TEST 3 notes Flashcards

Distribution Mix

The combination of distribution channels by which a firm gets its products to end users.

Intermediary

An individual or firm that helps distribute a product.

Wholesaler

An intermediary who sells products to other businesses for resale to final consumers.

Retailer

An intermediary who sells products directly to consumers.

Direct Channel

A distribution channel in which a product travels from producer to consumer without intermediaries.

E-Intermediary

Internet distribution channel member that assists in delivering products to customers or collects information about sellers.

Push Marketing

Emphasizes immediate promotion and call to action, focusing on direct communication from the business to the customer.

Pull Marketing

Focuses on reaching a large audience with the hope of converting a smaller percentage into customers by creating valuable content.

Promotional Mix

Combination of tools used to promote a product.

Sales Promotions

Set of marketing strategies used to boost demand for a product, raise brand awareness, and increase revenue.

Public Relations

Company-influenced information directed at building goodwill with the public.

Positioning Statement

A brief description of a product or service explaining how it fulfills a particular need of the target market.

Interactive Marketing

One-on-one nonpersonal selling by nonstore retailers with direct contact using engaging visuals or videos.

Syndicated Selling

E-commerce practice whereby a website offers other websites commissions for referring customers.

Digital Share of Voice (DSOV)

The percentage of online conversations a brand owns in its market compared to competitors.

Viral Video

A video that gains popularity and is shared rapidly through the internet.

Brand Awareness

The extent to which consumers are familiar with a brand.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.

Product

A value package that represents goods or services offered to consumers.

Consumer Products

Products purchased by individuals for personal use.

Industrial Buyer

A company or organization that buys products for use in producing other products.

Product Mix

The group of products that a firm makes available for sale.

Product Line

A group of products closely related in function or targeted at the same customer group.

Product Life Cycle (PLC)

The series of stages a product goes through from introduction to decline.

Speed to Market

Strategy of introducing new products quickly in response to market changes.

Seven-Step Development Process

A systematic approach to developing new products, including idea generation, screening, and commercialization.

Market Share

Company's percentage of total industry sales for a specific product type.

Pricing Objectives

Goals that sellers aim to achieve when pricing products, such as profit maximization or market penetration.

Profit-Maximizing Objectives

Pricing decisions aimed at maximizing revenue based on selling price and units sold.

Cost-Oriented Pricing

Pricing that considers production costs and desired profits.

Markup

Additional amount added to the purchase cost of an item to achieve a selling price.

Breakeven Analysis

Assessment of total revenue versus total costs at various sales volumes to determine breakeven point.

Price Skimming

Setting a high initial price for a new product to recover costs and generate profit.

Penetration Pricing

Setting a low initial price to establish a new product in the market.

Psychological Pricing

Pricing tactic that leverages consumer perception and response to prices.

Product Placement

Promotional tactic where products are integrated into media for brand exposure.

Brand Awareness

The extent to which a brand name is recognized by consumers.

Marketing

An organizational function and set of processes for creating, communicating, and delivering value to customers.

Market Segmentation

The process of dividing a market into categories of customer types or segments.

Marketing Mix

A combination of product, pricing, promotion, and place strategies used to market products.

Target Market

A group of people with similar wants and needs expected to show interest in the same products.

Marketing Research

The study of what customers need and want, and how best to meet those needs and wants.

Promotion

An aspect of the marketing mix concerned with communicating information about products effectively.

Brand Competition

Competitive marketing that appeals to consumer perceptions of benefits offered by specific companies.

Customer Relationship Management (CRM)

Organized methods used by a firm to build better information connections with clients.

Advertising

Any form of paid nonpersonal communication used to persuade or inform potential buyers about a product.