The first step in the price setting process that produces a starting point from which further price changes may be made before the customer pays the final price and at the retail level may also serve as the manufacturer’s suggest retail price (MSRP).
A category within the products carried classification of retailers that includes retailers that carry a limited number of product lines but within these product lines they offer an extensive selection.
A component of the internal influences on consumer buying behavior that represents the perceived personal characteristics that a person consistently exhibits, especially when that person acts in the presence of others.
Internet technology that allows a company to send information quickly and to a large number (i.e., subscribers) with little manual effort compared to traditional methods.
Retail format represented by retail chains that have taken what were previously small, narrowly focused specialty stores and expanded these to create large specialty stores.
Metric for assessing advertising expenditure determined by dividing the total cost for a certain advertisement by how many people actually responded (e.g., purchase activity, phone inquiries, website traffic, etc.) within a specified time after the promotion was delivered.
Retail format represented by a contractual arrangement in which franchisees (i.e., retail store operator) agree to pay for the right to use a franchisor’s (i.e., retail business owner) business methods and other business aspects such as the franchise name.
Anything new that offers solutions to needs by providing a significant advantage (e.g., more features, ease of use) over existing products, services or methods.
Suggests marketing decisions should flow from first making efforts to know what customers want and only after this should an organization initiate the process of developing and marketing products and services.
