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Business > Marketing Test #3 > Flashcards

Marketing Test #3 Flashcards

1
Q

the sum of all the values that customers give up to gain the benefits of having or use a product or service

A

Price

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2
Q

offering the right combination of quality and good service at a fair price

A

Good-value Pricing

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3
Q

the marketer cannot design a product and marketing program and then set the price. Price is considered before the marketing program is set

A

Value based Pricing

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4
Q

involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk

A

Cost-based Pricing

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5
Q

adding a standard markup to the cost of the product

A

Cost-plus pricing

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6
Q

firm tries to determine the price at which it will break even or make the target return its seeking

A

Breakeven pricing

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7
Q

involves setting prices based on competitors strategies, prices, and market offerings

A

Competition-based pricing

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8
Q

charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items

A

High-low pricing

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9
Q

starts with an ideal selling price based on consumer value considerations and then target costs that will ensure that the price is met

A

Target Costing

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10
Q

market consists of many buyers and sellers trading in a uniform commodity. No single buyer or seller has much effect on the going market price

A

Pure Competition

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11
Q

the market consists of many buyers and sellers who trade over a range of prices rather than a single market price

A

Monopolistic Competition

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12
Q

market consists of a few buyers and sellers who are highly sensitive to each other’s pricing and marketing strategies

A

Oligopolistic Competition

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13
Q

shows the number of units the market will buy in a given period at different prices

A

Demand Curve

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14
Q

illustrates the response demand to a change in price

A

Price Elasticity of Demand

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15
Q

occurs when demand hardly changes when there is a small change in price

A

Inelastic Demand

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16
Q

occurs when demand changes greatly for a small change in price

A

Elastic Demand

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17
Q

strategy with high initial prices to “skim” revenue layers from the market

A

Market Skimming Pricing

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18
Q

sets a low initial price in order to penetrate the market quickly and deeply attract a large number of buyers quickly to gain market share

A

Market Penetration Pricing

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19
Q

takes into account the cost differences between products in the line, customer evaluation of their features, and competitors prices

A

Product Line Pricing

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20
Q

takes into account optional or accessory products along with the main product

A

Optional Product Pricing

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21
Q

involves products that must be used along with the main product

A

Captive Product Pricing

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22
Q

refers to products with little or no value produces as a result of the main product. Remember Bill the Elephant

A

By-product Pricing

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23
Q

combines several products at a reduced price. NOT solutions

A

Product Bundle Pricing

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24
Q

reduces prices to reward customer responses such as paying early or promoting the product.

A

Discount and Allowance Pricing

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25
Q

Used when a company sells a product at two or more prices even though the difference is not based on cost

A

Segmented Pricing

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26
Q

sellers consider the psychology of prices and not simply the economics

A

Psychological Pricing

27
Q

prices that buyers carry in their minds and refer to when looking at a given product

A

Reference Prices

28
Q

when prices are temporarily priced below list price or cost to increase demand

A

Promotional Pricing

29
Q

involves setting prices for customers located in different parts of the country or world

A

Geographical Pricing

30
Q

pricing strategy in which goods are placed free on board a carrier; customer pays the freight from the factory to the destination

A

FOB origin Pricing

31
Q

pricing strategy in which the company charges the same price plus freight to all customers, regardless of their location

A

Uniform delivered Pricing

32
Q

a geographical pricing strategy in which the company sets up two or more zones

A

Zone Pricing

33
Q

a geographical pricing strategy in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer

A

Basing-point Pricing

34
Q

geographical pricing strategy in which the seller absorbs all or part of the freight charges to get the desired business

A

Freight-absorption Pricing

35
Q

adjusting prices continually to meet the characteristics and needs of individual customers and situations

A

Dynamic Pricing

36
Q

when prices are set in a specific country based on country-specific factors

A

International Pricing

37
Q

sellers must set prices without talking to competitors. price collusion is suspected

A

Price Fixing

38
Q

selling below cost with the intention of punishing a competitor or gaining higher long-term profits by putting competitors out of business

A

Predatory Pricing

39
Q

prevents unfair price discrimination by ensuring that the seller offers the same price terms to customers at a given level of trade

A

Robinson Patman Act

40
Q

when a manufacturer requires a dealer to charge a specific retail price for its products

A

Retail Price Maintenance

41
Q

occurs when a seller states prices or price savings that mislead consumers or are not actually available to consumers

A

Deceptive Pricing

42
Q

include raw material suppliers, components, parts, information, finances, and expertise to create a product or service

A

Upstream Partners

43
Q

the network composed of the company, suppliers, distributors, and ultimately, customers who “partner” with each other to improve the performance of the entire system in delivering customer value

A

Value Delivery Network

44
Q

include the marketing channels or distribution channels that look toward the customer

A

Downstream Partners

45
Q

a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

A

Marketing Channel

46
Q

“make and sell” view includes the firm’s raw materials, productive inputs, and factory capacity

A

Supply Chain View

47
Q

“sense and respond” view suggests that planning starts with the needs of the target customer

A

Demand Chain View

48
Q

offer producers greater efficiency in making goods available to target markets

A

Intermediaries

49
Q

refers to disagreement over goals, roles, and rewards by channel members

A

Channel Conflict

50
Q

consists of one or more independent producers, wholesalers, and retailers

A

Conventional Distribution Systems

51
Q

provide channel leadership and consist of producers, wholesales, and retailers acting as a unified system and consist of corporate, contractual, and administered marketing systems

A

Vertical Marketing System

52
Q

integrates successive stages of production and distribution under single ownership

A

Corporate Vertical Marketing System

53
Q

consists of independent firms at different levels of production and distribution who join together through contracts to obtain more economies or sales impact than each could achieve alone

A

Contractual Vertical Marketing System

54
Q

links several stages in the production distribution process; most common type of contractual relationship

A

Franchise Organization

55
Q

a few dominant channel members without common ownership

A

Administered Vertical Marketing System

56
Q

when two or more companies at one level join together to follow a new marketing opportunity

A

Horizontal Marketing Systems

57
Q

a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments

A

Multichannel Distribution Systems

58
Q

occurs when product or service producers cut out intermediaries and go directly to final buyers, or when radically new types of channel intermediaries displace traditional ones

A

Disintermediation

59
Q

channel objective that involves stocking the product in as many outlets as possible

A

Intensive Distribution

60
Q

channel objective that involves giving a limited number of dealers the exclusive right to distribute the company’s products in their territories

A

Exclusive Distribution

61
Q

channel objective that involves the use of more than one but fewer than all the intermediaries who are willing to carry the company’s products

A

Selective Distribution

62
Q

involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet consumer requirements at a profit

A

Marketing Logistics

63
Q

managing upstream and downstream value added flows of materials, final goods, related information among suppliers, the company, resellers, and final consumers

A

Supply Chain Management

64
Q

affects the pricing of products, delivery performance, and condition of goods when they arrive

A

Transportation

Business (9 decks)

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