Term
|
Definition
| facilitate satisfying exchange relationships between buyer and seller |
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Term
|
Definition
| the value exchanged for products in a marketing transaction |
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|
Term
| time constraints, price levels, perceived quality, and motivations to use available information about prices |
|
Definition
| factors that can influence the assessment of value |
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Term
|
Definition
|
|
Term
profit = total revenue - total costs
or
profit = (price x quantity sold) - total costs |
|
Definition
|
|
Term
|
Definition
| exists when consumers have difficulty distinguishing competitive offerings, and marketers emphasize low prices |
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Term
|
Definition
| involves a focus on marketing mix elements other than price |
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Term
|
Definition
| emphasizing price and matching or beating competitors prices |
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Term
|
Definition
| emphasizing factors other than price to distinguish a product from competing brands |
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Term
|
Definition
| major advantage of nonprice competition |
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Term
|
Definition
| who has the responsibility of determining the demand for a product |
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|
Term
|
Definition
| a graph of the quantity of a product taken by buyers in the market at various prices, given that all other factors are held constant |
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|
Term
| PRICE ELASTICITY OF DEMAND |
|
Definition
| A MEASURE OF THE SENSITIVITY OF Demand to changes in price |
|
|
Term
| price elasticity of demadn |
|
Definition
| percentage change in quantity demanded relative to a given percentage change in price |
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|
Term
| gaosline; eleectricity; products w/out readily available substitutes and for which co nsumers have strong needs |
|
Definition
| examples of inelastic demand |
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Term
|
Definition
| examiens what happens to a firm's costs and revenues when production or sales volume changes by one unity |
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Term
|
Definition
| costs that do not vary with changes in the number of units produced or sold |
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Term
|
Definition
| the fixed cost per unity products |
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|
Term
|
Definition
| costs that vary directly with changes in the number of units produced or sold |
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|
Term
|
Definition
| the variable cost per unit produced |
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Term
|
Definition
| the sum of average fixed and average variable costs times the quantity produced |
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Term
|
Definition
| the sum of the average fixed cost and the average variable cost |
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|
Term
|
Definition
| the extra cost a firm incurs by producing one more unity of a product |
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|
Term
|
Definition
| the change in total revenue resulting from the sale of an additional unity of a product |
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|
Term
|
Definition
| the point at which the costs of producing a product equal the revenue made from selling the product |
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Term
|
Definition
| a price developed in the buyers mind thru experience with the product |
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Term
|
Definition
| a price developed in the buyer's mind thru experience with the product |
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Term
|
Definition
| a comparison price provided by others |
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Term
|
Definition
| concerned about price and quality of product |
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Term
|
Definition
| striving to pay low prices |
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Term
|
Definition
| drawn to products that signify prominence and status |
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Term
|
Definition
| providing price differentials that injure competition by giving one or more buyers a competitive advantage |
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|
Term
| trade (functional) discount |
|
Definition
| a reduction off the list price given by a producer to an intermediary for performing certain functions |
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Term
|
Definition
| deductions from list price for purchasing large quantities |
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|
Term
| trade, quantity, cash, seasonal, allowance |
|
Definition
|
|
Term
|
Definition
| quantity discounts aggregated over a stated period |
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|
Term
|
Definition
| one time reductions in price based on specific factors |
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Term
|
Definition
| price reduction given to buyers for prompt payment or cash payment (2/10 net 30) |
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|
Term
|
Definition
| a price reduction given to buyers for purchasing goods or services out of season |
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Term
|
Definition
| price reduction granted to dealers for participating in advertising and sales support programs intended to increase sales of a particular item |
