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Marketing > Exam 3 (ch. 9 & 10) > Flashcards

Exam 3 (ch. 9 & 10) Flashcards

1
Q

High initial prices to skim revenues layer by layer from the market

A

Market-Skimming Price

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2
Q

Low initial price to penetrate the market

A

Market-Penetration Pricing

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3
Q

A form of pricing in which consumers are charged both an entry fee (fixed price) and a usage fee (per-unit price)

A

Two-part pricing

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4
Q

Any pricing method that uses consumer demand–based on perceived value–as the central element (difficult to estimate demand)

A

Demand based pricing (same as customer based pricing)

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5
Q

Reducing prices to reward customer responses such as paying early or promoting a product

A

Discounts/Allowances

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6
Q

Company sells product or service at two or more prices despite the prices not being based on costs

A

Segmented Pricing

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7
Q

Sellers consider psychology of prices and not simply economics
- Higher prices indicate a higher quality
- Reference prices

A

Psychological Pricing

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8
Q

prices buyers carry in mind when looking at a given product

A

Reference Prices

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9
Q

What are the two pricing types

A
  • two-part pricing
  • demand based pricing (consumer based pricing)
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10
Q

estimating a competitive price and designing a product to meet the price

A

target costing/pricing

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11
Q

what are the four market types

A
  • pure competition
  • monopolistic competition
  • oligopolistic competition
  • pure monopoly
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12
Q

many buyers and sellers with uniform products

A

Pure competition

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13
Q

Numerous buyers and sellers with range of prices

A

Monopolistic competition

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14
Q

few sellers that are highly sensitive to each other’s prices

A

Oligopolistic competition

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15
Q

one seller dominates the market

A

Pure monopoly

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16
Q

what kind of price adjustment reduces prices to create buying excitement and urgency (ex. Black Friday)

A

promotional

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17
Q

what kind of price adjustment adjusts based on geographical location of customers

A

geographical

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18
Q

what kind of price adjustment remains as one price for all buyers everywhere

A

fixed price

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19
Q

what kind of price adjustment involves adjusting prices continually to meet the characteristics and needs of individual customers and situations (online shopping, fluid pricing for different consumers)

A

dynamic pricing

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20
Q

what kind of price adjustment involves adjusting prices for international markets

A

international pricing

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21
Q

what are the five product mix pricing options

A
  • product line pricing
  • optional-product pricing
  • captive-product pricing
  • by-product pricing
  • product bundling pricing
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22
Q

the product mix pricing type where management analyzes costs within a product line and sets price. pricing is based on product features

A

product line pricing

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23
Q

the product mix pricing type that offers optional or accessory items along with main items

A

optional-product pricing

24
Q

the product mix pricing type that involves products that must be used along with the main product (ex. ink & printers, video games & game consoles)

A

captive-product pricing

25
Q

the product mix pricing type that finds a market to get rid of by-products and lower cost

A

by-product pricing

26
Q

the product mix pricing type that puts products together and selling the bundle at a reduced price

A

product bundling pricing

27
Q

when the price goes up or down the consumers’ buying habits change

A

price elastic

28
Q

when the price goes up the consumers’ buying habits stay the same and when the price goes down consumers’ buying habits also remain unchanged

A

price inelastic

29
Q

what does a marketing channel consist of

A

the people, organizations, and activities necessary to transfer the ownership of goods from the point of production to the point of consumption

30
Q

what is a marketing channel

A

it’s the way products get to the end-user, the consumer; and is also known as a distribution channel.

31
Q

what are the two channel levels

A
  • direct channels
  • indirect channels
32
Q

which channel level involves customers who buy goods directly from the manufacturer

A

direct channels

33
Q

which channel level moves the product through other distribution channels to get to the consumer

A

indirect channels

34
Q

when it comes to channel levels, the number of intermediaries is…

A

…the length of the channel

35
Q

As more channel levels are added…

A

…producers lose more control and face greater channel complexity

36
Q

occurs when channel members disagree on roles, activities, or rewards

A

channel conflict

37
Q

what are the two types of channel conflict

A
  • horizontal conflict
  • vertical conflict
38
Q

what type of channel conflict occurs among firms at the same channel level

A

horizontal conflict

39
Q

what type of channel conflict occurs between different levels of the same channel

A

vertical conflict

40
Q

a channel structure where producers, wholesalers, and retailers act as a unified system

A

VMS (vertical marketing system)

41
Q

one member of the distribution channel owns the other members

A

corporate

42
Q

one member fo the channel is large and powerful enough to coordinate the activities of the other members without an ownership stake

A

administered VMS

43
Q

independent firms joining together via a contract

A

contractual VMS

44
Q

what are the three types of contractual VMS

A
  • manufactured-sponsored retailer franchise system
  • manufacturer-sponsored wholesaler franchise system
  • service-firm-sponsored retailer franchise system
45
Q

what type of contractual VMS involves parent companies sponsoring their independent franchise dealers

A

manufactured-sponsored retailer franchise system

46
Q

what type of contractual VMS involves parent company licenses wholesalers to buy raw material and then turn it into a product (ex. bottlers)

A

manufacturer-sponsored wholesaler franchise system

47
Q

what type of contractual VMS is a system of service product delivery in which an organization producing a service sets up a number of independently-owned franchised outlets in locations convenient to its customers. (ex. McDonalds restaurant franchise)

A

service-firm-sponsored retailer franchise system

48
Q

single firm sets up two or more marketing channels to reach one or more customer segments. expands sales, market coverage, tailor products to diverse customer needs. harder to control, can generate conflict

A

multichannel distribution system (AKA hybrid marketing channels)

49
Q

cutting out marketing channel intermediaries. new types of channel intermediaries displace traditional ones.

A

disintermediation

50
Q

stocking the product in as many outlet as possible

A

intensive distribution

51
Q

giving a limited number of dealers the exclusive right to distribute the company’s products

A

exclusive distribution

52
Q

the use of more than one but less than all of the intermediaries who are willing to carry the company’s product

A

selective distribution

53
Q

channel of distribution facilitates breaking bulk. a customer can purchase one item instead of the 100 pack the retailer purchased

A

breaking bulk

54
Q

a type of supply chain management that moves goods from customers back to the seller’s or manufacturers (ex. recycling technological components)

A

reverse logistics

55
Q

a form of retail business wherein the seller accepts customer orders but does not keep goods sold in stock. (take title but never possession)

A

drop shipper

56
Q

products that are sold legally, but outside of the brand’s permission

A

gray market

Marketing (9 decks)

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