Marketing 301 Final Exam Terms

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Promotion Mix (Marketing Communications Mix)
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The specific glen of promotion tools that the company uses to engage customers, persuasively communicate customer value, and build customer relationships.
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Advertising
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Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor.
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Sales Promotion
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Short term incentives to encourage the purchase or sale of a product or service.
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Personal Selling
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Personal customer interactions by the firm’s sales force for the purpose of making sales and building customer relationships.
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Public relations (PR)
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Building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
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Direct and Social-media marketing
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Engaging and interacting directly with carefully targeted individual consumers and consumer communities to both obtain an immediate response and cultivate lasting customer relationships.
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Brand Content Management
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Creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels.
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Integrated Marketing Communications (IMC)
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Carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its products.
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Push Strategy
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A promotion strategy that calls for using the sales force and trade promotion to plush the product through channels. The producer promotes the product to channel members, which in turn promote it to final consumers.
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Pull Strategy
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A promotion stately that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that “pulls” the product through the channel.
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Advertising Objective
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A specific communication task to be accomplished with a specific target audience during a specific period of time.
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Advertising Budget
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The dollars and other resources allocated to a product or a company advertising program.
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Affordable Method
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Setting the promotion budget at the level management thinks the company can afford.
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Percentage-of-Sales Method
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Percentage-of-Sales Method Setting promotion budget as a percentage of current/forecasted sales or unit sales price
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Competitive-parity method
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Setting the promotion budget to match the competitors
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Objective-and-task-Method
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Developing the promotion budget by (1) defining specific objectives, (2) determining the tasks that must be performed to achieve these objectives, and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.
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Advertising Strategy
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(1)Creating advertising messages (2)Selecting advertising media
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Madison & Vine
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Merging of advertising and entertainment to reach consumers with more engaging messages
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Creative Concept
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The compelling “big idea” that will bring an advertising message strategy to life in a distinctive and memorable way.
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Execution Style
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The approach, style, tone, words, and format used for executing an advertising message.
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Slice of Life
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typical people in a normal setting
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Lifestyle
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how a product fits with a particular style of life
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Fantasy
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create a fantasy around a product or its use
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Mood/Image
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build a mood or image around a product
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musical
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songs about a product
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personality
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character that represents product
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technical expertise
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illustrates a companies expertise in the field
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scientific evidence
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survey or data that shows its better
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testimonial
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highly believable source endorsing the product
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consumer generated message
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consumer makes the message ex/mcnuggets
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Advertising Media
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The vehicles through which advertising messages are delivered to their intended audiences.
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Return on advertising investment
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The net return on advertising investment divided by the costs of advertising investment.
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Advertising Agency
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A marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs.
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Personal Selling
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Personal presentations by the firm’s sales force to make sales and build relationships
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Salesperson
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An individual who represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building.
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Sales force management
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analyzing, planning, implementing, and controlling sales force activities
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Territorial Sales force structure
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Each salesperson gets assigned an exclusive territory and sells the companys full line
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Product sales force structure
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Salespersons specializes in selling only a portion of the companies products
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Customer(Market) sales force structure
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Salespersons specialize in selling to only certain customers or industries
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Outside sales force
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Salesperson who travels to visit and conduct business to customers in their field
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Inside sales force
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Salesperson who conduct business from within their offices over the phone/email/visits from buyers
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Team Selling
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Using all teams to work together to service large complex accounts-EX:Finance,Marketing, Upper Mgmt.
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Sales Quota
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How much the salesperson should sell and how many of each product
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Selling Process
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1.Prospecting 2.Preapproach 3.Approach 4.Presentation 5.Handling Objections 6.Closing 7.Follow-up
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Prospecting
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Identifies qualified potential customers
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Pre-approach
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Learn as much about a perspective customer before making a sales call
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Approach
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Meeting the person for the first time
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Presentation
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Tells the customer the “value story” explaining how the offer solves their problem
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Handling Objections
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Salesperson seeks out, clarifies, and overcomes any of the customers objections to buying
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Closing
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Asks the customer for an order
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Follow-up
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Follow up with the customer to ensure customer satisfaction and repeat business
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Consumer Promotion
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Sales promotion tools used to boost short-term customer buying and engagement or enhance long-term customer relationships. 1.samples 2.coupons 3.cash refunds 4.price packs 5.Premiums 6.Promotional products 7.point of purchase(pop) promotions 8.contests/sweepstakes
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Event marketing (event sponsorships)
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Creating a brand-marketing event or serving as a sole or participating sponsor of events created by other.
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Trade promotions
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Tools used to persuade resellers to carry a brand,shelf space,promote it and push it to consumers
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Business Promotions
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Sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople.
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Direct and digital marketing
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Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.
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Digital and social media marketing
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Using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email, and blogs that encourage consumers anywhere, anytime via their digital devices.
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Multichannel marketing
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Marketing both through stores and of the traditional offline channels and through digital, online, social media, and mobile channels.
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Online marketing
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Marketing via the internet using company web sites, online ads and promotions, email, online video, and blogs.
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Marketing web site
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A web site that interacts with consumers to move them closer to a direct purchase or other marketing outcome.
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Branded community web site
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A web site that presents brand content that engages consumers and creates customer community around a brand.
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Online advertising
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Advertising that appears while consumers are browsing online, including display ads, search-related ads, online classifieds, and other forms.
