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160 notecards = 40 pages (4 cards per page)

Viewing:

Marketing Exam 2

front 1

Good

back 1

A tangible physical entity

front 2

Service

back 2

An intangible result of the application of human and mechanical efforts to people or objects

front 3

Idea

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A concept, philosophy, image, or issue

front 4

Consumer Products

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Products purchased to satisfy personal and family needs

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Business Products

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Products bought to use in a firm’s operations, to resell, or to make other products

front 6

Convenience Products

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Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

front 7

Shopping Products

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Items for which buyers are willing to expend considerable effort in planning and making purchases

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Specialty Products

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Items with unique characteristics that buyers are willing to expend considerable effort to obtain

front 9

Unsought Products

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Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying

front 10

Installations

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Facilities and non-portable major equipment

front 11

Accessory Equipment

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Equipment that does not become part of the final physical product but is used in production or office activities

front 12

Raw Materials

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Basic natural materials that become part of a physical product

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Component Parts

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Items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly

front 14

Process Materials

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Materials that are used directly in the production of other products but are not readily identifiable

front 15

MRO Supplies

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Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product

front 16

Business Services

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Intangible products that many organizations use in their operations

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Product Item

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A specific version of a product that can be designated as a distinct offering among a firm’s products

front 18

Product Line

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A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

front 19

Product Mix

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The composite, or total, group of products that an organization makes available to customers

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Width of Product Mix

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The number of product lines a company offers

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Depth of Product Mix

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The average number of different products offered in each product line

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Product Life Cycle

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The progression of a product through four stages: introduction, growth, maturity, and decline

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Introduction Stage

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The initial stage of a product’s life cycle; its first appearance in the marketplace when sales start at zero and profits are negative

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Growth Stage

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The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline

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Maturity Stage

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The stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall

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Decline Stage

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The stage of a product’s life cycle when sales fall rapidly

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Production Adoption Process

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The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption

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Innovators

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First adopters of new products

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Early Adopters

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People who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters

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Early Majority

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Individuals who adopt a new product just prior to the average person

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Late Majority

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Skeptics who adopt new products when they feel it is necessary

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Laggards

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The last adopters, who distrust new products

front 33

Line Extension

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Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs

front 34

Production Modification

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Means changing one or more characteristics of a product

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Quality Modification

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Changes relating to a product’s dependability and durability

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Functional Modification

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Changes affecting a products versatility, effectiveness, convenience, or safety

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Aesthetic Modification

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Changes relating to the sensory appeal of a product

front 38

New-Product Development Process

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A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization

front 39

Idea Generation

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Seeking product ideas to achieve organizational objectives

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Screening

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Selecting the ideas with the greatest potential for further review

front 41

Concept Testing

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Seeking a sample of potential buyers’ responses to a product idea

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Business Analysis

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Evaluating the potential impact of a product idea on the firm’s sales, costs, and profits

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Product Development

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Determining if producing a product is technically feasible and cost effective

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Test Marketing

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A limited introduction of a product in geographic areas chosen to represent the intended market

front 45

Commercialization

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Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product

front 46

Product Differentiation

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Creating and designing products so that customers perceive them as different from competing products

front 47

Quality

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The overall characteristics of a product that allow it to perform as expected in satisfying customer needs

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Level of Quality

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The amount of quality a product possess

front 49

Consistency of Quality

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The degree to which a product has the same level of quality over time

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Product Design

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How a product is conceived planned, and produced

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Styling

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The physical appearance of a product

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Product Features

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Specific design characteristics that allow a product to perform certain tasks

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Customer Services

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Human or mechanical efforts or activities that add value to a product

front 54

Product Deletion

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Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers

front 55

Product Manager

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The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group

front 56

Brand Manager

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The person responsible for a single brand

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Marketing Manager

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The person responsible for managing the marketing activities that serve a particular group of customers

front 58

Venture Team

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A cross functional group that creates entirely new products that may be aimed at new markets

front 59

Intangibility

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The characteristic that a service is not physical and cannot be perceived by the senses

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Inseparability

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The quality of being produced and consumed at the same time

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Perishability

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The inability of unused service capacity to be stored for future use

