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Definition
| communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or eflict response |
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| a plan for the optimal use of the elements for promotion: advertising, public relations, personal selling, sales promotion, and social media |
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| the combo of promotional tools (advertising, public relations, personal selling, sales promotion, and social media) used to reach the target market and fulfill the organizations overall goals |
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| impersonal, one-way mass communication about a product or organization that is paid for by a marketer |
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| the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance |
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| public information about a company, product, service, or issue appearing in the mass media as a news item |
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| marketing activities that stimulate consumer buying and dealer effectiveness |
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| a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other |
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| a model for outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message, the acronym stands for attention, interest, desire, and action |
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| integrated marketing communications (IMC) |
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Definition
| the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer |
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| a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise |
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| a marketing strategy that stimulates consumer demand to obtain product distribution |
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| a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals |
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| the channel used to convey a message to a target market |
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| putting products and service names in movies, videogames, commercials, etc |
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Definition
| a coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event |
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| relationship selling (consultative selling) |
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Definition
| a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships |
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| a philosophy under which the company customizes its product and service offering based on data generated through interactions between customer and the company |
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| any tool or service that uses the internet to facilitate conversations |
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| using consumers to develop and market products |
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| a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries |
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| blogs that are sponsored by a company or one of it's brands and maintained by one or more of the company's employees |
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| independent blogs that are not associated with the marketing efforts of any particular company or brand |
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| blogs with strict post length limits (twitter) |
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| web sites that allow individuals to connect with friends, peers, and business associates |
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| web sites that allow users to upload and distribute multimedia content like videos and photos |
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Definition
| that which is given up in an exchange to acquire a good or service |
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Definition
| the price charged to customers multiplied by the number of units sold |
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| return on investment (ROI) |
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Definition
| net profit after taxes divided by total assets |
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Definition
| a company's product sales percentage of total sales for that industry |
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| consumers' responsiveness or sensitivity to changes in price |
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| a situation in which an increase or a decrease in price will not significantly affect demand for the product |
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| a cost that varies with changes in the level of output |
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| a cost that does not change as output is increased or decreased |
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| average variable cost (AVC) |
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Definition
| total variable costs divided by quantity output |
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Definition
| total costs divided by quantity of output |
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| the change in total costs associated with a one-unit change in output |
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Definition
| the cost of buying the product from the producer from the producer, plus amounts for profit and for expenses not otherwise accounted for |
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| a method of setting prices that occurs when marginal revenue equals marginal cost |
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| the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output |
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| a method of determining what sales volume must be reached before total revenue with a one-unit change in output |
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| charging a high price to help promote a high-quality image |
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| a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion |
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| a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach a mass market |
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| charging a price identical to or very close to the competition's price |
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| unfair trade practice acts |
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| laws that prohibit wholesalers and retailers from selling below cost |
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Definition
| an agreement between two or more firms on the price they will charge for the product |
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| the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market |
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Definition
| a modification of uniform delivered pricing that divides the US (or total market) into segments or zones and charges a flat freight rate to all customers in a given zone |
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| leader pricing (loss-leader pricing) |
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Definition
| a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store |
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Definition
| a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise |
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| a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality |
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Definition
| marketing two or more products in a single package for a special price |
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| a price tactic in which the final selling price reflects cost increases incurred between the time the order is placed and the time the delivery is made |
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