Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MKTG 250 Ch. 13 & 15

Vocab Review

QuestionAnswer
Price the money or other consideration (including other products and services) exchanged for the ownership or use of a product or service.
Barter The practice of exchanging products and services for other products and services, rather than for money.
Price equation Price = List price - (Incentives + Allowances) + Extra Fees
Value the ratio of perceived benefits to price; or Value = (Perceived benefits divided by Price).
Value pricing the practice of simultaneously increasing product and service benefits while maintaining or decreasing price.
Profit Equation Profit = Total Revenue - Total Cost; or Profit = (Unit Price x Quantity sold) - (Fixed Costs + Variable Costs)
Pricing objectives specify the role of price in an organization’s marketing and strategic plans.
Pricing constraints are factors that limit the range of prices a firm may set.
Demand curves a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price.
Demand factors Determine consumers’ willingness and ability to pay for products and services.
Price elasticity of demand the percentage change in quantity demanded relative to a percentage change in price.
Elastic demand When a 1% price decrease generates more than a 1% quantity increase
Inelastic demand 1% of price decrease produces less than 1% quantity increase
Total revenue the total money received from the sale of a product.
Fixed costs Sum of expenses that are stable and do not change with the quantity of a product that is produced and sold. Ex.) Rent, salaries, insurance
Variable Costs Sum of expenses of the firm that vary directly with the quantity of a product that is produced and sold. Ex.) Direct labor (hourly) and direct materials
Break-even point a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output. BEP = FC / (Unit price - Unit variable cost).
Marketing channel consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrials users.
Multichannel 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.
Dual distribution an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product.
Vertical marketing systems are professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact.
Franchising a contractual arrangement between a parent company (a franchisor) and an individual or firm (a franchisee) that allows the franchisee to operate a certain type of business under an established name and according to specific rules.
Intensive distribution a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible.
Exclusive distribution a level of distribution density whereby only one retailer in a specific geographical area carries the firm’s products.
Selective distribution a level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products.
Channel conflict arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals.
Disintermediation involves channel conflict that arises when a channel member bypasses another member and sells or buys products direct.
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.
Supply Chain consists of various firms involved in performing the activities required to create and deliver a product or service to ultimate consumers or industrial users.
Created by: dom23uriarte
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards