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- Major New Purchase Decision
- Type of consumer purchase decision considered to be the most difficult since these are important to the consumer but the consumer has little or no previous experience making these decisions.
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- Major Re-Purchase Decision
- Type of consumer purchase decision that is important to the consumer but the consumer feels confident making these decisions since they have previous experience purchasing the product.
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- Markdowns
- A form of promotional price adjustment that offers a product at a price considered to be lower than the normal selling price such as temporary sale pricing and lower pricing intended to remove extra inventory.
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- Market
- From a marketers perspective, consists of all people and/or organizations possessing the necessary qualification for making a purchase or otherwise developing a relationship with the marketer.
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- Market Pricing
- A process for setting the initial price for a product that relies on analysis of market research to determine what customers perceive as an acceptable price and includes such methods as Backward Pricing, Psychological Pricing and Price Lining.
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- Market Research Distributors
- Companies that function as intermediaries in the research market by acquiring access to information, such as research reports, from producers of the research (e.g., market research companies) and then selling this information to those seeking research (e.g., marketer developing a new product).
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- Market Segment
- A smaller part of a larger market consisting of customers grouped (i.e., segmented) by characteristic shared by others in their group.
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- 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.
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- Market Segmentation Variables
- Represent characteristics of a market that allow marketers to create customer grouping (i.e., market segments) and range from broad characteristics, such as demographics, to individually specific characteristics, such as personal product usage.
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- Marketing
- Consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.
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- Marketing Concept
- 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.
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- Marketing Mix
- Describes the decisions made by marketers to appeal to their target markets and includes product, distribution, promotion, pricing and services.
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- Marketing Research
- A critical component needed to make good marketing decisions by presenting a picture of what is occurring (or likely to occur) in a market and then offering alternative courses of action that may be followed by the marketer in order to reach their objectives.
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- Marketing Research Plan
- A formal plan presented by researchers to clients that offers critical information outlining how research objectives and how research will be conducted.
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- Markup Pricing
- A cost pricing method used to set a product’s initial price by applying a certain percentage to the cost of the product either through a Markup-on-Cost method or a Markup-on-Selling Price method.
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- Markup-on-Cost
- A markup pricing method in which markup is viewed as a percentage by which initial price is set above product cost and is determined by multiplying the cost of each item by a predetermined percentage then adding the result to the product’s cost.
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- Markup-on-Selling-Price
- A markup pricing method in which markup is viewed as a percentage of the product’s selling price and is determined by dividing the cost of each item by one minus a predetermined percentage.
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- Mass Coverage Distribution (also Intensive Distribution)
- Distribution strategy that attempts to have products made available in nearly all locations in which that type of product is sold though this strategy is generally only feasible for low priced products that appeal to very large target markets (e.g., consumer convenience products).
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- Mass Discounters
- Retail format represented by general or specialty merchandisers whose main strategy is to offer discount pricing and whose outlets offer few services and generally lower quality product than is available at higher-end retailers.
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- Mass Marketing (also Undifferentiated Marketing)
- 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.
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