Term
|
Definition
| Any intangable offering that involeves a deeed, performance, or effort that cannot be physically possessed |
|
|
Term
|
Definition
| specifically refers to human or mechanical activities firms undertake to help satisfy their customers needs |
|
|
Term
|
Definition
| a characteristic of service; it cannot be touched, tasted, or seen like a pure product can |
|
|
Term
|
Definition
| It is produced and consumed at the same time that is service and consumption are inseparable |
|
|
Term
|
Definition
| As it refers to the difference between the marketing of products and services the delivery of services is more variable |
|
|
Term
|
Definition
| it cannot be stored for use in the future |
|
|
Term
|
Definition
| results when a service fails to meet the expectations that customers have about how it should be delivered |
|
|
Term
|
Definition
| a type of service gap; reflects the difference between customers expectations and the firms perception of those expectation |
|
|
Term
|
Definition
| a type of service gap; pertains to the difference between the firms perception of customers expectation and the service standards it sets |
|
|
Term
|
Definition
| a type of service gap; The difference between the firms service standard and the actual service it provides to customers |
|
|
Term
|
Definition
| a type of service gap; referes to the difference between the actual service provided to customers and service that the firms promotion program promises |
|
|
Term
|
Definition
| Customers perception of how well a service meets or exceeds their expectation |
|
|
Term
| Voice of customer (VOC) program |
|
Definition
| an ongoing marketing research system that collects customer inputs and integrates them into managerial decisions |
|
|
Term
|
Definition
| the area between customers expectations regarding their desired service and the minimum level of acceptable service - that is the defference between what the customer really wants and what he or she will accept before going elsewhere |
|
|
Term
|
Definition
| In context of service delivery, means allowing employees to make decisions about how service is provided to customers |
|
|
Term
|
Definition
| Concern for others well-being and support of their decisions in a job setting |
|
|
Term
|
Definition
| providing the equipment or systems needed to perform a task in a job setting |
|
|
Term
|
Definition
| pertains to a customers perception of the benefits he pr she received compared with the costs that resulted from a service failure |
|
|
Term
|
Definition
| refers to the customers perception of the fairness of the process used to resolve complaints about service |
|
|
Term
|
Definition
| The overall sacrifice a consumer is willing to make -money, time, energy - to acquire a specific product or service |
|
|
Term
|
Definition
| A company objective that can be implemented by focusing on target profit pricing, maximazing profits, or target return pricing |
|
|
Term
|
Definition
| A profit strategy that relies primarily on economic theory. If a firm can accurately specify a mathematical model that captures all the factors required to explain and predict sales and profits, it should be able to identify the price at which its profits are maximized |
|
|
Term
|
Definition
| a pricing strategy implemented by firms less concerned with the absolute level of profit and more interested in the rate at which their profits are generated relative to their investment |
|
|
Term
|
Definition
| A company objective based on the belief that increasing sales will help the firm more than will increasing profits |
|
|
Term
|
Definition
| a competitors based pricing method by which the firm delibarately prices a product above the price set for competing products to capture those consumers who always shop for the best or for whom price does not matter |
|
|
Term
|
Definition
| A company objective based on the premise that the firm should measure itself primarily against its competitors |
|
|
Term
|
Definition
| A competitors-Oriented strategy in which a firms changes prices only to meet Those of Competitors |
|
|
Term
|
Definition
| A comapany objective based on the premise that the firm should measurer itself primarily according to whether it meets its customers needs |
|
|
Term
|
Definition
| shows how many units of products or service consumers will demand during a specific period at different prices |
|
|
Term
| Prestige product or service |
|
Definition
| those that consumers purchase for status rather than functionality |
|
|
Term
| price elasticity of demand |
|
Definition
| measures how changes in a price affect the quantity of the product demanded; specifically, the ratio of the percentage change in quantity demanded to the percentage change in price |
|
|
Term
|
Definition
| referes to a market for a product or service that is price sensitive; that is relatively small change in price will generate fairly large change in the quality demanded |
|
|
Term
|
Definition
| Refers to a market for a product or service that is price insensitive; that is relatively small changes in price will not generate large change in the quantity demanded |
|
|
Term
|
Definition
| referes to the change in the quality of product demanded by consumers due to a change in their income |
|
|
Term
|
Definition
| refers to consumers ability to substitute other products for the focal brand, thus increasing the price elasticity of demand for the focal brand |
