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DECA Marketing Cluster Exam Vocab 2016

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Account Manager
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Vendor representative in charge of specific customers or channel partners
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Agent
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An independent company or person who resells a product or service
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Bar Code
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A unique identification code on products, pallets and coupons. The code is read by an electronic scanner for receiving, ordering and inventory control purposes
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Channel
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A means that a manufacturer may market and sell products to end users and consumers. A system used for extending sales beyond a company’s internal resources, using partners such as resellers and retailers. Members of a channel may include: a direct sales force, resellers, distributors, retailers, agents, dealers, catalogs, or websites
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Channel Captain
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A channel partner who is given a leadership role to help organize the channel and prevent conflict.
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Channel Management
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A process by which a company creates formalized programs for selling and servicing customers within a specific channel
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Channel of Distribution
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A specified and orgnanized network of agencies and institutions which in combination perform all the functions required to link merchandisers with end customers to accomplish the marketing task of distribution
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Channel Partner
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A company who a manufacturer partners with to market and sell the manufacturer’s products and/or services; might be a reseller, distributor, retailer, agent, or dealer
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Co-Branding
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Going to the market with mulitple brands tied to a product or service
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Consumer
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Also called a “customer”, a consumer is a person or company a product/service is sold to and who will make use of the product
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Distribution
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A chain of delivery from a manufacturer to a store
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Distributor
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One that markets and or sells a product; typically a wholesaler or other intermediary who helps move a product from the manufacturer to a company that is authorized to sell the product on behalf of the manufacturer
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Diversion
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The reselling of a product by a partner without agreement from the vendor
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Dual Distribution
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Occurs when a producer is allowed to use different channels to reach the same market as long as they are not enagaging in unfair competition
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E-Commerce
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The exchange of goods, information products, or services via an electronic medium such as the Internet.
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Exclusive Dealing
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Forbidding an intermediary to carry a competitior’s products is anticompetitive and is illegal if it blocks competitors from 10% of the market, if sales revenues are sizeable, and if the manufacturer is larger than the dealer
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Full-Line Forcing
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Requiring a channel member to carry an entire product line in order to obtain any of the supplier’s products, and is illegal if it does not service a legitimate business need
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Grey Market
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An unofficial market in which products are bought and sold at prices lower than the authorized prices
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Incentive Program
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Any program used to motivate sales or performance, or any behavior to achieve desired results usually in a specific time frame
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Inventory Control
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Managing inventory to insure the proper amount is on hand and ordered so the right amount is on hand but not oversupplied
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Inventory Shrinkage
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A reduction in inventory caused by theft, spoilage, damage, or an unknown reason
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JIT
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“Just-in-time” is an inventory system that allows parts to arrive just as they are needed. It is used in many manufacturing plants, reduces excess inventory on hand and reduces the need for large warehouses and associated costs
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Manufactorer
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The company that develops, creates, and/or manufacturers a product or who has proprietary rights to a product
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OEM
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Original Equipment Manufacturer. A company that produces equipment made from components that are typcially purchased from other manufacturers
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Partner
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Company which has an official recognition in a channel and provides extended sales reach to a vendor. Also known as providers, members, and middlemen
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Performance ROI
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Performance Return on Investment. The numeric value of incremental revenues and profit gained by a specific trade channel program
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Profit Margin
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The amount of every dollar of sales a company actually keeps as profit
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Provider
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A company that provides reach to the vendor as part of the channel. For legal reasons, some vendors prefer the term provider rather than partner
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Pull Strategy
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Promotional acts of creating interest in a specific product within a target audience who then demands the product from channel partners, causing the product to be “pulled” through the manufacturer’s sales channels
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Push Strategy
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The act of “pushing” a product through a marketing channel by employing trade promotions or other activities that incent the channel to pruchase the product
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Reseller
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Independent companies which are authorized to purchase and resell a manufacturer’s products
