Term
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Definition
| integrating the service component of the marketing mix with efforts to influence consumer demand |
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Definition
| a flowchart of the points of interaction between consumers and a service provider |
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Term
| customer experience management |
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Definition
| the process of managing the entire customer experience within the firm |
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Term
| eight P's of services marketing |
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Definition
| an expanded marketing mix for services that includes the four P's (product, price, place, promotion), people, physical environment, process, and productivity |
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Term
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Definition
| four unique elements to services: intangibility, inconsistency, inseparability, and inventory |
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Term
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Definition
| a type of analysis that compares the differences between the consumer's expectations about and experiences with a service based on dimensions of service quality |
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Definition
| occurs when the service provider is available but there is no demand |
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Term
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Definition
| the notion that a service organization must focus its employees or internal market before successful programs can be directed at consumers |
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Term
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Definition
| charging different prices during different times of the day or days of the week to reflect variations in demand for the service |
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Term
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Definition
| the range of offerings companies bring to the market from the tangible to the intangible or good-dominant to service-dominant |
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Term
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Definition
| intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value |
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Term
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Definition
| the added value a brand name gives to a product beyond the functional benefits provided |
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Term
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Definition
| a contractual agreement whereby one company (licensor) allows its brand name or trademark to be used with products or services offered by another company (licensee) for a royalty or fee |
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Term
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Definition
| any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's goods or services |
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Term
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Definition
| a set of human characteristics associated with a brand name |
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Term
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Definition
| a marketing decision in which an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors |
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Term
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Definition
| an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients |
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Term
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Definition
| strategies in which a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
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Term
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Definition
| a branding strategy where 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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Term
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Definition
| a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment |
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Term
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Definition
| a branding strategy in which a company uses one name for all its products in a product class |
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Term
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Definition
| a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed |
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Term
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Definition
| a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding |
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Definition
| consists of the entire product category or industry |
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Term
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Definition
| consists of variations of a product within the product class |
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Term
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Definition
| describes the stages a new product goes through in the marketplace: introduction, growth, maturity, decline |
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Term
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Definition
| strategies that alter a product's characteristic, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
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Term
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Definition
| a commercial, legal name under which a company does business |
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Term
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Definition
| identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
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Term
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Definition
| reducing the number of features, quality, or price |
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Term
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Definition
| adding value to the product (or line) through additional features or higher-quality materials |
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Term
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Definition
| a statement indicating the liability of the manufacturer for product deficiencies |
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Term
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Definition
| the average amount of money received for selling one unit of a product, or simply the price of that unit |
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Term
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Definition
| the practice of exchanging products and services for other products and services rather than for money |
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Term
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Definition
| a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
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Term
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Definition
| a graphic presentation of the break-even analysis that shows when total revenue and total cost intersect to identify profit or loss for a given quantity sold |
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Term
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Definition
| the quantity at which total revenue and total cost are equal |
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Term
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Definition
| a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price |
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Definition
| factors that determine consumers' willingness and ability to pay for products and services |
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Term
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Definition
| the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold |
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Term
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Definition
| a continuing, concise trade-off of incremental costs against incremental revenues |
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Term
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Definition
| the change in total cost that results from producing and marketing one additional unit of a product |
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Term
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Definition
| the change in total revenue that results from producing and marketing one additional unit of a product |
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Term
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Definition
| the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service |
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Term
| price elasticity of demand |
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Definition
| the percentage change in quantity demanded relative to a percentage change in price |
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Term
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Definition
| factors that limit the range of prices a firm may set |
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Term
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Definition
| specifying the role of price in an organization's marketing and strategic plans |
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Term
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Definition
| profit=total revenue-total cost; or profit=(unit price x quantity sold)-(fixed cost+variable cost) |
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Term
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Definition
| the total expense is incurred by a firm in producing and marketing a product. Total cost is the sum of fixed cost and variable cost |
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Term
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Definition
| the total money received from the sale of a product |
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Term
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Definition
| variable cost expressed on a per unit basis for a product |
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Term
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Definition
| the ratio of perceived benefits to a price; value=(perceived benefits/price) |
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Term
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Definition
| the practice of simultaneously increasing product and service benefits while maintaining or decreasing price |
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Term
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Definition
| the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold |
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Term
| above-,at, or below-market pricing |
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Definition
| setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark |
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Term
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Definition
| selecting one or more geographical locations (basing point) from which the list price for products plus freight expenses are charged to the buyer |
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Term
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Definition
| the marketing of two or more products in a single package price |
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Term
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Definition
| summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price |
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Term
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Definition
| setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors |
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Term
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Definition
| the practice of replacing promotional allowances with lower manufacturer list prices |
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Term
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Definition
| a method of pricing based on the learning effect, which holds that the unit of many products and services declines by 10 percent to 30 percent each time a firm's experience at producing and selling them doubles, resulting in possible rapid price reductions |
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Term
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Definition
| setting different prices for products and services depending on individual buyers and purchase situations (dynamic pricing) |
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Term
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Definition
