Term
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Definition
| intro, growth, maturity, death |
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Term
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Definition
| high failure rate, little competition |
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Term
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Definition
-products offered in more colors, flavors, sizes etc
-entrance of competitors
-healthy profits
-prices fall |
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Term
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Definition
-declining sales
-saturated markets
-cosmetic changes to product |
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Term
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Definition
-long run drop in sales
-competitor forced out of market
-adoption of substitute product |
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Term
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Definition
| innovators, early adopters, early majority, late majority, laggards |
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Term
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Definition
perceived as superior to existing substitutes
ex. cordless phones vs phones with cords |
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Term
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Definition
| degree of difficulty to use/understand |
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Term
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Definition
| degree of difficulty to use/understand |
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Term
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Definition
degree to which product is capable of being tried on a limited basis
ex trial sizes, free samples |
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Term
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Definition
| products benefits/attributes can be observed, imagined, or described |
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Term
| types of influence diffusion |
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Definition
-relative advantage
-complexity
-trialability
-observability |
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Term
| types of barriers to diffusion |
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Definition
-functional
-psychological |
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Term
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Definition
-usage, lots of learning required
-value, requires additional purchases
-risk, performance, economic, social |
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Term
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Definition
-traditional, not the way im used to
-image, hard to use/negative images |
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Term
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Definition
| a brand that is spread across multiple product categories |
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Term
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Definition
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Term
| 5 types of demand oriented pricing |
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Definition
-skimming
-penetration
-prestige pricing
-odd/even pricing
-bundle pricing |
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Term
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Definition
| priding product high, skimming th extra off top and putting into products |
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Term
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Definition
pricing very low
-reaping market share instead of profit |
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Term
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Definition
pricing above competition
-whether benefits warrant it or not
-maintaining the price |
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Term
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Definition
| -making something $7.99 instead of $8.00 |
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Term
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Definition
-pricing something together instead of individual pricing
-throwing something in with the deal |
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Term
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Definition
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Term
| competition oriented pricing |
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Definition
-habit
-above, below, or meeting competitors price
-loss leader |
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Term
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Definition
-market share
-sales maximization |
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Term
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Definition
relatively inelastic, a relatively large increase in price results in only a small decrease in quantity demanded
-not bouncy |
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Term
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Definition
| a relatively small decrease in price results in a substantial increase in quantity demanded |
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Term
| 3 methods of cost-based pricing |
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Definition
-mark up pricing
-break even pricing
-profit maximization pricing |
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Term
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Definition
hitting an ideal target
-setting price where price = markup + cost |
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Term
| Equation for markup on selling price |
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Definition
| markup on selling price= (selling price-cost)/selling price |
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Term
| Equation for selling price |
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Definition
| SP = (cost)/(1-markup on SP) |
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Term
| markup on selling price (#2) |
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Definition
| (markup at cost)/(1+markup at cost) |
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Term
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Definition
| E= ((q1-q2)/(q1+q2))/((P1-P2)/(P1+P2)) |
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Term
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Definition
intermediary between manufacturer and end-user markets
ex. whole saler and retailers |
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Term
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Definition
| skipping over some/all of middleman |
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Term
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Definition
any intermediary with legal authority to act of behalf of the manufacturer
-doesnt have title of the goods-just sells
Ex. Real estate |
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Term
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Definition
intermediary who sells to other intermediaries, usually to retailers
-sells to someone who is then selling it to someone else |
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Term
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Definition
an intermediary who sells to consumers
-sells to final customer |
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Term
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Definition
an imprecise term, used to describe intermediaries who perform a variety of
-sells to final customer, consumer/business |
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Term
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Definition
-a marketing channel is how goods move in the system
-pipeling |
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Term
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Definition
-a system that coordinates and integrates all aspects of businesses that perform/support the logistics function
-managing relationships, determine channel strategies, gathering research, should result in value for the customer. |
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Term
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Definition
-increased automation
-outsourcing of logistics functions
-electronic distribution (hulu, apple tv)
-increased service |
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Term
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Definition
achieve mass market selling convenience goods
many intermediaries (Ex hersheys choc) |
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Term
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Definition
work with selected intermediaries, shopping and some specialty goods
several intermediaries (ex godiva choc) |
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Term
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Definition
work with single intermediary, specialty goods, and industrial equipment
one intermediary (bissingers choc) |
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Term
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Definition
Air-fastest, costliest
Truck-best availability
train-most used
Ship-cheapest (ton/miles)
Pipeline-most dependable |
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Term
| Vertical Marketing System (VMS) |
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Definition
| consists of producers, wholesalers, and retailers acting together as a unified system |
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Term
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Definition
| all of the processes that occur when something is returned |
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Term
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Definition
channel
m->w->r->c
SCM
coordination between all parts |
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Term
| Vertical Marketing Systems |
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Definition
-corporate
-administered
-contractual |
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Term
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Definition
ownership structure in place
system where the levels in the channel are wholly owned and operated (buying parts of the process) |
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Term
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Definition
some leadership structure in place
closest to traditional channel except one or more firms coordinate activities of the channel
-channel captain takes lead |
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Term
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Definition
administer through contracts
1)voluntary group, can break contract at will
2) cooperatives, owning the wholesaler by multiple retailers (owning stock)
3) franchise systems, difficult to get in and out of |
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Term
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Definition
-advertising
-sales promotions
-public relations
-personal selling |
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Term
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Definition
| paid form of promotion by an identified entity |
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Term
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Definition
| coupons, p.o.p, rebates, sweepstakes, incentives |
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Term
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Definition
| efforts to influence various publics |
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Term
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Definition
most expensive per contact
usually b2b |
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Term
| Types of Sales Promotions |
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Definition
-free sample
-contests, based on skill, judged against other people
-premiums, free stuff added on to purchase
-trade shows
-sweepstakes, not built on skill
-coupons
-rebate |
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Term
| Informative Objection of Promotion |
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Definition
-increase awareness
-explain how product works
-suggest new uses
-build company image |
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Term
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Definition
-encourage brand switching
-change customers perception
-influence buying decision
-persuade customers to call |
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Term
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Definition
-remind customers that product may be needed
-remind customers where to buy product
-maintain customer awareness |
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Term
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Definition
| Awareness, interest, desire, action |
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Term
| Effectiveness of promotion |
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Definition
ad-better at awareness/attention
Personal selling-best at desire/action
Sales promotion-best at repurchase/action |
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Term
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Definition
pushing the product on the next step
-Ex. manufacturer pushing onto the wholesaler |
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Term
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Definition
spending money pulling the customer to the product through advertising
-customer asks retailer, retailer asks wholesaler, wholesaler asks manufacturer |
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