Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

76 Cards in this Set

  • Front
  • Back
pychological pricing
pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices
demographic variables
characteristics of populations that may be considered in developing a segmentation strategy
price lining
setting a limited number of prices for cetain categories of products
marketing plan
detailed and focused strategy for gearing marketing efforts to meet consumer needs and wants
price reduction offered as an incentive to purchase
part of the marketing mix concerned with getting products from producers to consumers
odd-even pricing
psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts
industrial market
organizational market consisting of firms taht buy goods that are either converted into products or used during production
shopping good/service
moderately inexpensive, infrequently purchased product
market research technique using a questionaire that is either mailed to individuals or used as the basis of interviews
product line
group of similar products intended for a simlar group of buyers who will use them in similar ways
substitute product
product that is dissimilar to those of copmetitors but that can fulfuill the same need
process of reviving for new markets products that are obsolete in older ones
secondary data
data readily available as a result of previous research
fixed cost
cost unaffected by the quantity of a product produced or sold
market research technique that involves simply watching and recording consumer behavior
product adaptation
product modified to have greater appeal in foreign markets
consumer goods
products purchased by consumers for personal use
product life cycle
series of stages in a products' profit-producing life
substitute product
product that is dissimilar to those of copmetitors but that can fulfuill the same need
service package
tangible and intangible features that characterize a service product
the process of planning and executing the conception, pricing, promotion, ad distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
private brand
brand-name product that a wholesaler or retailer has comissioned from a amanufacturer
product use variables
consumer characteristics based on the ways in which a products is used, the brand loyalty it enjoys, and the reasons for which it is purchased
part of product packaging that identifies its name, manufacturer, and contents
consumer behavior
various facets of the decision process by which customers come to purchase and consume products
product extension
existing, unmodified product taht is marketed globally
industrial goods
products purchased by companies to produce other products
breakeven point
quantity of a product that is sold such that the seller's revenues equal all vairable and fixed costs
market segmentation
process of dividing a market into categories of customer types
tangible and intangible qualities taht a company builds into a product
relationship marketing
marketing strategy that emphasizes lasting relationships with customers and suppliers
speed to market
strategy of introducing new products to resond quickly to customer or market changes
geographic variables
geographical units that ay be considered in developing a segmentation strategy
expense item
industrial product purchased and consumed rapidly and regularly for daily operations
external environment
outside factors that influence marketing programs by posing opportunities or threats
inelastic demand
demand for industiral products that is not largely affected by price changes
marketing manager
manager who plans and ipmlemetns the marketing activiites that result in the transfer of products from producer to consumer
convenience good/service
inexpensive product purchased and consumed rapidly and regularly
market segmentation
process of dividing a market into categories of customer types
process of determining what a company will revieve in exchnage for its products
product differentiation
creation of a product or product image that differs enough from existing products to attract consumers
product mix
group of products that a firm makes available for sale
marketing research
the study of consumer needs and wants and the ways in which sellers can best meet them
market share
company's percentage of total market sales fora specific product
intangible products, such as time, expertise, or an activity, that can be purchased
process of using symbols to commnicate the qualities of a products made by a particular product
emotional motives
reasons for purchasing a product that are based on nonobjective factors
service process design
three aspects (process sletion, worker requirements, and facilities requirements) of developing a service product
international competition
competitive marketing of domestic roducts against foreign products
capital item
expensive, long-lasting, infrequently purchased industrial product such as a building
brand loyalty
pattern of regular consumer purchasing based on satisfation with a product
specialty good/service
expensive, rarely purchased product
rational motives
reasons for purchasing a product that are based on a logical evaluation of product attributes
licensed brand
use of an established brand name by purchasing the right from teh organizatio or indi who owns it
brand competition
competitive marketing taht appeals to consumer perceptions of similar products
variable cost
cost taht cahnges with the quantity of a product produced or sold
market research technique that attempts to compare the responses of the same or similar people under different circumstances
penetration pricing
setting and initial low pirce to establish a new product in the market
primary data
data developed through new research
pricing objectives
goals that producers hope to attain in pricing products for sale
marketing mix
the combo of product, pricing, promotion, and distribution strategies used to market products
price skimming
setting an initial high price to cover new product costs and generate a profit
target market
group of people that has similar wants and needs and that can be expected to show interest in the same products
national brand
barnd-named product produced by, widely distributed by, and carrying the name of a manufacturer
psychographic variables
consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy
breakeven analysis
assessment of the quantity of a product that must be sold before the seller makes a profit
focus group
market research technique in which a gropu of people is gathered, presetned with an issue, and asked to discuss it in depth
physical container in which a prodcts is sold, advertised, or protected
good, service, or idea that is marketed to fill consumer needs and wants
price leader
dominant firm that establishes product pries taht other companies follow
market segmentation
process of dividing a market into categories of customer types
amount added to an item's cost to sell it at a profit
institutional market
organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
reseller market
organizational market consisting of intermediaries who buy and resell finished goods
derived demand
demand for industrial products that results from demand for consumer products