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Bus M 241 > Exam 2 Review > Flashcards

Exam 2 Review Flashcards

1
Q

What are competitive frames of reference?

A

Nature of competition. Target Market.

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2
Q

What are Points of difference (POD’s)?

A

Desirable to consumer. Deliverable by the brand. Differentiating from competitors.

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3
Q

What are points of parity (POP’s)?

A

Negate competitor points-of-difference. Demonstrate category credentials.

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4
Q

What are atmospherics?

A

Elements in the store’s design that appeal to consumers’ emotions and encourage buying.

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5
Q 
Are these interior atmospherics or exterior atmospherics? 
store front
• display windows
• entrance
• accessibility
A

Exterior

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6
Q 
Are these interior or exterior atmospherics? lighting
• wall decorations
• color
• floors
• fixtures
• merchandise displays
• signage
• layout
• smell
• temperature
• music
• video screens
• mannequins
• cleanliness (restrooms)
A

Interior

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7
Q

What is product assortment?

A

The breadth and depth of the product line.

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8
Q

What is the breath of a product line?

A

Number of difference product lines

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9
Q

What is the depth of a product line?

A

Number of products within a line.

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10
Q

What are the benefits of using intermediaries?

A

Break bulk, provide assortment(variety of products), hold inventory(get the product when you want it), offer services(promotion, delivery, warranty), market efficiency (buy from a few sellers instead of many).

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11
Q

What is intensive distribution?

A

Maximum market coverage–firm seeks to make the product available in every outlet where customers might want to buy it. Convenience goods

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12
Q

What is selective distribution?

A

A level of distribution intensity whereby a firm selects a few retail outlets in a specific geographical area. Shopping and specialty goods

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13
Q

What is exclusive distribution?

A

A level of distribution intensity whereby only one retail outlet in a specific geographical area carries the firm’s products.
Specialty goods

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14
Q

What happens to the demand curve because of promotion?

A

It shifts outward (increase in demand) and makes the demand curve more inelastic. (consumers are less price sensitive)

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15
Q

What is the order of Push strategy?

A

Producer- Intermediaries- End Users. (Remember PIE)

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16
Q

What is the order of Pull strategy?

A

End users- intermediaries- Producer- End users.

17
Q

What is the order of importance of promotion mix of consumer goods (B2C)?

A

Advertising, Sales Promotion, Personal selling, Direct marketing, Public relations. (A SaPpy PerSon Does More PooRly)

18
Q

What is the order of importance of promotion mix of business goods (B2B)?

A

Personal selling, sales promotion, direct marketing, advertising, public relations. PS, SP, DM, A, PR

19
Q

What is cognitive, affective, and behavioral?

A

build awareness, gain liking, stimulate action.

20
Q

What does a creative brief consist of?

A
  1. Brand legacy- background info. 2. Copy strategy- what do we want to communicate? What is the key benefit? 3. Executional considerations. (cognitive, affective, behavioral) 4. Key customer groups. Who and where are they? 5. Key competitors- who are they?
21
Q

Profit=

A

(price X quantity) - (FC + VC X Q)

22
Q

Which has a direct impact on profit, price and quantity, or fc + vc X q?

A

pXq

23
Q

Which has an indirect impact on profit? pXq or fc + vc X q?

A

fc+ vc X q

24
Q

Unit margin/ unit contribution=

A

price- unit variable cost.

25
Q

Percent margin=

A

Unit margin/ Price

26
Q

Break Even point=

A

fixed cost/ price- unit VC. or Fixed cost/ Unit contribution

27
Q

What determines price?

A

Consumer willingness to pay

28
Q

Cost plus pricing

A

add a specific amount to the cost

29
Q

target return pricing

A

profit, sales, ROI

30
Q

Skimming pricing

A

high price to skim the market

31
Q

Penetration pricing

A

low price to penetrate the market

32
Q

prestige pricing

A

high price to signal quality, status

33
Q

Price lining-

A

different prices for different products in a product line

34
Q

Odd even pricing

A

$19.99

35
Q

Bundle pricing

A

two or more products in a single package

36
Q

Yield management-

A

match demand and supply for set capacity

37
Q

Going rate pricing

A

follow the competition

38
Q

Perceived value pricing

A

what the customer is willing to pay

39
Q

What is The process of grouping customers into relatively
homogeneous sets such that customers within a
segment are similar to one another in the way they
respond to the marketing effort directed at them.

A

Market segmentation.

Bus M 241 (6 decks)

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