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Agri Business

Marketing & Pricing

TermDefinition
Marketing Process of planning, pricing, promoting, selling and distributing goods or services which help to satisfy the customer's needs and wants.
Goods Tangible items which posses a monetary value and can be physically seen and touched
Services Involve a task, idea or performance; are received in the form of action
Utilities Attributes of a product which make it capable of satisfying a customer's needs
Price exchange rate used to purchase products or services
Product Items being sold
Promotion refers to decisions about advertising, personal selling, sales promotions, etc.
Wholesalers Obtains goods from the manufacturer and resells them to an industrial user or retailer
Retailer Obtains goods from a manufacturer or wholesaler to sell to the final consumer for personal use.
Market share Firm's percentage of total sales volume within a given market or industry
Break-even point point at which total sales equal total expenses
Price competition Refers to competing for customers solely on the basis of price
Brand Loyalty Exists when customers purchase the same brand over and over
Product Value Often equated with price or prestige
Target Market Specific group of customers to which a product is marketed
Supply Refers to the amount of goods of producer is willing to make and sell
Demand Refers to the amount of goods a customer is willing and able to buy
Surpluse Occurs when supply exceeds demand
Shortage Occurs wen demand exceeds supply
Equilibrium Occurs when supply and demand are the same
Demand Elasticity Refers to situations in which a small change in price, creates a change in demand
Inelastic demand Refers to situations in which a small change in price, has little or no affect on demand
Cost-oriented Pricing Based on projected profit margins
Demand-oriented Pricing Calculated based on what customers are willing to pay
Competition Oriented pricing Used to price products above, below or at the same level as the competition
Mark-up Adding a specific dollar amount to the cost of the goods in order to generate and exact profit percentage.
Price fixing Occurs when competitors arrange fixed prices for specific goods
Price Discrimination Occurs when a company charges similar customers different prices for the same product
Price Skimming Sets a high price for a new product to generate popularity or demand
Penetration Pricing Sets a low price for a new product in order to penetrate the market
Price lining technique used to create standardized price lines
Bundle Pricing Offers complimentary products in a package which is sold at a single rate
Geographical Pricing Refers to price adjustments made based on a customer's locations
Odd-even Pricing Technique which involves setting prices which all end in an odd or even number
Prestige Pricing Sets and artificially high price for a product in order to convey status or quality
Multiple-unit Pricing Pricing technique used to suggest a special deal
Everyday Low Prices Used to convey a message of price consistency
Promotional pricing Marketing approach used in relation to sales promotions or temporary pricing strategies`
Seasonal Discounts Offering customers a lower price during "off-peak" or non-traditional sales times
Marketing Research Process of gathering, analyzing and reporting information about marketing related goods and services.
Qualitative Research Answers Questions about why and how
Quantitative Research Answers Questions about how many or how much
Primary Data Data which is being obtained for the first time
Secondary Data Data which as already been collected
Created by: Caitlyn_Jacobs
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