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MKT 2100 > Exam 4 > Flashcards

Exam 4 Flashcards

(93 cards)

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1
Q

ADVERTISING AGENCIES

A

specialists in planning and handling mass-selling details for
advertisers

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2
Q

ADVERTISING ALLOWANCES

A

price reductions to firms in the channel to encourage
them to advertise or otherwise promote the firm’s products locally

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3
Q

COOPERATIVE ADVERTISING

A

producers sharing in the cost of ads with wholesalers
or retailers.

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4
Q

PRODUCT ADVERTISING

A

advertising that tries to sell a specific product.

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5
Q

INSTITUTIONAL ADVERTISING

A

advertising that tries to promote an organization’s
image, reputation, or ideas rather than a specific product

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6
Q

PIONEERING ADVERTISING

A

advertising that tries to develop primary demand for a
product category rather than demand for a specific brand.

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7
Q

COMPETITIVE ADVERTISING

A

advertising that tries to develop selective demand for a
specific brand rather than a product category

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8
Q

DIRECT COMPETITIVE ADVERTISING

A

competitive advertising that aims for
immediate buying action

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9
Q

INDIRECT COMPETITIVE ADVERTISING

A

competitive advertising that points out
product advantages—to affect future buying decisions.

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10
Q

COMPARATIVE ADVERTISING

A

advertising that makes specific brand comparisons
using actual product names

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11
Q

REMINDER ADVERTISING

A

advertising to keep the product’s name before the public.

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12
Q

ADVERTISING MEDIA

A

the various means by which a message is communicated to its
target market.

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13
Q

PAY-PER-CLICK

A

an advertiser pays media costs only when a customer clicks on the
ad that leads to the advertiser’s website.

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14
Q

RETARGETING

A

displaying ads to a web user based on sites he or she has previously
visited; also called behavioral retargeting.

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15
Q

CLICK-THROUGH RATE

A

the number of people who click on the ad divided by the
number of people the ad is presented to

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16
Q

COPY THRUST

A

what the words and illustrations of an ad should communicate

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17
Q

AIDA

A

attention, interest, desire, action

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18
Q

CORRECTIVE ADVERTISING

A

ads to correct deceptive advertising

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19
Q

PAID MEDIA

A

messages generated by a brand (or company or nonprofit
organization) and communicated through a message channel the brand pays to
access.

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20
Q

OWNED MEDIA

A

promotional messages generated by a brand (or company or
nonprofit organization) communicated through a message channel the brand
directly controls

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21
Q

EARNED MEDIA

A

promotional messages not directly generated by the company or
brand, but rather by third parties such as journalists or customers.

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22
Q

USER-GENERATED CONTENT

A

any type of communication created by customers for
other customers. User-generated content can take many forms.

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23
Q

SEARCH ENGINE OPTIMIZATION (SEO)

A

the process of designing a website so that it
ranks high in a search engine’s unpaid results