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|
Term
|
Definition
| a concession in price to achieve a desired goal (ex: trade in allowances) |
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|
Term
|
Definition
| reductions for transportation and other costs related to the physical distance between buyer and seller |
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Term
|
Definition
| the price of the merchandise at the factory, before shipment |
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|
Term
| uniform geographic pricing |
|
Definition
| charging all custoemrs the same price, regardless of geographic location |
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|
Term
|
Definition
| pricing based on transportation costs within major geographic zones |
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|
Term
|
Definition
| geographic pricing combining factory price and freight charges from the base point nearest the buyer |
|
|
Term
| freight absorption pricing |
|
Definition
| absorption of all or part of actual freight costs by the sellers |
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|
Term
|
Definition
| setting prices on products sold by one unity to another unit in the same company |
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|
Term
|
Definition
| a price indicating the producer is absorbing shipping costs |
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|
Term
| development of pricing objectives, assessment of target market's evaluation of price, evaluation of competitors' prices, selection of a basis for pricing, selection of a pricing strategy, determination of a specific price |
|
Definition
| stages for establishing prices (6) |
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|
Term
|
Definition
| goals that describe what a firm wants to achieve through pricing |
|
|
Term
| developing pricing objectives |
|
Definition
| the first step in setting prices |
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Term
|
Definition
| a fundamental pricing objective |
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|
Term
|
Definition
| adjust price levels so that the firm can increase sales volume to match organizational expenses (which pricing objective) |
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|
Term
|
Definition
| profit impact of market strategies; shown that both market share and product quality heavily influence profitability |
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|
Term
|
Definition
| adding a dollar amount or percentage to the cost of the product |
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|
Term
|
Definition
| adding a specified dollar amount or percentage to the seller's cost |
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|
Term
|
Definition
| adding to the cost of the product a predetermined percentage of that cost |
|
|
Term
| cost, demand, and /or competition |
|
Definition
| fourth step/selection of a basis for pricing--types of basis |
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|
Term
| cost plus pricing, markup pricing |
|
Definition
| two types of cost based pricing |
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|
Term
| cost plus pricing and competition based pricing |
|
Definition
| most common bases for pricing services |
|
|
Term
| when production costs are difficult to predict |
|
Definition
| when use cost plus pricing? |
|
|
Term
|
Definition
| pricing based on the level of demand for the product |
|
|
Term
| competition based pricing |
|
Definition
| pricing influenced primarily by competitor's prices |
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|
Term
|
Definition
| charging different prices to different buyers for the same quality and quantity of product |
|
|
Term
|
Definition
| establishing a final prices through bargaining |
|
|
Term
|
Definition
| setting one price for the primary target market and a different price for another market |
|
|
Term
|
Definition
temporary reduction of prices on a patterned or systematic basis
(holiday sales) |
|
|
Term
|
Definition
| temporary reduction or prices on an unsystematic basis (so customer's won't be able to delay purchase) |
|
|
Term
|
Definition
| refers to a broad statement about price reductions as opposed to detailing specific price discounts (up to 75% off rather than 75% off) |
|
|
Term
| negotiated pricing, secondary market pricing, periodic discounting, random discounting |
|
Definition
| types of differential pricing |
|
|
Term
| price skimming, penetration pricing |
|
Definition
|
|
Term
| captive pricing, premium pricing, bait pricing, price lining |
|
Definition
|
|
Term
|
Definition
| reference pricing, bundle pricing, multiple unit pricing, everyday low prices, odd even pricing, customary pricing, prestige pricing |
|
|
Term
| price leaders, special event pricing, comparison discounting |
|
Definition
|
|
Term
|
Definition
| charging the highest possible price that buyers who most desire the product will pay |
|
|
Term
|
Definition
| setting prices below those of competing brands to penetrate a market and gain a significant market share quickly |
|
|
Term
|
Definition
| setting prices below those of competing brands to penetrate a market and gain a significant market share quickly |
|
|
Term
|
Definition
| establishing and adjusting prices of multiple products within a product line |
|
|
Term
|
Definition
| pricing the basic product in a produce line low while pricing related items at a higher level |
|
|
Term
|
Definition
| pricing the highest quality or most versatile products higher than other models in the product line |
|
|
Term
| penetration pricing (this approach is less felxible for a marketer than price skimming b/c it's more difficult to raise a penetration rpice than to lower or disct a skimming price |
