Term
Consumer products are purchased by individuals for final consumption, whereas ____________ products are purchased for resale, operational needs, or for use in further production. |
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Definition
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| __________ goods are one of the two major categories of products and can be broken down further into convenience, shopping, and specialty product types. |
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Definition
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| One of the three types of consumer goods are ____________ goods, which are purchased routinely using low-involvement decision-making. |
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Definition
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| ____________ Goods are one of the three types of consumer goods, and require high-involvement decision making; buyers typically spend time to compare stores and brands with respect to prices, product features, qualities, etc.. |
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Definition
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| _____________ Goods are one of the types of consumer goods, and are characterized by strong brand loyalty; buyers know exactly what they want and will not accept a substitute. |
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Definition
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| ____________ products are a category of goods for which consumers don't typically think of buying; aggressive selling is required to obtain a sale that otherwise would not take place. |
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Definition
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| Consumer goods can be classified into three categories. _____________ goods can be broken down into six categories: raw materials, component materials, process materials, major equipment, accessory equipment, and consumable supplies. |
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Definition
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| _____________ Materials, one of the six categories of industrial goods, are products used directly in the production of other products. |
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Definition
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| __________ Materials, one of the six categories of industrial goods, are the basic materials that actually become part of a physical product. |
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Definition
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| ____________ Materials, one of the six categories of industrial goods, become a part of the physical product and are either finished items ready for assembly or products that need little processing before assembly. |
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Definition
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| Factors such as marital status, and the presence and age of children combine to form a variable used to segment markets known as the _________ _____ cycle. |
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Definition
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| ___________ Equipment, one of the six categories of industrial goods, include large tools and machines used for production purposes. |
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Definition
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| ___________ Supplies, one of the six categories of industrial goods, do not become part of the finished product, but facilitate production and operations. |
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Definition
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| _____________ Equipment, one of the six categories of industrial goods, are used in production or office activities, and are purchased routinely. |
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Definition
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| ____________ are the tasks performed by one individual or firm for another. |
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Definition
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| A product ________ includes a group of closely related product items that are considered a unit because of marketing, technical, or end-use considerations. |
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Definition
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| A product _______ consists of all the products that an organization makes available to customers |
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Definition
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| A ______ product can either be an innovative product that has never been sold by any organization, or it can be a product that a given firm has not marketed previously. |
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Definition
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| There are five steps to the _____-_______ development process to include 1) idea generation 2) product screening 3) business analysis 4) product development 5) test marketing and commercialization |
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Definition
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Term
| Price __________ is an illegal practice involving an agreement between competitors regarding price. |
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Definition
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| The first step in new-product development is ______ ___________, where organizations seek product ideas that will help them achieve their objectives. |
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Definition
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Term
| After idea generation, the next step in the new-product development process is ______________, where ideas for new products go through an initial evaluation and subjected to consumer scrutiny. |
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Definition
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Term
| After idea generation, the new product idea goes through the Screening phase. The third phase in the new-product development process is ______________, in which the product idea is evaluated to determine its potential contribution to the firm's sales, costs, and profits. |
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Definition
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| ________ ___________, the fourth phase of the new-product development process, is where ideas are first produced in tangible form. |
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Definition
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| A sample launching of the entire marketing mix occurs in the _______ _________ phase of the new-product development process, and is the final step before Commercialization. |
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Definition
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Term
| Calculate the markup as a percentage of the cost when the product cost is $40 and the selling price is $60. The markup would be ___%. |
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Definition
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Term
| The final step in the new-product development process is _____________, and is where plans for full-scale manufacturing and marketing are settled and implemented. |
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Definition
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Term
| The steps buyers go through in accepting a product is known as the product ___________ process |
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Definition
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| When a buyer accepts a product and decides to continue using it regularly, this is known as Product ____________. |
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Definition
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Term
| The ____________ Process divides into five categories the people who decide to adopt a product based on how soon after its initial release they purchase it. |
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Definition
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Product ______________ refers to the decisions and activities intended to create and maintain a certain concept of the firm's product relative to competitive brands in customers' minds.
