Collapsible Panel List

A component of the Total Product offered by the marketer, these represent the key benefits offered by a product itself or through other aspects of using the product.

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.

Type of consumer purchase decision that involves the purchase of something new to a consumer but in the customer's mind is not a very important purchase in terms of need, money or other reason.

A document issued by a company and intended to gain news media attention or to provide information to other company stakeholders (e.g., customers, investors).

Members of a distribution channel who purchase products from the marketing company with the intention of selling to others and includes retailers, wholesalers and industrial distributors.

Retail format represented by a small service-oriented outlet carrying very specialized and often high-end, high priced merchandise.

Retail format represented by general merchandise retailers that offer very limited product selection and relatively high prices but offer easy purchase experience through accessible store locations, small store size for quick shopping and fast checkout.

A category of consumer products which customer purchase due to sudden events and which often involve little pre-purchase planning.

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).

A target marketing strategy that attempts to appeal to specific targeted customers with individualized marketing programs.

A media relations tool used as part of Public Relations that includes information such as company background, key managerial biographies and other supporting materials intended to be useful to members of the news media.

The collection of resellers such as retailer, wholesalers and industrial distributors, who provide services that assist the marketer in reaching their final customer.

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.

Refers to conditions that describe the effect a change in a product's price may have on the target market's demand for a product and includes conditions that are elastic, inelastic or unitary.

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.

A public relations tool where a company spokesperson travels to key cities to discuss new products through bookings on TV and radio shows and conducting interviews with print and Internet reporters or influencers (e.g., bloggers).