Basics Flashcards
A strategy that identifies and develops new market segments for current products
Market Development
Study undertaken by an org to identify its internal strengths and weakness, as well as external opportunities and threats.
SWOT Analysis
Types of marketing intermediaries
Agents (sells, does not own), and wholesalers (takes title, sell to other intermediaries), distributors (takes title, no competing products), retailers (takes title, sells to end user)
Cooperative advertising
Usually done to secure the help of the retailer in promoting a given product
Allocating more resources to personal selling and sales promotion by its retailers is an example of
Push strategy, pushing the product onto the customer
Intermodal transportation
Using a combination of different modes to move freight in order to exploit the best features of each mode
Segmentation criteria
Identifiability, measurability, substantiality, accessibility, and responsiveness
Anti dumping laws
Prevent foreign manufactured goods from selling at below cost
Consumer decision making process
Need recognition, information search, evaluation of alternatives, purchase, post purchase behavior
3 types of marketing research
Exploratory (discovering ideas and insight), descriptive (statistically significant, surveys), and casual (seeks to explain cause and effect, conclusive research)
Price elasticity of demand
If the quality that consumers order changes a lot in response to a change in price the PED is very high
AIDA model
Attention/awareness, interest, desire, action - used by marketers and advertisers to develop a marketing communication strategy.
STP
Segmentation, targeting, positioning
Elements of service quality
Reliability, assurance, tangibles, empathy, responsiveness
Ways services different from products
Heterogeneous, intangibility, inseparability, perishable
