Marketing CommunicationsThe employment of a mix of media vehicles that support marketing objectives.
Marketing MixA combination of product, price, place [distribution], and promotion activities that are applied to a particular target market.
Marketing PlanA description of the selection and application of marketing mixes in the target market.
Marketing ProgramThe short-term marketplace effort designed to obtain a specific marketing goal.
Marketing StrategyThe decisions that determine how to achieve marketing’s goal in a particular target market, through the selection and application of marketing mixes.
MSRPThe price the manufacturer recommends that the seller offers the product for. MSRP = Manufacturer's Suggested Retail Price.
NeedA state of felt deprivation (condition or motivation in which something is sought after to affect a change).
Niche Market A small overall market or small market segment.
Novice A user that is new to the product (newbie).
Odd/Even PricingEnding the price with certain numbers to influence buyers’ perceptions of the price or product.
One-time Fee (Licensing)A one time fixed charge that enables constant use of the product.
Overall Market All customers who share a common need.
PaymentThe actual economic sacrifice a customer makes to acquire certain rights to a product.
Payment FormsMeans of payment such as cash, credit card, check, or wire transfer.
Payment TermsPayment conditions as currency type, letter of credit and purchase prerequisites.
Penetration (Pricing Tactic)Briefly charging a relatively low price upon product launch.
Perceived ValueAn unsubstantiated estimation of worth that the customer obtains or could potentially obtain from owning and using the product.
Perceived Value FormulaPerceived value = resultant value proposition + relative value proposition
Perpetual LicenseNon-expiring ownership and usage rights to a product.
Personal CompetenceThe set of individual personality traits which enable individuals to manage themselves independently and capably.
PMTK MVP ModelA market-value centric pricing process which guides sets of managerial decisions that help determine a product’s price. The "PMTK MVP Model" is comprised of three distinct components that effectively act as sequential stages in the pricing process: Pricing Scheme, Pricing Formula, and Price Mix.
PositioningThe customer’s unique psychological placement of the relative qualities of a product or company with respect to its competitors.
PriceA specification of what a seller wants in exchange for granting right of ownership or use to a product. The price formula is Price = Costs + Margins.
Price Elasticity of DemandPercentage change in quantity demanded that occurs in response to a percentage change in price.
Price LiningPricing of products in a product family with corresponding price points.