|
|
Term
|
Definition
| the percentage change in demand for product A that occurs in response to a percentage change in price of product B |
|
|
Term
|
Definition
| Products whose demand curves are positively realted, such that they rise or fall together; a percentage increase in demand for one results in a percentage increase in demand for the other |
|
|
Term
|
Definition
| products for which changes in demand are negatively related; that is a percentage increase in the quality demanded for a product A results in a percentage decrease in the quality demanded for product B |
|
|
Term
|
Definition
| those cost, primarily labor and materials that vary with production volume |
|
|
Term
|
Definition
| those costs that remain essentially at the same level, regardless of any changes in the volume of production |
|
|
Term
|
Definition
| the sum of the variable and fixed cost |
|
|
Term
|
Definition
| Technique used to examine the relationship among cost, price, revenue, and profit over different levels of production and sales to determine the break even point |
|
|
Term
|
Definition
| the point at which the number of units sold generates just enough revenue to equal the total costs; at this point, profits are zero |
|
|
Term
|
Definition
| one firm provides the product or service in a particular industry |
|
|
Term
| Oligopolistic competition |
|
Definition
| Occurs when only a few firms dominate a market |
|
|
Term
|
Definition
| occurs when two or more firms complete primarily by lowering their prices |
|
|
Term
|
Definition
| A firms practice of setting a very low price for one or more of its products with the intent to drive its competition out of business; illigal under both the Sherman antitrust act and the federal trade commission act |
|
|
Term
|
Definition
| Occurs when there are many firms that sell closely realted but not homogeneous products; these products may be viewed as substitutes but are not perfect substitutes |
|
|
Term
|
Definition
| Occurs when different companies sell commodity products that consumers perceive as substitutable; price usually is set according to the laws of supply and demand |
|
|
Term
|
Definition
| Emplys irregular but not necessarily illigal methods; generally it legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer |
|
|
Term
|
Definition
| a strategy companies use to emphasize the continuity of their retail prices at a level somewhere between the regular, nonsale price and the deep discount sale price their competitors may offer |
|
|
Term
|
Definition
| a pricing strategy that relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases |
|
|
Term
|
Definition
| The price against which buyers compare the actual selling price of the product and that facilitates their evaluation process |
|
|
Term
| market penetration strategy |
|
Definition
| A growth strategy that employs the existing marketing mix and focuses the firms effort on existing customers |
|
|
Term
|
Definition
| refers to the drop in unit cost as the accumulated volume sold increases; as sales continue to grow, the costs continue to grow, allowing even further reduction in the price |
|
|
Term
|
Definition
| a strategy of selling a new product or service at a high price that innovators and early adopters are willing to pay in order to obtain it |
|
|
Term
|
Definition
| Loss leader pricing takes the tatic of leader pricing on step further by lowering the price below the stores cost |
|
|
Term
|
Definition
| a deceptive practice of luring customers into the store with a very low advertised price on an item, only to aggressively pressure them into purchasing a higher priced model by disparaging the low priced item |
|
|
Term
|
Definition
| The practice of selling the same product to different resellers or to the ultimate consumer at different prices |
|
|
Term
|
Definition
| the practice of colluding with other firms to control prices |
|
|
Term
|
Definition
| occurs when competitors that produce and sell competing products collude or work together to control prices effectively taking price out of the decision process for consumers |
|
|
Term
|
Definition
| occurs when parties at different levels of the same marketing channel collude to control the price passed on to consumers |
|
|
Term
| Manufacturers suggested retail price (MSRP) |
|
Definition
| The price that manufactures suggest retailers use to sell their mechandise |
|
|
Term
| Marketing channel management |
|
Definition
| Also called supply chain management, refers to a set of approaches and techniques firms employ to effeciently and effectively integrate their suppliers |
|
|
Term
|
Definition
| those firms engaged in buying, taking title to, often storing and physically handling goods in large quantities, then reselling the goods to retailers or industrail or business uses |
|
|
Term
|
Definition
| a facility for recept, storage, and redistribution of goods to company store or customers may be operated by retailers, manufactures or distribution specialist |
|
|
Term
|
Definition
| The manufacturer sells directly to the buyer |
|
|
Term
| Indirect marketing channel |
|
Definition
| when one or more intermediaries work with manufactures to provide goods and services to customers |
|
|
Term
| Vertical channel conflict |
|
Definition
| a type of channel conflict in which members of hte same marketing channel for example manufacturers wholesalers, and retailers are in disagreement or dicord |
|
