Bus

Question 1

Ways to increase perceived value

Answer 1

Increase benefit

Decrease cost

Question 2

What is the connection between marketing a value?

Answer 2

Marketing works to convince customers that what you are selling has value

Question 3

What are the stages of marketing ideology?

Answer 3

Production era,
Selling era,
Marketing concept era,
Customer relationship era

Question 4

What are the 3 marketing orientations?

Answer 4

Customer: providing what customers want
Service: customer satisfaction
Profit: focus on product that earn the most profit

Question 5

What is relationship marketing?

Answer 5

Keeping a relationship with individual customers, offering them what they need/want

Question 6

What are the different market segmentations?

Answer 6

Geographic, demographic, psychographic, benefit, volume

Question 7

What are the different targeting strategies?

Answer 7

Undifferentiated, concentrated, multi segment

Question 8

What is the total product offer?

Answer 8

Everything consumers evaluate when deciding whether to buy something

Question 9

What is important about packaging

Answer 9

Carries important promotional burden, needs to convince the consumers to buy

Question 10

What is the width of the product mix?

Answer 10

The number of product lines

Question 11

What is the depth of the product line?

Answer 11

The number of unique variations of a single product

Question 12

How can you adjust a product to increase its life cycle?

Answer 12

Reposition, extensions, modifications

Question 13

What is product differentiation?

Answer 13

Creating real or perceived product differenfes

Question 14

What is a perceptual map?

Answer 14

Tool used to see where you are in the market compared to competitors

Question 15

What is a brand mark?

Answer 15

Visual elements that help define the brand

Question 16

What is brand equity?

Answer 16

Value of brand name and associate symbols

Question 17

What is a brand manager?

Answer 17

Directly responsible for one brand or product line, manages all the elements of its marketing mix

Question 18

What is the purpose of a loss leader

Answer 18

Product priced low to boost traffic to stores

Question 19

Why would you price a product high?

Answer 19

To give the sense of luxury and scarcity

Question 20

What is price skimming?

Answer 20

Pricing high to recoup r&d and make as much money as possible while their is little competition

Question 21

What is multiple unit pricing?

Answer 21

Selling units of products together to increase sales of frequently used products (6pack)

Question 22

What is reference pricing?

Answer 22

Setting a moderate priced item next to a high price item to make it appear cheaper

Question 23

What is product line pricing?

Answer 23

Pricing one product to be profitable and another to increase market share

Question 24

What utility do marketing intermediaries provide?

Answer 24

Form utility, time utility, place utility, possession utility, information utility, service utility

Question 25

MACE Framework

Answer 25

Mastery, accessibility, cadence, ensnared

Question 26

What is an integrated marketing communication?

Answer 26

Combines promotional tools into one unified promotional strategy

Question 27

What is institutional advertising?

Answer 27

Designed to create an attractive image for an organization rather than a product

Question 28

Difference between push and pull strategies

Answer 28

Push, producers convince retailers and wholesalers to stock their product, pushing the product through the channel of distribution

Pull, advertising to the customers who pulls desired products through the channel of distribution