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SPIF/SPIFF
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Sales Performance Incentive Fund / Special Performance Incentive for Field Force These incentives are financial rewards used to incent the behavior and activity that will lead to specific goals and achievement or short-term sales objectives
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Stuffing
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A practice used by a vendor to inflate sales and earnings figures by delivering products to the channel ahead of schedule
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Trade Channel Program
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A manufacturer-initiated sales or marketing promotional campaign that is targeted at channel partners
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Trade Industry
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The industry of purchasing products from manufacturers for resale to the others; members include retailers, wholesalers, resellers, and agents
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Trade Promotion
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A sales or marketing promotional campaign targeted at a segment in the sales channel rather than at the end consumer
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Two-Level Channel
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Occurs when a retailer is between the producer and consumer
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Tying Arrangement
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Occurs when a channel member is required to buy additional products in order to be able to purchase a certain product. This is illegal if it promotes unfair competition
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Vendor
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A company which provides product and organizes a channel to sell it
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Wholesaler
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A member of a company’s channel who purchases products from the manufacturer, holds an inventory, and then distributes products to authorized channel partners; provides cost and delivery efficiencies
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Zero-Level Channel
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A direct connection between producer and consumer
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Activity-Based Cost
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Accounting procedures that can quantify the true profitability of different activities by identifying their actual cost
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Capital Items
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Durable goods that help develop or manage the finished product
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Company-Sales Forecast
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The estimated level of sales based on a marketing plan and an assumed marketing environment
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Corporate Culture
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The shared experiences, stories, beliefs, and norms that characterize an organization
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Database Marketing
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The process of building, maintaining, and using databases for the purpose of contacting, transacting, and building customer relationships
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Demographics
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The description of outward traits that characterize a group of people, such as age, sex, nationality, marital status, education, occupation or income. Decisions on market segmentation are often based on demographic data
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Direct Marketing
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The use of consumer-direct channels to reach and deliver goods and services to customers without using a middleman
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E-Marketing
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Company efforts to inform buyers, communicate, promote, and sell its products and services over the Internet
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Fad
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A short-lived, unpredictable trend that is without social, economic, and political significance
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Focus Group
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A qualitative research technique in which a group of about eight people is invited to a neutral venue to discuss a given subject. The principle is the same as an in-depth interview, except that group dynamics help to make the discussion livelier and more wide-ranging. Qualitative groups enable the researcher to probe deeper into specific areas of interest (for example, the nature of commitment to a brand). The result adds richer texture to the understanding of broader data (for example, quantitative), which may paint general trends or observations. Also known as a group discussion
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Forecasting
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Anticipating what buyers are likely to do under a given set of conditions
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Frequency Programs
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Designed to provide rewards to customers who make purchases on a regular basis and/or in substantial amounts
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Loyalty
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A commitment to buy again a preferred product or service
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Relative Market Share
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Market share in relation to a company’s largest competitor
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Risk Analysis
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A method by which possible rates of returns and their probabilities are calculated by obtaining estimates for uncertain variables affecting profitability. This type of analysis can assist businesses in making better decisions
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Average mark-up
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The sum dollar mark-up of all items sold divided by the number of items sold. This figure will reflect an average gross profit for all items sold
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Bait and Switch
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Attracting customers by advertising a sale on a certain item and then pressuring them to buy a higher-priced alternative
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Bracket Pricing
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A price schedule based on the number of cases a retailer orders. The greater the quantity ordered, the lower the price per case. Also called a volume or quantity discount
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Break-Even Point
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The point at which revenue equals total costs. After this point, a business will be making a profit
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Cash Discount
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A price reduction for customers who pay their bills on time
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Competition-Oriented Pricing
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Basing a company’s prices off the prices of competitors
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Competitor-Based Pricing
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A pricing method used to set price for a product or service based on the competitor’s product prices.
