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Marketing 2 Vocab
| Term | Definition |
|---|---|
| Marketing Research | the systematic process of collecting, analyzing, and interpreting data to understand a market, product, or customer base to inform business decisions |
| Exchange Price | the value of one currency in terms of another, defining how much of one currency is needed to buy a unit of another |
| Pricing Objectives | the goals a company sets to guide its pricing decisions, which should align with its overall marketing and financial strategies |
| Break-even Point | when a business's total revenue equals its total costs, resulting in neither a profit nor a loss |
| Variable-cost Margin | the amount of revenue remaining after deducting a product's variable costs |
| Intermediaries | businesses that help manufacturers sell their products to end consumers by acting as middlemen in the distribution process |
| Indirect Distribution | a business strategy where a company uses third-party intermediaries, such as wholesalers, retailers, or dealers, to sell its products to the end customer |
| Direct Distribution | a business strategy where a company sells its products or services directly to the end consumer without using intermediaries like wholesalers or retailers |
| Ideal Market Exposure | when a product is available to meet consumer needs without over-distributing |
| Intensive Distribution | a marketing strategy where a company tries to make its product available in as many locations as possible to maximize its visibility and reach |
| Selective Distribution | a marketing strategy where a company chooses a limited number of authorized retailers and distributors to sell its products, maintaining more control over brand image and market position |
| Exclusive Distribution | a marketing strategy where a brand grants a single distributor or retailer exclusive rights to sell its products in a specific geographic area |
| Horizontal Conflict | a disagreement between partners at the same level of a marketing channel, such as competing retailers or wholesalers |
| Vertical Conflict | a dispute between different levels of the same distribution channel, such as a manufacturer and a retailer |
| Primary Research | data collected directly by a company for its specific needs. Ex. surveys, interviews, focus groups, observations. It is important because it gives current & specific info about your customers as well as helps companies make more accurate decisions. |
| Secondary Research | data collected by someone else, then used by the company. Ex. govt. Reports, industry reports, articles/databases, competitors websites. It is important because it is cheaper & fasters as well as helping companies understand the bigger picture. |
| Key Factors | costs, supply and demand, economic conditions, competition, government regulations, channel members, company objectives and strategies |
| Fixed Costs | property taxes, rent payments, equipment payments, wages, depreciation of physical assets, fees and licenses, interest on loans, insurance |
| Variable Costs | cost of goods, promotional costs, sales tax, raw materials, business travel, sales commissions |
Created by:
gmorin27