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24
Q

PASS-ALONG

A

when one customer passes information on to one or more other
customers

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25
BRANDED SERVICES
valued services a brand provides that are not directly connected to a core product offering
26
WHITE PAPER
an authoritative report or guide that addresses important issues in an industry and offers solutions
27
CASE STUDIES
success stories about how a company helped another customer
28
LANDING PAGES
a customized web page that logically follows from clicking on an organic search result, online advertisement, or other link.
29
INFOGRAPHIC
a visual image such as a chart or diagram used to represent information or data
30
BRANDED APPS
sponsored software applications that benefit customers by providing entertainment, solving a problem, and/or saving time.
31
BRAND COMMUNITY
a group of customers joined around a particular brand or common set of shared interests
32
REFERRAL PROGRAM
offers a current customer an incentive for recommending a new customer to a business
33
MARKETING AUTOMATION SOFTWARE
software that tracks individual customer’s behavior and triggers actions in response to specific customer actions
34
TARGET RETURN OBJECTIVE
a specific level of profit as an objective
35
PROFIT MAXIMIZATION OBJECTIVE
an objective to get as much profit as possible
36
SALES-ORIENTED OBJECTIVE
an objective to get some level of unit sales, dollar sales, or share of market—without referring to profit
37
STATUS QUO OBJECTIVE
“don’t-rock-the-pricing-boat” objectives
38
NONPRICE COMPETITION
aggressive action on one or more of the Ps other than Price
39
ADMINISTERED PRICE
consciously set prices aimed at reaching the firm’s objectives.
40
ONE-PRICE POLICE
offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities.
41
FLEXIBLE-PRICE POLICY
offering the same product and quantities to different customers at different prices
42
DYNAMIC PRICING
pricing products at a particular customer’s perceived ability to pay.
43
SKIMMING PRICE POLCY
trying to sell the top of the market—the top of the demand curve—at a high price before aiming at more price-sensitive customers.
44
PENETRATION PRICING POLICY
trying to sell the whole market at one low price
45
INTRODUCTORY PRICE DEALING
temporary price cuts to speed new products into a market and get customers to try them
46
BASIC LIST PRICES
the prices that final customers or users are normally asked to pay for products
47
QUANTITY DISCOUNTS
discounts offered to encourage customers to buy in larger amounts
48
CUMULATIVE QUANTITY DISCOUNT
reductions in price for larger purchases over a given period, such as a year
49
NONCUMULATIVE QUANTITY DISCOUNTS
reductions in price when a customer purchases a larger quantity on an individual order.
50
NET
an invoice term meaning that payment for the face value of the invoice is due immediately—also see cash discount
51
CASH DISCOUNT
reductions in the price to encourage buyers to pay their bills quickly
52
2/10, NET 30
allows a 2 percent discount off the face value of the invoice if the invoice is paid within 10 days.
53
TRADE (FUNCTIONAL) DISCOUNT
a list price reduction given to channel members for the job they are going to do
54
ALLOWANCES
reductions in price given to final consumers, customers, or channel members for doing something or accepting less of something
55
ADVERTISING ALLOWANCES
price reductions to firms in the channel to encourage them to advertise or otherwise promote the firm’s products locally
56
STOCKING ALLOWANCES
allowances given to wholesalers or retailers to get shelf space for a product—sometimes called slotting allowances
57
PUSH MONEY (OR PRIZE MONEY) ALLOWANCES
allowances (sometimes called PMs or spiffs) given to retailers by manufacturers or wholesalers to pass on to the retailers’ salesclerks for aggressively selling certain items.
58
TRADE-IN ALLOWANCE
a price reduction given for used products when similar new products are bought
59
EVERYDAY LOW PRICING
setting a low list price rather than relying on frequent sales, discounts, or allowances
60
REBATES
refunds to consumers after a purchase.
61
LEASE
gives customer the right to use something for a specified period of time in exchange for regular payments
62
VALUE PRICING
setting a fair price level for a marketing mix that really gives the target market superior customer value.
63
UNFAIR TRADE PRACTICE ACTS
put a lower limit on prices, especially at the wholesale and retail levels
64
DUMPING
pricing a product sold in a foreign market below the cost of producing it or at a price lower than its domestic market
65
PHONY LIST PRICES
misleading prices that customers are shown to suggest that the price they are to pay has been discounted from list.
66
WHEELER LEA ACT
law that bans unfair or deceptive acts in commerce.
67
PRICE FIXING
competitors illegally getting together to raise, lower, or stabilize prices
68
ROBINSON-PATMAN ACT
a 1936 law that makes illegal any price discrimination if it injures competition
69
PRICE DISCRIMINATION
injuring competition by selling the same products to different buyers at different prices.
70
MARKUP CHAIN
the sequence of markups firms use at different levels in a channel—determining the price structure in the whole channel
71
AVERAGE-COST PRICING
adding a reasonable markup to the average cost of a product.
72
TOTAL FIXED COST
the sum of those costs that are fixed in total—no matter how much is produced
73
TOTAL VARIABLE COST
the sum of those changing expenses that are closely related to output—such as expenses for parts, wages, packaging materials, outgoing freight, and sales commissions.
74
TOTAL COST
the sum of total fixed and total variable costs
75
BREAK-EVEN ANALYSIS
an approach to determine whether the firm will be able to break even—that is, to cover all its costs—with a particular price.
76
BREAK-EVEN POINT (BEP)
the sales quantity where the firm’s total cost will just equal its total revenue.
77
FIXED COST (FC) CONTRIBUTION PER UNIT
the selling price per unit minus the variable cost per unit.
78
MARGINAL ANALYSIS
evaluating the change in total revenue and total cost from selling one more unit to find the most profitable price and quantity.
79
PRICE SENSITIVITY
the degree to which customers’ purchase decisions are affected by the price.
80
VALUE IN USE PRICING
setting prices that will capture some of what customers will save by substituting the firm’s product for the one currently being used
81
REFERENCE PRICE
the price a consumer expects to pay
82
LEADER PRICING
setting some very low prices—real bargains—to get customers into retail stores
83
FREEMIUM
a combination of free and premium which refers to providing a product for no charge, while money is charged for additional features that advance the product’s use
84
BAIT PRICING
setting some very low prices to attract customers but trying to sell more expensive models or brands once the customer is in the store.
85
PSYCHOLOGICAL PRICING
setting prices that have special appeal to target customers
86
ODD-EVEN PRICING
setting prices that end in certain numbers
87
SUBSCRIPTION PRICING
customers pay on a periodic basis for access to a product
88
PRICE LINING
setting a few price levels for a product line and then marking all items at these prices
89
DEMAND-BACKWARD PRICING
setting an acceptable final consumer price and working backward to what a producer can charge
90
PRESTIGE PRICING
setting a rather high price to suggest high quality or high status
91
FULL-LINE PRICING
setting prices for a whole line of products
92
COMPLEMENTARY PRODUCT PRICING
setting prices on several related products as a group.
93
PRODUCT-BUNDLE PRICING
setting one price for a set of products.

MKT 2100 (3 decks)

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