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Definition
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Term
| The customers' concept of a product's attributes relative to their concept of competitive brands is known as the Product ___________. |
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Definition
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Term
| Adding new product lines or adding new products to existing product lines is known as product mix ____________. |
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Definition
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Term
| The _______ of a product mix is measured by the number of different products offered in each product line. |
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Definition
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Term
| When a company has a ___________ product mix, or many product lines, they are employing a diversification strategy--meeting many types of customer needs. |
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Definition
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Term
| When a firm has a _________ product mix, it is focusing on less product lines, more products per line so that it can target numerous segments within each market. |
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Definition
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Term
| Calculate the markup as a percentage of the selling price when the product costs $50 and its selling price is $100. The markup percentage in this case would be ___%. |
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Definition
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Term
| A product goes through a cycle of growth and decline, from the time it is introduced into the marketplace until it is terminated. This process is known as the Product _______ ________. |
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Definition
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Term
| The ____________ phase is the part of the Product Life Cycle where a product makes its first appearance in the marketplace. |
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Definition
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Term
| During the _________ stage of the Product Life Cycle, sales rise rapidly and profits reach a peak and then begin to decline. |
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Definition
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Term
| During the _________ stage of the Product Life Cycle, sales peak and begin to decline and profits continue to decline. |
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Definition
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Term
| The ___________ stage of the Product Life Cycle is the final stage where sales fall rapidly, and the firm may plan to phase out the product. |
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Definition
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Term
| A _______ is a name, term, design, or symbol that identifies one seller's good or service as distinct from those of other sellers. |
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Definition
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Term
| ____________ help buyers identify specific products that they do and do not like, and usually provides a certainty in customers' minds that they are getting a certain level of quality. |
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Definition
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Term
| There are different types of brands based on who is doing the branding. _____________ brands are initiated by producers, and allow customers to associate the producer with its product at the point of purchase. |
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Definition
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Term
| ___________ Brands are those that are created by resellers--wholesalers or retailers. |
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Definition
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Term
| There are two major types of branding strategies an organization can use. A ____________ Brand strategy is where the same brand is used for several of the firm's products which are of comparable type and quality. |
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Definition
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Term
| There are two major types of branding strategies an organization can use. A ____________ Brand strategy is where the same brand is used for several of the firm's products which are of comparable type and quality. |
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Definition
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Term
| Brand ____________ describes how consumers react to a brand name, and includes Brand Insistence, Brand Preference, Brand Recognition, Brand Non-Recognition, and Brand Rejection. |
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Definition
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Term
| If a company doubles the price of its product, and it barely affects its number of sales, then demand for its product is said to be _________. |
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Definition
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Term
| A ___________ is a legal designation, such as a brand name, symbol or other device used to indicate that the owner has exclusive use of a brand or part of a brand. |
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Definition
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Term
| The three benefits of product packaging are Protection, ____________, and Information |
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Definition
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Term
| The three primary functions of packaging are Protection, Promotion, and ____________. |
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Definition
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Term
| _____________ refers to activities that make products available to customers when and where they want to purchase them. |
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Definition
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Term
| A ___________ of distribution is a group of individuals and organizations that direct the flow of products from producers to customers. |
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Definition
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Term
| Distribution includes the functions of transportation, _____________ management, and customer service. |
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Definition
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Term
| Industry sales peak during the ____________ stage of the product life cycle. |
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Definition
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Term
| Most channels of distribution involve marketing _____________, or middlemen, who link producers to other middlemen or to consumers. |
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Definition
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Term
| ____________ activities are functions that allow the members of a distribution channel to divide roles and separate tasks. |
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Definition
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Term
| ___________ is one of the sorting activities, and involves developing a bank or inventory of products that have similar production or demand requirements. |
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Definition
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Term
| In the context of distribution, an organization's _____________ is the combination of products it offers to meet the preferences of consumers. |
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Definition
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Term
| The first step in developing an assortment is ____________, which involves separating conglomerates of heterogeneous products into relatively uniform, homogeneous groups based on product characteristics. |
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Definition
