CONTEMPORARY MARKETING

It involves a company’s losing sales of an existing product by introducing a new product in the same selling channel.

Cannibalization

Consists of inviting potential suppliers to quote prices on proposed

Competitive bidding

This type of pricing is a lower-than-normal price for a period of time

Promotional Pricing

three global pricing strategies?

Standard worldwide pricing, dual pricing…

One of the alternative pricing strategies. It is commonly used as a market-entry price for distinctive products with little or no initial competition

Penetration Strategy

It is a general guideline that reflects marketing objectives and influences specific pricing decisions

Pricing Strategy

A type of telemarketing that takes place when a salesperson phones customers

Outbound telemarketing

Taking calls/answering calls and providing the right information to customers.

Inbound telemarketing

Marketing Intelligence

This is a process of gathering information and analyzing it to improve business strategy, tactics, and daily operations

It is a form of business intelligence that focuses on finding information about competitors using secondary sources.

Competitive Intelligence

It is a process of selecting survey respondents or research participants.

Sampling

This is a type of non probability sample selected from among readily available respondents

Convenience sample

A type of non probability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as a whole

Quota sample

A type of partnerships that the relationship involve long term exchanges of goods or servicesin returnn for cash or other valuable consideration

Seller partnership

It refers to a partnership in which a firm purchases goods and services from one or more providers

Buyer partnership

It is the combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentrated focus on satisfying customers.

Customer relationship management

A form of marketing whose primary aim is to retain and satisfy customers, by providing value to customers

Relationship marketing

A buyer and seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.

Transaction-based marketing

The ultimate stage in brand loyalty, leads consumers to refuse alternatives and to search extensively for the desired merchandi

Brand insistence

Products characterized by plain labels, no advertising, and the absence of brand names

Generic products

Single brand name that identifies several related products

Family brand

National brand sold exclusively by a retail chain

Captive products

Single brand that uniquely identifies a product

Individual brand

Added value that a respected, well-known brand name gives to a product in the marketplace

Brand equity

Refers to a brand’s ability to stand apart from competitors

Differentiation

Marketer responsible for a single brand

Brand manager

Product Management system in which a category manager–with profit and loss responsibility–oversees a product line

Category management

Brand for which the owner claims exclusive legal protection

Trademark

Visual components that contribute to the overall look of a brand

Trade dress

Strategy that seeks to increase sales of existing products in an existing market

Market Penetration strategy

Consumers’ perception of a product’s attributes, uses, quality, advantages, and disadvantages relative to competing brands

Product positioning

concentrates on finding new markets for existing products

Market development Strategy

Channel intermediary that takes title to the goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers

Wholesale

Broad range of activities aimed at efficient movement of finished goods from the end of the production line to the consumer

Physical distribution

Marketing channel that moves goods directly from a producer to the business purchaser or ultimate user

Direct Channel

Strategy designed to establish direct sales contact between producer and final user

Direct selling

It refers to the coordination of all promotional activities to produce a unified, customer focused promotional message

Integrated Marketing communications

\- This concept explains the steps through which a person reaches a purchase decision after being exposed to a promotional message. The marketer sends the promotional message and the consumer receives andresponds to it via the communication process

AIDA concept

One component of promotional mix is non-personal selling. It is an example of non-personal selling and is frequently used by marketers with limited funds and firms attempting to attract attention for new- product offerings with innovative promotional approaches

Guerilla Marketing

three basic objectives of advertising are?

to inform about the product; to persuade to buy; to remind on the features of the product

The function of informing, persuading, and influencing the consumer’s purchase decision

Promotion

It is the continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance

Total quality management

It is a method of measuring quality by comparing performance against industry leaders.

Benchmarking

a type of consumer products that refer to goods and services consumers want to purchase frequently, immediately, and with minimal effort

Convenience product

consumer products that offer unique characteristics that cause buyers to prize those particular brands

Specialty products

It refers to a bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs.

Product

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