paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message
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agents/brokers
marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods
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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
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brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
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brand equity
the value of the brand name and associated symbols
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brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchases
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brand manager
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
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break-even analysis
the process used to determine profitability at various levels of sales
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bundling
grouping two or more products together and pricing them as a unit
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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
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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
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direct marketing
any activity that directly links manufacturers or intermediaries with the ultimate consumer
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direct selling
selling to consumers in their homes or where they work
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everyday low pricing (EDLP)
setting prices lower than competitors and then not having any special sales
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exclusive distribution
distribution that sends products to only one retail outlet in a given geographic area
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high-low pricing strategy
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'
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integrated marketing communication (IMC)
a technique that combines all the promotional tools into one comprehensive and unified promotional strategy
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intensive distribution
distribution that puts products into as many retail outlets as possible
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marketing intermediaries
organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C)
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online retailing
selling goods and services to ultimate customers over the Internet
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penetration strategy
strategy in which a product is priced low to attract many customers and discourage competition
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personal selling
the face-to-face presentation and promotion of goods and services
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price leadership
the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow
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product differentiation
the creation of real or perceived product differences
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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
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product line
a group of products that are physically similar or are intended for a similar market
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product mix
the combination of product lines offered by a manufacturer
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product placement
putting products into TV shows and movies where they will be seen
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promotion mix
the combination of promotional tools an organization uses
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psychological pricing
pricing goods and services at price points that make the product appear less expensive than it is
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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
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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
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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
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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
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retailer
an organization that sells to ultimate consumers
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sales promotion
the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities
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sampling
a promotional tool in which a company lets consumers have a small sample of a product for no charge
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selective distribution
distribution that sends products to only a preferred group of retailers in an area
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skimming price strategy
strategy in which a new product is priced high to make optimum profit while there's little competition
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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
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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
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target costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm
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telemarketing
the sale of goods and services by telephone
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total fixed cost
all the expenses that remain the same no matter how many products are made or sold
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total product offer
everything that consumers evaluate when deciding whether to buy something; also called a value package
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trademark
a brand that has exclusive legal protection for both its brand name and its design
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trial close
a step in the selling process that consists of a question or statement that moves the selling process towards the actual close
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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
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variable costs
costs that change according to the level of production
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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
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wholesaler
a marketing intermediary that sells to other organizations
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word-of-mouth promotion
a promotional tool that involves people telling other people about products they've purchased
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