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Ch. 11-14
Business Marketing
| Term | Definition |
|---|---|
| Define price and give other names for it. | is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service. Other names include cost, payment, charge. |
| Define value. What is meant by ratio? | is the ratio of perceived benefits to price. Ratio is a way to compare two or more quantities, indicating how many times one quantity is contained in another. |
| What is the profit equation? | Profit = Total revenue − Total cost |
| Identify the demand-oriented pricing approaches. | skimming, penetration, and prestige |
| Explain standard markup pricing. | involves adding a fixed percentage to the cost of all items in a specific product class. |
| Define target return. | refers to the desired percentage gain on an investment or portfolio, set by an investor or fund manager, over a specified period. |
| identify the competition-oriented pricing methods. | Customary, Above-, at-, or below-market, and loss-leader |
| Distinguish the effect on pricing if the demand is elastic or inelastic. | When demand is elastic, a price increase leads to a significant decrease in quantity demanded, while a price decrease leads to a significant increase in quantity demanded. |
| Explain fixed cost versus variable cost. | FC: The sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold. VC: The sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold. |
| Define break-even | reach a point in a business venture when the profits are equal to the costs. |
| What is meant by “setting pricing objectives”? | specify the role of price in an organization’s marketing and strategic plans. |
| Define market share | the percent of total sales in an industry generated by a particular company. |
| Contrast one-price policy to a flexible-price policy. | One-price policy – one (fixed) price for all buyers. Flexible-price policy - different prices depending on buyers and situation. |
| identify pricing constraints | are factors that limit the range of prices a firm may set. |
| What laws impact pricing? | state-specific pricing laws, data-driven pricing practices, and price regulation laws. |
| What are pricing adjustments? | is any change in the listed price of a product or service. |
| Contrast marketing channel to supply chain. | The marketing channel focuses on the customer-facing aspects of delivering value, while the supply chain management encompasses the broader logistics and production processes. |
| What are the three categories of functions performed by intermediaries? | Transactional, logistical, and facilitating functions. |
| Differentiate between direct and indirect channels. | Direct Channels: Products are sold directly from the manufacturer to the consumer, eliminating intermediaries. Indirect Channels: Products are sold through intermediaries such as wholesalers, retailers, or agents, who handle the distribution process. |
| What is multichannel or dual channel marketing? | involves the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online. |
| What are the three types of vertical marketing systems? Which is the most complex and most popular of the three? | 1) Corporate VMS 2) Contractual VMS 3) Administered VMS The most complex is the corporate VMS. |
| Identify the three levels/degrees of distribution density. | Intensive, exclusive, and selective |
| Define logistics. | consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost. |
| total logistics cost? | consists of the expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return products handling. |
| reverse logistics? | is a process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal. |
| How does Vendor-Managed Inventory (VMI) operate? | is an inventory management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items. |
| What are the four types of utilities? | Time, place, form, and possession |
| How are retail stores/outlets classified? | classified based on various factors, including ownership, size, location, and the services they offer. |
| Differentiate between depth and breadth of merchandise lines. | Depth: Number of items within each product line Breadth: Number of different product lines |
| What is scrambled merchandising? | consists of offering several unrelated product lines in a single store. |
| Identify the types of non-store retailing | Automatic vending machines. direct mail and catalogs, television home shopping, online retailing, telemarketing, and direct selling |
| Regarding retail pricing, define markup. | refers to the amount added to the cost of a product to determine its selling price. |
| Regarding retail pricing, define markdown. | refers to the intentional reduction of a product’s original selling price to accelerate sales, clear out excess inventory, or improve seasonal turnover. |
| What are the four main types of store locations? | 1) Department stores 2) Supermarkets 3) Convenience stores 4) Online/E-commerce stores |
| What is the wheel of retailing? | is a concept that describes how new forms of retail outlets enter the market. |
| Explain the stages of the retail life cycle. | is the process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages. |
| Distinguish between: broker | are independent firms or individuals whose principal function is to bring buyers and sellers together to make sales. |
| Distinguish between: manufacturer’s sales agent | also known as a manufacturer's representative, is a professional who acts as an intermediary between manufacturers and customers. |
| Distinguish between: manufacturer’s branch/sales office | is a facility established by a manufacturer to sell its products directly to retailers or other businesses, bypassing traditional wholesalers. |
| Define marketspace. | an arena within which commercial dealing takes a place, a market |
| Describe interactive marketing. | is a two-way approach to marketing that focuses on interaction and collaboration between customers and companies. |
| What are the seven website design elements used to develop a customer experience? | navigation, visual appeal, load speed, mobile responsiveness, clear calls to action (CTAs), content layout, and accessibility |
| How does the 80/20 “rule” apply to online shoppers? | The 80/20 rule for online shoppers means that 20% of customers usually generate 80% of the sales. |
| What is the eight-second “rule”? | The eight‑second rule means a website must grab a shopper’s attention within eight seconds or they’ll leave. |
| Define the different types of wholesalers: Merchant Wholesalers | are independently owned firms that take title to the merchandise they handle. |
| Define the different types of wholesalers: Full-service Wholesalers | Also known as full-function wholesalers, these wholesalers provide a comprehensive range of services to retailers, including storage, delivery, and sales support. |
| Define the different types of wholesalers: Limited-service Wholesalers | These wholesalers offer fewer services than full-service wholesalers. They may provide basic storage and distribution but lack the comprehensive support services. |
| Define the different types of wholesalers: Manufacturers | Manufacturers can also act as wholesalers by selling their products directly to retailers or other wholesalers. |
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