chapter 15 - Summary** Flashcards

1
Q

What is total product offer?

A

everything that customers evaluate when deciding whether to buy something

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2
Q

whats included in TPO (total product offer) (PBS)

A

Includes:
price
brand name
satisfaction in use

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3
Q

What are the functions of packaging (7)

A
  1. attracts buyers attention
  2. protect the goods inside, stand up under handling and storage (temp proof, deter thief)
  3. be easy to open and use
  4. described the contents
  5. Explain the benefits of the product
  6. explains warranties, warming, hazards
  7. indicates price, value , uses
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4
Q

What is the product life cycle?

A

It is a theoretical model of what happens to sales and profits for a product class over time

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5
Q

What are the 4 stages of the product life cycle? (IGMD)

A
  1. introduction
  2. growth
  3. maturity
  4. decline
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6
Q

What are pricing objectives? (PMIST)

A
  1. achieving a target profit
  2. building traffic
  3. increasing market share
  4. creating an image
  5. Meeting social goals
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7
Q

What is the break-even point?

A

at the break-even point
total cost = total revenue

Sales beyond that point are profitable

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8
Q

What strategies can marketers use to determine a product’s price?

A

For new products:
A skimming price or a penetration price strategy is considered

other strategies
cost-oriented pricing
demand-oriented pricing
Competition-ordained pricing

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9
Q

pricing strategies

A

pricing -
one of the easiest marketing strategies to copy

this is why
- not a good long-run companies

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10
Q

Why do companies use non-price strategies?

A
  • They are harder to copy
  • including offering great service
  • educating costumers
  • establishing long term relationships with consumers
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11
Q

Marketing Channels (WBAR)

A

A channel of disruption consists of marketing intermediaries
- agents
- brokers
- whole salers
- retailers

** Join together to transport goods in their channel for producers to customers

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12
Q

marketing intermediaries (TRASS)

A

perform certain marketing tasks faster than manufacturers could

  • transporting
  • sorting
  • selling
  • advertising
  • relationship building
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13
Q

What do marketing intermediaries ensure

A

these channels of disruption ensure

  • that communication flows
  • flow money
  • the title of good
  • right quantity available, where & when needed
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14
Q

What is a retaliator?

A

An organization that sells to consumers

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15
Q

Why is retailing important?

A
  • it is important to the Canadian economy
  • in 2020, retail trade was approximately $606 billion and employed more than 2 million people
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16
Q

What is non-store retailing?

A

retailing done outside a traditional store

Examples:
- electronic retailing
- telemarking
- vending machines
- kiosks
- carts
- direct selling

17
Q

What is promotion ?

A

promotion is an effort by marketers to inform and remind people in the target market about products and persuade them to participate in exchange

18
Q

What are the 5 traditional promotion tools that make up the Promotional mix?(DAPPS)

A
  1. advertising
  2. personal selling
  3. public relations
  4. sales promotion
  5. direct marketing (ex. telemarking)
19
Q

word of mouth promotion

A
  • people tell other people about products they have purchased
  • blogging
  • podcasting
  • mobile marking
20
Q
A