| Term | Definition |
|---|
| Market Research | This is the gathering, recording, and analyzing data related to the marketing of goods or services. |
| Primary | Data that you collect for your own purpose. |
| Secondary Data | Data that is collected for another purpose. |
| Focus Groups | These are informal sessions in which 5-8 past, present, or prospective customers are directed by a discussion leader. |
| Questionnaire | Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. |
| Open Ended | These are questions that respondants will answer in his or her own words. |
| Closed-Ended | These are questions that respondents will be given a fixed number of response options. |
| Likert Scale | This type of question measures the extent in which you agree or disagree with a statement. |
| Semantic Differential Scale Question | This is a 7 point scale which has adjectives at each end with opposite meanings. |
| Experiements | This is a type of primary reseach where you test the product. |
| Human Risk | Shoplifting is what type of risk. |
| Pilfering | What is another term for employee theft. |
| Natural Risk | What type of risk is a tornado. |
| Intensive | Manufacturers distribute their product through any intermediary who wants it. |
| Integrated | This form of distribution is when the manufacturers act as their own retailers or wholesalers. |
| Exclusive | This is the practice of employing a single intermediary in a geographical area. |
| Push | This is the strategy directed at intermediaries. |
| Pull | This is a promotion that is directed at the customer. |
| Price | this is a measurement or store of value. |
| Profit | Total revenue minus total expenses. |
| Fixed Costs | These are costs that stay the same no matter how many units you produce. |
| Variable | These are costs that increase with the number of units you produce. |
| Break Even Point | Is the number of units you must sell in order to cover your fixed costs and start earning a profit. |
| Markup | This is a pricing strategy whereby you add a fixed percentage to the wholesale price of the good. |
| Cost Plus | This is a pricing strategy whereby you add a fixed dollar amount to the wholesale price of the good. |
| Trade-In Allowance | This is a reducation in the list price given when a used product is part of the payment. |
| Promotional Allowance | This is when channel members receive a price break on a product by undertaking in certain promotional activities. |
| Price Fixing | This is a conpiracy among firms to set prices for a product. |
| Price Discrimination | This is the practice of charging different prices to different buyers for goods of the like grade and quality. |
| Cash Discounts | Customers are offered a discount if they pay their bills quickly. |
| Bait and Switch | when a firm offers a very low price on the product to attract customers to a store. Once in the store, the customer is persuaded to purchase a higher priced item because the advertised item is no longer in stock. |
| Predatory Pricing | the practice of charging a very low price for a product with the intent of driving competitors out of the business. |
| Wholesaler | This intermediary never sells a product to the final consumer. |
| Transactions | The purpose of an intermediary is to reduce the number of these. |
| Retailer | Always sells products to the final consumer. |
| Agent | This intermediary doesn't take the title but sells the goods on behalf of the final consumer. |
| Broker | This intermediary takes title but not possession. |
| Just in Time | what does JIT stand for in the context of inventory management. |
| Economic Risk | This is the risk that your business will fail. |
| 3 percent | If your bill reads 3/10 net 30...what percent discount will your receive if you pay within the first week. |
| Skimming | This is charging a high price for a product in the intro stage of the PLC because competition is very limited. |
| Penetration | This is charging a low price for a product in the intro stage of the PLC because competition is huge. |
| Prestige | This is charging a high price because you position this product as luxorious. |
| Bundle Pricing | This charging one lower price to encourage a quanity purchase of a product item. |
| Odd/Even | This is charging one dollar or one cent below an even number so your consumers perceive your product as being more inexpensive. |
| Customary Pricing | The DECAFe' charges a dollar for all candy...this is a blank pricing strategy for simplicity sake |
| Loss Leader | This is a legal pricing strategy when a business charges a low price for one product in order to persuade consumers to buy other products at its retail establishment. |
| Sealed Bid | This is a pricing strategy where a customer receives a bid for how much the service will cost. |
| Vertical | This is price fixing involving manufacturers, wholesalers, and retailers. |
| Horizontal | This is price fixing among competitors of certain products. |
Combine with other sets
Share on Facebook
Share on MySpace
!