Term
| Four factors in setting retail price |
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Definition
| price sensitivity of consumers, cost of merchandise and services, competition, legal restrictions |
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Term
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Definition
(price elasticity X cost)/(price elasticity + 1)
(price elasticity=((new quantity sold-old quantity sold)/(old quantity sold))/(new price-old price)/(old price) |
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Term
| legal and ethical pricing issues |
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Definition
| price discrimination, predatory pricing, resale price maintenance, horizontal price fixing, bait and switch tactics, scanned vs posted price |
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Term
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Definition
| FIXED COSTS/(actual unit sales price -unit variable cost) |
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Term
| Objectives of communication program |
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Definition
long term: build brand image, create loyalty
short term: increase traffic, increase sales |
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Term
| Strong brands provide what value to retailers? |
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Definition
| attract customers, build loyalty, increased margins, facilitates entry into new markets, decreased promotional expenses |
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Term
| Strong brands provide which values to customers? |
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Definition
| consistant quality, simplifies buying process, reduces time and effort searching for information about merchandise/retailer |
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Term
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Definition
| heightened brand awareness, constant reinforcement, develop favorable associations, create emotional connections |
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Term
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Definition
| memorable name, symbols, repeated exposure, event sponsorship |
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Term
| pros and cons of brand name on a new concept |
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Definition
pros: develop awareness and image quickly, less costs needed to promote extension
cons:associations might not be compatible with extension |
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Term
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Definition
| advertising, public relations, sales promotions,sales people, store atmosphere and visual merchandising |
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Term
| store atmosphere characteristics |
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Definition
| scent, music, lighting, furniture, layout |
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Term
| types of private label brands |
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Definition
| premium brands, bargain generic brands, copycat brands, parallel branding, exclusive co branding |
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Term
| benefits of national brands vs private brands |
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Definition
national: selling and promo expenses, resell excessive merch, don;t need skills/ppl to develop promote merchandise, more desired
private:store loyalty, restrictions, margins |
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Term
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Definition
| internet exchanges, WMC's, trade shows |
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Term
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Definition
markup opportunities from vendors excess merch, purchase terms, transportation costs, delivery times, exclusivity, advertising allowances
METPAD |
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Term
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Definition
consider prior history, asses current situation, set goals, be aware of vendor goals, number of people involved, select an advantages place to negotiate
PPCGVL |
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