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Marketing Smang
Marketing Test
| Term | Definition |
|---|---|
| Price | the amount of money charged for a product or service; the sum of values that customers exchange for the benefits of the product or service |
| price ceiling | keeping the price as high as possible |
| price flooring | keeping the price the same as or lower than the competitor's |
| value-based pricing | starts with the customer and ends with the product |
| cost-based pricing | starts with the product and ends with the customer |
| price elasticity | the change in demand with the change in price |
| cost-plus pricing | whatever it takes to promote the product |
| break-even pricing | no profit |
| market skimming | when you price it high, you can skim profits off your product |
| market penetration pricing | start at the bottom and trickle up |
| product line pricing | setting prices across an entire product line |
| optional-product pricing | pricing optional or accessory products sold with the main product |
| captive-product pricing | pricing products that must be used with the main product |
| by-product pricing | pricing low-value by-products to get rid of them |
| product bundle pricing | pricing bundles of products sold together |
| discount and allowance pricing | reducing prices to reward customer responses such as paying early or promoting the product |
| segmented pricing | adjusting prices to allow for differences in customers, products, or locations |
| psychological pricing | adjusting prices for psych. effect |
| promotional pricing | temporarily reducing prices to increase short-run sales |
| geographical pricing | adjusting prices to account for the geographic location of customers |
| dynamic pricing | adjusting prices continually to meet the characteristics and needs of individual customers and situations |
| international pricing | adjusting prices for international markets |
| price fixing | talking with competitors to set prices |
| predatory pricing | selling below cost with the intention of punishing a competitor or putting them out of business |
| price discrimination | ensure same price to customers at given level of trade |
| price maintenance | requiring dealers to charge a specific retail price |
| deceptive pricing | seller states price that may mislead customers |
| product | anything that can be offered to a market that might satisfy a want or need |
| services | products that are intangible and do not result in the ownership of anything |
| consumer products | products bought by final consumer for personal consumption |
| social marketing | the use of commercial marketing concepts and tools to influence individuals' behavior to improve their well-being |
| brand | identifies the maker or seller of a product or service |
| product line | group of products that are closely related because they function in a similar manner |
| intangibility | services cannot be sensed before purchase |
| variability | quality depends on who provides them and how they provide it |
| inseparability | services cannot be separated from their providers |
| perishability | services cannot be stored for later sale or use |
| service profit chain | the chain that links service firm profits with employee and customer satisfaction |
| advertising | paid, nonpersonal |
| sales promotion | short-term incentives |
| personal selling | purpose is to make sales and build relationships |
| public relations | build good relations with the public |
| direct marketing | purpose is to obtain immediate response and build relationships |
| affordable method | setting the promotion budget at the level management thinks the company can afford |
| percentage-of-sales method | setting the promotion budget at a certain percentage of current or forecasted asles or as a percentage of the unit sales price |
| competitive-parity method | setting the promotion budget to match competitors' outlays |
| objective-and-task method | defining specific objectives, determining the tasks that must be performed to achieve these objectives, and estimated the costs of performing these tasks |
| return on advertising investment | the net return on advertising investment divided by the costs of the advertising investment |
| personal selling | personal presentation by the firm's sales force for the purpose of making sales and building customer relationships |
| sales promotion | short-term incentives that encourage purchase or sales of a product or service |
Created by:
rossbogel
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