exam review module 6

Question 1

total product offer

Answer 1

everything that customers evaluate when deciding whether to buy something or not.

A total product offer includes price, brand names, satisfaction in use, and more.
Functions of Packaging

Question 2

functions of packaging

Answer 2

Attract the buyers attention
protect the goods inside (stand up for handling/storage), tamperproof, deter theft
be easy to open and use
describe the contents
explain the benefits of the core product inside
provide information about warranties, warnings, and other customer matters
indicate price, value, and uses.

Question 3

4 stages in product life cycle

Answer 3

introduction

growth

maturity

decline

Question 4

Depending on the stage, there are different marketing objectives firms will focus on.

Answer 4

Gain awareness
Stress the differentiation in the product
Maintain brand loyalty
Harvesting/deletion of product

Question 5

Break-Even point

Answer 5

= at break-even point, total costs are equal to total revenue.

Question 6

Pricing objectives

Answer 6

= achieving a target profit, building traffic, increasing market share, creating an image, meeting social goals.

Question 7

New products

pricing?

Answer 7

: use skimming price or a penetration price (typically).

Question 8

Others:

pricing?

Answer 8

cost-oriented pricing, demand-oriented pricing, competition-oriented pricing.

Question 9

A channel of distribution consists of a set of marketing intermediaries, such as

Answer 9

agents, brokers, wholesalers, retailers, that join together to transport and store goods in the path from producers to customers.

Question 10

Marketing intermediaries add value.

Answer 10

They perform marketing tasks (transporting, storing, selling, advertising, relationship building) faster and cheaper than most manufacturers could do.

Question 11

Channels of distribution allow for …

Answer 11

1. proper communication flow
2. proper flow of money and title to goods
3. proper quantity and assortment of goods will be available when and where needed.

Question 12

A retailer

Answer 12

= organization that sells to ultimate consumers.

Retailing is important to overall economy. Retail trade generated over $500b and employed almost 2m people in 2014.

Question 13

Non-store retailing

Answer 13

= retailing done outside of a traditional store.
It includes: electronic retailing (i.e: online shopping), telemarketing, kiosks, carts, direct selling.
note: Telemarketing can also be considered as a part of direct marketing (promotional tool).

Question 14

Promotion

Answer 14

= effort made by marketers to inform and remind people in the target market about products and to persuade them to buy products.

Question 15

The 5 traditional promotional tools:

Answer 15

advertising
personal selling
public relations
sales promotion
direct marketing
* the product itself can sometimes be used as a promotional too.*