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Email marketing
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Sending highly targeted, highly personalized, relationship-building marketing messages via email.
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Spam
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Unwanted commercial email messages.
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Viral marketing
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The digital version of word of mouth marketing
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Blogs
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Online journals where people and companies post their thoughts and other content, usually related to narrowly defined topics.
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Social media
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Independent and commercial online communities where people congregate, socialize, and exchange views and information.
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mobile marketing
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marketing messages, promotions, and other content delivered to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices.
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direct mail marketing
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marketing that occurs by sending an offer, announcement, reminder, or other item directly to a person at a particular address.
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Catalog marketing
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direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online.
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Telemarketing
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Using the telephone to sell directly to customers.
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Direct reponse television (DRTV) marketing
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Direct marketing via television, including direct response television advertising (infomercials) and interactive tv (iTV) advertising
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Price
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The amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service.
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Consumer value-based pricing
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Setting price based on buyers’ perceptions of value rather than on the seller’s cost.
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Good-Value Pricing
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Offering the right combination of quality and good service at a fair price
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Value-Added Pricing
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Differentiates a product and charges a higher price
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Cost based pricing
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Setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.
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Cost-plus pricing (markup pricing)
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Adding a standard markup to the cost of the product
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Break-even pricing (target return pricing)
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Setting price to break even on costs of MAKING/MARKETING the product- or to make a target return
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Competition-based pricing
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Setting prices based on competitors’ strategies, prices, costs, and market offerings.
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Target Costing
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Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.
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Price Elasticity
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A measure of the sensitivity of demand to changes in price.
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Market-Skimming Pricing
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Setting a High price for a new product-than dropping it every couple of months- gets all revenue from all segments
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Market-Penetration Pricing
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Setting a low price for a new product to attract a large number of buyers/market share
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Product Line Pricing
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setting “price steps” between each different product in its line. (costs, competitor prices, customer evals of features)
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Captive Product Pricing
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Setting a price for products that must be used with the main product- Ex: blades for a razor
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Optimal Product Pricing
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The pricing of optional or accessory products along with a main product
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By-Product Pricing
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Finding a market and setting a price for the By-product to make the main product more competitive-Ex: Shit at the zoo turned into compost
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Product Bundle pricing
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Combining several products and offering the bundle at a reduced rate
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Allowance
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A reduction from the list price for buyers promotional or sales support
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Segmented Pricing
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selling a product or service at different price points but not bast on cost-Ex: Movies have Matinee prices
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Psychological Pricing
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Pricing that considers what the price says about the product, not just the economics
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Reference Pricing
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Prices that buyers carry in their minds and refer to when they look at a given product
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Promotional Pricing
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Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales.
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Dynamic Pricing
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Adjusting prices continually to meet the characteristics and needs of individual customers and situations.
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Value delivery network
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A network composed of the company, suppliers, distributors, and, ultimately the customers who partner with each other to improve the performance of the entire system in delivering customer value.
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Marketing Channel (distribution channel)
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A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.
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Channel Level
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a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer
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direct marketing channel
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a marketing channel that has no intermediary levels
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indirect marketing channel
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a marketing channel containing one or more intermediary levels
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channel conflict
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disagreements among marketing channel members on goals, roles, and rewards- who should do what and for what rewards
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conventional distribution channel
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a channel consisting of one or more independent produces, wholesales, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole.
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vertical marketing system (VMS)
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a channel structure in which producers, wholesalers, and retailers, act as a unified system. one channel member owns the others, has contracts with them, or has so much power that they all cooperate.
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Corporate VMS
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a vertical marketing system that combines successive stages of production and distribution under single ownership–channel leadership is established through common ownership
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contractual VMS
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A vertical marketing system in which independent firms at different levels of production and distribution join together through contracts.
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franchise organization
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a contractual VMS in which a channel member, called a franchisor, links several stages in the production-distribution process.
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administered VMS
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a VMS that coordinates successive stages of production and distribution through the size and power of one of the parties.
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horizontal marketing system
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a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity
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multichannel distribution system
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a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments
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disintermediation
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the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries
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marketing channel design
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designing effective marketing channels by analyzing customer needs, setting channel objectives, identifying major channel alternatives, and evaluation those alternatives.
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intensive distribution
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stocking the product in as many outlets as possible.
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exclusive distribution
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giving a limited number of dealers the exclusive right to distribute the company’s products in their territories
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selective distribution
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the use of more than one but fewer than all of the intermediaries that are willing to carry the company’s products
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marketing channel management
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selecting, managing, and motivating individual channel members and evaluating their performance over time.
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marketing logistics (physical distribution)
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planning, implementing and controlling the physical flow of material final goods and related information from points of origin to points of consumption to meet customer requirements at a profit.
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supply chain management
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managing upstream and downstream value-added flows of materials, final goods, and related info among suppliers the company, resellers, and final customers
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distribution center
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a large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver them to customers as quickly as possible
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multimodal transportation
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combining two or more modes of transportation
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integrated logistics management
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the logistics concept that emphasizes teamwork–both inside the company and among the marketing channel organizations–to maximize the performance of the entire distribution system.
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third party logistics (3PL) provider
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an independent logistics provider that performs any or all the functions required to get a client’s product to market

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