acronym Flashcards
SPMQ
-Short-term sales success (temporary price reduction)
-Profit maximization (price choice that gives max. profit/
ROI in line with competitive prices.
-Market share expansion (low price strategy compared to
competition)
-Quality leadership establishment (high price strategy
compared to competition
MS MP
-Market skimming strategy: aim- achieve max. price and profit to implement price reductions depending on market dynamics.
prerequisite: high quality unique product
risk: initial lower production volumes (production related cost will offset increased volume)
-Market penetration strategy: lowest prices is set at market launch -> rapid market penetration & exclude competitions.
prerequisite: highly price-sensitive market to increase volume (through low prices) & lower production costs
COP
cost of product (lower price limit): losses made if price is
below lower price limit
* other internal & external factors: competitive situation
(excess supply/ demand), marketing strategy position in
life cycle, stage of market maturity, regulations
perceived value by customer (price cap); if price is high
= no demand
*
CEL
-cross sectional surveys: look at market condition in a
defined time frame
-experiments (field research)
-longitudinal surveys: look into changes in market over
continuous period of time
E D C
- exploratory research: gather basic info about market.
aim: derive hypothesis which can be verified or falsified\
-descriptive research: has high degree of preliminary info aim: description & clarification of quantitative & qualitative details
-casual research: applied retrospectively to explain observations & test hypothesis
IDDSM
-identify target group
-define goals
-design content
-select media
-measure success
ASKPCP
-Awareness
-Knowledge (brand/product)
-Sympathy (positive feelings, moods, opinions)
-Preference
-Conviction (product best in the market)
-Purchase (creating conditions for purchase e.g. special
offers)
COAP
-Competitive parity method (comparison with
competition
-Objective & task method
-All you can afford method (on basis of available
resources
-Percentage of sales method
