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Marketing > 2nd Mastery > Flashcards

2nd Mastery Flashcards

1
Q

What is Marketing Mix?

A

Is the set of strategies that marketers use to effectively determine the needs of their target markets, and to sell products that will respond to these needs.

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2
Q

Is the set of strategies that marketers use to effectively determine the needs of their target markets, and to sell products that will respond to these needs.

A

Marketing Mix

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3
Q

What are the elements of Marketing Mix?

A
  • Products
  • Price
  • Place
  • Promotion
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4
Q

are the tangible objects that a company sells to customers

A

Products

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5
Q

refer to the components of a product

A

Levels of Product

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6
Q

Levels of Product

A
  • Core Product
  • Actual Product
  • Augmented Product
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7
Q

Classification of Products

A
  • Consumer Goods
  • Industrial Goods
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8
Q

is the reason or the benefit that a customer can get out from that product

A

Core Product

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9
Q

The tangible properties of the product; the features and packaging

A

Actual Product

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10
Q

Add-ons aside from what is being offered.

A

Augmented Product

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11
Q

Products/goods purchased by consumers for their own use.

A

Consumer Goods

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12
Q

Food (Cassification of Products)

A

Consumer Goods

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13
Q

Haircut (Cassification of Products)

A

Consumer Goods

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14
Q

Clothes (Cassification of Products)

A

Consumer Goods

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15
Q

Metals (Cassification of Products)

A

Industrial Goods

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16
Q

Minerals (Cassification of Products)

A

Industrial Goods

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17
Q

Is a process that involves the conceptualization and creation of new product.

A

New Product Development

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18
Q

Stages of product development

A
  • Idea Generation
  • Idea Screening
  • Concept Development and Screening
  • Market and Business Planning
  • Product Development
  • Test Marketing
  • Commercialization
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19
Q

Commercialization

A
  • Soft Launch
  • Full Scale Launch
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20
Q

searches for and surveys new ideas.

A

Idea Generation

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21
Q

weighing possible pros and cons

A

Idea Screening

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22
Q

transitioning from idea to concept

A

Concept Development and Screening

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23
Q

planning on how to market

A

Market and Business Planning

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24
Q

creation of the prototype

A

Product Development

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25
Q

Product Development – creation of the prototype

A

Product Prototype

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26
Q

the output created

A

Product Prototype

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27
Q

product testing to a group of customers (sample size) in terms of marketability with
specific location

A

Test Marketing

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28
Q

product launching

A

Commercialization

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29
Q

product testing to a group of customers (sample size) in terms of useability

A

Soft Launch

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30
Q

official launching that includes the 4Ps of Marketing.

A

Full Scale Launch

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31
Q

Is a group of similar products offered by the same company

A

Product Line

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32
Q

Hair Care

A

Product Line

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33
Q

Skin Care

A

Product Line

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34
Q

Toilet and Bath

A

Product Line

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35
Q

Introduction

A

product is launched in the market

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36
Q

gains acceptance in the market

A

Growth

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37
Q

been a market player and competition has also increased.

A

Maturity

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38
Q

profits and sales continue to decrease.

A

Decline

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39
Q

Until supply lasts

A

Sunset

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40
Q

discounts or markdowns

A

Harvest

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41
Q

tie up or focus to one segment

A

Concentrated

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42
Q

Marketing Strategies for Service Firms

A

• Selecting and Training Employees
• Associating effective customer service with employee
motivation
• Delivering high quality service
• Building a strong and loyal customer base

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43
Q

• Selecting and Training Employees
• Associating effective customer service with employee
motivation
• Delivering high quality service
• Building a strong and loyal customer base

A

Marketing Strategies for Service Firms

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44
Q

set amount customers have to pay

A

Price

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45
Q

Pricing Approaches

A

• In cost pricing

• Perceived value pricing

• Competitive Pricing

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46
Q

Selling price is set based on the competitors price.

A

Competitive Pricing

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47
Q

Selling price is set based on the customer’s perceived value

A

Perceived value pricing

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48
Q

Selling price is computed using the fixed and variable cost

A

In cost pricing

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49
Q

is computed using the fixed and variable cost

A

Selling price

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50
Q

direct expenses on materials and labors

A

Variable costs

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51
Q

expenses which firms cannot do away regardless of production

A
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52
Q

Selling price is computed using ______ and ______ _____.

A

• Fixed costs

• Variable costs

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53
Q

when revenue equals the expenses

A

Break even point

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54
Q

estimation of the market demand of a good in the future

A

Demand Forecast

55
Q

estimation of quantity of goods that can be sold

A

Sales Forecast

56
Q

added amount that will determine the profit.

A

Mark up

57
Q

Setting the Price for a Product

A

• Marketing Objectives

• Research and development costs

• Market structure

• Elasticity of Demand

• Laws

58
Q

setting of price based on regulations.

A

Laws

59
Q

relationship between consumer demand and the changes in the price of goods

A

Elasticity of Demand

60
Q

Elasticity of Demand

A

• Elastic demand

• Inelastic demand

• Perfectly elastic demand

61
Q

find favorable substitute to a product

A

Perfectly elastic demand

62
Q

consumers do not respond to a change in price.

A

Inelastic demand

63
Q

consumers respond to a change in price.

A

Elastic demand

64
Q

Market structure

A

• Monopoly

• Oligopoly

65
Q

one seller may set the price and all others will follow

A

Oligopoly

66
Q

prices are set primarily by the manufacturer

A

Monopoly

67
Q

pricing depends on the structure of the market.

