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40 Cards in this Set

  • Front
  • Back

Customer Value - Based Pricing

Setting price based on buyers perceptions of value rather than on the sellers cost

Cost - Based Pricing

Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk

Competition Based Pricing

Setting prices based on competitors strategies, prices, costs and market offerings



Internal Factors

overall marketing strategy, objectives, and marketing mix

External Factors

The nature of the market and demand and environmental factors such as the economy, reseller needs, and government actions

Market Skimming Pricing

Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales

Market - Penetration Pricing

Setting a low price fro a new product in order to attract a large number of buyers and a large market share

Product Line Pricing

Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features and competitors prices

Optional Products

optional or accessory products included with the main product

By-Products

waste or residual products produced when making the main product

Captive Products

products that are required for use of the main product

Product Bundles

Combinations of products at a reduced price

Discount and Allowance Pricing

the company establishes cash, quantity, functional, or seasonal discounts , or varying types of allowances

Segmented Pricing

company sells a product at two or more prices to accommodate different customers, product forms, locations, or times



Psychological Pricing

Pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product

Promotional Pricing

a company offers discounts or temporarily sells a product below list price as a special event, sometimes even selling below cost as a loss leader

Geographical Pricing

The company decides how to price to distant customers, choosing from such alternatives as FOB origin pricing, uniform - delivered pricing, zone pricing, basing - point pricing and freight - absorption pricing

International Pricing

The company adjusts its price to meet different conditions and expectations in different world markets

Value Delivery Network

The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system in delivering customer value

Marketing Channel

A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

Functions of Marketing Channels to Complete Transactions



1) Information


2) Promotion


3) Contact


4) Matching


5) Negotiation

Functions of Marketing Channels to Fulfill Transactions

1) Physical Distribution


2) Financing


3) Risk Taking

Marketing Channel Design

Designing effective marketing channels by analyzing consumer needs, setting channel objectives, identifying major change alternatives and evaluating them

Major Channel Alternatives Open to a Company

1) types of intermediaries


2) number of intermediaries


3) channel responsibilities



Marketing Channel Management

Selecting, managing and motivating individual channel members and evaluating their performance over time

Marketing Logistics

Planning, implementing and controlling the physical flow of materials, final good, and related information from points of origin to points of consumption to meet customer requirements at a profit

Supply Chain Management

Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers

Major Logistics Functions

1) warehousing


2) inventory management


3) transportation


4) logistics information management



Integrated Supply Chain Management Concept

recognizes that improved logistics requires teamwork in the form of close working relationship across functional areas inside the company and across various organizations in the supply chain

Retailing

Includes all activities involved in selling goods or services directly to final consumers for their personal, non-business use


Classification of Store Retailers

1) Amount of service (self-service, limited service, or full service)


2) Product line sold (specialty stores, department stores, etc.)


3) Relative prices (discount stores and off price retailers)



Wholesaling

All the activities involved in selling goods or services to those who are buying for the purpose of resale or for business use

Three groups of Wholesaling

1) Merchant Wholesalers - take possession of the goods


2) Full - Service Wholesalers - wholesale merchants, industrial distributors


3) Limited - Service Wholesalers - cash and carry, truck, drop shippers, rack jobbers, mail - order, etc.



Promotions Mix

The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships

Advertising

Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor

Sales Promotion

Short-term incentives to encourage the purchase or sale of a product or service

Personal Selling

Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships

Public Relations

Building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events

Direct Marketing

Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships

Integrated Marketing Communications (IMC)

Carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products