|
Definition
| which new product pricing approach is less flexible |
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|
Term
|
Definition
| pricing an item in the product line low with the intention of selling a higher priced item in the line |
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|
Term
|
Definition
| setting a limited number of prices for selected groups or lines of merchandise |
|
|
Term
|
Definition
| pricing that attempts to influence a customer's perception of price to make a product's price more attractive |
|
|
Term
|
Definition
| pricing a product at a moderate level and displaying it next to a more expensive model or brand |
|
|
Term
| bait and switch; retailers have no intention of selling the bait product but use the low price to entice customers into the store to sell them higher priced products |
|
Definition
| what method of bait pricing is unethical? |
|
|
Term
| demand for various groups of products is inelastic |
|
Definition
| basic assumption in price lining |
|
|
Term
|
Definition
|
|
Term
|
Definition
| an alternative is less attractive when viewed by itself than when compared with other alternatives |
|
|
Term
|
Definition
| packaging together two or more compelmentary products and selling them for a single rpices |
|
|
Term
|
Definition
| packaging together two or more identical products and selling them for a single prices |
|
|
Term
| everyday low prices (EDLP) |
|
Definition
| setting a low price for products on a consistent basis |
|
|
Term
| to reduce or eliminate the use of frequent short term price reductions |
|
Definition
|
|
Term
|
Definition
| ending the price with certain numbers to influence buyers' perceptions of the price or product |
|
|
Term
|
Definition
| pricing on the basis of tradition |
|
|
Term
|
Definition
| setting prices at an artificially high level to convey prestige or a quality image |
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|
Term
|
Definition
| fees set by people with great skill or experience in a particular field |
|
|
Term
|
Definition
| product priced below the usual markup, near cost, or below cost |
|
|
Term
| women more likely to respond to odd ending prices than men |
|
Definition
|
|
Term
| even prices = upscale image |
|
Definition
|
|
Term
|
Definition
| advertised sales or price cutting linked to a holiday, season, or event |
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|
Term
|
Definition
| setting a price at a specific level and comparing it with a higher price |
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|
Term
|
Definition
| the decisions and activites that make products available to customers when and where they want to purchase them |
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|
Term
|
Definition
| all the activities associated with the flow and transformation of products from raw materials through deliver to the end customer |
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|
Term
|
Definition
| the total set of managerial activities used by an organization to transform resource inputs into products |
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|
Term
|
Definition
| planning, implementing, and controlling the efficient and effective flow and storage of products and information from the point of origin to consumption in order to mmet customers' needs and wants |
|
|
Term
|
Definition
| in its broadest form, refers to the processes that enable the progress of value from raw material to final customer and back to redesign and final disposition |
|
|
Term
|
Definition
| a set of approaches used to integrate the functions of oeprations managment, logistics management, supply managment, and marketing channel management so that prodcuts are produced and distributed in the right quantities, to the right locations, and at the right time |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| includes all entities that facilitate product distribution and benefit from cooperative efforts |
|
|
Term
|
Definition
| a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain |
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|
Term
|
Definition
| middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products |
|
|
Term
| marketing channels create utility, facilitate exchange efficiencies |
|
Definition
| significance of marketing channels |
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|
Term
| time, place, possession, and form |
|
Definition
| four types of utility created by marketing channels |
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|
Term
| industrial distributor: an independent business organization that takes title to industrial products and carries inventories |
|
Definition
|
|
Term
| perform the needed selling activities in local markets at a relatively low cost to a manufacturer and reduce a producer's finanical burden by providing customers with credit services |
|
Definition
| benefits of industrial distributors to sellers |
|
|
Term
|
Definition
| an independent businessperson who sells complementary products of several producers in assigned territories and is compensated through commissions |
|
|
Term
|
Definition
| the use of two or more marketing channels to distribute the same products to the same target market |
|
|
Term
| strategic channel alliance |
|
Definition
| an agreement whereby the products of one organization are distributed through the marketing channels of another |
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|
Term
|
Definition
| convenience products, available in many retail outlets |
|
|
Term
|
Definition
| shopping, available in some outlets |
|
|
Term
|
Definition
| specialty products, available in very few outlets |
|
|
Term
| intensive, selective, exclusive |
|
Definition
| intensity of market coverage (types) |