A

Market structure

68
Q

pricing depends on the expenses incurred in research
and development of new product.

A

Research and development costs

69
Q

pricing depends on the goals of the company.

A

Marketing Objectives

70
Q

Pricing Schemes

A

• In product bundle pricing

• Main or Captive product pricing

• Product line pricing

• Market penetration pricing

• Market skimming

71
Q

starts with higher price then gradually decreasing it.

A

Market skimming

72
Q

initially setting a low price to attract
customers.

A

Market penetration pricing

73
Q

price varies on the variations of goods.

A

Product line pricing

74
Q

main product is charge at lower price but additional charge go with it.

A

Main or Captive product pricing

75
Q

individual products are put together to create one whole bundle.

A

In product bundle pricing

76
Q

The channel of distribution with the use of marketing intermediaries

A

Place

77
Q

an entity that links producers and consumers

A

Marketing intermediaries

78
Q

is classified according to distribution intensity

A

Channel of distribution

79
Q

Channel of distribution

A
  • Intensive
  • Selective
  • Exclusive
80
Q

only one intermediaries

A

Exclusive

81
Q

needs few intermediaries

A

Selective

82
Q

needs many intermediaries

A

Intensive

83
Q

Marketing Intermediaries

A

• Manufacturers

• Distributorship

• Wholesaling

• Retailing

84
Q

selling of products directly to the final consumer

A

Retailing

85
Q

selling of products for business use

A

Wholesaling

86
Q

selected by manufacturers to buy goods for
resale

A

Distributorship

87
Q

makers of the product

A

Manufacturers

88
Q

individuals engaged in retailing

A

Retailers

89
Q

Types of Retailing

A

• Sari – Sari Stores

• Supermarkets

• Drugstores

• Department Stores

• Convenience Stores

• Hypermarkets

• Non store retailing

90
Q

selling of goods in mediums outside a physical store like e-commerce.

A

Non store retailing

91
Q

a huge superstores that are bigger and more spacious than supermarkets.

A

Hypermarkets

92
Q

stores that carry a limited number of goods

A

Convenience Stores

93
Q

large stores which offer a variety of products that are organized into departments.

A

Department Stores

94
Q

composed of pharmacies found in malls or stand alone in convenient location

A

Drugstores

95
Q

there’s high efficiency in providing the product.

A

Supermarkets

96
Q

small retail shops found in the neighborhood

A

Sari – Sari Stores

97
Q

selling products to merchandisers or producers for business use

A

Wholesaling

98
Q

Wholesaling

A

• Merchant wholesalers

• Full service wholesalers

99
Q

provide wide range of services to their customers such as recruitment, inventory and delivery of goods

A

Full service wholesalers

100
Q

buy goods in bulk and resell them with a mark up

A

Merchant wholesalers

101
Q

Full service wholesalers

A

• General merchandise wholesalers

• Limited line wholesalers

• Specialty line wholesalers

• Brokers and agents

102
Q

third party business transactions

A

Brokers and agents

103
Q

Brokers and agents

A

• Brokers

• Agents

104
Q

facilitate the purchase of goods between buyers and sellers

A

Brokers

105
Q

act in behalf of the seller.

A

Agents

106
Q

Promotions

A

• Advertising

• Personal Selling

• Sales Promotion

• Public Relations

• Direct Marketing

107
Q

communicates with consumers directly without the help of middlemen

A

Direct Marketing

108
Q

Direct Marketing

A

Call to action

109
Q

Call to action

A

Door to door, emails, telemarketing, direct response tv, e-commerce

110
Q

gives marketers an effective way to evaluate the effectiveness

A

Call to action

111
Q

communicating with the media and the public for positive image

A

Public Relations

112
Q

Sales Promotion

A

• Consumer Schemes

• Trade promotions

113
Q

sales promotions intended for wholesalers and retailers.

A

Trade promotions

114
Q

sales promotions intended for consumers

A

Consumer Schemes

115
Q

Consumer Schemes

A

Discounts, coupons, cash rewards, gift certificates

116
Q

activities which help increase sales for a product or service

A

Sales Promotion

117
Q

face to face technique using the art of persuasion through the sales person’s knowledge and skills

A

Personal Selling

118
Q

non personal form of communication and the most expressive of promotion types.

A

Advertising

119
Q

Advertising Examples

A

• Television

• Billboards

120
Q

placed along highways

A

Billboards

121
Q

most widely used medium

A

Television

122
Q

Advertising Elements

A

• Reach

• Frequency

• Impact

123
Q

value of exposure

A

Impact

124
Q

number of times it reached to the target market

A

Frequency

125
Q

percentage of exposed
target market

A

Reach

126
Q

Advertising Objectives

A

• To inform
• To persuade
• To compare
• To remind

127
Q

Advertising Execution

A

• Lifestyle

• Slice of Life

• Fantasy

• Mood

• Musical

• Technical/Scientific Evidence

• Testimonial

128
Q

feedbacking

A

Testimonial

129
Q

to assert a product’s superiority

A

Technical/Scientific Evidence

130
Q

through music

A

Musical

131
Q

a spur of the moment emotion

A

Mood

132
Q

exaggeration

A

Fantasy

133
Q

day to day activities

A

Slice of Life

134
Q

the way you live

A

Lifestyle

Marketing (3 decks)

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