Key parts to remember Flashcards
The three levels of the product
Core customer value
Actual product
Augmented product
Types of consumer product
Convenience
Shopping
Speciality
Unsought
Types of industrial product
Material part
Capital items
Supplies and services
Two ways a company can expand its product line
Line filling
Product line stretching
The 4 important dimensions of the product mix
Width
Length
Depth
Consistency
4 special service characteristics
Service intangibility
Service inseparability
Service variability
Service perishability
4 measurements of brand strength
Differentiation
Relevance
Knowledge
Esteem
Major brand strategy decisions
Brand positioning
Brand name selection
Brand sponsorship
Brand development
2 ways a company can obtain new products
Acquisition
New product development
8 steps of new product development
Idea generation
Idea screening
Concept development and testing
Marketing strategy development
Business analysis
Product development
Test marketing
Commercialisation
Major pricing strategies
Customer value based pricing
Cost based pricing
Competition based pricing
New product pricing strategies
Market skimming pricing
Market penetration strategy
5 product mix pricing situation
Product line pricing
Optional product pricing
Captive product pricing
By product pricing
Product bundle pricing
The 7 price adjustment strategies
Discount pricing
Segmented pricing
Psychological pricing
Promotional pricing
Geographic pricing
Dynamic pricing
International pricing
5 types of geographical pricing
FOB origin pricing
Uniform delivered pricing
Zone pricing
Basing point pricing
Freight absorption pricing
2 types of channel conflict
Horizontal
Vertical
The 4 types of channels
Conventional distribution channel
Vertical marketing system
Horizontal marketing system
Multichannel distribution system
Marketing channel design involves
Analysing consumer needs
Setting channel objectives
Identifying major channel alternatives
Evaluating those alternatives
Marketing channel management needs:
Selecting channel members
Managing and motivating channel members
Evaluating channel members
Major logistics functions of a company
Warehousing
Inventory management
Transportation
Logistics information management
The 6 major decisions in international marketing
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
The 3 modes of entry a company can use to enter the market
Exporting
Joint venturing
Direct investment
Joint venturing
Licensing
Contract manufacturing
Management contracting
Joint ownership
The 5 strategies for adapting a product and marketing communication strategies to global markets
Straight product extension
Product adaptation
Product invention
Dual adaptation
Product invention
The 5 major promotion tools
Advertising
Sales promotion
Personal selling
Public relations
Direct and digital marketing
The 6 buyer readiness stages
Awareness
Knowledge
Liking
Preference
Conviction
Purchase
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
The 2 basic promotion mix strategies
Push strategy
Pull strategy
Major advertising decisions
Informative
Persuasive
Reminder
The types of media mediums
Television
Digital, mobile, and social media
Newspapers
Magazines
Radio
Outdoor
Major steps for sales force management
Designing sales force strategy and structure
Recruiting and selecting salespeople
Training salespeople
Compensating salespeople
Supervising salespeople
Evaluating salespeople
Personal selling process
Prospecting
Preapproach
Approach
Presentation
Handling objections
Closing
Follow up
Sales promotion includes:
Customer promotions
Trade promotions
Business promotions
Sales force promotions
The main consumer promotion tools
Samples
Coupons
Refunds
Premiums
Point of purchase displays
Contests
Sweepstakes
Event sponsorships
The main trade promotion tools are
Contests
Premiums
Displays
Discount
Allowance
Free goods
Push money
Specialty advertising items
