Marketing Exam Flashcards
consumer products
SSCU
-specialty
-shopping
-convenience
-unsought
breadth
number of product lines
depth
number of products within a product
family brands
names, terms, designs, etc, or other features that identify that one seller good or service as distinct from those of other sellers
individual brands
an assortment of items that the customer sees as reasonable substitutes for another
cobranding
the practice of marketing two or more brands together, on the same package or promotion
brand licensing
an agreement where one firm allows another to use its brand name, logo, symbol etc
cobranding
the practice of marketing two or more brands together, the same package or promotion
brand elements
-brand name
-URLs
-logos and symbols
-characters
-slogans
-jingles
brand equity
the value that a specific brand adds to a product or service
core value
guiding principles that shape a company’s culture and define its identity
four unique characteristics affecting service
IIII
-inseparable
-inconsistent
-intangible
-inventory
intangible
cannot be touched, tasted, or seen
inseparable
production and consumption are simultaneous
inconsistent
training and standardization
inventory
how is this service perishable
GAP model
-knowledge
-standards
-delivery
-communication
standards gap
-achieve service goals through training
-the commitment to service quality
zone of tolerance
Consumers often have a range of acceptable outcomes
the five c’s of pricing
-competition
-costs
-company objectives
-customers
-channel members
four orientations
PSCC
-profit
-sales
-competitor
-customer
demand curves
knowing demand curves enables us to see the relationship between price and demand
price elasticity of demand
how do customers respond to price increases or decreases?
% change in quantity / % change in price
four types of competition
-monopoly
-oligopoly
-monopolistic competition
-pure competition
cost-based method
-Cost-base pricing methods start with cost
-All costs are calculated on a per-unit basis
competitor-based methods
-Set prices to signal information on how product compares with competitors
-Premium pricing
value-based methods
Setting prices that focus on the overall value of the product
Legal & ethical aspects of pricing
-Deceptive/Illegal
-price fixing
-predatory pricing
-price discrimination
Deceptive/Illegal pricing
Loss leader pricing, Bait and switch
intensive distribution
designed to get products into as many outlets as possible
Exclusive Distribution
grants exclusive geographic territories to one or very few retail customers so no other retailers in the territory can sell a particular brand
Selective Distribution
grants exclusive geographic territories to one or very few retail customers so no other retailers in the territory can sell a particular brand
logistics management
used to meet customer demands through the planning, control, and implementation of the effective movement and storage
channel structures
-direct distribution
-indirect distribution
-multichannel distribution
multichannel distribution
Using a combination of both direct & indirect distribution channels
push strategy
increase demand by focusing on wholesalers, distributors, or salespeople, who push the product to consumers
pull strategy
designed to get consumers to pull the product into the supply chain by demanding retailers carry it
Distribution intensity
the number of channel members to use at each level of the supply chain
Three types of vertical marketing systems
ACC
-Administered
-Contractual
-Corporate
Different tools of marketing communication
-Switching communication mediums to digital marketing and social media
-Leveraging online influencers to sell products
Integrated marketing communication (IMC)
- promotion dimension of the four Ps
- variety of communication disciplines
advertising
-Most visible element of IMC
-Extremely effective at creating awareness and generating interest
personal selling
-More expensive than other forms of promotion
-Salespeople can add significant value, which makes the expense worth it
sales promotions
- end-user consumers or channel members
-Used in conjunction with other forms of IMC
Direct marketing
-Targeted
-Motivates an action
-Is measurable
public relations
-“Free” media attention
-Importance of PR has grown as the cost of other media has increased
Social and Mobile media tools
-Websites
-Blogs
-Social media
-Mobile apps
set objectives
to inform, persuade, and remind customers. that can be accomplished via: push and pull strategy
AIDA model
-attention
-interest of the customer
-desire
-action
types of appeals
-fear
-humor
-music
-emotions
-scarcity
