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BA 201
Chapter 12
64
Business
Undergraduate 2
12/08/2010

Additional Business Flashcards

 


 

Cards

Term
Pricing
Definition
process of determining what a company will receive in exchange for its products
Term
Pricing Objectives
Definition
the goals that sellers hope to achieve in pricing products for sale
Term
Market Share
Definition
company's percentage of the total industry sales for a specific product type
Term
Cost-Oriented Pricing
Definition
pricing that considers the firm's desire to make a profit and its need to cover production costs
Term
Markup
Definition
amount added to an item's purchase cost to sell it at a profit
Term
Variable Cost
Definition
cost that changes with the quantity of a product produced and sold
Term
Fixed Cost
Definition
cost that is incurred regardless of the quantity of a product produced and sold
Term
Breakeven Analysis
Definition
for a particular selling price, assessment of the seller's costs versus revenues at various sales volumes
Term
Breakeven Point
Definition
sales volume at which the seller's total revenue from sales equals total costs (variable and fixed) with neither profit nor loss
Term
Price Skimming
Definition
setting an initially high price to cover new product costs and generate a profit
Term
Penetration Pricing
Definition
setting an initially low price to establish a new product in the market
Term
Price Lining
Definition
setting a limited number of prices for certain categories of products
Term
Psychological Pricing
Definition
pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices
Term
Odd-Even Pricing
Definition
psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts
Term
Discount
Definition
price reduction offered as an incentive to purchase
Term
Distribution Mix
Definition
combination of distribution channels by which a firm gets its products to end users
Term
Intermediary
Definition
individual or firm that helps to distribute a product
Term
Wholesaler
Definition
intermediary who sells products to other businesses for resale to final consumers
Term
Retailer
Definition
intermediary who sells products directly to consumers
Term
Distribution Channel
Definition
network of interdependent companies through which a product passes from producer to end user
Term
Direct Channel
Definition
distribution channel in which a product travels from producer to consumer without intermediaries
Term
Sales Agent
Definition
intermediary who generally deals in the related product line of a few producers and form long-term relationships to represent those producers and meet the needs of many customers
Term
Broker
Definition
independent intermediary who matches numerous sellers and buyers as needed, often without knowing in advance who they will be
Term
Department Store
Definition
large product-line retailer characterized by organization into specialized departments
Term
Supermarket
Definition
large produce-line retailer offering a variety of food and food-related items in specialized departments
Term
Specialty Store
Definition
retail store carrying one product line or category of related products
Term
Bargain Retailer
Definition
retailer carrying a wide range of products at bargain prices
Term
Discount House
Definition
bargain retailer that generates large sales volume by offering goods at substantial price reductions
Term
Catalog Showroom
Definition
bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouses
Term
Factory Outlet
Definition
bargain retailer owned by the manufacturer whose products it sells
Term
Wholesale Club
Definition
bargain retailer offering large discounts on brand-name merchandise to customers who have paid annual membership fees
Term
Convenience Store
Definition
retail store offering easy accessibility, extended hours, and fast service
Term
Direct-Response Retailing
Definition
form of non-store retailing in which firms directly interact with customers to inform them of products and to receive sales orders
Term
Mail Order (Catalog Marketing)
Definition
form of non-store retailing in which customers place orders for catalog merchandise received through the mail
Term
Telemarketing
Definition
form of non-store retailing in which the telephone is used to sell directly to consumers
Term
Direct Selling
Definition
form of non-store retailing typified by door-to-door sales
Term
Shopping Agent (E-Agent)
Definition
e-intermediary (middleman) in the interned distribution channel that assists users in finding products and prices but does not take possession of products
Term
Electronic Retailing
Definition
non-store retailing in which information about the seller's products and services is connected to consumers' computers, allowing consumers to receive the information and purchase the products in the home
Term
E-Catalog
Definition
non-store retailing in which the internet is used to display products
Term
Electronic Storefront
Definition
commercial website at which customers gather information about products and buying opportunities, place orders, and pay for purchases
Term
Cybermall
Definition
collection of virtual storefronts (business websites) representing a variety of products and product lines on the internet
Term
Interactive Marketing
Definition
non-store retailing that uses a website to provide real-time sales and customer service
Term
Video Marketing
Definition
non-store retailing to consumers via home television
Term
Physical Distribution
Definition
activities needed to move a product efficiently from manufacturer to consumer
Term
Warehousing
Definition
physical distribution operation concerned with the storage of goods
Term
Private Warehouse
Definition
warehouse owned by and providing storage for a single company
Term
Public Warehouse
Definition
independently owned and operated warehouse that stores goods for many firms
Term
Promotion
Definition
aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product
Term
Positioning
Definition
process of establishing an identifiable product image in the minds of consumers
Term
Promotional Mix
Definition
combination of tools used to promote a product
Term
Advertising
Definition
promotional tool consisting of pain, non-personal communication used by an identified sponsor to inform an audience about a product
Term
Advertising Media
Definition
variety of communication devices for carrying a seller's messagae to potential customers
Term
Media Mix
Definition
combination of advertising media chosen to carry a message about a product
Term
Personal Selling
Definition
promotional tool in which a salesperson communicates one-on-one with potential customers
Term
Order Processing
Definition
personal-selling task in which salespeople receive orders and see to their handling and delivery
Term
Creative Selling
Definition
personal-selling task in which salespeople try to persuade buyers to purchase products by providing information about their benefits
Term
Missionary Selling
Definition
personal-selling task in which salespeople promote their firms and products rather than try to close sales
Term
Sales Promotion
Definition
short-term promotional activity designed to encourage consumer buying, industrial sales, or cooperation from distributors
Term
Coupon
Definition
sales-promotion technique in which a certificate is issued entitling the buyer to a reduced price
Term
Premium
Definition
sales-promotion technique in which offers of free or reduced-price items are used to stimulate purchases
Term
Point-of-Sale (POS) Display
Definition
sales-promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product
Term
Trade Show
Definition
salels-promotion technique in which various members of an industry gather to display, demonstrate, and sell products
Term
Publicity
Definition
promotional tool in which information about a company, a product, or an event is transmitted by the general mass media to attract public attention
Term
Public Relations
Definition
company-influenced information directed at building goodwill with the public or dealing with unfavorable events
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