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A market pricing method that is not only used to set a product’s initial price but also determines whether production is viable since this method begins by first using research to determine what customers are willing to pay and from this working backwards (factoring out costs) to assess production viability.
|Below Competition Pricing||
A competitive pricing method in which initial price is set at levels intended to be below competitors’ prices.
A process for setting the initial price for a product, mainly found in government and business markets where multiple sellers compete for a large purchase, that requires the marketer to set price without direct knowledge of competitors’ pricing since, in most situations, prices are not made known until a purchase is awarded.
Retail format represented by a small service-oriented outlet carrying very specialized and often high-end, high priced merchandise.
A group discussion market research technique that encourages creative thinking and group interaction to help stimulate idea generation.
Contractual arrangement whereby a marketer owning a brand name negotiates (for fee or percent of sales) with other companies to allow these companies to produce and supply products carrying the marketer's brand name.
|Brand Loyal (also Brand Loyalty)||
Description given to customers who frequently and enthusiastically purchase a particular brand and are less likely to be enticed to switch to other brands compared to non-loyal customers.
Represents a branding decision in which a design element, such as a symbol, logo, character or sound, is used to provide visual or auditory recognition for a product.
Represents a branding decision in which an individual product is named or a name is applied to a group or family of products.
Involves marketing decisions that have the objective of establishing an identity for a product using brand names, symbols and other distinctive measures with the goal of distinguishing the product from those offered by competitors.
A forecasting tool used by marketers that considers product price, fixed cost and variable costs in order to determine the minimum sales volume required before a company realizes a profit.
A cost pricing method used to set a product’s initial price that is used in association with Breakeven Analysis and the determination of minimum sales levels needed at different pricing points in order for a company to cover fixed costs.
A form of promotional price adjustment that offers discounted pricing when customers purchase several products at the same time.
|Business Equipment Sales||
A type of new business development primarily found in industries where profits come from the sale of supplies and services that support a main product (e.g., business equipment) and where salespeople focus on getting buyers to purchase the main product.
A type of account management selling where salespeople sell products to be used by a business and do so with the intention of being involved in additional transactions as the relationship between the buyer and seller grows.