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Business Ch11-16 Vocabulary > Ch12 > Flashcards

Ch12 Flashcards

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Vocab Builder flashcards
1
Q

Value

A

Good quality at a fair price. When consumers calculate value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the cost

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2
Q

Total product offer

A

Consists of everything consumers evaluate when deciding whether to buy something

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3
Q

Product line

A

A group of items that are physically alike or intended for a similar market

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4
Q

Product mix

A

The combination of product lines offered by a manufacturer

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5
Q

Product differentiation

A

The creation of real or perceived product differences

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6
Q

Bundling

A

Combines goods and/or services for a single price

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7
Q

Brand

A

A name, symbol, or design (or combination of) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors

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8
Q

Trademark

A

A brand that has exclusive legal protection for both its brand name and its design

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9
Q

Brand equity

A

The value of the brand name and associated symbols

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10
Q

Brand loyalty

A

The degree of which customers are satisfied, like the brand, and are committed to further purchases

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11
Q

Brand awareness

A

How quickly or easily a given brand name comes to mind when someone mentions a product category

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12
Q

Brand manager

A

A manager directly responsible for one brand or one product line; called a product manager in some firms

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13
Q

Product life cycle

A

A theoretical model of what happens to sales and profits for a product class over time; the 4 stages of the cycle are introduction, growth, maturity, and decline

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14
Q

Target costing

A

Designing a product so that it satisfies customers and meets the profit margins desired by the firm

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15
Q

Competition based pricing

A

Strategy based on what all the other competitors are doing

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16
Q

Price leading

A

Strategy by which one or more dominant firms set pricing practices all competitors in an industry follow

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17
Q

Break even analysis

A

Process used to determine profitability at various levels of sales

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18
Q

Total fixed costs

A

All the expenses that remain the same no matter how many products are made or sold

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19
Q

Variable costs

A

Price changes according to the level of production

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20
Q

Skimming price strategy

A

Prices a new product high to recover research and development costs and make as much profit as possible while there is little competition

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21
Q

Penetration strategy

A

Strategy in which a product is priced low to attract many customers and discourage competition

22
Q

Every day low pricing (EDLP)

A

Setting prices lower than competitors and then not having any special sales

23
Q

High-low price strategy

A

Setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors

24
Q

Psychological pricing

A

Pricing goods and services at price points that make the product appear less expensive than it is

25
Q

marketing intermediaries

A

organizations that assist in moving goods and services from one producer to businesses (B2B) and from businesses to consumers (B2C)

26
Q

channel of distribution

A

A whole set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers that joined together to transport and store goods in their path (or channels) from producers to consumers

27
Q

Agents/Brokers

A

Getting intermediaries who bring buyers and sellers together and assist in negotiating exchange, but don’t take title(ownership) to the goods

28
Q

Wholesaler

A

A marketing intermediary that sells to other organizations such as retailers manufacturers and hospitals

29
Q

retailer

A

A B2C organization that sells to ultimate consumer who buys for their own use

30
Q

intensive distribution

A

Puts product into as many retail outlets as possible

31
Q

selective distribution

A

Uses only a preferred group of the available retailers in an area.

32
Q

Exclusive distribution

A

Use of only one retail outlet in a given geographical area

33
Q

online retailing

A

Consists of selling goods and services to ultimate customers online

34
Q

social Commerce

A

Form of online Commerce that involves using social media, online media that supports social interaction, and user contributions to assist in the online, buying and selling of products and services

35
Q

Telemarketing

A

Sale of goods and services by telephone

36
Q

direct selling

A

Reaches consumers in their homes or workplaces

37
Q

Direct marketing

A

Includes any activity that directly links, manufacturer’s or intermediaries with the ultimate consumer

38
Q

Supply chain (value chain)

A

Consists of all the linked activities, various organizations must perform to move goods and services from the sources of raw materials to ultimate consumers

39
Q

Promotion mix

A

Contribution of promotional tools, an organization uses

40
Q

Integrated marketing communication (IMC)

A

Combines the promotional tools into one comprehensive unified promotional strategy

41
Q

Advertising

A

Paid, non personal communication through various media, by organizations and individuals who are in some way identified in the message

42
Q

product placement

A

Putting products into TV shows and movies where they will be seen

43
Q

personal selling

A

Face to face presentation and promotion of goods and services, including the sales persons search for new prospects and follow-up service after the sale

44
Q

trial close

A

Step in the selling process that consists of a questioner statement that moves the selling process towards the actual close

45
Q

Publicly relations (PR)

A

The function that gauges public opinion, changes policies and procedures, in response to the public’s request and executes a program of action and information to earn public understanding and acceptance

46
Q

Publicity

A

Any information about an individual, product, or organization that’s distributed to the public through the media, and that is not paid for or controlled by the seller

47
Q

Sales promotion

A

The promotion tools that simulates consumer purchasing and dealer interest by means of short term activities

48
Q

Sampling

A

Letting customers have a small sample of the product for no charge

49
Q

Word of mouth promotion

A

People tell other people about products they’ve purchased or services they’ve used

50
Q

Viral marketing

A

Strategy that encourages people to pass on a marketing message. Everything from paying customers to say positive things on the Internet to setting up multilevel selling schemes whereby customers get commissions for directing friends to specific websites

51
Q

Push strategy

A

Producer used advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise.

52
Q

Pull strategy

A

Directs heavy advertising and sales promotion efforts towards consumers

Business Ch11-16 Vocabulary (6 decks)

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