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| What is my favorite color? |
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Definition
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| an orgs use of a name phrase design symbol or combination of these to identify and distinguish its products |
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| any word ,device, ect or combination of these used to distinguish a sellers goods or services |
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| a set of human characteristics associated with a brand name |
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| the added value a brand name gives to a product beyond the functional benefits provided |
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| advantages of brand equity |
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Definition
1. provides a competitive advantage
2. consumers are willing to pay a higer price for a product with brand equity |
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| steps to creating brand equity |
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Definition
1. creating positive brand awarness
2.establish a brands meaning in the minds of consumers
3.elicit the proper consumer responses to a brand identity and meaning
4. create a consumer brand connection evident in an intense and loyal relationship |
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| an agreement where one company allows its brand to be used with products offered by another company |
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| 5 aspects of picking a good brand name |
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Definition
1.name should suggest product benfits
2. memorable, distinctive, and positive
3. fit the company or product image
4. have no legal or regulatory restrictions
5. be simple and should be emotional |
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Term
| multiproduct branding strategy |
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| where a company uses one name for all its products in a product class |
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| using current brand name to enter a new market segment in its product class |
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| combines a corporate or family brand with a new brand (gatorade G2) |
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| using current brand name to enter a different product class |
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| giving each product its own brand |
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| private branding strategy |
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| manufacturer products are sold under the brand name of a wholesaler or retailer |
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| a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market |
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| packaging and labeling challenges |
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Definition
1. the continuing of connecting with customers
2. environment
3. health safety and security issues
4. cost reduction |
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Term
| the 8 pee's (haha) of services marketing |
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Definition
1. product (service)
2. productivity
3.price.(to affect customer perceptions & to be used in capacity management)
4.place
5. promotion
6. people
7.physical environment (appearance)
8. process (flow of activities) |
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| integrating the service component of the marketing mix with efforts to influence consumer demand |
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| charging different prices during different times of the day to reflect variations in demand for service |
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| customer experience managment (CEm) |
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Definition
| process managing the entire customer experience with the compnay |
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| the money or other considerations exchanged for the ownership or use of a product or service |
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Definition
ratio of perceived benefits to price
benefits
price |
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| demand oriented pricing approaches |
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Definition
| weigh factors underlying expected customer tastes and preferences more heavily than such factors as cost profit and competition |
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Definition
| (demand oriented) setting high initial price that customer really desiring the product are willing to pay for |
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| setting low initial price on a new product to appeal to masses right away |
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| setting a high price so that quality or status conscious consumers will be attracted to the product |
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Definition
| (demand oriented) setting prices a few dollars or cents under an even number helps to change presumptions |
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| (demand oriented) manufacturers estimate the price the ultimate consumer would pay and work backward through markups taken by retailers to determine what price to charge wholesalers for the product |
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| the marketing of 2 or more products in a single package price |
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| (demand oriented) the charging of different prices to maximize revenue for a set amount of capacity and any given time. |
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| (cost oriented) adding a fixed percentage to the cost of all items in a specific product class |
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| (cost oriented)summing the total unit cost of providing a p/s and adding a specific amount to the cost to arrive at a price |
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| (profit oriented) a firm sets an annual target of a specific dollar volume of profit, must have an accurate estimate of demand |
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| target return on sales pricing |
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Definition
to set prices that will give them a (profit oriented)profit that is a specified
percentage of the sale volume |
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| target return on investment |
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Definition
| (profit oriented) set prices to achieve a roi target such as a percentage that is mandated by the board of directors or regulators |
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| (competition oriented) a standardized channel of distribution or other competitive factors dictate price due to tradition |
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| ( competition oriented) selling a product below its customary price to attract attention to it to attract customers in hopes they will buy other products as well |
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| a graph relating the quantity sold and the price which shows how many units will be sold at a give price |
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| price elasticity of demand |
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Definition
| the percentage change in the quantity demanded relative to a percentage change in price |
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| slight decrease in price has a large change in demand (snack foods) |
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| slight decrease in price does not change demand much |
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| = fixed cost + variable cost |
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| the sum of the expenses of the firm that are stable and do not change with the quantity of a product (rent) |
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| the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sole |
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| is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
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| expectations that specify the role of price in an orgs marketing and strategic plans |
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| managing for long run profits |
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| (profit objective) price lower to get marketshare in the beginning |
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| occurs when a firm sets a profit gole usually an ROI |
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Definition
factor that limit the range of prices a firm may set.
1. demand for the product class/product
2.newness of the product
3.cost of producing and marketing
4.competitor prices
5. legal and ethical considerations |
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| the practice of charging different prices to different buyers of goods |
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| price deals that mislead customers |
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| charging a very low price for a product to drive competitors out of business and raise prices later |
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| steps for setting a final price |
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Definition
1.select a approximate price level
2. set the list or quoted price (fixed or flexible price)
3. make special adjustment to the list or quoted price |
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Definition
reductions from list price that a seller gives a buyer as a reqard 4 kinds:
1.quantity
2.seasonal
3.trade
4 cash discounts |
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Definition
reductions from list or quoted prices to buyers for performing some actibity
1.trade in allowances
2 promotional allowances |
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Free on board
uniform delivered pricing |
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Definition
| individuals and firms involved in the process of making a p/s available for use or consumption by consumers or industrial users |
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Term
| functions of intermediaries |
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Definition
1.transactional function (buy/sell good or service)
2.logistical function (gathering sorting and dispersing products)
3. facilitation function (making transaction easier for buyers |
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| intermediaries between manufacturer and end user |
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| legal authority to act on behalf of manufacturer |
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| an intermediary who sells to other intermediaries usually to retailers consumer markets |
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| perform a variety of distribution functions selling maintain inventores and extending credit |
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| imprecise term than distributor that can mean the same as distributor retailer or whole saler |
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| direct marketing channels |
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Definition
| allows consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson (mail order) |
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Definition
| is the blending of differnt communication and delivery channels that are mutually reinforcing in attracting retaining and building relationships with consumers who shop and buy in tradition intermediaries and on line |
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| an arrangement whereby a firm reaches different buyers by using two or more different types of channels for the same basic product |
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| vertical marketing systems |
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Definition
| professionally managed and centrally coordinated maketing channels designed to achieve channel economies and maxium marketing impact |
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| corporate vertical marketing systems |
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Definition
| the combination of successive stages of production an distribution under a single ownership |
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| contractual vertical marketing systems |
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Definition
| independent production and distribution firms integrate their efforts on a contractual basis to obtain greater functional economies |
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| when a firm tries to place its p/s in as many outlets as possible |
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| when only one retail outlet in a specific geographic area carries the firms products |
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| when a firm selects a few retail outlets in a specific geographical area to carry its products |
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| a channel conflict that arises when a channel member bypasses another member and sells or buys products direct (vertical conflict) |
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| occurs between intermediaries at the same level in marketing channel (dual distribution and increase in distribution coverage) |
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| a channel member that coordinates directs and supports other channel members (p&g) |
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Definition
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
1.flow
2.cost effective
3.customer service |
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Definition
| the various firms involved in performing the activities required to create and deliver a p/s to consumers or industrial users |
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Definition
| the integration and organization of info and logistics activities across firms in a supply chain for the purpose of creating and delivering p.s that provides value to the consumer |
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| product variety and delivery of finished customized products to consumers using common platforms across several products and common components |
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| deliver products to consumer with lowest possible cost |
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