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Business Fundamentals > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

Define market sharing

A

Pricing to gain greatest possible market percentage

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1
Q

Define profit-maximizing

A

Pricing to maximize profit, possibly sacrificing unit sales in order to do so

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2
Q

Define cost-oriented pricing

A

Price-setting tool considering cost of product and then adding markup

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3
Q

What is the markup% equation

A

Markup/saleprice x 100

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4
Q

What is the break even point

A

of units to be sold in order to cover both fixed and variable costs

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5
Q

Define pricing strategcy

A

Pricing plan based on marketing mix

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6
Q

What are the 3 ways of pricing existing products

A

Above, below, near market price

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7
Q

What is price skimming vs penetration

A

S: start at high prive to cover new product costs and generate profit
P: start at low price to establish new product into market

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8
Q

What are the 3 pricing tactics

A

Price lining
Psychological pricing
Discounting

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9
Q

Define promotion

A

Techniques used to communicate info about product

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10
Q

What are the goals of promoting

A

Increasing product awareness/knowledge
Increasing product pref
Helping position products and add value
Helping control/stabilize sales volume

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11
Q

What are the 2 types of promotion strats

A

Push (firm promoting aggressively)
Pull (promote directly to consumers, demand product from intermediaries)

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12
Q

What are the 9 factors making up a media mix

A

TV
Radio
Newspapers
Outdoors
Magazines
Direct mail
Internet
Mobile
Word of mouth

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13
Q

Define personal selling

A

Most expensive form of promotion per contact
Involves personal interaction
Telemarking popular choice bc low cost

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14
Q

Define sales promotions

A

Short-term activities designed to stimulate buying/cooperation from distributors ex:
Coupons
POS displays
Purchase incentives
Contests
Trade shows

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15
Q

Define publicity

A

Info made available to consumers via media outlets, free but company has no control over it

16
Q

Define PR

A

Company-influenced info aimed at building good will or dealing with bad event

17
Q

Define an intermediary

A

Entity other than producer distributing product

18
Q

Define wholesaler

A

Intermediary selling products to other businesses for resale

19
Q

Define retailer

A

Intermediary selling products directly to customers

20
Q

Define a sales agent

A

Independent intermediary dealing in related product lines of some producers focused on long-term relationships

21
Q

Define a broker

A

Independent intermediary matching numerous sellers and buyers as needed

22
Q

What are the 4 types of distribution strategies

A

Intensive
Selective
Exclusive
Channel conflict

23
Q

Define intensive distribution strat

A

Use as many channels and members as possible

24
Q

Define selective distribution strat

A

Using limited numbers of outlets

25
Q

Define exclusive distribution strat

A

Using only one intermediary in a market are

26
Q

Define channel conflict distribution strat

A

Distribution channel members disagreeing over roles and rewards each has

27
Q

What are the types of retail outlets

A

Product line retailers
Bargain retailers
Convenience stores
Direct response (non store)

28
Q

Types of product line retailers

A

Deparmtent store
Supermarkets
Specialty store
Category killers

29
Q

Define bargain retailers

A

Discount housing
Factory outlets
Wholesale clubs

30
Q

Define direct response retailers

A

Mail order
Telemarketing
Direct selling
TV

31
Q

Define E-intermediaries

A

Internet based channel members performing functions such as:
1. collecting info about sellers and presenting to consumers
2. helping deliver internet products to buyers

32
Q

Define physical distribution

A

Activities needed to move product efficiently from manufacturer to consumer

33
Q

Define warehousing operations

A

Storing goods through distribution process

34
Q

What are the 5 types of transportation modes

A

Trucks
Plane
Railroads
Water carriers
Pipelines

35
Q

How does distribution work as a marketing strat

A

Helps to gain comp adv and leverage distribution adv companies like
Walmart
Zara
Dell

Business Fundamentals (15 decks)

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