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Conjoint Analysis
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A market research method of exploring the relationship between percieved elements of customer value and price
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Consumer Perception
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The way in which a consumer views a product, price, company, brand, etc. Perceptions are opinions. Ex: that product is cool; those shoes are too expensive for their quality
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Cost Price
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Purchase price of a product or service
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Cost-Oriented Pricing
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Uses the cost of acquiring or producing a product and all other business expenses as a basis for the price of that product
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Customer Value
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Quantification of the perceived value of the product or service from a customer’s view
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Customer Willingness
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Refers to the maximum price a customer is willing to pay for a product or service
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Demand-Oriented Pricing
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A method used when marketers try to determine what consumers are willing to pay for a product
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Discount Price
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Lowering your retail price below the normal retail price set originally
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Dynamic Pricing
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A pricing method used to set prices time-dependent. This method is most often used in the tourist industry, or reverse auction bidding
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Every Day Low Prices
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Practice in which discounts are eliminated to provide consistently low prices
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Exploit
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To take advantage of a situation in a selfish way
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Fixed Price
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When the normal retail price will not be lowered or raised for a sales promotion or for selling to an individual customer
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Flatrate Pricing
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A pricing method used to set a fixed price for consumption of a product or service over a period of time
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Keystone Margin
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When the cost of an item is doubled to set the retail price, providing a margin of 50% on retail. (This is 100% Mark-up)
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List Price
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The selling price of something as stated in a catalog or price list
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Margin Percentage
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The difference between the cost and retail price of an item ($ mark-up) as a percentage of the retail price. A $10.00 cost item at 50% margin sells for $20.00 retail
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Mark-Up
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The difference between the cost and the retail price of an item expressed in dollars and cents
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Mark-up Percentage
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The difference between the cost and retail price of an item ($ mark-up) as a percentage of the cost. A $10.00 cost item at 50% mark-up sells for $15.00 retail
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Market Share
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A percentage of total sales in a market captured by a certain company
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Markup
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The difference between the cost of a product and its selling price. The basic calculation concerning markup is: Cost + Markup = Retail Price
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Multiple Unit Pricing
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Selling items in multiples (e.g. 5 items for $1.99) to suggest a bargain and help increase sales volume
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Odd-Even Pricing
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Setting prices that all end if either odd or even numbers. Odd numbers ($.99, $7.95, $9.99) suggest the price for the product is a bargain. Even numbers ($10, $50, $100) suggest quality
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Penetration Pricing
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Setting the initial price low with the hope of saturating the market with the product and gaining market share
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Power Pricing
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A pricing method used to aggressively set high prices to maximize profit, but also take significant volume losses into account
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Predatory Pricing (Dumping)
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Selling products at such a low price, even at a loss, to increase market share and eliminate competition only to raise prices once the competitive threat has closed
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Premium Price
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An amount paid in addition to the regular market price as a result of an advantage/higher value over competitor products
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Prestige Pricing
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Setting higher than normal prices to suggest the product has prestige
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Price
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Numerical monetary value assigned to a product or service
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Price Controlling
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A part of systematic price management which main purpose is to monitor and track pricing related efforts and activities
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Price Discrimination
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The practice of selling of the same product to different buyers at different prices
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Price Elasticity
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A measure of the change in demand in response to a change in price of a product or service
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Price Fixing
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An agreement between two or more parties, generally considered to be competitors, to set, maintain, and charge a specified price for a particular product. Horizontal Price Fixing is an unlawful practice in a free market because it is can stifle innovation, artificially raise prices, create inefficiency, and possibly create a monopoly in which output is reduced and prices are raised
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Price Follower
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Competitors in the market which follow the price related actions of a price leader
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Price-Leader
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Dominant competitor in the market who initiates price related actions such as setting, increasing or cutting prices
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Price Lining
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Selling all products in a given category at certain prices. Ex: all the jeans in a clothing store may either be priced at $35, $45, or $60
