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Convenience Store
Retail format represented by general merchandise retailers that offer very limited product selection and relatively high prices but offer easy purchase experience through accessible store locations, small store size for quick shopping and fast checkout.
Direct Distribution System
A distribution design where a marketer reaches the intended final customer by distributing the product directly to the customer and includes Direct Marketing Systems, Direct Retail Systems, Personal Selling Systems and Assisted Marketing Systems.
Final Customer Packaging
The package containing the purchased product the final customer receives in exchange for payment.
Market Segmentation
A key element of a target marketing strategy in which large markets, where customers possess different characteristics, is divided into smaller market segments in which customers are grouped by characteristic shared by others in the segment.
Inelastic Demand
Refers to market conditions where a certain percentage change (positive or negative) in the price of a product results in a smaller and opposite percentage change in demand (i.e., purchases) of the product.
Fixed Costs
An important component in determining the cost of a product, these represent costs the marketing organization incurs for a product regardless of level of production or sales.
Direct Marketing Systems
A direct distribution system where customers place orders either through information gained from non-personal contact with the marketer (e.g., marketer's website or print catalog) or through personal communication with a company representative who is not a salesperson (e.g., placing order by telephone).
Core Benefits
A component of the Total Product offered by the marketer, these represent the key benefits offered by a product itself or through other aspects of using the product.
Advertising
A non-personal form of promotion delivered through media outlets that generally require the marketer pay for message placement.
Buying Center
Consists of those within an organization that impact purchase decisions and includes those serving in the roles of buyer, decider, influencer, user, initiator and gatekeeper.