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Marketing > AAA FINAL > Flashcards

AAA FINAL Flashcards

1
Q

What was the recomendation for Nike

A

diversification: new products, new markets

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2
Q

nike wrist, promotion strategy

A

mostly social media

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3
Q

Nike wrist thing pricing strategy

A

prestige

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4
Q

Nike product modifications

A

Heart rate chest strap, upgraded actimetry sensor(track sleep and REM)

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5
Q

Threats to gopro

A

smartphones

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6
Q

gopro promotion

A

social media, celebrity endorsements

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7
Q

Gopros recommended strategy

A

Market Development

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8
Q

Gopros new strategy plan

A

professional medical use,

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9
Q

energizer product recomendations

A

offer customization, engraving, partner with cell phone brands

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10
Q

energizer distribution recomendations

A

Expand to cell phone carrier stores

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11
Q

energizer promotion strategy

A

advertise on public trans, on smarphone apps

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12
Q

Four I’s of service

A

intangibility, inconsistency, inseparability, inventory

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13
Q

Idle Production Capacity

A

when the service provider is available but there is no demand for the service

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14
Q

gap analysis

A

analyzing the difference between consumers’ expectations and experience

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15
Q

off peak pricing

A

charging different prices during diff times of day to match variations in demand

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16
Q

internal marketing

A

based on the notion that a service org. must focus on its employees or internal market before successful programs can be directed at customers.

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17
Q

Customer experience managment

A

the process of managing the entire customer experience with the company.

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18
Q

Value

A

the ratio of precieved benefits to price or value

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19
Q

Value-Pricing

A

the practice of simultaneously increasing product and service benefits while maintaining or decreasing price

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20
Q

Profit Equation

A

profit=total revenue-total cost= (unit price*quantity sold)+(Fixed cost + variable cost)

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21
Q

pricing objectives

A

specifying the role of price in an organizations marketing and strategic plans

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22
Q

Pricing constraints

A

factors that limit the range of prices a firm may set

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23
Q

pure competition

A

set by marketplace

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24
Q

monopolistic competition

A

price competition exists

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25
Q

oligopoly

A

avoids competition

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26
Q

pure monopoly

A

no price competition at all

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27
Q

Total revenue

A

total money recieved from the sale of a product. The unit price *quantity

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28
Q

Average revenue

A

is the average amount of money received for selling one unit of a product, or simply the price of that unit. Average revenue is the total revenue divided by the quantity sold:
AR=(TR)/Q = P

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29
Q

Marginal Revenue(MR)

A

is the change in total revenue that results from producing and marketing one additional unit of a product

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30
Q

Price Elasticity of Demand

A

percent change in quantity demand relative to a percent change in price

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31
Q

Elastic Demand

A

when a 1 percent decrease in price produces more than a 1% increase in quantity demanded (increasing sales revenue)

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32
Q

Inelastic Demand

A

exists when a 1 percent decrease in price produces less than a 1% increase in quantity demanded (decreasing sales revenue)

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33
Q

Unitary Demand

A

exists when the % change is identical

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34
Q

Total cost

A

total expense incurred by a firm in producing/marketing a product

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35
Q

fixed cost

A

sum of the expenses of the firm that are stable and do not change with quantity

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36
Q

variable cost

A

sum of expenses of the firm that vary with quantity

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37
Q

marginal analysis

A

people will continue to do something as long as the incramental return exceeds the incremental cost

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38
Q

break even analysis

A

analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

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39
Q

break even point

A

quantity at which total revenue = total cost

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40
Q

skimming pricing

A

setting the highest initial price that customers really wanting the product are willing to pay. As the demand for the customers who really want decrease, firm decreases the price to satisfy other customers

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41
Q

when is skimming pricing effective

A
  • customer willing to buy immediately
  • the high initial price wont attract competitors
  • lowering price only has a minor effect on increasing sales volume
  • customers interpret high price as high quality
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42
Q

Penetration Pricing

A

setting low initial price to appeal immpediately to mass market

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43
Q

When is penetration pricing effective

A
  • market is price sensitive
  • low initial price discourages competitors
  • unit production and marketing costs fall dramatically as production volumes increase
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44
Q

Prestige pricing

A

setting high price so quality concious consumers attracted to it

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45
Q

price lining

A

firm that offer a line of product may price them at a number of diff pricing points

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46
Q

target pricing

A

deliberately adjusting the consumption and features of a product to achieve the target price

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47
Q

standard markup pricing

A

adding fixed percentage to the cost of all items in a specific product class. Used when lots of products.