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|
Term
|
Definition
| using all available outlets to distribute a product |
|
|
Term
|
Definition
| using only some available outlets to distribute a product |
|
|
Term
|
Definition
| using a single outlet in a fairly large geographic area to distribute a product |
|
|
Term
|
Definition
| for what products is slective distribution appropriate? |
|
|
Term
|
Definition
| the dominant member of a marketing channel or supply chain |
|
|
Term
|
Definition
| the ability of one channel member to influence another member's goal achievement |
|
|
Term
| a precise definition of each channel member's tasks |
|
Definition
| a critical component in channel cooperation |
|
|
Term
| vertical channel integration |
|
Definition
| combining two or more stages of the marketing channel under one managment |
|
|
Term
| vertical marketing systems (VMSs) |
|
Definition
| a marketing channel managed by a single channel member to achieve efficient low cost distribution aimed at satisfying target market customers |
|
|
Term
| horizontal channel integration |
|
Definition
| combining organizations at the same level of operation under one management |
|
|
Term
| corporate, administered, contractual |
|
Definition
| three types of vetrical marketing systems |
|
|
Term
|
Definition
| combines all stages of the marketing channel, from producers to consumers, under a single owner |
|
|
Term
|
Definition
| channel members are independent, but a high level of interorganizational management is achieved through informal coordination |
|
|
Term
|
Definition
| the most popular type of vertical marketing system; channel members are linked by legal agreements spelling out each member's rights and bovligations |
|
|
Term
|
Definition
| example of cnotractual vms |
|
|
Term
|
Definition
| activities used to move products from producers to consumers and other end users |
|
|
Term
|
Definition
| the contracting of physical distribution tasks to thired parties who do not have managerial authority within the marketing channel |
|
|
Term
|
Definition
| the time needed to complete a process |
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|
Term
|
Definition
| the receipt and transmission of sales order information |
|
|
Term
| visibility in the supply chain |
|
Definition
| allowing all marketing channel members to see precisely where an item is within the supply chain at any time |
|
|
Term
| total cost approach to physical distribution |
|
Definition
| enables managers to view physical distribution as a system rather than a collection of unrelated activities; shifts the emphasis from lwoering the separate costs of individual activities to minimizing overall distribution costs |
|
|
Term
|
Definition
| strategic decisions to combine and recombine resources for greatest cost effectiveness |
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|
Term
| order entry, order handling, order delivery |
|
Definition
| three main tasks of order processing |
|
|
Term
| electronic data interchange (EDI) |
|
Definition
| a computerized means of integrating order processing with production, inventory, accounting, and transportation |
|
|
Term
|
Definition
| developing and maintaining adequate assortments of products to meet customers' needs |
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|
Term
|
Definition
| an inventory management approach in which supplies arrive just when needed for production or resale |
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|
Term
|
Definition
| physical handling of tangible goods, supplies, and resources |
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|
Term
|
Definition
| the inventory level that signals the need to place a new order |
|
|
Term
|
Definition
| average time lapse between placing the order and receiving it |
|
|
Term
|
Definition
| the rate at which a product's inventory is used or sold during a specific time period |
|
|
Term
|
Definition
| the amount of extra inventroy a firm keeps to guard against stockouts resulting from above average usage rates and/or longer thn expected lead times |
|
|
Term
| (order lead time)(usage rate) + safety stock |
|
Definition
| equation for reorder poitn |
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|
Term
|
Definition
| the design and operation of facilities for storing and moving goods |
|
|
Term
|
Definition
| company operated facilities for storing and shipping products |
|
|
Term
| unit loading and containerization |
|
Definition
| two common methods used in materials handlign |
|
|
Term
|
Definition
|
|
Term
|
Definition
| storage space and related phsyical distribution facilities that can be leased by companies |
|
|
Term
|
Definition
| large, centralized warehouses that focus on moving rather than storing goods |
|
|
Term
|
Definition
| the movement of products from where they are made to intermediaries and end users |
|
|
Term
|
Definition
| established by public warehouses at the owner's inventry location |
|
|
Term
|
Definition
| a (public) warehousesing arragnement in which imported or taxable products are not relased until the products' owenrs pay US customs duties, taxes, and other fees |
|
|
Term
|
Definition
| are most distribution centers privately or pulibcly owned? |
|
|
Term
|
Definition
| the most expensive physical distribution function |
|
|
Term
| railroads, trucks, waterways, airways, pipelines |
|
Definition
| five basic transportation modes for moving physical goods |
|
|
Term
|
Definition
| the most automated transportation mode |
|
|
Term
|
Definition
| fastest but most expsnive form of shipment |
|
|
Term
| intermodal transportation |
|
Definition
| two or more trasnportation modes used in combination |
|
|
Term
|
Definition
| organizations that consolidate shipments from several firms into efficient lot sizes |
