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47 Cards in this Set

  • Front
  • Back
price (consumer view)
sacrifice of purchasing power recquired to obtain a product
price (economists view)
dollar value per unit at which a particular quantity will be sold in a given market at given time
demand oriented pricing
highest price the market will pay
cost oriented pricing
price is a precent above cost
competition oriented pricing
price near or below competition
objective method pricing
set price to achieve a goal
price fixing
conspiracy among firms to determine prices (almost always illegal)
horizontal fixing
among members of same channel of distribution (retailers)
vertical fixing
among members of one channel of distribution (manufacturer to the wholesaler to the retailer)
price elasticity of demand
change in quantity over change in price
elastic product (E>1)
standardized, highly substitutable, heavily advertised, widely available
inelastic product (E<1)
custom made, unique, not advertised, narrow distribution
channel of distribution
Set of interdependent organizations involved in process of making a product available for use by consumer
how channel system adds value
market analysis, promotion, contacting prospects, matching products desired to products available, physical distribution, financial, risk taking
buys from wholesaler or manufacturers and sells to consumers
buys from manu and sells to retailers
brings buyers and sellers together
buys from manufacturer and sells to consumer or industrial user. Large whole goods
like a dealer but sells mostly parts and materials
right to perform business as controlled by franchiser
breaks bulk-buys large sells small
category killer
new form of retail distribution which will eliminate an old form
hyper market
retailer that combines several types of product ranges into one physical store
Act or performance that is essentially intangible and does not result in ownership. Produced and consumed at the same time
price discrimination
policy of charging different groups of customers different prices for same product/service
international marketing
marketing goods/services outside organizations home country
multinational marketing
developing products to fit specific characteristics of target country's needs
global marketing
marketing standardized products everwhere
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisify want or need
product mix
set of all product lines and item that particular seller offers for sale
depth of line
number of alternative product offerings in one product line
width of line
all products offered by same company
umbrella brand
brand name attached to different product types
private label
brand used in one family of retail stores
multibrand brands
one firm uses many brands to market one type of product
generic products
no brand identity
brand equity
positive differential effect that knowing the brand name has on customer response to product/service
introduction stage
few competitors, little or no profit
growth state
more competitors, good profit
maturity stage
many competitors, declining profit
decline stage
too many competitors,declining profit
criteria for new product success
relative advantage, compatibility with buyers value system, can it be described
integrated marketing communication
company carefully integrates and coordinates its many communication channels to deliver clear message about company
channels thru which message goes from sender to receiver
word of mouth
personal communication abour a product between target buyers and neighbors, friends, family members
buzz marketing
cultivating opinion leaders and getting them to spread info about a product or service to other in community
outward communication from a source to customers/clients