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Price Segmentation
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Price segmentation (offering different prices to different market segments) increases overall revenues and profits, and it is particularly beneficial to industries that have high fixed cost structures. Obviously, price segmentation works better to the extent to which there are real customer need segments and to which you can effectively isolate those segments. As an example, imagine that your business only offers one product priced at $5. But some consumers are willing to pay up to $8. You are leaving $3 on the table for each of them. Other consumers are more price-sensitive and only willing to pay $3. You do not get any of their business. With price segmentation more revenue is generated by offering three prices — $3, $5 and $8 – instead of just one — $5. Prices can be segmented in the following ways: • By time (higher hotel room rates for holidays and other peak tourist seasons) • By location (higher prices in locations with less competition or in which less price-sensitive shoppers shop, orchestra versus balcony seats in a theater) • By volume (volume discounts for large orders) • By product attribute (first class vs. coach section on airplanes; solid brass vs. plastic faucets) • By product bundling – examples: selling software in product suites vs. by the program selling e-Learning by library vs. the individual course fixed price versus a la cart menus “fully-loaded” models versus “basic” models with additional options available single admission ticket at theme parks versus charging per ride By customer segment (brand-loyal vs. price-sensitive vs. convenience-oriented or image-conscious vs. economy-oriented) Other price/value considerations • Pricing strategy should consider these factors: (1) perceived customer value, (2) competitive response, (3) channels of distribution, (4) cost parameters and (5) congruence with the brand position • Constantly explore new ways to uniquely add customer value to your products and services • In creating greater customer value, always ask, “How can we make it quicker, easier, less risky, or more pleasant to do business with us?” Ask, “What could we do that would favorably surprise and delight our customers?” • Communicate the value of services that you provide for free • Providing value-added products and services at “no charge” is superior to price discounting as a short-term purchase incentive because it preserves the value of the brand • Be careful to price your products and services to reward brand-loyal (versus brand-switching) behavior
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Price War
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A situation in which two or more companies tend to cut prices for competing products to retain or gain market share
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Product Bundle Pricing
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A method in which several products are offered for one sale, and is often marked at a discounted price compared to each product individually
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Profit Maximization
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The ability for a company to achieve its maximum profit
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Psychological Pricing
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Pricing techniques that change the perception of a product (e.g. it’s a bargain; it’s high quality)
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Quantity Discount
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A price reduction offered to customers who buy large amounts of a product
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Retail Price
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The dollar amount you set as the normal retail price
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Sales Allowance
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A type of of reduction from the list price of an item. Ex: receiving a $4,000 deduction from the sticker price for trading in an old car when buying a new car
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Seasonal Discount
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Lower-than-normal price offered as an incentive for buyers to make out-of-season purchases for goods or services
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Sherman Anti-Trust Act
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Passed in 1890, it prohibits certain business activities that the federal government believes are anticompetitive. The legislation has been used to combat monopolies
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Skimming
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Setting the initial price high in hopes of capitalizing on the high demand for a new product
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Survival Pricing
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Pricing products to cover variable costs to simply stay in business
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Target Price
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A price which a buyer or a seller wants to achieve during the negotiation process
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Trade Discount
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A price reduction offered by the seller to members in a certain trade channel. If a manufacturer does frequent business with a wholesaler, they might give them a discount on certain products
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Unit Cost
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The dollar cost for a single item
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Awareness
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The percentage of population or target market who are aware of the existence of a given brand or company. There are two types of awareness: spontaneous, which measures the percentage of people who spontaneously mention a particular brand when asked to name brands in a certain category; and prompted, which measures the percentage of people who recognize a brand from a particular category when shown a list
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Brand
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A brand is a mixture of attributes, tangible and intangible, symbolized in a trademark, which, if managed properly, creates value and influence. Value has different interpretations: from a marketing or consumer perspective it is “the promise and delivery of an experience”; from a business perspective it is “the security of future earnings”; from a legal perspective it is “a separable piece of intellectual property.” Brands offer customers a means to choose and enable recognition within cluttered markets
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Brand Architecture
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How an organization structures and names the brands within its portfolio. There are three main types of brand architecture system: monolithic, where the corporate name is used on all products and services offered by the company; endorsed, where all sub-brands are linked to the corporate brand by means of either a verbal or visual endorsement; and freestanding, where the corporate brand operates merely as a holding company, and each product or service is individually branded for its target market
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Brand Association
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The feelings, beliefs and knowledge that consumers (customers) have about brands. These associations are derived as a result of experiences and must be consistent with the brand positioning and the basis of differentiation
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Brand Commitment
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The degree to which a customer is committed to a given brand in that they are likely to re-purchase/re-use in the future. The level of commitment indicates the degree to which a brand’s customer franchise is protected from competitors
