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Marketing Test #3 Flashcards

(64 cards)

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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
Used when a company sells a product at two or more prices even though the difference is not based on cost
Segmented Pricing
26
sellers consider the psychology of prices and not simply the economics
Psychological Pricing
27
prices that buyers carry in their minds and refer to when looking at a given product
Reference Prices
28
when prices are temporarily priced below list price or cost to increase demand
Promotional Pricing
29
involves setting prices for customers located in different parts of the country or world
Geographical Pricing
30
pricing strategy in which goods are placed free on board a carrier; customer pays the freight from the factory to the destination
FOB origin Pricing
31
pricing strategy in which the company charges the same price plus freight to all customers, regardless of their location
Uniform delivered Pricing
32
a geographical pricing strategy in which the company sets up two or more zones
Zone Pricing
33
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
Basing-point Pricing
34
geographical pricing strategy in which the seller absorbs all or part of the freight charges to get the desired business
Freight-absorption Pricing
35
adjusting prices continually to meet the characteristics and needs of individual customers and situations
Dynamic Pricing
36
when prices are set in a specific country based on country-specific factors
International Pricing
37
sellers must set prices without talking to competitors. price collusion is suspected
Price Fixing
38
selling below cost with the intention of punishing a competitor or gaining higher long-term profits by putting competitors out of business
Predatory Pricing
39
prevents unfair price discrimination by ensuring that the seller offers the same price terms to customers at a given level of trade
Robinson Patman Act
40
when a manufacturer requires a dealer to charge a specific retail price for its products
Retail Price Maintenance
41
occurs when a seller states prices or price savings that mislead consumers or are not actually available to consumers
Deceptive Pricing
42
include raw material suppliers, components, parts, information, finances, and expertise to create a product or service
Upstream Partners
43
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
Value Delivery Network
44
include the marketing channels or distribution channels that look toward the customer
Downstream Partners
45
a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
Marketing Channel
46
"make and sell" view includes the firm's raw materials, productive inputs, and factory capacity
Supply Chain View
47
"sense and respond" view suggests that planning starts with the needs of the target customer
Demand Chain View
48
offer producers greater efficiency in making goods available to target markets
Intermediaries
49
refers to disagreement over goals, roles, and rewards by channel members
Channel Conflict
50
consists of one or more independent producers, wholesalers, and retailers
Conventional Distribution Systems
51
provide channel leadership and consist of producers, wholesales, and retailers acting as a unified system and consist of corporate, contractual, and administered marketing systems
Vertical Marketing System
52
integrates successive stages of production and distribution under single ownership
Corporate Vertical Marketing System
53
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
Contractual Vertical Marketing System
54
links several stages in the production distribution process; most common type of contractual relationship
Franchise Organization
55
a few dominant channel members without common ownership
Administered Vertical Marketing System
56
when two or more companies at one level join together to follow a new marketing opportunity
Horizontal Marketing Systems
57
a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments
Multichannel Distribution Systems
58
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
Disintermediation
59
channel objective that involves stocking the product in as many outlets as possible
Intensive Distribution
60
channel objective that involves giving a limited number of dealers the exclusive right to distribute the company's products in their territories
Exclusive Distribution
61
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
Selective Distribution
62
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
Marketing Logistics
63
managing upstream and downstream value added flows of materials, final goods, related information among suppliers, the company, resellers, and final consumers
Supply Chain Management
64
affects the pricing of products, delivery performance, and condition of goods when they arrive
Transportation

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