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Heterogeneity

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Variation in quality

front 63

Client-Based Relationships

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Interactions that result in satisfied customers who use a service repeatedly over time

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Customer Contact

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The level of interaction between provider and customer needed to deliver the service

front 65

Service Quality

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Customers’ perceptions of how well a service meets or exceeds their expectations

front 66

Search Qualities

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Tangible attributes that can be judged before the purchase of a product

front 67

Experience Qualities

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Attributes that can be assessed only during purchase and consumption of a service

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Credence Qualities

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Attributes that customers may be unable to evaluate even after purchasing and consuming a service

front 69

Nonprofit Marketing

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Marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment

front 70

Target Public

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A collective of individuals who have an interest in or concern about an organization, product, or social cause

front 71

Client Publics

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Direct consumers of a product of a nonprofit organization

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General Publics

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Indirect consumers of a product of a nonprofit organization

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Opportunity Cost

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The value of the benefit given up by choosing one alternative over another

front 74

Brand

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A name, term, design, symbol, or other feature that identifies one marketer’s product as distinct from those of other marketers

front 75

Brand Name

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The part of a brand that can be spoken, including letters, words, and numbers

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Brand Mark

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The part of a brand that is not made up of words, such as a symbol or design

front 77

Trademark

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A legal designation of exclusive use of a brand

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Trade Name

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The full legal name of an organization

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Brand Loyalty

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A customer’s favorable attitude toward a specific brand

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Brand Recognition

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The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable

front 81

Brand Preference

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The degree of brand loyalty in which a customer prefers one brand over competitive offerings

front 82

Brand Insistence

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The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute

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Brand Equity

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The marketing and financial value associated with a brand’s strength in a market

front 84

Manufacturer Brand

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A brand initiated by producers to ensure that producers are identified with their products at the point of purchase

front 85

Private Distributor Brand

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A brand initiated and owned by a reseller

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Generic Brand

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A brand indicating only the product category

front 87

Individual Branding

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A branding strategy in which each product is given a different name

front 88

Family Branding

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Branding all of a firm’s products with the same name or part of the name

front 89

Brand Extension

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An organization uses one of its existing brands to brand a new product in a different product category

front 90

Co-Branding

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Using two or more brands on one product

front 91

Brand Licensing

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An agreement whereby a company permits another organization to use its brand on other products for a licensing fee

front 92

Family Packaging

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Using similar packaging for all of a firm’s products or packaging that has one common design element

front 93

Labeling

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Providing identifying, promotional, or other information on package labels

front 94

Universal Product Code (UPC)

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A series of electronically readable lines identifying a product and containing inventory and pricing information

front 95

Price

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The value paid for a product in a marketing exchange

front 96

Barter

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The trading of products

front 97

Price Competition

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Emphasizing price as an issue and matching or beating competitors’ prices

front 98

Non-price Competition

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Emphasizing factors other than price to distinguish a product from competing brands

front 99

Demand Curve

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A graph of the quantity of products expected to be sold at various prices if other factors remain constant

front 100

Price Elasticity of Demand

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A measure of the sensitivity of demand to changes in price

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Fixed Costs

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Costs that do not vary with changes in the number of units produced or sold

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Average Fixed Cost

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The fixed cost per unit produced

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Variable Costs

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Costs that vary directly with changes in the number of units produced or sold

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Average Variable Cost

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The variable cost per unit produced

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Total Cost

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The sum of average fixed and average variable costs times the quantity produced

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Average Total Cost

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The sum of the average fixed cost and the average variable cost

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Marginal Cost (MC)

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The extra cost incurred by producing one more unit of a product

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Marginal Revenue (MR)

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The change in total revenue resulting from the sale of an additional unit of a product

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Break-Even Point

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The point at which the costs of producing a product equal the revenue made from selling the product

front 110

Internal Reference Price

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A price developed in the buyer’s mind through experience with the product

front 111

External Reference Price

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A comparison price provided by others

front 112

Value Conscious

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Concerned about price and quality of a product

front 113

Price Conscious

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Striving to pay low prices

front 114

Prestige Sensitive

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Drawn to products that signify prominence and status

front 115

Price Discrimination

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Employing price differentials that inure competition by giving one or more buyers a competitive advantage

front 116

Trade (Functional) Discount

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A reduction off the list price a producer gives to an intermediary for performing certain functions

front 117

Quantity Discounts

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Deductions from the list price for purchasing in large quantities

front 118

Cumulative Discounts

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Quantity discounts aggregated over a stated time period

front 119

Noncumulative Discounts

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Onetime price reductions based on the number of units purchased, the dollar value of the order, or the product mix purchased

front 120

Cash Discounts

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Price reductions given to buyers for prompt payment or cash payment

front 121

Seasonal Discount

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A price reduction given to buyers for purchasing goods or services out of season

front 122

Allowance

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A concession in price to achieve a desired goal

front 123

Geographic Pricing

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Reductions for transportation and other costs related to the physical distance between buyer and seller

front 124

F.O.B. Factory

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The price of merchandise at the factory before shipment

front 125

F.O.B. Destination

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A price indicating the producer is absorbing shipping costs

front 126

Uniform Geographic Pricing

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Charging all customers the same price, regardless of geographic location

front 127

Zone Pricing

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Pricing based on transportation costs within major geographic zones

front 128

Base-Point Pricing

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Geographic pricing that combines factory price and freight charges from the base point nearest the buyer

front 129

Freight Absorption Pricing

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Absorption of all or part of actual freight costs by the seller

front 130

Transfer Pricing

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Prices charged in sales between an organization’s units

front 131

Pricing Objectives

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Goals that describe what a firm wants to achieve through pricing

front 132

Cost-Based Pricing

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Adding a dollar amount or percentage to the cost of the product

front 133

Cost-Plus Pricing

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Adding a specified dollar amount or percentage to the seller’s cost

front 134

Markup Pricing

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Adding to the cost of the product a predetermined percentage of that cost

front 135

Demand-Based Pricing

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Pricing based on the level of demand for the product

front 136

Competition-Based Pricing

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Pricing influenced primarily by competitors’ prices

front 137

Differential Pricing

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Charging different prices to different buyers for the same quality and quantity of product

front 138

Negotiated Pricing

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Establishing a final price through bargaining between seller and customer

front 139

Secondary-Market Pricing

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Setting one price for the primary target market and a different price for another market

front 140

Periodic Discounting

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Temporary reduction of prices on a patterned or systematic basis

front 141

Random Discounting

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Temporary reduction of prices on an unsystematic basis

front 142

Price Skimming

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Charging the highest possible price that buyers who most desire the product will pay

front 143

Penetration Pricing

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Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly

front 144

Product-Line Pricing

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Establishing and adjusting prices of multiple products within a product line

front 145

Captive Pricing

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Pricing the basic product in a product line low, while pricing related items higher

front 146

Premium Pricing

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Pricing the highest-quality or most versatile products higher than other models in the product line

front 147

Bait Pricing

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Pricing an item in a product line low with the intention of selling a higher-priced item in the line

front 148

Price Lining

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Setting a limited number of prices for selected groups or lines of merchandise

front 149

Psychological Pricing

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Pricing that attempts to influence a customer’s perception of price to make a product’s price more attractive

front 150

Reference Pricing

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Pricing a product at a moderate level and displaying it next to a more expensive model or brand

front 151

Bundle Pricing

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Packaging together two or more complementary products and selling them at a single price

front 152

Multiple-Unit Pricing

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Packaging together two or more identical products and selling them at a single price

front 153

Everyday Low Prices (EDLP)

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Pricing products low on a consistent basis

front 154

Odd-Even Pricing

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Ending the price with certain numbers to influence buyers’ perceptions of the price or product

front 155

Customary Pricing

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Pricing on the basis of tradition

front 156

Prestige Pricing

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Setting prices at an artificially high level to convey prestige or a quality image

front 157

Professional Pricing

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Fees set by people with great skill or experience in a particular field

front 158

Price Leaders

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A product priced below the usual markup, near cost, or below cost

front 159

Special-Event Pricing

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Advertised sales or price cutting linked to a holiday, a season, or an event

front 160

Comparison Discounting

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Setting a price at a specific level and comparing it with a higher price