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Brand Earnings
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The share of a brand-owning business’s cashflow that can be attributed to the brand alone
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Brand Equity
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The sum of all distinguishing qualities of a brand, drawn from all relevant stakeholders, that results in personal commitment to and demand for the brand; these differentiating thoughts and feelings make the brand valued and valuable
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Brand Essence
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The brand’s promise expressed in the simplest, most single-minded terms. The most powerful brand essences are rooted in a fundamental customer need. For example: FED EX, when it has to get there
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Brand Experience
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The means by which a brand is created in the mind of a stakeholder. Some experiences are controlled such as retail environments, advertising, products/services, websites, etc. Some are uncontrolled like journalistic comment and word of mouth. Strong brands arise from consistent experiences which combine to form a clear, differentiated overall brand experience
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Brand Extension
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Leveraging the values of the brand to take the brand into new markets/sectors
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Brand Identity
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The outward expression of the brand, including its name and visual appearance. The brand’s identity is its fundamental means of consumer recognition and symbolizes the brand’s differentiation from competitors
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Brand Image
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The customer’s net “out-take” from the brand. For users this is based on practical experience of the product or service concerned (informed impressions) and how well this meets expectations; for non-users it is based almost entirely upon uninformed impressions, attitudes and beliefs
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Brand Licensing
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The leasing by a brand owner of the use of a brand to another company. Usually a licensing fee or royalty rate will be agreed for the use of the brand
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Brand Management
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Practically this involves managing the tangible and intangible aspects of the brand. For product brands the tangibles are the product itself, the packaging, the price, etc. For service brands (see Service Brands), the tangibles are to do with the customer experience – the retail environment, interface with salespeople, overall satisfaction, etc. For product, service and corporate brands, the intangibles are the same and refer to the emotional connections derived as a result of experience, identity, communication and people. Intangibles are therefore managed via the manipulation of identity, communication and people skills
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Brand Parity
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The attribution of human personality traits (seriousness, warmth, imagination, etc.) to a brand as a way to achieve differentiation. Usually done through long-term above-the-line advertising and appropriate packaging and graphics. These traits inform brand behavior through both prepared communication/packaging, etc., and through the people who represent the brand – its employees
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Brand Personality
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The attribution of human personality traits (seriousness, warmth, imagination, etc.) to a brand as a way to achieve differentiation. Usually done through long-term above-the-line advertising and appropriate packaging and graphics. These traits inform brand behavior through both prepared communication/packaging, etc., and through the people who represent the brand – its employees
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Brand Positioning
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The distinctive position that a brand adopts in its competitive environment to ensure that individuals in its target market can tell the brand apart from others. Positioning involves the careful manipulation of every element of the marketing mix
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Brand Valuation
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The process of identifying and measuring the economic benefit – brand value – that derives from brand ownership
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Branding
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Selecting and blending tangible and intangible attributes to differentiate the product, service or corporation in an attractive, meaningful and compelling way
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Co-Branding
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The use of two or more brand names in support of a new product, service or venture
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Consumer Packaged Goods
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Describes inventory that is in such a form that is ready for sale to consumers
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Consumer Product
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Goods (consumer goods) or services (consumer services) purchased for private use or for other members of the household
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Consumer Protection Laws
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Government regulations designed and implemented to ensure fair competition and the free flow of truthful information in the marketplace
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Core Competencies
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Relates to a company’s particular areas of skill and competence that best contribute to its ability to compete
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Corporate Identity
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At a minimum, is used to refer to the visual identity of a corporation (its logo, signage, etc.), but usually taken to mean an organization’s presentation to its stakeholders and the means by which it differentiates itself from other organizations
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Counterfeiting
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When an organization or individual produces a product that looks like a branded product and is packaged and presented in a manner to deceive the purchaser
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Country of Origin
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The country from which a given product comes. Customers’ attitudes to a product and their willingness to buy it tend to be heavily influenced by what they associate with the place where it was designed and manufactured
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Customer Characteristics
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All distinguishing, distinctive, typical or peculiar characteristics and circumstances or customers that can be used in market segmentation to tell one group of customers from another
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Customer Relationship Management (CRM)
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Tracking customer behavior for the purpose of developing marketing and relationship-building processes that bond the consumer to the brand. Developing software or systems to provide one-to-one customer service and personal contact between the company and the customer
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Customer Service
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The way in which the brand meets its customers’ needs via its various different channels (for example, over the telephone or Internet in the case of remote banking, or in person in the case of retail or entertainment)
