Key parts to remember Flashcards

1
Q

The three levels of the product

A

Core customer value

Actual product

Augmented product

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2
Q

Types of consumer product

A

Convenience

Shopping

Speciality

Unsought

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3
Q

Types of industrial product

A

Material part

Capital items

Supplies and services

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4
Q

Two ways a company can expand its product line

A

Line filling

Product line stretching

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5
Q

The 4 important dimensions of the product mix

A

Width

Length

Depth

Consistency

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6
Q

4 special service characteristics

A

Service intangibility

Service inseparability

Service variability

Service perishability

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7
Q

4 measurements of brand strength

A

Differentiation

Relevance

Knowledge

Esteem

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8
Q

Major brand strategy decisions

A

Brand positioning

Brand name selection

Brand sponsorship

Brand development

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9
Q

2 ways a company can obtain new products

A

Acquisition

New product development

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10
Q

8 steps of new product development

A

Idea generation

Idea screening

Concept development and testing

Marketing strategy development

Business analysis

Product development

Test marketing

Commercialisation

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11
Q

Major pricing strategies

A

Customer value based pricing

Cost based pricing

Competition based pricing

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12
Q

New product pricing strategies

A

Market skimming pricing

Market penetration strategy

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13
Q

5 product mix pricing situation

A

Product line pricing

Optional product pricing

Captive product pricing

By product pricing

Product bundle pricing

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14
Q

The 7 price adjustment strategies

A

Discount pricing

Segmented pricing

Psychological pricing

Promotional pricing

Geographic pricing

Dynamic pricing

International pricing

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15
Q

5 types of geographical pricing

A

FOB origin pricing

Uniform delivered pricing

Zone pricing

Basing point pricing

Freight absorption pricing

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16
Q

2 types of channel conflict

A

Horizontal

Vertical

17
Q

The 4 types of channels

A

Conventional distribution channel

Vertical marketing system

Horizontal marketing system

Multichannel distribution system

18
Q

Marketing channel design involves

A

Analysing consumer needs

Setting channel objectives

Identifying major channel alternatives

Evaluating those alternatives

19
Q

Marketing channel management needs:

A

Selecting channel members

Managing and motivating channel members

Evaluating channel members

20
Q

Major logistics functions of a company

A

Warehousing

Inventory management

Transportation

Logistics information management

21
Q

The 6 major decisions in international marketing

A

Looking at the global marketing environment

Deciding whether to go global

Deciding which markets to enter

Deciding how to enter the market

Deciding on the goal marketing program

Deciding on the global marketing organisation

22
Q

The 3 modes of entry a company can use to enter the market

A

Exporting

Joint venturing

Direct investment

23
Q

Joint venturing

A

Licensing

Contract manufacturing

Management contracting

Joint ownership

24
Q

The 5 strategies for adapting a product and marketing communication strategies to global markets

A

Straight product extension

Product adaptation

Product invention

Dual adaptation

Product invention

25
The 5 major promotion tools
Advertising Sales promotion Personal selling Public relations Direct and digital marketing
26
The 6 buyer readiness stages
Awareness Knowledge Liking Preference Conviction Purchase
27
The 4 common methods used to set the total budget for advertising
Affordable method Percentage of sales method Competitive parity method Objective and task method
28
The 2 basic promotion mix strategies
Push strategy Pull strategy
29
Major advertising decisions
Informative Persuasive Reminder
30
The types of media mediums
Television Digital, mobile, and social media Newspapers Magazines Radio Outdoor
31
Major steps for sales force management
Designing sales force strategy and structure Recruiting and selecting salespeople Training salespeople Compensating salespeople Supervising salespeople Evaluating salespeople
32
Personal selling process
Prospecting Preapproach Approach Presentation Handling objections Closing Follow up
33
Sales promotion includes:
Customer promotions Trade promotions Business promotions Sales force promotions
34
The main consumer promotion tools
Samples Coupons Refunds Premiums Point of purchase displays Contests Sweepstakes Event sponsorships
35
The main trade promotion tools are
Contests Premiums Displays Discount Allowance Free goods Push money Specialty advertising items