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Marketing Management > Final with book defititions > Flashcards

Flashcards in Final with book defititions Deck (48)
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1

a dollar amount added to the cost of products to get the selling price

markup

2

the percentage of selling price that is added to the cost to get the selling price

markup percentage

3

the sequence of markups firms use at different levels in a channel - determining the price structure in the whole channel

markup chain

4

the number of times the average inventory is sold in a year

stock turn rate

5

adding a reasonable markup to the average cost of a product

average cost pricing

6

the total cost divided by the related quantity

average cost per unit

7

an approach to determine whether the firm will be able to breakeven - that is, cover all its costs - with a particular price

break even analysis

8

the change in total revenue that results from producing one more product

marginal revenue

9

the change in total cost that results from producing one more product

marginal cost

10

profit on the last unit sold

marginal profit

11

setting prices for a whole line of products

full line pricing

12

all costs are allocated to products, customers, or other categories

full cost approach

13

setting one price for a set of products

product bundling

14

setting prices on several related products as a group

complementary product

15

a seller who sets a price that all others in the industry follow

price leader

16

setting a few price levels for a product line and then marking all items at these prices

price lining

17

setting prices that have special appeal to target customers

psychological pricing

18

setting a rather high price to suggest high quality or high status

prestige price

19

trying to sell the whole market at one low price

penetration pricing policy

20

trying to sell the top of the market - the top of the demand curve - at a high price before aiming at more price-sensitive customers

skimming price policy

21

setting prices that end in certain numbers

odd-even

22

putting marketing plans into operation

implementation

23

What are the implementation tools?

1. TQM
2. Continuous Improvement
3. Pareto Chart
4. Fishbone Diagram
5. Training
6. Empowerment
7. Benchmarking

24

the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve the customer needs

TQM

25

a commitment to constantly make things better one step at a time

Continuous improvement

26

a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent

pareto chart

27

a visual aid that helps organize cause and effect relationships for "things gone wrong"

Fishbone diagram

28

giving employees the authority to correct a problem without first checking with management

Empowerment

29

What are the tools for control?

1. Sales analysis
2. Performance Analysis
3. Performance Index
4. Iceberg Principle
5. Full Cost Approach
6. Contribution Margin
7. Market Audit

30

A detailed breakdown of a companies sales records

sales analysis