Chapter 15 Managing the Marketing Mix Flashcards
Total Product Offer
Everything that consumers evaluate when deciding whether to buy something
Product Line
A group of products that are physically similar or are intended for a similar market
Product Differentiation
Creation of real or perceived product differences
Brand
A name, symbol or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors
Value
Good quality at fair price. When consumers calculate the value of a product they look at the benefits and then subtract the cost to see if the benefits exceed its costs
Brand Equity
The value of the brand name and associated symbols
Brand Loyality
The degree to which customers are satisfied, enjoy the bran and are committed to further purchase
Brand Awarness
How quickly or easily a given brand name comes to mind when a product category is mentioned
Brand Manager
A manager who has directed responsibility for one brand or one product line; called a product manager in some firms
Target Costing
Designing a product so that it satisfies customers and meets the profit margins desired by the firm
Competition-Based Pricing
A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors prices
Price Leadership
The procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow
Break-even Analysis
The process used to determine profitability at various levels of sales
Total Fixed Costs
All expenses that remain the same no matter how many products are made or sold
Variable Costs
Costs that change according to the level of production
Skimming Price Strategy
A strategy in which a new product is priced high to make optimum profit while there’s little competition
Psychological Pricing
Pricing goods and services of price points that make the product appear less expensive than it is
Marketing Intermediaries
Organizations that assist in moving goods and services from producers to business and consumer users
Channel of Distribution
A set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers that join together to transport and store goods in their path from producers and consumers
Agents/ Brokers
Marketing intermediaries that bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods
Wholesaler
A marketing intermediary that sells to other organizations
Retailer
An organization that sells to ultimate consumers
Intensive Distribution
Distribution that puts products into as many retail outlets as possible
Selective Distribution
Distribution that sends products to only a preferred group of retailers in an area
Exclusive Distribution
Distribution that sends products to only one retail outlet in a given geographic area
Electronic Retailing
Selling goods and services to ultimate customers over the internet
Telemarketing
The sale of gods and services over the phone
Direct Selling
Selling to customers in their homes
Promotion Mix
The combination of promotion tools in an organization use
Advertising
Paid, non personal communication through various media by organizations and individuals who are in same way identified in the advertising message
Personal Selling
The face to face presentation and promotion of goods and services
Public Relations
Management function that evaluates public attitudes, changes policies and procedures in response to the publics requests and executes a program of action and information to earn public understanding and acceptance
Sales Promotion
Promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities
Sampling
A promotional tool in which a company lets consumers have a small sample of a product for no charge
Direct Marketing
Uses direct communication with consumers to generate a response in the form of an order, a request for further information or a visit to a retail outlet
Buzz Marketing
Popularity created by consumer word of mouth
Push Strategy
Promotional strategy in which the producer uses advertising, personal selling, sales promotion and all other promotional tools to convince wholesalers and retailers to stock and sell mechandise
Pull Strategy
Promotional Strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they will request the products from retailers