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Term
| Quite often, with the results of an Internet search, an advertisement is presented on the page. This advertisement is known as a _________ advertisement. |
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Definition
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Term
| The final step in the sorting process is ___________, which involves combining products into collections that buyers want to have available in one place. |
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Definition
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Term
| Distribution channels which involve the direct movement of goods from the producer to consumers are known as ___________ Channels. |
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Definition
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Term
| Distribution channels which involve independent intermediaries, or middlemen, to move the goods from the producer to the consumer are known as ___________ Channels. |
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Definition
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Term
| The Channel _________ is the number of levels in a distribution channel--the number of intermediaries a product has to go through to reach the consumer. |
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Definition
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Term
| The _____________ of market coverage describes the number and kinds of outlets in which a product is sold--in other words, the number of intermediaries involved at the wholesale and retail levels of the distribution channel. |
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Definition
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Term
| There are two parts to a brand. The Brand name is the part of a brand that can be spoken, whereas the Brand ________ is the part, such as the design, or symbol, which cannot be spoken. |
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Definition
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Term
| An ______________ distribution strategy is where all available outlets are used for distributing a product. |
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Definition
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Term
| A ______________ distribution strategy is where only some available outlets in an area are chosen to distribute a product; it is usually appropriate for shopping goods. |
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Definition
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Term
| The least intensive of the distribution strategies is _________ distribution, which involves using only one or two outlets in each market. |
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Definition
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Term
| When two or more levels of a distribution channel are combined under one management or one channel member coordinates channel activities for those levels, this is called ___________ channel integration. |
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Definition
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Term
| The three types of vertical marketing systems are ____________, contractual, and administered. |
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Definition
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Term
| One of the vertical marketing systems (VMS) is a ___________ arrangement, the most popular type of VMS, in which interorganizational relationships are formalized through contracts. |
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Definition
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Term
| In an ____________ vertical marketing system, the distribution channel members are independent, but channel operations are coordinated through a dominant channel member. |
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Definition
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Term
| ________________ Integration is the process of combining distribution channel members which are at the same level under one management. |
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Definition
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Term
| ________ Distribution is where a producer distributes the same product through two or more different channels, or sells similar products through different channels under different brand names. |
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Definition
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Term
| _____________ is the movement which seeks to protect and inform consumers about products, and has resulted in safer products, and honest packaging and advertising. |
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Definition
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Term
| Channel ___________ is the ability to influence another distribution channel member's actions. |
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Definition
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Term
| A _______ policy of product promotion involves the producer promoting the product only to the next institution down the marketing channel. |
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Definition
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Term
| ___________ policy of product promotion is where the producer promotes directly to consumers with the intention of developing a strong consumer demand for the products. |
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Definition
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Term
| The ____________ approach to physical distribution involves looking at the distribution system as a whole--taking into account the costs of transportation, materials handling, order processing, and inventory management. |
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Definition
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Term
| The ____________-Center Concept is an alternative to either keeping one centrally located stock of inventory for all markets, or creating numerous dispersed inventory sites. |
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Definition
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Term
| ______________ consists of all exchanges among organizations and individuals in a distribution channel except for those transactions with ultimate consumers. |
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Definition
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Term
| Whether or not wholesalers are involved, distribution of goods requires wholesaling activities, which typically include ____________, transporting, and financing. |
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Definition
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Term
| Wholesalers often play a part in the ___________ process, by accumulating products and redistributing them in smaller units. |
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Definition
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Term
| Out of the marketing mix, producers often choose to control product, pricing, and promotion, while shifting physical distribution functions, such as transportation, warehousing, and financing over to ____________. |
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Definition
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Term
| _____________ Wholesaling occurs when the producer doesn't rely on an independent firm to perform the wholesaling functions, but does it through its own sales branches and offices. |
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Definition
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Term
| Sales ___________, which fall under Manufacturers' wholesalers, are manufacturer-owned middlemen who sell products and often support the manufacturer's sales force. |
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Definition
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Term
| ____________ Wholesalers are independently owned wholesalers that take title to goods and assume the risks associated with ownership. |
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Definition
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Term