|
|
Term
|
Definition
| fregiht transportation firms that provide several modes of shipment |
|
|
Term
|
Definition
| shipping that uses both truck trailers and railway flat cars |
|
|
Term
|
Definition
| truck trailers and water carriers |
|
|
Term
|
Definition
| truck trailes and air carriers |
|
|
Term
|
Definition
| an agreement in which a supplier furnishes a product to a channel member with the stipulation that the channel member must purchase other products as well |
|
|
Term
|
Definition
| a supplier requires that channel members purchase the supplier's entire line to botain any of the supplier's products |
|
|
Term
|
Definition
| a sitution in which a manufacturer forbids an intermediary to carry products of competing manufactueres |
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|
Term
|
Definition
| all transactions in which the buyer intends to consume the product through personal, family, or household use |
|
|
Term
|
Definition
| an organization that purchases products for the purpose of reselling them to ultimate consumers |
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|
Term
| general merchandise retailer |
|
Definition
| a retail establishment that offers a variety of product lines that are stocked in considerable dpeth |
|
|
Term
|
Definition
| large retail organizations characterized by wide product mixes and organized into separate departments to facilitate marketing and internal managment |
|
|
Term
| general merchandise retailers and specialty retailers |
|
Definition
| two general categories of retail stores (classified by breadth of products offered) |
|
|
Term
|
Definition
| self service general merchandise store offering brand name and private brand products at low prices |
|
|
Term
|
Definition
| small self service store offering narrow product assortment in convenient locations |
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|
Term
|
Definition
| self service store offering complete line of food products and some nonfood products |
|
|
Term
|
Definition
| giant outlet offering all food and nonfood products found in supermarkets, as well as most routinely pruchased products |
|
|
Term
|
Definition
| combination supermarket and discount store; larger than a superstore |
|
|
Term
|
Definition
| large scale members only establishments combining cash and carry wholesaling with discount retailing |
|
|
Term
|
Definition
| self service general merchandise stores offering brand name and private brand products at low prices |
|
|
Term
|
Definition
| a samll self service store that is open long hours and carries a narrow assortment of products, usually convenience items |
|
|
Term
|
Definition
| large slef service stores that carry a compelte line of food products, along iwth some nonfood products |
|
|
Term
|
Definition
| giant retail outlets that carry food and nonfood products found in supermarkets, as well as most routinely purchased consumer products |
|
|
Term
|
Definition
| stores that combine supermarket and discount store shopping in one location |
|
|
Term
|
Definition
| large scal members only establishments that combine features of cash and carry wholesaling with dscount retailing |
|
|
Term
|
Definition
| facility in a large, low cost building with large on premises inventories and minimal service |
|
|
Term
|
Definition
| retail facilities in large, low cost buildings with large on premises inventories and minimal services (ikea) |
|
|
Term
| traditional specialty retailer |
|
Definition
| stores that carry a narrow product mix with deep product lines |
|
|
Term
| traditional specialty retailers, category killers, and off price retailers |
|
Definition
| three types of specialty retailers |
|
|
Term
|
Definition
| a very large SPECIALTY STORE Concentrating on a major product category and competing on the basis of low prices and product availability |
|
|
Term
|
Definition
| stores that buy manufacturers' seconds, overruns, returns, and off season merchandise for resale to consumers at deep discoutns |
|
|
Term
| neighborhood shopping centers |
|
Definition
| shopping centers usually consisting of several small convenience and specialty stores |
|
|
Term
| community shopping centers |
|
Definition
| shopping centers with one or two department stores, some specialty stores, and convenience stores |
|
|
Term
| regional shopping centers |
|
Definition
| a type of shopping center with the largest department stores, the widest product mix, and the deepest product lines of all shopping centers |
|
|
Term
| superregional shopping centers |
|
Definition
| a type of shopping center with the widest and deepest product mixes that attracts customers from many miles away |
|
|
Term
| lifestyle shopping centers |
|
Definition
| a type of shopping center that is typically open air and features upscale specialty, dining, and entertainment stores |
|
|
Term
|
Definition
| a type of shopping center that combines off price stores with category killers |
|
|
Term
|
Definition
| identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of cosnumers int hat segmnet |
|
|
Term
|
Definition
| the physical elements in a store's design that appeal to consumers' emotions and encourage buying |
|
|
Term
|
Definition
| a retail strategy of managing groups of similar, often substitutable products produced by different manufacturers |
|
|
Term
|
Definition
| the use of telecommunications and no personal media to introduce products to consumers, who then can purchase them via mail, telephone, or the internet |
|
|
Term
|
Definition
| a type of marketing in which an organization provides a catalog from which customers make selections and place orders by mail, telephone, or the internet |
|
|
Term
| efficiency and convenience |
|
Definition
| advantages of catalog retailing |
|
|
Term
| direct response marketing |
|
