Download Marketing Terms and Concepts: Product, Pricing, and Distribution and more Quizzes Marketing Management in PDF only on Docsity!
products
items consumed for personal or business use TERM 2
levels of product
DEFINITION 2 core benefits actual product augmented product TERM 3
core benefits
DEFINITION 3 the fundamental product benefits that the consumer is buying (cars= transportation) TERM 4
actual products
DEFINITION 4 the combination of tangible and intangible attributes that deliver core benefits fuel economy + status symbol TERM 5
augmented product
DEFINITION 5 additional services that enhance the ownership of an actual product extended warranties
monopoly
a single firm is able to act as price "maker" often due to do product exsclusivity TERM 7
oligopoly
DEFINITION 7 a small group of firms that share pricing power though its collective ability to control prices, usually by restricting product supply TERM 8
monopolistic
competition
DEFINITION 8 a limited number of firms compete by offering products with varying degrees of differentiation Nike, Reebok, Adidas TERM 9
pure
competition
DEFINITION 9 a large number of producers sell mostly undifferentiated products wheat/ soybeans TERM 10
profit margin
DEFINITION 10 the difference between product price and total cost per unit
skimming price
set above the marketplace price for similar products or services, usually with the objective of maximizing revenue or profit TERM 17
marketing channel
DEFINITION 17 a network of all parties involved in moving products or services from producers to consumers or business customers TERM 18
wholesalers
DEFINITION 18 firms that acquire large quantities of products from manufacturers and then sort, store, and resell them to retailers or businesses TERM 19
retailers
DEFINITION 19 all channel members who are involved in selling products or services to consumers TERM 20
agents
DEFINITION 20 people who facilitate the exchange of products but do not take titles of anything they sell
facilitators
people who assist in the distribution of products and services but do not take title or negotiate sales