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Differential Product Advantage
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A feature of a product that is valuable to customers and is not found in other products of the same category
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Differentiation
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Creation or demonstration of unique characteristics in a company’s products or brands compared to those of its competitors
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Differentiator
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Any tangible or intangible characteristic that can be used to distinguish a product or a company from other products and companies
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Diversification
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A product-market strategy that involves the development or acquisition of offerings new to the organization and/or the introduction of those offerings to the target markets not previously served by the organization
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Diversion
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When genuine product is sold to a buyer in one market/channel and then resold by the same buyer into another market/channel, without the consent or authority of the brand owner, to take advantage of a price arbitrage situation. Definition also applies to parallel trade, gray market or gray market activities
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Endorsed Brand
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Generally a product or service brand name that is supported by a masterbrand – either dominantly e.g. Nestle Kit-Kat
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FMCG
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Fast Moving Consumer Goods. An expression used to describe frequently purchased consumer items, such as foods, cleaning products and toiletries
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Freestanding Brand
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A brand name and identity used for a single product or service in a portfolio, which is unrelated to the names and identities of other products in the company’s portfolio
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Goods
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A product consisting predominantly of tangible values. Almost all goods, however, have intangible values to a greater or lesser extent
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Guarantee
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Similar to a warranty, it is intended to correct a problem with a product or service and focuses on a specific aspect of that product or service
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Image
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A dynamic and profound affirmation of the nature, culture, and structure of an organization
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Intangibles
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“Intangible” – incapable of being touched. (1) Intangible assets – trademarks, copyrights, patents, design rights, proprietary expertise, databases, etc. (2) Intangible brand attributes – brand names, logos, graphics, colors, shapes and smell
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Launch
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The initial marketing of a new product in a particular market. The way in which the launch is carried out greatly affects the product’s profitability throughout its lifecycle
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Market Position
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A measure of the position of a company or product on a market. Defined as market share multiplied by share of mind
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Market Segment
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A group of customers who (a) share the same needs and values, (b) can be expected to respond in much the same way to a company’s offering, and (c) command enough purchasing power to be of strategic importance to the company
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Market Share
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A company’s share of total sales of a given category of product on a given market. Can be expressed either in terms of volume (how many units sold) or value (the worth of units sold)
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Masterbrand
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A brand name that dominates all products or services in a range or across a business. Sometimes used with sub-brands, sometimes used with alpha or numeric signifiers
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Monolithic Brand
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A single brand name that is used to “masterbrand” all products or services in a range. Individual products are nearly always identified by alpha or numeric signifiers. Companies like Mercedes and BMW favor such systems
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Multibrand Strategy/ Multiple Branding
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Marketing of two or more mutually competing products under different brand names by the same company. The motive may be that the company wishes to create internal competition to promote efficiency, or to differentiate its offering to different market segments, or to get maximum mileage out of established brands that it has acquired. When a company has achieved a dominant market share, multibrand strategy may be its only option for increasing sales still further without sacrificing profitability. For example, Lever Brothers sells washing powders under the Persil, Omo and Surf names; Cadbury sells chocolates under the Dairy Milk, Bournville and Fruit & Nut names; Heinz sells canned convenience foods under the Baked Beans, Spaghetti Hoops and Alphabetti Spaghetti names
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Niche (Niche Market)
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A distinct segment of a market
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OEM Market
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OEM stands for Original Equipment Manufacturers. The OEM market consists of companies that use another company’s product as a component in their own production. A manufacturer of ball bearings, for example, sells both to OEM customers who build the bearings into machines and to end users who need the bearings as spare parts for machines that they have bought from the OEMs. Most manufacturing companies thus have an OEM market and a replacement market. The latter is usually called the MRO market or aftermarket
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Offering
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What a company offers for sale to customers. An offering includes the product and its design, features, quality, packaging, distribution, etc., together with associated services such as financing, warranties and installation. The name and brand of the product are also part of the offering
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Packaging Design
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The design of the pack format and graphics for a product brand
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Parent Brand
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A brand that acts as an endorsement to one or more sub-brands within a range.
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Passing Off
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The name given to a legal action brought to protect the “reputation” of a particular trademark/brand/get up. In essence, the action is designed to prevent others from trading on the reputation/goodwill of an existing trademark/brand/get up. The action is only available in those countries that recognize unregistered trademark rights (for example the UK and US). In some countries, it is called “unfair competition action.”
