Randy Settoon SELU MGMT 375 Test 2

Succinct Message

Your key point in as few and as memorable words as possible

fulfillment centers

a company that will warehouse your products and fill your customers' orders for you

currency

a concept in public importance which alludes to the degree to which the issue is immediate in its impact

Internal Reference Price

a consumer's mental image of what a product's price should be

Referral Discount

a discount given to a customer who refers a friend to the business

manufacturer's suggested retail price (MSRP)

a target price set by a manufacturer for a product or service intended to provide profit for each intermediary in the distribution channel

press kit

a type of sales kit sent to media outlets which is focused around a press release

press release

a written announcement intended to draw news media attention to a specific event

Press relations

activities used to establish and promote a favorable opinion by the media

public relations

activities used to establish and promote a favorable opinion by the media

Me-too products

products essentially similar to something already on the market

direct marketing

selling products to customers without the use of other channel members

Predetermined market segments

professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics

prospect

sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase

word of mouth

A means of spreading information about your business through the comments friends and customers make to other potential customers

value proposition

Small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition.

just in time inventory

Having just enough product on your shelves to meet the immediate purchases. This usually requires frequent shipment from your supplier.

publicity

Information about your company and its activities that is disseminated to the public in order to going their good opinion

direct sales

Methods of going directly to your customer in order to sell your product. Vending machines, door-to-door salespeople, leasing space at a craft fair, farmers markets, party sales, and most industrial sales are methods of direct selling

traffic generators

Other businesses that bring customers (generate traffic) to the area

channels

People and firms who connect producers of goods and services with customers

Total Product

The entire bundle of products, services, and meanings of your offering; includes extras like service, warranty, or delivery, as well as what the product means to the customer.

Peak pricing

The strategy of charging a higher price during periods of high demand, and a lower price during periods of slack demand. Intended to both maximize revenue and shift excess demand to periods in which it can be more easily accommodated.

Guerilla Marketing

The use of creative and relatively inexpensive ways to reach your customer. Examples include door-knob hangers, flyers under windshield wipers, T-shirts, balloons, and messages written on sidewalks.

Elasticity

from economics, the idea that the market's demand for a product or service is sensitive to changes in its price

promotional mix

how much of each message conveyance you will use to sell your product as well as your objective in using each one

Free ink

mentions of your company or products in the media for which your firm did not pay

Donations

monetary or other gifts to organizations or people who are in need.

sponsorship

paying for a local organization's need in exchange for recognition

sales leads

people who receive a promotional impression and who give some thought to buying the product

Goods

physical products

Elastic Product

product for which there are any number of substitutes and for which a change in price makes a difference in quantity purchased

Inelastic Goods

product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased

Search Engine Optimization (SEO)

techniques applied to web pages in order to obtain favorable placement on internet search page results

micro-inventory

A set of goods or services that consists of only one or a few items

Market Expansion

A strategy whose goal is growth, based on selling in areas or to groups previously not served by the business.

Market Penetration

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base.

contract manufacturing

An existing firm with the correct manufacturing capabilities makes your product for you

direct response advertising

Placing an advertisement in a magazine or newspaper, on television or radio, or in any other media. The ad contains an order blank with a phone number and e-mail or regular mail address with the intent of having the customer place an immediate order

Periodic/random Discounting

Sales conducted at either predictable or non-predictable intervals

mail order

Sales made from ads in newspapers or magazines, with purchases made online or by phone as well as by mail.

Odd-even Pricing

Setting a price that ends in the number 5, 7, or 9.

manufacturer

The entity which produces a product or service to be sold

4 P's of Marketing

The four major components of a marketing effort—product, price, promotion, and placement. sometimes called the marketing mix

Customer Relationship Management (CRM)

The process of tracking the customer's different contacts with the firm, and using this data to help improve sales as well as the customer's experience.

sales promotion

a form of communication that encourages the customer to act immediately, such as coupons, sales, or contests

direct mail

a method of selling in which catalogs, brochures, letters, videos, and other pieces of marketing materials are mailed directly to customers from which they can mail, call, or email an order. direct faxing and direct emailing are more modern forms of direct mail

wholesaler

a middle firm that assists with distribution activities between businesses

retailer

a middleman that buys from producers or other middlemen and sells to consumers

agent

a middleman that expedites exchanges, represents a buyer or a seller, and often is hired permanently on a commission basis

Service

a nonphysical product

sheltered workshop

a nonprofit organization or institution that provides business services by using handicapped or rehabilitated workers

Markup

a price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit

Markup Pricing

a price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit

Diversification

a strategy whose goal is growth, based on adding new products or services to the firm's existing collection of offerings

product expansion

a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before

Advertising

advertising is often used to support the corporate identity and value propositions that are established through public relations efforts. part of conveying your message to your customers, advertising outlets include newspapers, magazines, billboards, television, and internet banner ads, to name a few

External Reference Price

an estimation of what a price should be based on information external to a consumer, such as advice, advertisements, or comparison shopping

virtual marketing

any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via e-mail, website, blogs, and other online tools

Price Gouging

charging an outrageously high price for something

Off-Peak Pricing

charging lower prices at certain times to encourage customers to come during slack periods

Multiple or Bonus pack

combining more than one unit of the same product and pricing it lower than if each unit were sold separately

Bundling

combining two or more products in one unit and pricing it less than if the units were sold separately

telemarketing

contacting via telephone for the express purpose of selling a product or service. telemarketing can either be inbound (customer calls company) or outbound (company calls customers)

Augmented Product

core product plus features that tend to differentiate it from the competition

prestige/premium pricing

setting a price above that of the competition so as to indicate a higher quality or that a product is a status symbol

Skimming

setting a price at the highest level the market will bear, usually because there is no competition at the time

partitioned pricing

setting the price for a base item and then charging extra for each additional component

Captive Pricing

setting the price for an item relatively low and then charging much higher prices for the expendables it uses

customer retention

techniques that focus on efforts to promote satisfaction with and interest in the firm

Keyword/Description Tags

terms included in the hidden portion of a web page (called the document head) which are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement

Margin

the amount of profit, usually stated as a percentage of the total price

Law of Supply and Demand

the economic theory that describes how the demand for products or services and the supply of them affect each other

Target Market

the group of people on which a marketer focuses promotion and sales efforts

Optimum Pricing

the highest price that will produce your desired level of sales in your intended market

Price Lining

the practice of setting three price points: good quality, better quality, best quality

segmentation

the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics

Personal Selling

the process of selling your products and service; includes prospect and evaluate, prepare, present, close, and follow-up

Market Funnel

the rule of thumb in marketing is that it takes a large number of people to be made aware of your product in order to find a purchaser

Domain Name

the specific name of a internet site, consisting of a name followed by .com, .net, or a similar code

multi-channel marketing

the use of several different channels to reach your customers, for example, a website, direct mail, and traditional retailing.

Core Product

the very basic description of what a product is -- a bar of soap, a house-cleaning service

Impression

what it is called when someone notices a promotional effort