Marketing Terms

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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.

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.

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.

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.

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.

Marketing Mix

Describes the decisions made by marketers to appeal to their target markets and includes product, distribution, promotion, pricing and services.

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.

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.

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.

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.

Market Segment

A smaller part of a larger market consisting of customers grouped (i.e., segmented) by characteristic shared by others in their group.

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).

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.

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.

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.