KC Group: General

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.

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.

The price set by a consumer products manufacturer suggesting a price level for a product at the retail level, though depending on the demand for the product such pricing may be adjusted (mostly lower) by the marketer and others in the channel of distributions.

Promotional method in which one party (e.g., salesperson) uses personal contact to build relationships with another party (e.g., those involved in a purchase decision) that results in both parties obtaining value.

Used in marketing for market segmentation, this variable describes and groups customers by combining psychological characteristics (e.g., personality, attitude, lifestyle) with demographic characteristics (e.g., age, gender, income level).

A distribution channel function where organizations sell products directly to the final consumer for their own personal use.

A form of trade sales promotion offering channel partners short-term price breaks or other guarantees (e.g., buy back unsold product) for stocking product and, in many cases, for agreeing to promote the product such as placing product in a specific store location (i.e., display allowance) or highlighting the product in company-produced promotions (i.e., advertising allowance).

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.

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.

Wholesale format represented by distributors that require buyers visit the wholesaler’s facility, physically select their order, pay in cash (i.e., credit purchases not permitted), and then handle their own delivery (i.e., carry).