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Definition
| assignment of value or amount the consumer is willing must exchange to receive the offering |
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| products that have a high price and that appeal to status conscious consumers |
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Term
| price elasticity of demand |
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Definition
| percentage change in a units sales that results from a percentage change in price |
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| demand in which changes in price have large effect on amount demanded |
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| demand in which changes in price have no effect on amount demanded |
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Definition
| costs of production that are tied to and vary depending on the number of units produced |
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Definition
| cost of production that does not change with the number of units produced |
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Definition
| method for determining how many units a company has to sell to cover all its costs |
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| point at which total revenue and total costs are equal |
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Definition
| method that uses cost and demand to identify the price that will maximize profits |
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| method of pricing in which seller totals all the costs for the product then adds an amount |
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Definition
| firms identify quality and functionality needed to satisfy customers and what price they are willing to pay before designing the product |
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Definition
| practice of charging different prices to different people in order to manage capacity |
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Definition
| pricing very low or even below cost to attract customers into the store |
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Definition
| when 2 or more firms conspire to keep prices at a certain level |
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Definition
| you set the price to yield a certain net profit margin |
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Term
| competitive effect objectives |
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Definition
| alter pricing to preempt or reduce effectiveness of competitor's product introduction |
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Definition
| low prices in one area, higher prices in others |
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Definition
| alter pricing to simplify buyers decsion process |
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| sales/marketshare objective |
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Definition
| change price to support 10% increase in sales |
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Definition
| make inferences about a product |
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Definition
| at any given price, demand is greater than before |
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Definition
| price doesn't change, but demand drops |
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Definition
| high price for new product, when rival product comes out, price drops out |
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Definition
| low price for new product, then leaves it there |
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Term
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Definition
| new product starts at low price for a limited time then raise to higher price |
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Definition
| suggested retail price from manufacturer |
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Definition
| pricing tactic for two items that must be used together, one item is priced low, one is high |
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Definition
| selling two or more products together for one price |
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Definition
| coordination of a marketers communication efforts to influence attitudes or behaviors |
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Definition
| when companies have their products embedded in movies, tv shows, etc |
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Term
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Definition
| process by which a receiver assigns meaning to the message |
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Definition
| initial awareness of brand--to brand loyalty |
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Term
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Definition
| communication goals of attention interest, desire, & action |
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Term
| IMC- Intregated Marketing Communications |
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Definition
| strategic business process that marketers use to plan, develop, execute and evaluate coordinated programs over time to target audiences |
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Term
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Definition
| organization or individual that sends a message |
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Term
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Definition
| communication in physical form that goes from a sender to a receiver |
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Definition
| communication vehicle through which a message transmitted to a target audience |
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Definition
| organization/individual that intercepts and interprets the message |
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Definition
| word of mouth marketing--generated by customers |
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Definition
| anything that interferes with effective communication |
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Definition
| marketing techniques that use preexisting social networks |
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Term
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Definition
| ambushing consumers with promotional context they are not expecting |
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Term
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Definition
| convince channel members to offer their products and entice their customers to select these items |
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Term
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Definition
| counts on consumers to desire products and convince their local retailers to carry them |
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Term
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Definition
| counts on consumers to desire products and convince their local retailers to carry them |
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Term
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Definition
marketing communications that elicit a measurable response from the receiver
1. interactive
2. builds relation ships
3. locates new customers
4. measurable
5. responses are trackable |
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Term
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Definition
| allocation of the promotion budget based on the total amount to be devoted to marketing communication |
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Term
| percentage of sales method |
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Definition
| promotion budgeting based on last years sales |
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Definition
| spends whatever competitors are spending |
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Definition
| identify promotion goals and allocating the money to pay for it |
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Term
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Definition
| identifies specific communication goals it hopes to achieve and tries to calculate what kind of promotional efforts it will need to achieve goals |
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Definition
| an advertising message that focuses on the specific good or service |
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Term
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Definition
| central idea/theme of an advertising message |
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Term
| institutional advertising |
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Definition
| promotes the activities, personality or point of view of an organization/company |
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Term
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Definition
| public service advertising to sway public opinion |
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Term
| public service announcements |
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Definition
| ads run by the media for no charge |
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Term
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Definition
| negative consequences of not using product |
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Term
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Definition
| measure effectiveness of ads, predicts ads performance |
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Term
| USP- unique selling proposition |
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Definition
| focus on 1 clear reason why the product is superior |
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Term
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Definition
| explicitly calls out 1 or more competitors |
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Definition
| someone talking about the product |
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Definition
| dramatized scene from everyday life |
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Definition
| shows people attractive to target market in appealing setting |
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Definition
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Definition
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Definition
| percentage of the target market that will be exposed to its media vehicle at least one time |
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Term
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Definition
| number of times a person in the target market will be exposed to the message |
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Term
| 6 steps in a marketing campaign |
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Definition
1. identify target audience
2. establish message and budget objectives
3. design ad
4. pretest what the ads will say
5. choose media
6. evaluate advertising |
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Term
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Definition
communications function that seek to build good relationship with organizations, public etc
3 steps:
1. develop objectives
2. execute objectives
3. evaluate objectives |
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Term
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Definition
| details what organization will do if a crisis occurs |
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Definition
| unpaid communication about an organization appearing in the mass media |
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Definition
| programs that marketers design to build interest in or encourage purchase of a product or service |
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Definition
| promotions that focus on members of the trade |
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Definition
| type of incentive program-->motivate sales |
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Definition
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Definition
| items offered free to people who have purchased a product |
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Definition
| when or where people in the target market are most likely to be exposed to the message |
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Definition
| # of people who will be exposed to the message placed in media vehicle |
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Definition
| reflects the cost to deliver message to 1000 people |
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