A market pricing method for setting a product’s initial price that is used when there are multiple products within a marketer’s product line and customers’ perception of difference is affected by the separation in prices for each item (e.g., low price, mid-price and premium price).
Refers to conditions that describe the effect a change in a product’s price may have on the target market’s demand for a product and includes conditions that are elastic, inelastic or unitary.
In marketing this represents a type of product that consists of tangible items (i.e., can be felt, tasted, heard, smelled or seen) that marketers offer to satisfy the needs of their customers.
The fifth category within the Diffusion of Innovation consisting of a sizeable though not large percentage of a market who are primarily characterized as being reluctant to accept new products and may only do so if they have no other choice.
A target marketing strategy that assumes all customers in a large market seek the same benefits and, consequently, a marketer appeals to this market with a single marketing strategy including a single product.
A category within personal selling that includes salespeople who actively engage in obtaining orders from customers and includes sub-categories of New Business Development and Account Management.
A type of business purchase decision that involves routine order placement that often leads to buyers buying the same product and not evaluating other product options or other brands.
A form of sales promotion, mainly used in the consumer market, which typically lowers a customer’s final acquisition cost for a product purchase but generally does so by: 1) requiring customers provide information and/or undertake activity after the purchase, and 2) only offering the incentive after the information is received.