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48
Q

Cost Plus Pricing

A

summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price

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49
Q

Target profit pricing

A

set an annual target of a specific dollar volume of profit

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50
Q

target return on sales pricing

A

set typical prices that will give them a profit that is a specified precentage

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51
Q

customary pricing

A

for products where tradition/standardized channel of distribution/competitive factors dictate the price

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52
Q

loss-leader pricing

A

not to increase sales but to attract customers in hopes they will buy other products as well

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53
Q

one-price policy

A

fixed pricing- setting one price for all buyers of a product or service

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54
Q

Flexible price policy

A

dynamic pricing- involves setting different prices for products/services depending on individual buyers and purchase situations

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55
Q

product line pricing

A

the setting of prices for all items in a product line. Make product on line as a whole not neccisarily each item

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56
Q

Quantity discounts

A

reductions in unit costs for a larger order

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57
Q

Trade discounts

A

to reward wholesalers/retailers for marketing functions they will preform in future

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58
Q

cash discounts

A

to encourage retailers to pay bills quickly

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59
Q

trade in allowances

A

price reductions given when a used product is part of payment

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60
Q

promotional allowances

A

money off for undertaking certain advertising or selling activities to promote a product

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61
Q

Everyday low pricing

A

practice of replacing promotional allowances with lower manufactures list prices

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62
Q

price fixing

A

illegal. Conspiracy among firms to set prices for a prdocut

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63
Q

price discrimination

A

illegal in most cases- practice of charging different prices to different buyers.

64
Q

marketing channel

A

individuals and firms involved in the process of making a product or service available for use or consumption

65
Q

transactional function of intermediaries

A

intermediaries buy and sell products and services. Shares risk with the producer.

66
Q

direct channel

A

producer and ultimate consumer deal with eachother directly

67
Q

Indirect channel

A

intermediaries are inserted between producer/consumer. Preform numerous channel functions

68
Q

dual distribution

A

an arrangement where a firm reaches different segments of buyers by employing 2+ different types of channels for the same basic product.

69
Q

strategic channel alliance

A

where one firms marketing channel is used to sell another firms products

70
Q

vertical marketing systems

A

professional managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact

71
Q

corporate vertical marketing system

A

combination of successive stages of production and distribution under a single ownership.

72
Q

forward integration

A

firms owning intermediary at next level down

73
Q

backward integration

A

when a retailer owns a manufacturing facilities

74
Q

contractual vertical marketing system

A

independent product and distribution firms integrate their efforts on a contract to obtain greater marketing impact

75
Q

wholesaler sponsored voluntary chains

A

wholesaler develops a contractual relationships with small independent retailers to standardize and coordinate buying practices

76
Q

retail sponsored cooperatives

A

when small independent retailers form an organization that operates a wholesale facility cooperatively.

77
Q

Manufacturer Sponsored- retail franchise systems

A

prominent in automobile. Manufacturer licenses dealers to sell item subject to various sales and service conditions.

78
Q

Manufacturer Sponsored Wholesale Franchise Systems

A
  • in soft drink industry. Where pepsi licenses wholesalers(bottlers) that purchase concentrate from pepsie and then carbonate, bottle, promote and distribute its products.
79
Q

intensive distribution

A

firm tries to pace its products in as many outlets as possible. Usually chosed for convenience products

80
Q

exclusive distribution

A

opposite of intensive distribution b/c the firm selects only one retailers in a specific geographical area

81
Q

selective distribution

A

lies between intensive and exclusive. Firm selects a few retailers

82
Q

channel conflict

A

when one channel member believes anither channel is engaged in behavior that prevents it from achieving its goals

83
Q

vertical conflict

A

occurs between different levels in a marketing channel

84
Q

disintermediation

A

when a channel member bypasses another

85
Q

horizonal conflict

A

occurs between intermediaries at the same level

86
Q

dual distribution

A

when a manufacturer distributes through its own vertically integrated channel in competition with independent wholesalers are retailers that also sell its products

87
Q

retailing

A

all activities involved in selling renting and providing products and services to ultimate consumers

88
Q

form of ownership

A

distinguishes outlets based on independent/corporate or contractual

89
Q

level of service

A

describes the degree of service provided to the customer

90
Q

independent retailer

A

owned just by an individual

91
Q

corporate chain

A

multiple outlets under common ownership

92
Q

contractual systems

A

involve indecently owned stores banded together like a chain

93
Q

business-format franchises

A

like McDonalds, subway… Franchisor gives the whole layout and step by step procedures

94
Q

product distribution franchises

A

ford dealerships, coca cola

95
Q

self service

A

customers preform many functions during the purchase process

96
Q

limited service

A

provide some services like credit/merchandise return

97
Q

full service

A

provide everything to their customers

98
Q

depth of product line

A

store carries large assortment of each item such as shoe store that offers running shoes, dress shoess…

99
Q

breadth of product line

A

variety of different items a store carries

100
Q

general merchandise stores

A

broad product line, limited depth

101
Q

scrambled merchandising

A

offering several unrelated product lines in a single sotre

102
Q

central business district

A

oldest retail setting, the communities downtown area

103
Q

regional shopping centers

A

50-150 stores in an area

104
Q

community shopping centers

A

20-50 smaller outlets

105
Q

strip mall

A

composition less planned then malls

106
Q

power center

A

huge shoopping strip with many anchor stores

107
Q

shopper marketing

A

the use of displays coupons product samples and other brand communications to influence shopping enviroment

108
Q

advertising

A

any paid forms of nonpersonal communication about an organization, product, servicce or idea by an identified sponsor.