Definition
| a type of marketing that occurs when a retailer advertises a product and makes it available through mail or telephone orders |
|
|
Term
|
Definition
| the performance of marketing related activities by telephone |
|
|
Term
|
Definition
| a form of selling in which products are presented to television viewers, who can buy them by calling a toll free number and paying with a credit card |
|
|
Term
|
Definition
| retailing that makes products available to buyers through computer connections |
|
|
Term
|
Definition
| the marketing of products to ultimate consumers through face to face sales presentations at home or in the workplace |
|
|
Term
|
Definition
| an arrangement in which a supplier grants a dealer the right to sell products in exchange for some type of consideration |
|
|
Term
|
Definition
| transactions in which products are bought for resale, for making other products, or for general business operations |
|
|
Term
|
Definition
| an individual or organization that sells products that are bought for resale, for making other products, or for general business operations |
|
|
Term
| merchant wholesalers, agents and brokers, and manufacturers' sales branches and offices |
|
Definition
| three general types of wholesaling establishments |
|
|
Term
|
Definition
| independently owned busiensses that take title to goods, assume ownership risks, and buy and resell products to other wholesalers, business customers, or retailers |
|
|
Term
| wholesaler, jobber, distributor, assembler, exporter, importer |
|
Definition
| merchant wholesalers, aka....____________- |
|
|
Term
| full service and limited service |
|
Definition
| types of merchant wholesalers |
|
|
Term
| general merchandise, general line, specialty line wholesalers and as rack jobbers |
|
Definition
| full service wholesalers are categorized:_______ |
|
|
Term
| cash and carry, truck, drop shippers, mail order |
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Definition
| for typical limited service wholesalers |
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Term
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Definition
| merchant wholesalers that perform the widest range of wholesaling functions |
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Term
| general merchandise wholesalers |
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Definition
| full service wholesalers with a wide product mix but limited depth within product lines |
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Term
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Definition
| full service wholesaler that carry only a few product lines but many products within those lines |
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Term
| specialty line wholesalers |
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Definition
| full service wholesalers that carry only a single product line or a few items within a product line |
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Term
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Definition
| full service specialty line wholesalers that own and maintain display racks in stores |
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Term
| limited service wholesalers |
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Definition
| merchant wholesalers that provide some services and specialize in a few functions |
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Term
| cash and carry wholesalers |
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Definition
| limited service wholesalers whose customers pay cash and furnish transportation |
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Term
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Definition
| limited service wholesalers that transport products directly to customers for inspection and selection |
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Term
| drop shippiers (desk jobbers) |
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Definition
| limited esrvice wholesalers that take title to products and negotiate sales but never take actual possession of products |
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Term
|
Definition
| limited service wholesalers that sell products through catalogs |
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Term
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Definition
| intermediaries that represent either buyers or sellers on a permanent basis |
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Term
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Definition
| intermediaries that bring buyers and sellers together temporarily |
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Term
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Definition
| independent intermediaries that represent two or more sellers and offer complete product lines |
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Term
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Definition
| intermediaries that market a whole product line or a manufacturer's entire output; perform every wholesaling activity except taking title to products |
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Term
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Definition
| agents that receive goods on consignment and negotiate sales in large, central markets |
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Term
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Definition
| manufacturer-owned intermediaries that sell products and provide support services to the manufacturerr's sales force |
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Term
|
Definition
| manufacturer owned operations that provide services normally associated with agents |
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