Marketing Terms

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Term Definition
Ideas

In marketing this represents a type of product that consists of the marketer attempting to convince customers to alter their existing behavior or perception on some issue.

Image Advertising

A type of advertising that focuses on enhancing the perceived image of the organization rather than promoting specific products.

Impulse Purchasing

Represents customer purchase decisions that result in a customer making unplanned purchases often due to marketer’s promotions (e.g., coupons, in-store demonstrations) or product placement strategies (e.g., product located at checkout lane).

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).

Innovation

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.

Innovators

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.

Involvement

A concept in consumer buying behavior which relates to how much effort a consumer is willing to exert in making a buying decision.