KnowThis.com offers a detailed list of marketing terms that includes definitions and links to more detail found within our Principles of Marketing Tutorials. For most terms to learn more click on the For More See link.
|Independent Channel Arrangement (also Conventional Distribution)|| |
A non-binding arrangement between channel members to engage in a business relationship that allows channel members to move away from the relationship if they feel it is not in their best interest.
|Indirect Distribution System|| |
A distribution design where a marketer reaches the intended final customer by distributing a product indirectly through resellers who generally take ownership of the product and in doing so the resellers assume many responsibilities to help sell the product.
|Individual Product Branding|| |
A branding strategy in which products are given brand names that are newly created and generally not connected to names of existing brands offered by the company.
|Industrial Distributor|| |
Wholesale format represented by distributors, carrying either broad or narrow product lines, that primarily distribute to business customers (i.e., businesses use the product) rather than selling to other resellers (i.e., those would resell what is purchased).
|Inelastic Demand|| |
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.
|Inferential Data Analysis|| |
Refers to techniques for analyzing research data where advanced statistical techniques are used to make judgments (i.e., inferences) such as comparing one customer group to another group, that are statistically supported.
|Initial Price (also List Price or Published Price)|| |
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).
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.
The first category within the Diffusion of Innovation concept that consists of a small percentage of a market who are primarily characterized as being at the forefront of adopting new products and eager to try new things, often without regard to price.
|Intelligent Call Routing|| |
Telephone technology that identifies and filters incoming customer calls and then direct calls to selected company personnel.
|Introduction Stage of PLC|| |
Stage within the Product Life Cycle which occurs when a product is released to the market and sales begin though often sales start out slow as the market becomes aware of the product.
A concept in consumer buying behavior which relates to how much effort a consumer is willing to exert in making a buying decision.
A customer contact point consisting of standalone, interactive computers offering customers the ability to handle their own service options including gaining product information, making purchases, and reviewing customer account details.
A component of the internal influences on consumer buying behavior that represents the sum of all information known by a person.
|Knowledge Base|| |
A repository of answers to commonly asked questions, product instructions or other information that customers may access online or over the phone.