|
Term
| horizontal channel conflict |
|
Definition
| a type of channel conflict in which members at the same level of marketing channel for example two competing retailers or two competing manufacturers are in disagreement or discord |
|
|
Term
| Independent (conventional) Marketing channel |
|
Definition
| a marketing channel in which several independednt mambers - a manufacturer a wholesaler and a retailer each attempt to satisfy its own objectives and maximize its profits, often at the expense of the other members |
|
|
Term
| Vertical marketing system |
|
Definition
| A supply chain in which the memebr act as a uified system, there are three types; administrated, contractual, and corporate |
|
|
Term
|
Definition
| A supply chain relationship that the member are commited to maintaining long term investing in opportunities that are mutually benificial; requires mutual trust, open communication, common goals and credible commitments |
|
|
Term
| Electronic data interchange |
|
Definition
| the computer-to-computer exhange of business documents from a retailer to a vendor and back |
|
|
Term
|
Definition
| an approach got improving supply chain efficiency in which the manufacturer is resposible for maintaining the retailers inventory levels in each of its stores |
|
|
Term
|
Definition
| designed to increase demand by motivating sellers to highlght the product rahter than the products of competitors, and thereby push the procut onto consumers |
|
|
Term
|
Definition
| Designed to get consumers to pull the product into the supply chain demanding it |
|
|
Term
|
Definition
| in a retailing context, emplotees who are responsible for the financial planning and analysis of merchandise, and its allocation to stores |
|
|
Term
|
Definition
| the process of recording the receipt of merchandise as it arrives at a distribution center or store |
|
|
Term
| radio frequency indentification tags (RFID) |
|
Definition
| tiny computer chops that automatically transmit to a special scanner all the information about a containers content or individual products |
|
|
Term
|
Definition
| Creating price and identification labels and placing them on the merchandise |
|
|
Term
|
Definition
| a document or display on a screen in a forklift truck indicating how much of each item to get from specific storage areas |
|
|
Term
| Just in time inventory system |
|
Definition
| Inventory mangement system designed to deliver less merchandise on a more frequent basis than traditional inventory systems; |
|
|
Term
|
Definition
| An inventory management system used in retailing; mechandise is recieved just in time for sale when the customer wants it |
|
|
Term
|
Definition
| the set of business activisties that add value to products and services sold to consumers to their personal or family use |
|
|
Term
|
Definition
| Selling in more than one channel |
|
|
Term
|
Definition
| The number of supply chain members to use at each level of the supply chain |
|
|
Term
|
Definition
| a strategy designed to get products into as many outlets as possible |
|
|
Term
|
Definition
| strategy in which onle selected retailers can sell manufactures brand |
|
|
Term
|
Definition
| Type od retailer that offer groceries meat and produce with limited sales of nonfood items |
|
|
Term
| Stock keeping units (SKUs) |
|
Definition
| individual items within each product category; the samllerst unit available for inventory control |
|
|
Term
|
Definition
| Large stores combining full time discount stores with supermarkets in one place |
|
|
Term
|
Definition
| Large retailers with an irregualr assortment, low service levels, and low prices that often require membership for shoppers |
|
|
Term
|
Definition
| type of retailer that provides a limited number of items at a convenient location in a small store with speedy checkout |
|
|
Term
|
Definition
| A retailer that carries many different types of merchandise and lots of items withing each type offers some customer service |
|
|
Term
|
Definition
| retailers that offer low prices, limited service, and a broad variety of merchandise |
|
|
Term
|
Definition
| a specialty store that concentrates on health and personal grooming merchandise, though pharmaceuticals may represent more than 60 percent of its sales |
|
|
Term
|
Definition
| a retailer that offers a narrow variety but deep assortment of merchandise |
|
|
Term
|
Definition
| discount stores that offer a narrow but deep assortment of merchandise |
|
|
Term
|
Definition
| a specialist that offers an extensive assortment in a particular category, so overwhelming that category that other retailers have difficulty competing |
|
|
Term
|
Definition
| a general merchandise discount store found in lower-income urban or rural areas |
|
|
Term
|
Definition
| A firm that primarily sells services rather than merchandise |
|
|
Term
|
Definition
| Developed by national brand vendors and retailer and sold only by that retailer |
|
|
Term
|
Definition
| comminicating with or selling to consumers through wireless handheld devices such as cellular phones |
|
|
Term
| Cooperative (co-op) advertising |
|
Definition
| an agreement between a manufacturer and retailer in which the manufacturer agrees to defray some advetising cost |
|
|
Term
|
Definition
| The percentage of the customers purchases made from a particular retailer |
|
|
Term
|
Definition
| instant messaging or voice conversation with an online sales representative |
|
|