109
Q

personal selling

A

the two way flow of communications between a buyer and seller designed to influence a person’s or group’s purchase decision. Ususally face to face. No wasted coverage. Less consistent

110
Q

push strategy

A

directing the promotional mix to channel members to gain their cooperation in ordering/storcking the product. Pushing product through channel, push to customers

111
Q

pull strategy

A

consumers encourage retailers

112
Q

precentage of sales promotion budget

A

funds are allocated to promotion as percentage of past or anticipated sales in terms of either dollars or units sold. Downside: lower sales shouldn’t always mean lower promotion

113
Q

competitive parity

A

is matching the competitors absolute level of spending or the proportion per point of market share.

114
Q

allyou can afford promotion budget

A

money allocated to promtion only after all other budget items are covered,

115
Q

objective and task promition budget

A

Best approach. Company determines its promotion objectives, outlines the tasks it will undertake to accomplish those objective and determines the promotion cost of preforming those tasks.

116
Q

lead generation

A

the result of an offer designed to generate interest

117
Q

traffic generation

A

the outcome of an offer designed to motivate people to visit a business

118
Q

pioneering advertisments

A

used in introductory stage. Tells what it is, what it can do, where to find it

119
Q

Competitive advertisimnets

A

advertising that promotes a specific brands features and benefits. Persuade target market to buy this brand rather than other

120
Q

Comparative advertising

A

shows one brands strength relative to those of competitors

121
Q

reminder

A

used to reinforce previous knowledge of a product

122
Q

reinforcement

A

assure current users they aredoing the right thing

123
Q

advocacy ad

A

state the position of the company on an issue

124
Q

Reach

A

number of people exposed to an ad

125
Q

rating

A

% of households tuned in

126
Q

frequency

A

when you reach a household

127
Q

gross rating points

A

reach*frequency

128
Q

cost per thousand

A

cost of reaching 1,000

129
Q

wasted coverage

A

reach of people outside the market

130
Q

buyer turnover

A

how often buyers enter the market

131
Q

continuous advertising schedule

A

when seasonal factors are unimportant, advertising is run at a continuous or stead schedule thought the year

132
Q

Flighting(intermittent) schedule

A

periods of advertising are scheduled between periods of no advertising to reflect seasonal demand

133
Q

Pules (burst) schedule

A

a flighting schedule is combined with continuous because of increases in demand. Heavy period of promotion, or introduction of a new product.

134
Q

portfolio tests

A

to test copy alternatives. The test ad is placed in a portfolio with several other ads and stories and consumers are asked to read through. After the subjects asked for impressions of the ads.

135
Q

Jury Test

A

show the ad copy to a panel of consumers and having them rate how they liked it how much it drew their attention and how attractive they though it was.

136
Q

Theater tests

A

most sophisticated. Consumers are invited to view new TV shows or movies in which test commercials are also shown viewers register their feelings about the ads either on handheld electronic recording devices used during the viewing or on questionnaires after.

137
Q

coupons

A

sales promotions that usually offer a discounted price to a consumer

138
Q

deals

A

short term price reductions commonly used to increase trial among potential customers

139
Q

sweepstakes

A

sales promotion pure chance

140
Q

contest

A

apply skills/abilities to try to win

141
Q

Media richness

A

the degree of acoustic, visual and personal contact between two communication partners. The higher degree the greater social influence

142
Q

self-disclosure

A

degree of self-disclosure about a person’s thoughts, feelings, likes and dislikes. Where greater self-disclosure is likely to increase ones influence on those reached.

143
Q

relationship selling

A

the practice of building ties to customers based on a salespersons attention and commitment to customer needs

144
Q

partnership selling

A

Buyers and sellers combine their expertise and resources to create customized solutions; commit to joint planning; and share customer, completive and company info for their mutual benefits.

145
Q

lead

A

a person who may be a possible customer

146
Q

prospect

A

customer who wants or needs the products

147
Q

qualified prospects

A

if individual wants and can afford

148
Q

cold canvassing

A

opennening directory and picking a name and contacting them

149
Q

marketplace

A

buyers engage in face to face exchange

150
Q

marketspace

A

internet enabled digital enviroment

151
Q

do all customers swithch to generic

A

no 15-20% brand loyal

152
Q

pharmacy impact on sale of generic drugs

A

pharmacy makes more off generic. disperse as written calls

153
Q

what do wine brokers do

A

they represent vinyards in an area, liason from winery to distributor.

154
Q

comodity mentality- goodyear

A

thought tire is just a tire. brands arent different from eachother

155
Q

goodyear push strategy

A

limited trade ads, showcased at functions, tradeshows

156
Q

Visa-Mastercard trap

A

thought they had either a visa or master card. Didnt look at issuer as capital one

157
Q

Mcfarlane toys distrubtion channels

A

video stores, retail outlets, walmart, toy stores

Marketing (18 decks)

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