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Perceptual Mapping Graphic
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Analysis and presentation of where actual and potential customers place a product or supplier in relation to other products and suppliers. Most perceptual maps show only two dimensions at a time, for example price on one axis and quality on the other. There also are methods of graphically analyzing and presenting measurement data in three or more dimensions
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Positioning
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The process by which marketers work to create an image or identity in the minds of their target market for its product, brand, or organization
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Power Branding
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A strategy in which every product in a company’s range has its own brand name which functions independently, unsupported by either the company’s corporate brand or its other product brands. Power branding is a resource-intensive strategy, since each brand must be commercially promoted and legally protected. This strategy is used mainly by manufacturers of consumer goods. Lever’s and Procter & Gamble’s detergents are good examples of power brands
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Product
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A good or service available to consumers
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Product Brand
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A brand which is synonymous with a particular product offering, for example, Cheerios
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Product Bundling
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Occurs when two or more products are offered to a customer at a single price
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Product Life-Cycle
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A model describing the progress of a product from the inception of the idea, through the main period of sales, to its eventual decline. Introduction, growth, peak, decline are all commonly desribed stages
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Product Mix
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The variety of product lines that a company produces, or that a retailer stocks. Product mix usually refers to the length (the number of products in the product line), breadth (the number of product lines that a company offers), depth (the different varieties of product in the product line), and consistency (the relationship between products in their final destination) of product lines
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Product Opportunity
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The need or desire for a product or service that does not yet exist, noticed by a company or individual
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Product/Service Management
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A marketing function involving developing, obtaining, maintaining, and improving a product or service mix in response to market opportunities
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Rebrand
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When a brand owner revisits the brand with the purpose of updating or revising based on internal or external circumstances. Rebranding is often necessary after an M&A or if the brand has outgrown its identity/marketplace
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Relative Market Share
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Your own company’s market share compared to those of your competitors. A large share confers advantages of scale in product development, manufacturing and marketing. It also puts you in a stronger position in the minds of customers, which has a positive influence on pricing
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Relaunch
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Reintroducing a product into a specific market. The term implies that the company has previously marketed the product but stopped marketing it. A relaunched product has usually undergone one or more changes. It may, for example, be technically modified, rebranded, distributed through different channels or repositioned
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Repositioning
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Communications activities to give an existing product a new position in customers’ minds and so expanding or otherwise altering its potential market. Many potentially valuable products lead an obscure existence because they were launched or positioned in an inadequate manner. It is almost always possible to enhance the value of such products by repositioning them
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Rollout
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The process by which a company introduces a new product or service to different geographical markets or consumer segments
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Service
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An intangible activity performed by other people in exchange for payment. Ex: getting a manicure; or having your car washed
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Service Brand
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A product consisting predominantly of intangible values. “A service is something that you can buy and sell, but not drop on your foot” (The Economist). In this sense, a service is something that you do for somebody, or a promise that you make to them
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Share of Mind
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There are many definitions of share of mind. At its most precise, share of mind measures how often consumers think about a particular brand as a percentage of all the times they think about all the brands in its category. More loosely, share of mind can be defined simply as positive perceptions of the brand obtained by market research. Whereas market share measures the width of a company’s market position, share of mind can be said to measure its depth
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Share of Voice
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The media spending of a particular brand when compared to others in its category
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Sub-Brand
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A product or service brand that had its own name and visual identity to differentiate it from the parent brand
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Tangibles
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“Tangible” – capable of being touched. (1) Tangible assets – manufacturing plant, bricks and mortar, cash, investments, etc. (2) Tangible brand attributes – the product and its packaging. (3) Tangible brand values – useful qualities of the brand known to exist through experience and knowledge
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Top-of-Mind
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What is present in the uppermost level of consciousness; the manufacturer or brand that people in market surveys name first when asked to list products in a specific category. Top-of-mind is the highest degree of share of mind. To attain that position, a company normally needs to have a large share of voice in its category
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Total Quality Management
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A management technique to improve the quality of goods and services, reduce operating costs and increase customer satisfaction
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Trademark
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Any sign capable of being represented graphically which is capable of distinguishing goods or services of one undertaking from those of another undertaking
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Trademark Infringement
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A trademark registration is infringed by the unauthorized use of the registered trademark, or of one that is confusingly similar to it, on the registered goods or services, or in certain circumstances on similar or dissimilar goods and services
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Trendsetter
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Someone or thing that breaks a traditional mold or routine and gains a following because of it. iMac is an example of trendsetting in design as now office supplies come in the familiar colors and translucent packaging of an iMac
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User Segmentation
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Division of potential customers into market segments according to how and for what purpose they use a product. Do they use it for cleaning their teeth or for making cakes (baking powder)?
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Value of Brands
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Take a look at the list below that shows the world’s top 10 brands in 2013 (as measured by value): Apple Samsng Group Google Microsoft Walmart IBM GE Amazon.com Coca-Cola Verizon Source: brandirectory.com We, as consumers, feel loyal to such brands and the mere sight of their logo has us reaching into our pockets to buy their products
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Visual Identity
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What a brand looks like – including, among other things, its logo, typography, packaging and literature systems
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Warranty
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A written agreement that states your product or service will work as it is advertised