seen as the result of planning or as a stream of actions. Strategy is seen as a 'consistency in behavior whether or not intended'.
4. Strategy as a position. Strategy can also be a position, that is, a means of locating an organization in its environment. This may be though of as a niche in a market place.
5. Strategy as a perspective. It becomes an established way of perceived the company and its markets. Employees become organization minded.

Business strategy How to approach a particular product and/or market.

Corporate strategy deals with the overall development of an organization's business activities.

Deliberate strategies are the result of planning.

Emergent strategy Strategy developed out of a pattern of behavior not consciously imposed by senior management.
Emergent strategies are the outcome of activities and behavior which develop unconsciously but which fall into consistent pattern.

Marketing strategy
Definition #1. Marketing strategy is the decision about which segments of the market are being targeted and how the promotional and how the product/service offering is to be positioned for each segment - will have already been decided.

Definition #2. The marketing logic by which the business unit hopes to achieve its marketing objectives. Marketing strategy consists of specific strategies for target markets, marketing mix, and marketing expenditure level. (Philip Kotler)

Stratified see Sampling.

Structural analysis refers to M. Porter's five forces of industry rivalry, the threat of new entry and substitutes and the bargaining power of suppliers and customers. These combine to determine the long-run profitability of an industry. Competitive forces / five forces Porter's model of the competitive environment of any firm, consisting of the (1) threats of new entrants and (2) substitute products, (3) the bargaining powers of customers and (4) suppliers, and the (5) rivalry amongst current competitors.

Sub-culture Cultural group within a wider culture (e.g. UK youth culture). A useful means of segmenting a market.

Submission means putting forward proposals for consideration by higher authority.

Substitute is a good, which can be substituted for another good, or an input, which can be substituted for another input.

Substitute product Product that can stand in for another product (e.g., in fast food, fish and chips might a substitute product for donor kebabs and vice versa).

Substitution effect is the effect on the level of consumption of a good of a change in its price relative to other goods.

Sunk cost is a past cost not taken into account in decision-making.

Supernormal profits Profit in excess of the opportunity cost of capital (See Normal profit ).

Survey research is undertaken to find out consumers' knowledge, beliefs, preferences and satisfaction. Surveys usually provide quantitative measures that can describe the various characteristics of the people in the survey.

See below Survey of buying intentions.

Also see Interview survey.

Survey of buying intentions indicates the percentage of the target market that is likely to buy company products. (Courtland L. Bovee, John V. Thill)

Suppliers are those who provide resource inputs to specification at an agreed price.

Measuring and controlling supplier performance (database): 1) Supplier's name and type of service provided, 2) Estimated annual spend, 3) Record of complaints/actions taken by supplier, 4) Performance standard (quality, reliability, prices relative to competition, relationships, overall assessment - rating on a scale of 0-10), 5) Special terms and conditions, necessary controls, 6) Recommended frequency of review.

Supply side economics see Economic policies.

Sustainability
Definition #1. Sustainability involves developing strategies so that the company only uses resources at a rate which allows them to be replenished in order to ensure that they will continue to be available, while at the same time emissions of waste are confined to levels which do not exceed capacity of the environment to absorb them.
Definition #2 Sustainability Developing strategies so that the business or entity only uses resources at a rate which allows them to be replenished in order to ensure that they will continue to be available.

In relation to the development of the world's resources, polices based on satiability seek: 1) to pursue equity in the distribution of resources; 2) to maintain the integrity of the world's ecosystems; 3) to increase the capacity of human population for self-reliance.

Sustainable growth is that which meets the needs of the present generation without compromising the needs and requirements of future generations.

SWOT analysis
A An opportunity is simply any feature of the external environment which creates conditions which are advantageous to the firm in relation to a particular objective or set of objectives. 1) Economic, 2) Demographic changes (unsatisfied needs, changing tastes), 3) Market (gaps in the), 4) Technology.
B A threat is any environmental development which will present problems and may hinder the achievement of organizational objectives. 1) Competition activity, 2) The press from the trade, 4) Demographic changes, 5) Politic factor.
C A strength can be thought of as a particular skill or distinctive competence, which the organization possesses and which will aid it in achieving its stated objectives: (a) Marketing products and markets, (b) Productions, (c) Finance, (d) Management and staff. E.g.: 1) special product; 2) high level service; 3) management awareness of the market, 4) market leaders product, 5) good brand images, 6) good relations with suppliers, 7) cash available from internal resources.
D A weakness is simply any aspect of the company which hinder the achievement of specific objectives. E.g.: 1) inadequate working capital, 2) poor management skills, 3) no buying economies, 4) no R & D progress, 5) low productivity on all lines at one plan.
Opportunities and Threats determine attractiveness of the product-market (marketing segment). It is demand-based approach (outside of company). Strengths and Weaknesses define competitiveness of the product-market. This involves supply-based approach (inside of company).

Symbols Something which represents another thing (e.g. the Union Jack is a symbol of the UK). The symbolic nature of human language sets it apart from animal communication. Each symbol may carry a number of different meanings and associations for different people, and some of these meanings are learned as part of a society's culture. For example, in Western cultures, the color while symbolizes purity, but in some Eastern cultures it symbolizes death.

Syndicated research Information collected by a research organization on behalf of a number of organizations requiring the research.

Also see Omnibus survey.

Synergy is the whole is greater than the sum of the parts'. The return of combining two activities, operations, businesses etc. are better than the aggregate return achieved by carrying them out separately; often specious justification for acquiring other companies.

System Organized complexity; an organized or complex whole; an entity consisting of interdependent parts.

Systematic see Sampling.

Systems thinking is the ability to see things as part of a wider whole.