| ______________ Merchant Wholesalers are middlemen who offer the widest possible range of wholesaling functions, and can be broken down into general merchandise, limited-line, and specialty-line wholesalers. |
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Definition
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Term
| _____________ Merchant Wholesalers provide only some marketing services and specialize in a few functions. |
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Definition
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Term
| ______________ are Full-Service Merchant Wholesalers who own and maintain their own display racks in supermarkets and drugstores. |
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Definition
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Term
| A Web site can serve a variety of marketing functions, including __________ support, promotion, collection of consumer information, and even distribution. |
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Definition
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Term
| _______ Shippers are Limited Service Merchant Wholesalers who take title to goods and negotiate sales, but never take actual possession of products. |
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Definition
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Term
| _______-_____-_______ Wholesalers are Limited Service who handle a limited line of products with a high turnover rate--customers pay cash and furnish transportation. |
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Definition
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Term
| Drop Shippers, Cash-and-carry Wholesalers, and Mail-order Wholesalers are all types of _____________ Merchant Wholesalers. |
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Definition
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Term
| ____________ Advertising is where a manufacturer agrees to pay a certain amount of a retailer's media costs for advertising the manufacturer's products. |
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Definition
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Term
| General Merchandise Wholesalers, Limited-Line Wholesalers, and Specialty-Line Wholesalers are the three types of _____________ Merchant Wholesalers. |
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Definition
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Term
| The three categories of wholesalers are Manufacturer's Wholesalers, Merchant Wholesalers, and _________________. |
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Definition
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Term
| ______________ includes all transactions in which the buyer intends to use the product for individual or household consumption. |
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Definition
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Term
| ____________ Chains are a group of stores which operate under central ownership and management to market essentially the same product line. |
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Definition
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Term
| When retail stores organize voluntary chains or cooperatives, they are utilizing a _____________ Vertical Marketing System. |
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Definition
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Term
| ______________ Stores are retail stores which are not part of a corporate chain or contractual VMS. |
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Definition
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Term
| ___________ Systems are a type of Vertical Marketing System in which a parent company grants dealers the right to use the supplier's trademarks--usually in return for a percentage of the total sales. |
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Definition
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Term
| One benefit of a _________ channel of distribution is that it gives the manufacturer the greatest amount of control over the marketing process. |
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Definition
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Term
| In a Franchise system, the _____________ often provides franchisees with assistance in site selection, personnel training, inventory management, and promotion strategy. |
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Definition
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Term
| Retail stores can be divided into three main categories: ____________ stores, mass merchandisers, and specialty retailers. |
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Definition
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Term
| ______ ____________ is one of the three types of retailers, and consists of discount stores, superstores and hypermarkets, supermarkets, and catalog showrooms. |
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Definition
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Term
| Retail stores which carry a narrow product mix with deep product lines are known as ______________ retailers. |
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Definition
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Term
| _____________ retailing is the selling of goods or services outside the confines of traditional store settings, and include telemarketing, automatic vending, mail-order retailing, in-home retailing, etc.. |
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Definition
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Term
| When choosing a retail store ___________, a firm takes into account location of competitors, the location of the target market, site costs, etc.. |
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Definition
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Term
| When retailers add unrelated products and product lines to an existing product mix, this is known as ____________ merchandising. |
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Definition
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Term
| The ________ ____ __________ is a theory describing the evolution and development of new types of retail stores. |
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Definition
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Term
| The ________ ___ ___________ explains how retail stores evolve and new types of retail businesses come into being. |
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Definition
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Term
| The ____________ Plan requires identifying a Promotion Mix, Promotion Objectives, and a Promotion Budget. |
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Definition
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Term
| The ingredients a company combines to inform and persuade people to accept its products is known as the ______________ _____. |
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Definition
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Term
| Promotion Objectives can fall into one of three main categories. For new products, the objective is to ________. |
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Definition
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Term
| Promotion Objectives can fall into one of three categories. For products which are already established, promotion can either be used to persuade, or ____________ buyers. |
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Definition
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Term
| One of the possible ingredients for an organization's promotion mix is ____________, which is a paid form of nonpersonal communication about a company or its products that reaches the target audience through a mass medium. |
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Definition
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Term
| One of the possible ingredients for an organization's promotion mix is _____________ ___________, which involves informing customers and persuading them to purchase products through personal communication. |
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Definition
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Term
