Term
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Definition
| Product, Price, Place, Promotion |
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Term
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Definition
| People with willingness, ability and authority to buy product |
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Definition
| breaks down potential consumers into geographic, demographic, psychographic, benefit, volume |
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Term
| Value/Total Product Offer |
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Definition
| buying more than what’s in the box. Lots of factors affect a purchase |
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Term
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Definition
| all of the goods or services offered by a company that are intended for similar markets (ex. Olay, old spice, zest, ivory are all soaps by the same company that target different audiences) |
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Term
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Definition
| all of the product lines offered by a company |
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Term
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Definition
| the creation of real or perceived differences between products (ex. Bottled water) |
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Term
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Definition
| official name given to a product |
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Term
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Definition
| value of the name of the organization |
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Term
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Definition
| people return to the same brand consistently |
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Term
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Definition
| - how well known is your brand (ex. Target bull’s-eye) |
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Term
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Definition
| linking brand to other things which may or may not be related to what the product has to offer (ex. Sports sponsorships) |
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Term
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Definition
| see an opportunity to serve a small segment of the population- can still be profitable! |
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Term
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Definition
| prices are high to begin because of the early innovators who will buy no matter what the price is |
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Term
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Definition
| lower price in order to get as many users as possible |
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Term
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Definition
| how much does it cost to make and how much profit do I want |
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Term
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Definition
| what are people willing to pay for the product |
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Term
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Definition
| what’s everyone else doing (ex. Airlines) |
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Term
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Definition
| everyday low pricing (walmart |
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Term
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Definition
| sell something at EXTREMELY low price in order to make money back in another way (ex. Cell phones. Take a hit on actual phone because the service charges every month) |
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Term
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Definition
| - certain price points people inherently recognize as too much (99 cents) |
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Term
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Definition
| two related items together, charge less for the two combined (people will buy two of something even if they only want one) |
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Term
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Definition
| used frequently, don’t spend much time on (ex. Snacks) |
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Term
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Definition
| more time evaluating (ex. Clothes, electronics) |
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Term
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Definition
| one of a kind, in some way (ex. Jewelry, wine) |
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Term
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Definition
| don’t think about needing, but do need (ex. Tow truck, plumber) |
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Term
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Definition
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Term
| Intensive Market Coverage |
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Definition
| absolutely everywhere, overwhelmed |
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Term
| Selective Market Coverage |
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Definition
| within area with target market, not completely saturated |
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Term
| Exclusive Market Coverage |
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Definition
| only one outlet in given location |
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Term
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Definition
| big box” stores, HUGE space. Negative impact on other stores that sell that good. (ex. Best Buy with electronics) |
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Term
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Definition
| how do we get it from here to there? |
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Term
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Definition
| materials coming in from up the supply chain |
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Term
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Definition
| what do you do once you have the product |
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Term
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Definition
| when you’re done with it how does it get to the next step? |
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Term
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Definition
| when products need to go back up (defect, recall, etc) |
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Term
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Definition
| what do we know about product as it moves through supply chain? |
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Term
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Definition
| sell to another business, generally retailer |
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Term
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Definition
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Term
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Definition
| take possession of product without taking ownership (ex. Real estate agents sell the house, but don’t own it in the mean time) |
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Term
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Definition
| - changing form to make the product more valuable |
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Term
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Definition
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Term
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Definition
| help product change hands |
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Term
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Definition
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Term
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Definition
| sharing knowledge so it’s more convenient |
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Term
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Definition
| providing help after the sale (ex. Car sales) |
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