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Marketing Final Exam
Marketing 2500 Final Exam
54
Marketing
Undergraduate 2
04/20/2014

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Term
promotion
Definition
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or eflict response
Term
promotional strategy
Definition
a plan for the optimal use of the elements for promotion: advertising, public relations, personal selling, sales promotion, and social media
Term
promotional mix
Definition
the combo of promotional tools (advertising, public relations, personal selling, sales promotion, and social media) used to reach the target market and fulfill the organizations overall goals
Term
advertising
Definition
impersonal, one-way mass communication about a product or organization that is paid for by a marketer
Term
public relations
Definition
the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
Term
publicity
Definition
public information about a company, product, service, or issue appearing in the mass media as a news item
Term
sales promotion
Definition
marketing activities that stimulate consumer buying and dealer effectiveness
Term
personal selling
Definition
a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other
Term
AIDA concept
Definition
a model for outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message, the acronym stands for attention, interest, desire, and action
Term
integrated marketing communications (IMC)
Definition
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer
Term
push strategy
Definition
a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
Term
pull strategy
Definition
a marketing strategy that stimulates consumer demand to obtain product distribution
Term
advertising campaign
Definition
a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
Term
medium
Definition
the channel used to convey a message to a target market
Term
product placement
Definition
putting products and service names in movies, videogames, commercials, etc
Term
crisis management
Definition
a coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event
Term
relationship selling (consultative selling)
Definition
a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
Term
customer-centric
Definition
a philosophy under which the company customizes its product and service offering based on data generated through interactions between customer and the company
Term
social media
Definition
any tool or service that uses the internet to facilitate conversations
Term
crowdsourcing
Definition
using consumers to develop and market products
Term
blog
Definition
a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries
Term
corporate blogs
Definition
blogs that are sponsored by a company or one of it's brands and maintained by one or more of the company's employees
Term
noncorporate blogs
Definition
independent blogs that are not associated with the marketing efforts of any particular company or brand
Term
microblogs
Definition
blogs with strict post length limits (twitter)
Term
social networking sites
Definition
web sites that allow individuals to connect with friends, peers, and business associates
Term
media sharing sites
Definition
web sites that allow users to upload and distribute multimedia content like videos and photos
Term
price
Definition
that which is given up in an exchange to acquire a good or service
Term
revenue
Definition
the price charged to customers multiplied by the number of units sold
Term
return on investment (ROI)
Definition
net profit after taxes divided by total assets
Term
market share
Definition
a company's product sales percentage of total sales for that industry
Term
elasticity of demand
Definition
consumers' responsiveness or sensitivity to changes in price
Term
inelastic demand
Definition
a situation in which an increase or a decrease in price will not significantly affect demand for the product
Term
variable cost
Definition
a cost that varies with changes in the level of output
Term
fixed cost
Definition
a cost that does not change as output is increased or decreased
Term
average variable cost (AVC)
Definition
total variable costs divided by quantity output
Term
average total cost (ATC)
Definition
total costs divided by quantity of output
Term
marginal cost (MC)
Definition
the change in total costs associated with a one-unit change in output
Term
markup pricing
Definition
the cost of buying the product from the producer from the producer, plus amounts for profit and for expenses not otherwise accounted for
Term
profit maximization
Definition
a method of setting prices that occurs when marginal revenue equals marginal cost
Term
marginal revenue (MR)
Definition
the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output
Term
break-even analysis
Definition
a method of determining what sales volume must be reached before total revenue with a one-unit change in output
Term
prestige pricing
Definition
charging a high price to help promote a high-quality image
Term
price skimming
Definition
a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion
Term
penetration pricing
Definition
a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach a mass market
Term
status quo pricing
Definition
charging a price identical to or very close to the competition's price
Term
unfair trade practice acts
Definition
laws that prohibit wholesalers and retailers from selling below cost
Term
price fixing
Definition
an agreement between two or more firms on the price they will charge for the product
Term
predatory pricing
Definition
the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market
Term
zone pricing
Definition
a modification of uniform delivered pricing that divides the US (or total market) into segments or zones and charges a flat freight rate to all customers in a given zone
Term
leader pricing (loss-leader pricing)
Definition
a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store
Term
bait pricing
Definition
a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise
Term
odd-even pricing
Definition
a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality
Term
price bundling
Definition
marketing two or more products in a single package for a special price
Term
escalator pricing
Definition
a price tactic in which the final selling price reflects cost increases incurred between the time the order is placed and the time the delivery is made
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