| ____________ is one of the possible ingredients for an organization's mix, and refers to nonpersonal communication in news story form about an organization or its products, that is transmitted through a mass medium at no charge. |
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Definition
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Term
| One of the four possible ingredients in the Promotion Mix is _______ ____________, an activity or material that offers added value, or incentive for a product. |
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Definition
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Term
| _____________, used in the context of promotion, is the transmission of information. |
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Definition
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Term
| The communication process begins with a __________. |
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Definition
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Term
| Many industrial products--especially expensive equipment such as steam generators and aircraft--are sold through a _________ channel from the producer to the buyer. |
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Definition
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Term
| In the communication process, a source must convert the meaning being conveyed into a series of signs that represent ideas or concepts. This process of converting the meaning into symbols is known as ______________. |
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Definition
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Term
| In the communication process, to share a coded meaning with the receiver or audience, a source must select a _____________. |
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Definition
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Term
| An _____________ site is a Web site which is designed by a company to present information to its own employees or specific business partners--access to it is usually restricted. |
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Definition
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Term
| In the communication process, a source sends an encoded message via a medium of transmission to a receiver. The receiver then ____________ the message, or converts the signs in the encoded message into concepts and ideas. |
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Definition
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Term
| Anything which hinders the communication process, and results in the receiver decoding a different message from what the source was trying to convey, is known as ___________. |
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Definition
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Term
| Major techniques for establishing a promotion ____________ include Percent-of-Sales technique, Competitive Parity approach, Objective and Task procedure, and All Available Funds technique. |
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Definition
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Term
| One of the most logical approaches to determining a promotion budget is the ________________ approach, where the tasks required to achieve promotional objectives are listed, and then the estimated costs for each of these tasks is added up to come up with the budget. |
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Definition
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Term
| The ____________ ____ ______ approach to determining a promotion budget involves simply allocating a fixed percentage of the previous year's sales. |
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Definition
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Term
| The ___________ _________ approach to establishing a promotion budget involves trying to match competitors' budgets, either in terms of absolute dollars or to allocate the same percentage of sales for promotion as their competitors do. |
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Definition
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Term
| The _________________ Funds approach to determining a promotional budget involves simply allocating all the money that is available after the other elements of the marketing plan have been funded. |
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Definition
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Term
| The Advertising Plan, which includes Objectives and Budget, is determined by the overall ______________ Plan. |
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Definition
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Term
| Web sites are capable of performing many different marketing functions. Many sites, however, simply provide information on their products. They are performing the marketing function of ___________ via their Web site. |
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Definition
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Term
| The Advertising Budget stems from the _____________ Budget. |
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Definition
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Term
| In advertising, a _________ Plan specifies the exact media vehicles to be used and the dates and the times that the advertisements will appear. |
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Definition
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Term
| Magazines, television stations, newspapers, and outdoor ads are all examples of media types. The specific venues in each medium which a marketer chooses to advertise with are called media _________. |
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Definition
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Term
| A media planner typically looks at several factors when evaluating media vehicle alternatives. _________ refers to the percentage of a target audience that is actually exposed to a particular advertisement in a stated time period. |
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Definition
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Term
| When evaluating alternative media vehicles, one of the factors that media planners look at is ____________, which refers to the average number of times targeted consumers were exposed to the advertisement in a stated time period. |
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Definition
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Term
| In addition to looking at Frequency and Reach, which tell how much of the target audience is exposed to the advertisement and how many times, media planners also take into account cost. ______-____-__________ is one way advertising costs are evaluated and allows for comparisons across media types. |
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Definition
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Term
| Multiplying Reach times Frequency is how media planners calculate _______ _________ Points. |
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Definition
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Term
| The "total weight" of advertising delivered during a certain time period is determined by calculating the ________ ___________ ________. |
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Definition
| Gross Rating Points (GRP). |
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Term
| The marginal revenue is the change in total revenue that occurs when a firm sells an additional unit of a product. The marginal revenue between selling 5 units at $7 each, and 6 units at $6 each is $_______. |
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Definition
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Term
| The overall concept and theme for an advertising campaign is called the ____________ Platform. |
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Definition
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Term
| Evaluations performed before an advertising campaign begins are called pretests. One of the big types of pretests is known as a ___________ _____, which involves asking a number of actual or potential buyers of an advertised product to judge an advertisement. |
