Studied by 0 people
advertising
paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message
agents/brokers
marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods
brand
a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors
brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
brand equity
the value of the brand name and associated symbols
brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchases
brand manager
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
break-even analysis
the process used to determine profitability at various levels of sales
bundling
grouping two or more products together and pricing them as a unit
channel of distribution
a whole set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path (or channel) from producers to consumers
competition-based pricing
a pricing strategy based on what all the other competitors are doing. The price can be set at above, or below competitors' prices
direct marketing
any activity that directly links manufacturers or intermediaries with the ultimate consumer
direct selling
selling to consumers in their homes or where they work
everyday low pricing (EDLP)
setting prices lower than competitors and then not having any special sales
exclusive distribution
distribution that sends products to only one retail outlet in a given geographic area
high-low pricing strategy
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'
integrated marketing communication (IMC)
a technique that combines all the promotional tools into one comprehensive and unified promotional strategy
intensive distribution
distribution that puts products into as many retail outlets as possible
marketing intermediaries
organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C)
online retailing
selling goods and services to ultimate customers over the Internet
penetration strategy
strategy in which a product is priced low to attract many customers and discourage competition
personal selling
the face-to-face presentation and promotion of goods and services
price leadership
the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow
product differentiation
the creation of real or perceived product differences
product life cycle
a theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline
product line
a group of products that are physically similar or are intended for a similar market
product mix
the combination of product lines offered by a manufacturer
product placement
putting products into TV shows and movies where they will be seen
promotion mix
the combination of promotional tools an organization uses
psychological pricing
pricing goods and services at price points that make the product appear less expensive than it is
publicity
any information about an individual, product, or organization that's distributed to the public through the media and that's not paid for or controlled by the seller
public relations (PR)
the management function that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance
pull strategy
promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they'll request the products from retailers
push strategy
promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise
retailer
an organization that sells to ultimate consumers
sales promotion
the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities
sampling
a promotional tool in which a company lets consumers have a small sample of a product for no charge
selective distribution
distribution that sends products to only a preferred group of retailers in an area
skimming price strategy
strategy in which a new product is priced high to make optimum profit while there's little competition
social commerce
a form of electronic commerce that involves using social media, online media that support social interaction, and user contributions to assist in the online buying and selling of products and services
supply chain
aka chain value; the sequence of linked activities that must be preformed by various organizations to move goods from the sources of raw materials to ultimate consumers
target costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm
telemarketing
the sale of goods and services by telephone
total fixed cost
all the expenses that remain the same no matter how many products are made or sold
total product offer
everything that consumers evaluate when deciding whether to buy something; also called a value package
trademark
a brand that has exclusive legal protection for both its brand name and its design
trial close
a step in the selling process that consists of a question or statement that moves the selling process towards the actual close
value
good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs
variable costs
costs that change according to the level of production
viral marketing
the term now used to describe everything from paying customers to say positive things on the Internet to setting up multilevel selling schemes whereby consumers get commissions for directing friends to specific website
wholesaler
a marketing intermediary that sells to other organizations
word-of-mouth promotion
a promotional tool that involves people telling other people about products they've purchased
Note 
Flashcard (46)