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Business > Chapter 12 > Flashcards

Chapter 12 Flashcards

1
Q

pricing

A

process of determining what a company will receive in exchange for its products

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2
Q

pricing objectives

A

the goals that sellers hope to achieve in pricing products

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3
Q

market structure

A

company’s percentage of the total industry sales for a specific product type

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4
Q

cost-oriented pricing

A

pricing that considers the firm’s desire to make a profit and its need to cover production costs

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5
Q

markup

A

amount added to an item’s purchased cost to sell it at a profit

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6
Q

variable cost

A

cost that changes with the quantity of a product produced and sold

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7
Q

fixed cost

A

cost that is incurred regardless of the quantity of product produced and sold

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8
Q

breakeven analysis

A

for a particular selling price, assessment of the seller’s cost versus revenues at various sales volumes

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9
Q

breakeven point

A

sales volume at which the seller’s total revenue from sales equals total costs (variable and fixed) with neither profit not loss

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10
Q

price skimming

A

setting an initially high price to cover new product costs and generate a profit

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11
Q

penetration pricing

A

setting an initially low price to establish a new product in the market

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12
Q

price lining

A

setting a limited number of prices for certain categories of products

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13
Q

psychological pricing

A

pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices

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14
Q

odd-even pricing

A

psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts

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15
Q

discount

A

price reduction offered as an incentive

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16
Q

distribution mix

A

combination of distribution channels by which a firm gets its products to end users

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17
Q

intermediary

A

individual or firm that helps to distribute a product

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18
Q

wholesaler

A

intermediary who sells products to other businesses for resale to final consumers

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19
Q

retailer

A

intermediary who sells products directly to consumers

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20
Q

distribution channel

A

network of intermediary companies through which a product passes from producer to end user

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21
Q

direct channel

A

distribution channel in which a product travels from producer to consumer without intermediaries

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22
Q

sales agent

A

independent intermediary who generally deals in the related product lines of a few producers and forms long-term relationships to represent those producers and meet the needs of many customers

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23
Q

broker

A

independent intermediary who matches numerous sellers and buyers as needed, often without knowing in advance who they will be

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24
Q

department store

A

large product-line retailer characterized by organization into specialized departments

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25
Q

supermarket

A

large product-line retailer offering a variety of food and food-related items in specialized departments

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26
Q

specialty store

A

retail store carrying one product line or category of related products

27
Q

bargain retailer

A

retailer carrying a wide range of products at bargain prices

28
Q

discount house

A

bargain retailer that generates large sales volume by offering goods at substantial price reductions

29
Q

catalog showroom

A

bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouse

30
Q

factory outlet

A

bargain retailer owned by the manufacturer whose products it sells

31
Q

wholesale club

A

bargain retailer offering large discounts on brand-name merchandise to customers who have paid membership fees

32
Q

convenience store

A

retail store offering easy accessibility, extended hours, and fast service

33
Q

direct-response retailing

A

form of nonstore retailing in which firms directly interact with customers to inform them of products and to receive sales orders

34
Q

mail order (catalog marketing)

A

form of nonstore retailing in which customers place orders for catalo merchandise received through the mail

35
Q

telemarketing

A

form of nonstore retailing in which the telephone is used to sell directly to consumers

36
Q

direct selling

A

form of nonstore retailing typified by door-to-door sales

37
Q

shopping agent (e-agent)

A

e-intermediary (middleman) in the internet distribution channel that assists users in finding products and prices by does not take possession of products

38
Q

electronic retailing

A

nonstore retailing in which information about the seller’s products and services is connected to consumers’ computers, allowing consumers to receive the information and purchase the products in the home

39
Q

e-catalog

A

nonstore retailing in which the internet is used to display products

40
Q

electronic storefront

A

commercial Web site at which customers gather information about products and buying opportunities, place orders, and pay for purchases

41
Q

cybermall

A

collection of virtual storefronts (business Web sites) representing a variety of products and product lines on the internet

42
Q

interactive marketing

A

nonstore retailing that uses a Web site to provide real-time sales and customer service

43
Q

video marketing

A

nonstore retailing to consumers via home television

44
Q

physical distribution

A

activities needed to move a product efficiently from manufacture to consumer

45
Q

warehousing

A

physical distribution operation concerned with the storage of goods

46
Q

private warehouse

A

warehouse owned by and providing store for a single company

47
Q

public warehouse

A

independently owned and operated warehouse that stores good for many firms

48
Q

promotion

A

aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product

49
Q

positioning

A

process of establishing an identifiable product image in the minds of consumers

50
Q

promotional mix

A

combination of tools used to promote a product

51
Q

advertising

A

promotional tool consisting of paid, nonpersonal communication used by an identified sponsor to inform an audience about a product

52
Q

advertising media

A

variety of communication devices for carrying a seller’s message to potential customers

53
Q

media mix

A

combination of advertising media chosen to carry a message about a product

54
Q

personal selling

A

promotional tool in which a salesperson communicates one-on-one with potential customers

55
Q

order processing

A

personal-selling task in which salespeople receive orders and see to their handling and delivery

56
Q

creative selling

A

personal-selling task in which salespeople try to persuade buyers to purchase products by providing information about their benefits

57
Q

missionary selling

A

personal-selling task in which salespeople promote their firms and products rather than try to close sales

58
Q

sales promotion

A

short-term promotional activity designed to encourage consumer buying, industrial sales, or cooperation from distributors

59
Q

coupon

A

sales-promotion technique in which a certificate is issued entitling the buyer to a reduced price

60
Q

premium

A

sales-promotion technique in which offers of free or reduced-priced items are used to stimulate purchases

61
Q

point-of-sale (POS) display

A

sales-promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product

62
Q

trade show

A

sales-promotion technique in which various members of an industry gather to display, demonstrate and sell products

63
Q

publicity

A

promotional tool in which information about a company, a product, or an event is transmitted by the general mass media to attract public attention

64
Q

public relations

A

company-influenced information directed at building goodwill with the public or dealing with unfavorable events

Business (17 decks)

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