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A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.
The intangible activities or benefits that an
organization provides to satisfy consumers’ needs in exchange money or
something else of value.
Products purchased by the ultimate consumer.
Products that assist directly or indirectly in providing
products for resale. Also called B2B goods, industrial goods, or organizational goods.
A specific product that has a unique brand, size, or price.
A group of product or service items that are closely
related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.
Consists of all of the product lines offered by an
Consists of the four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory.
Four L's of Services
Occurs when the service provider is available but there is
no demand for the service.
Idle Production Capacity
Consists of the seven stages an organization goes through to identify business opportunities and convert them to a salable good or service.
The process of managing the entire customer experience
within the firm.
Customer Experience Management (CEM)
Describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline.
Product Life Cycle
A marketing decision by an organization to use a name,
phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors.
Any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or services.
A set of human characteristics associated with a brand
The added value a brand name gives to a product beyond the functional benefits provided.
A branding strategy in which a company uses one name for all its products in a product class.
A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
Involves charging different prices during different times
of the day or days of the week to reflect variations
in demand for the service.
The money or other considerations (including other products and services) exchanged for the ownership or use of a product or service.
the ratio of perceived benefits to price; or
= (Perceived benefits ÷ Price).
= Total revenue − Total cost; or
= (Unit price × Quantity sold) − (Fixed cost + Variable cost).
A graph relating the quantity sold and the price, which
shows the maximum number of units that will be sold
at a given price.
The percentage change in quantity demanded relative to a
percentage change in price.
Price Elasticity of Demand
The total money received from the sale of a product; the unit price of a product multiplied by the quantity sold.
Total Revenue (TR)
The total expenses incurred by a firm in producing and
marketing a product; total cost is the sum of fixed costs and variable costs.
Total Cost (TC)
A technique that analyzes the relationship between
total revenue and total cost to determine profitability at various levels of output.
Expectations that specify the role of price in an organization’s marketing and strategic plans.
Factors that limit the range of prices a
firm may set.
Consists of Individuals and firms involved
in the process of making a product or service available for use or consumption by consumers or industrial
Involves the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.
Involves an arrangement whereby a firm reaches different
buyers by using two or more different types of channels for the same basic product.
Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact.
Vertical Marketing Systems
A level of distribution density whereby a firm tries to
place its products and services in as many outlets as possible.
A level of distribution density whereby only one retail
outlet in a specific geographical area carries the firm’s products.
A level of distribution density whereby a firm selects a
few retailers in a specific geographical area to carry its products.
Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals.
Involves channel conflict that arises when
a channel member bypasses another member and sells or
buys products direct.
Consists of those activities that focus on getting the
right amount of the right products to the right place at the right time at the lowest possible cost.
Consists of the various firms involved in performing the
activities required to create and deliver a product or service to consumers or industrial users.
Consists of expenses associated with transportation,
materials handling and warehousing, inventory, stockouts
(being out of inventory), order processing, and return products handling.
Total Logistics Cost
The ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.
An inventory-management system whereby the supplier
determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items.
Vendor-managed Inventory (VMI)
Consists of all activities involved in selling, renting,
and providing products and services to ultimate consumers for personal, family, or household use.
Consists of offering several unrelated product lines in
a single retail store.
Consists of using the telephone to interact with and sell
directly to consumers.
Consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and
Retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing.
A concept that describes how new forms of retail outlets
enter the market.
Wheel of Retailing
The process of growth and decline
that retail outlets, like products, experience over time. The retail life cycle consists of the early growth, accelerated development, maturity, and decline stages.
Retail Life Cycle
Independently owned firms that take title to the
merchandise they handle.
Agents who work for several producers and carry
noncompetitive, complementary merchandise in an exclusive territory. Also called manufacturer’s
Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales.