Marketing Terms

Front 1

price (consumer view)

Back 1

sacrifice of purchasing power recquired to obtain a product

Front 2

price (economists view)

Back 2

dollar value per unit at which a particular quantity will be sold in a given market at given time

Front 3

demand oriented pricing

Back 3

highest price the market will pay

Front 4

cost oriented pricing

Back 4

price is a precent above cost

Front 5

competition oriented pricing

Back 5

price near or below competition

Front 6

objective method pricing

Back 6

set price to achieve a goal

Front 7

price fixing

Back 7

conspiracy among firms to determine prices (almost always illegal)

Front 8

horizontal fixing

Back 8

among members of same channel of distribution (retailers)

Front 9

vertical fixing

Back 9

among members of one channel of distribution (manufacturer to the wholesaler to the retailer)

Front 10

price elasticity of demand

Back 10

change in quantity over change in price

Front 11

elastic product (E>1)

Back 11

standardized, highly substitutable, heavily advertised, widely available

Front 12

inelastic product (E<1)

Back 12

custom made, unique, not advertised, narrow distribution

Front 13

channel of distribution

Back 13

Set of interdependent organizations involved in process of making a product available for use by consumer

Front 14

how channel system adds value

Back 14

market analysis, promotion, contacting prospects, matching products desired to products available, physical distribution, financial, risk taking

Front 15

retailer

Back 15

buys from wholesaler or manufacturers and sells to consumers

Front 16

wholesaler

Back 16

buys from manu and sells to retailers

Front 17

broker

Back 17

brings buyers and sellers together

Front 18

dealer

Back 18

buys from manufacturer and sells to consumer or industrial user. Large whole goods

Front 19

distributor

Back 19

like a dealer but sells mostly parts and materials

Front 20

franchise

Back 20

right to perform business as controlled by franchiser

Front 21

Jobber

Back 21

breaks bulk-buys large sells small

Front 22

category killer

Back 22

new form of retail distribution which will eliminate an old form

Front 23

hyper market

Back 23

retailer that combines several types of product ranges into one physical store

Front 24

service

Back 24

Act or performance that is essentially intangible and does not result in ownership. Produced and consumed at the same time

Front 25

price discrimination

Back 25

policy of charging different groups of customers different prices for same product/service

Front 26

international marketing

Back 26

marketing goods/services outside organizations home country

Front 27

multinational marketing

Back 27

developing products to fit specific characteristics of target country's needs

Front 28

global marketing

Back 28

marketing standardized products everwhere

Front 29

product

Back 29

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisify want or need

Front 30

product mix

Back 30

set of all product lines and item that particular seller offers for sale

Front 31

depth of line

Back 31

number of alternative product offerings in one product line

Front 32

width of line

Back 32

all products offered by same company

Front 33

umbrella brand

Back 33

brand name attached to different product types

Front 34

private label

Back 34

brand used in one family of retail stores

Front 35

multibrand brands

Back 35

one firm uses many brands to market one type of product

Front 36

generic products

Back 36

no brand identity

Front 37

brand equity

Back 37

positive differential effect that knowing the brand name has on customer response to product/service

Front 38

introduction stage

Back 38

few competitors, little or no profit

Front 39

growth state

Back 39

more competitors, good profit

Front 40

maturity stage

Back 40

many competitors, declining profit

Front 41

decline stage

Back 41

too many competitors,declining profit

Front 42

criteria for new product success

Back 42

relative advantage, compatibility with buyers value system, can it be described

Front 43

integrated marketing communication

Back 43

company carefully integrates and coordinates its many communication channels to deliver clear message about company

Front 44

media

Back 44

channels thru which message goes from sender to receiver

Front 45

word of mouth

Back 45

personal communication abour a product between target buyers and neighbors, friends, family members

Front 46

buzz marketing

Back 46

cultivating opinion leaders and getting them to spread info about a product or service to other in community

Front 47

promotion

Back 47

outward communication from a source to customers/clients