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brand equity

A brand's power derived from the goodwill and namerecognition that it has earned over time, which translates into higher sales volume and higher profit margins againstcompeting brands.

price floor
A price floor is a government- or group-imposed limit on how low a price can be charged for a [1] product. For a price floor to be effective, it must be greater than the equilibrium price.

Price Ceilings
If the price ceiling is above the market price, then there is no direct effect. If the price ceiling is set below the market price, then a "shortage" is created; the quantity demanded will exceed the quantity supplied. The shortage may be resolved in many ways. One way is "queuing"; people have to wait in line for the product, and only those willing to wait in line for the product will actually get it. Sellers might provide the product only to family and friends, or those willing to pay extra "under the table". Another effect may be that sellers will lower the quality of the good sold. "Black markets" tend to be created by price ceilings.

Product position Product position refers to what the consumer thinks of your product (e.g. lowest price, best service,freshest produce, certified residue free, easy access, etc.) when they are making a purchase decision. A concept often related to product position but different is niche marketing. Large retailers like WalMart, Best, and Target have taken a product position of low prices, but none of these are niche marketer

Dynamic Pricing - Today's Definition

What is Dynamic Pricing? Simply put, Dynamic Pricing is a price determination by the buyer and the seller at the time of a transaction.

Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management. It allows the firm to recover its sunk costs quickly before competition steps in and lowers themarket price.

customer value:
It is defined as the difference between what a customer gets from a product, and what he or she has to give in order to get it. It helps people and companies unlock their inner creative power and achieve amazing results. Relative performance identifies how the product or service gives customer value relative to what competitors offer. In order to generate more thought about customer value, and to reach out to a customer base, a business might promote a customer value proposition. The customer value proposition is basically a promise of benefits from a vendor to customers.

What Is Niche Marketing

Niche Marketing can refer to both marketing and business choice. In and of itself, niche marketing refers to finding a segment of the general market for a service or product line. One then develops a solution for the needs of that segment and then markets to it to get the word out. Lets take a look at an example using one of the biggest companies in the world. Toyota is a huge multinational company. At first glance, it appears that Toyota focuses on the auto business as a whole both from a marketing and production standpoint. This view is correct. Notwithstanding this fact, Toyota is excellent when it comes to niche marketing.

Efforts aimed at discouraging (not destroying) the demandfor a product which (1) a firm cannot supply in large-enough quantities, or (2) does not want to supply in a certain region where the high costs of distribution orpromotion allow only a too little profit margin. Commondemarketing strategies include higher prices, scaleddownadvertising, and productivity.


Strategic tool used to review the effectiveness of a marketing program. A marketing audit is a comprehensive, systematic, periodic evaluation of a company's marketing capabilities. The audit examines the goals, policies, and strategies of the marketing function as well as the methods of the organization and the personnel who carry out the goals, policies, and strategies of the marketing function.

A business firm that operates between producers and consumers or business users, also called a middleman. May be a wholesaler, retailer, or facilitating intermediary.

Value chain
The value chain, is a concept from business management that was first described and popularized by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.[1]

product line
A set of related products sold by a single company.

Nonpersonal communication channels

Channels of communication that carry a message without involving interpersonal contact between sender and receiver. Nonpersonal channels are often referred to as mass media or mass communications, since the message is sent to many individuals at one time. For example, a TV commercial broadcast on a prime time show may be seen by millions of households at a given time.