| the "free on board" (FOB) price the seller quotes that includes only cost of loading the product onto the vehicle and specifies the name of the location where the loading is to occur (seller's factory or warehouse) |
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Term
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Definition
| deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy other products as well |
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Term
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Definition
| setting prices a few dollars or cents under an even number |
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Term
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Definition
| setting one price for all buyers of a product or service (fixed pricing) |
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Term
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Definition
| setting a low initial price on a new product to appeal immediately to the mass market |
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Term
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Definition
| the practice of charging a very low price for a product with the intent of driving competitors out of business |
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Term
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Definition
| setting a high price so that quality-or status-conscious consumers will be attracted by the product and buy it |
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Term
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Definition
| the practice of charging different prices to different buyers for goods of like grade and quality |
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Term
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Definition
| a conspiracy among firms to set prices for a product |
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Term
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Definition
| setting the price of a line of products at a number of different specific pricing points |
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Term
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Definition
| successive price cutting by competitors to increase or maintain their unit sales or market share |
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Term
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Definition
| the setting of prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item |
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Term
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Definition
| cash payments or an extra amount of "free goods" awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product |
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Term
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Definition
| reductions in unit costs for a larger order |
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Term
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Definition
| setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product |
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Term
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Definition
| adding a fixed percentage to the cost of all items in a specific product class |
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Term
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Definition
| consists of (1) estimating the price that ultimate consumers would be willing to pay for a product (2) working backwards through markups taken by retailers and wholesalers to determine what price to charge wholesalers (3)deliberately adjusting the composition and features of the product to achieve the target price to consumers |
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Term
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Definition
| setting an annual target of a specific dollar volume of profit |
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Term
| target return-on-investment pricing |
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Definition
| setting a price to achieve an annual target return-on-investment (ROI) |
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Term
| target return-on-sales pricing |
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Definition
| setting a price to achieve a profit that is a specified percentage of the sales volume |
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Term
| uniform delivered pricing |
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Definition
| the price the seller quotes that includes all transportation costs |
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Term
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Definition
| the charging of different prices to maximize revenue for a set amount of capacity at any given time |
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Term
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Definition
| independent firms or individuals whose principal function is to bring buyers and sellers together to make sales |
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Term
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Definition
| a channel member (producer, wholesaler, or retailer) that coordinates, directs, and supports other channel members |
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Term
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Definition
| arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals |
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Term
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Definition
| consists of agreements and procedures among channel members for ordering and physically distributing a producer's products through the channel to the ultimate consumer |
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Term
| direct marketing channels |
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Definition
| allowing consumers to buy products by interacting with various advertising media without a face-to-face meeting with a salesperson |
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Term
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Definition
| channel conflict that arises when a channel member bypasses another member and sells or buys products direct |
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Term
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Definition
| an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product |
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Term
| electronic marketing channels |
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Definition
| employing the Internet to make products and services available for consumption or use by consumers or business buyers |
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Term
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Definition
| a level of distribution density whereby only one retailer in a specific geographical area carries the firm's products |
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Term
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Definition
| a contractual arrangement between a parent company (a franchisor) and an individual or firm (a franchisee) that allows the franchisee to operate a certain type of business under an established name and according to specific rules |
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Term
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Definition
| an intermediary that performs a variety of marketing channel functions, including selling, stocking, delivering a full product assortment and financing |
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Term
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Definition
| a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible |
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Term
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Definition
| agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory (manufacturer's representatives) |
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Term
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Definition
| individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users |
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Term
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Definition
| independently owned firms that take title to the merchandise they handle |
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Term
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Definition
| the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining and building relationships with consumers who shop and buy in traditional intermediaries and online |
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Term
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Definition
| a level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products |
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Term
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Definition
| agents who represent a single producer and are responsible for the entire marketing function of that producer |
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Term
| strategic channel alliances |
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Definition
| a practice whereby one firm's marketing channel is used to sell another firm's products |
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Term
| vertical marketing systems |
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Definition
| professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact |
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Term
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Definition
| the ability of logistics management to satisfy users in terms of time, dependability, communication and convenience |
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Term
| efficient consumer response |
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Definition
| inventory management systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense (quick response) |
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Term
| electronic data interchange (EDI) |
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Definition
| combining proprietary computer and telecommunication technologies to exchange electronic invoices, payments and information among suppliers, manufacturers and retailers |
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Term
| just-in-time (JIT) concept |
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Definition
| an inventory supply system that operates with very low inventories and requires fast, on-time delivery |
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Term
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Definition
| the time lag from ordering an item until it is received and ready for use or sale (order cycle time/replenishment time) |
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Term
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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 |
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Term
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Definition
| the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods and related information from point of origin to point of consumption to satisfy customer requirements |
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Term
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Definition
| inventory management systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistic expense (efficient customer response) |
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Term
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Definition
| a process of reclaiming recyclable and reusable materials, returns and reworks from the point of consumption or use for repair, remanufacturing, redistribution or disposal |
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Term
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Definition
| a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users |
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Term
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Definition
| the integration and organization of information and logistic activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers |
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Term
| third-party logistics providers |
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Definition
| firms that perform most or all of the logistics functions that manufacturers, suppliers, and distributors would normally perform themselves |
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Term
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Definition
| expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing and return goods handling |
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Term
| vendor-managed inventory (VMI) |
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Definition
| an inventory management system whereby the supplier determines the amount and assortment a customer (such as a retailer) needs, and automatically delivers the appropriate items |
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