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Definition
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Term
| To measure advertising effectiveness during an advertising campaign, a marketer uses ____________, which may be in the form of coupons or a form request. |
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Definition
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Term
| Evaluating advertising effectiveness after an advertising campaign is known as a _____________. |
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Definition
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Term
| ______________ is a type of promotion which can be influenced by a firm, but not controlled. |
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Definition
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Term
| ______________ is a form of promotion which often has greater credibility among consumers because it appears to be more objective--it is primarily informative, not persuasive. |
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Definition
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Term
| _________ _________ is a broad set of communication activities used to create and maintain favorable relations between the organization and the community, and enhancing the company's image. |
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Definition
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Term
| Using salesmen who inform customers and persuade them to purchase products through personal communication falls under _________ _________, one of the ingredients in the promotion mix. |
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Definition
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Term
| There are three types of salesmen . ________ _________ are responsible for increasing the firm's sales by selling to new customers and by increasing sales to present customers. |
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Definition
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Term
| There are three types of salesmen. _________ ________ seek repeat sales--most of them handle orders for standardized products that are purchased routinely and do not require extensive sales efforts. |
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Definition
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Term
| __________ Personnel are one of the three types of salespeople, but usually are not involved solely with making sales. |
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Definition
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Term
| The maximum possible sales for a firm within a market in a specific time period is known as the Sales ____________. |
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Definition
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Term
| For many non-profit organizations, the price of a product or service is set so that the organization can hit its ___________ point. |
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Definition
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Term
| _____________ Potential is the total amount of a product that customers will purchase within a specified period in a specific market. |
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Definition
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Term
| The ___________ Process is a seven step process which many salespersons move through as they sell products. |
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Definition
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Term
| The first step in the Selling Process is ______________, which involves developing a list of potential customers. |
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Definition
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Term
| The _______________ is the second step in the Selling Process, and is where a salesperson conducts research on a prospect--such as determining the prospect's specific product needs, current use of brands, personal characteristics, etc.. |
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Definition
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Term
| The _____________ is the third step in the Selling Process, and is the manner in which a salesperson contacts a potential customer. |
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Definition
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Term
| The ______________ is the fourth step in the Selling Process, and is where the salesperson works to attract and hold the prospect's attention to stimulate interest and stir up a desire for the product. |
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Definition
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Term
| Overcoming _____________ is the step after Presentation in the Selling Process. |
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Definition
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Term
| ____________ is the element in the Selling Process where the salesperson asks the prospect to buy the product. |
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Definition
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Term
| The _____________ is the final step in the Selling Process, and is where the salesperson makes an effort to assure customer satisfaction after the sale. |
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Definition
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Term
| When making a presentation to customers, salesmen usually use a combination of a ____________ approach and an interactive approach. |
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Definition
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Term
| There are three basic types of Salesforce Compensation plans. In a _________ _________ compensation plan, salespeople are paid a specified amount per time period. |
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| Demand for industrial products is derived from the demand for ___________ products. |
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| In a _________ __________ compensation plan, a salesperson's compensation is determined solely by the amount of their sales for a given time period. |
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| When choosing a compensation plan for salespeople, the main factor is balancing the need to provide income security versus ____________. |
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| When evaluating salespeople's performance, a lot of information can be obtained from _____________, which describe each salesperson's schedule of calls and sales results. |
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| All paid marketing communications other than advertising, public relations, and personal selling falls under Sales ____________. |
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| ________ _________ of Demand provides a measure of the sensitivity of demand to changes in price. |
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| The Price Elasticity of Demand is calculated by dividing the percentage change in ____________ by the percentage change in price. |
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| The Price Elasticity of Demand _____________ is the absolute value, or non-negative value, of the Price Elasticity of Demand formula, and is used to determine how elastic the demand is |
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| When the value of the Price Elasticity of Demand Coefficient equals 0, the demand is said to be _________ __________, which means that demand does not decrease at all in response to price increases. |
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| Demand is said to be __________ when a change in price causes an opposite change in total revenue--an increase in price will decrease total revenue, and vice versa. |
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| Demand is said to be ____________ if a change in price results in the same change in total revenue--raising the price increases total revenue. |
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| Total revenue is calculated by multiplying the _________ by the number of units sold. |
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| Demand is said to be __________ when a change in price causes an opposite change in total revenue--an increase in price will decrease total revenue, and vice versa. |
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| The ____________ Act prohibits contracts, combinations, or conspiracies to restrain trade. Under this law, monopolies are illegal. |
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| The Sherman Antitrust Act was written in rather vague terms, so the ___________ Act was passed in 1914 to limit specific activities that tend to reduce competition. |
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| The __________ ________ ___________ Act of 1914 created a federal agency which regulates marketing practices and prohibits unfair methods of competition. |
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| The _____________-Patman Act of 1936 prohibits price discrimination among wholesalers and retailers where the effect of such discrimination tends to reduce competition among the purchasers or gives one purchaser a competitive edge. |
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| The rate of _____________ for a product refers to how quickly a new product is adopted by consumers. |
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| There are two types of pioneer pricing strategies, or strategies for setting the base price for a new product. The ________ _________ strategy involves charging the highest possible price that buyers who most desire the product will pay. |
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| There are two major pioneer pricing strategies. _____________ __________ strategy involves setting a price below the prices of competing brands. Low introductory prices often allow the firm to gain a large share of the market more quickly than starting out with high prices. |
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| A pricing method is a mechanical procedure for setting prices on a regular basis. In ________-Based Pricing, a dollar amount or percentage is added to the cost of a product. |
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| ____________-Based Pricing is a pricing method where instead of basing the price of a product on its cost, they base it on the level of demand for the product. |
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| In ______________-Based Pricing, an organization considers competitors' prices and chooses a price below, equal to, or above the competition depending on factors such as product costs. |
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| What distinguishes a retailer from a wholesaler is that in the case of the retailer, the customer is purchasing the product for ____________. |
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| ______________ Pricing falls under Competition-Based Pricing, and involves pricing goods primarily on the basis of tradition. |
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| In personal selling, instead of a One-Price policy, sellers often adopt a ___________ Pricing policy, where the seller charges different prices to different buyers in similar circumstances. |
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| _______ Price is the price per unit for a product, and simplifies comparisons between brands and various package sizes. |
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| In the absence of other specific product information, buyers often rely on __________ as an indicator of quality and use this measure when evaluating brands. |
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| ______________ pricing encourages purchases based on emotional rather than rational responses. |
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| _________ Pricing is a type of Psychological Pricing that involves setting prices at an artificially high level to provide prestige or a quality image. |
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| The ____________ can be a vital part of a product, by making it more versatile, safer, or easier to use. |
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| ____________ Pricing ends prices with certain numbers to try to influence buyers' perceptions of the price of the product--for example, charging $99.95 instead of $100. |
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| Price ____________ is a type of Psychological Pricing where an organization sets a limited number of prices for selected groups of merchandise. |
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| ____________ Pricing is a Psychological Pricing strategy where a firm prices one or more products below the usual price to attract customers. |
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| A ______________ is a predetermined percentage or dollar amount which is added to the cost of the product to derive a product's selling price. |
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| Markups can be calculated as a percentage of Selling Price, or as a Percentage of __________. |
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| A _____________ is a retail price reduction, typically in response to low consumer demand. |
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| __________ Buying influence is where several people share in making a purchase decision in an organization's buying center, and most likely occurs during new-task buying. |
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| There are five categories of discounts which sellers give to buyers. ____________ Discounts are a reduction off the list price given by a producer to a middleman for performing certain functions. |
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| _____________ Discounts are one of the five categories of trade discounts given by sellers to buyers. They are deductions from list price that reflect the economies of purchasing in large quantities. |
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| _____________ Discounts are one of the five categories of discounts given by sellers to buyers. These discounts are given to buyers for prompt payment. |
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| A common Cash Discount policy is called the "2/10 net 30" policy, which involves giving a two percent discount if cash payment is made within _______ days. |
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| A ___________ Discount is one of the five categories of discounts given by sellers to buyers, and is a price reduction to buyers who purchase goods or services out of season. |
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| In Personal Selling, success is determined by ____________ a sale. |
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| An ____________, one of the five categories of discounts, is a reduction in price to achieve a desired goal--often to help give the buyer the ability to make the new purchase. |
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| The ____________ point is the point at which the costs of producing a product equal the revenue made from selling the product. |
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| ___________________ Analysis is a pricing technique that determines the number of products that a firm must sell at a specified price in order to generate enough revenue to cover total cost. |
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| The Total Revenue is calculated by multiplying ___________ by Quantity Sold. |
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| ___________ Cost is the cost that does not vary with changes in the number of units produced or sold. |
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| _________ costs vary directly with changes in the number of units produced or sold. |
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| The _______________ is calculated by dividing the Fixed Costs by the Per Unit Contribution to Fixed Costs. |
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| ________ __________ uses sales figures to evaluate a firm's current performance. |
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| Sales v. ___________ is a form of sales analysis which determines the firm's level of success against its own standards. |
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