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Marketing Final Exam > Marketing Final > Flashcards

Marketing Final Flashcards

1
Q

Demand Oriented Approach

A

Marketers who use demand oriented pricing attempt to determine what consumers are willing to pay for goods and services

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2
Q

Types of Demand Oriented approaches

A 
Price Skimming
Price Penetration
Prestige Pricing
Odd-even pricing
Target Pricing
Bundle Pricing
Yield Management
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3
Q

Cost Oriented Approach

A

Marketers first calculate the costs of acquiring or making a product and their expenses of doing business; then they add their projected profit margin to these figures

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4
Q

Types of Cost Oriented Approaches

A

Markup Pricing and Cost Plus Pricing

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5
Q

Evaluating a Competitive Threat

A
  1. Where’s the beef- is the price reduction less costly then losing a sale
  2. Is this a down escalator- Will competitor just keep reducing price
  3. Domino Effect- If competitor gains share does it threaten other markets
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6
Q

Types of Channels

A

Direct Sales force, Direct to Consumer, Indirect Channels, Supply Chains

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7
Q

Direct Sales Force

A

Used when there is a key account the issues is large, complex or expensive. Professionalism is required

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8
Q

Direct to Consumer

A

Used when the desire is to cut out the middle men and reach the customer directly. Balance direct sales force and brick and mortar channels

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9
Q

Indirect Channels

A

Generally found where there are lots of products and parts and there are lots of small to medium customers remember our tractor parts example in Texas Types include distributors, retail, franchising, resellers, manufacturing reps

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10
Q

Supply Chains

A

Sequence of activities that takes product from a raw material to a consumable good

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11
Q

Supply Chain Terminology

A

Bill of materials and just in time.

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12
Q

Marketing Utilities

A
  • Time- 7/11 open 24/7
  • Place- PNC Bank in Union Convenience in Location
  • Form- Ralph Lauren customized clothes for order Benefits of Customization
  • Possession: Car Max- all encompassing services , finance, test drives, no haggle sales Benefits of one location and ownership
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13
Q

Retail Location Strategies

A

Placing your retail locations in an attempt to strategically increase business. Piggyback by placing your locations near other locations who have the same target market and kind of product.

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14
Q

Merchandise Categorization

A
  • Assorting items into groups that customer see as directly substitutable for one another. Example being rain coats
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15
Q

Omni-Channel

A

A progression of multi-channel marketing which encompasses a seamless approach to the customer experience across all sales channels… Approach customer across all sales channels

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16
Q

Types of Ads

A

Information Advertising

Persuasive advertising and Reminder Advertising

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17
Q

Evaluate and Select Media

A

Media Planning, Media Mix, and Media Buy

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18
Q

Google Platforms

A

Adwords- Type in a specific word and see advertisers who payed for space for that specific word…. Search Engine Optimization- Great long-term value, exposure, branding, high volume, users trust organic Pay Per Click- Immediate results, highly measurable and quantifiable, pay for results, fewer resources needed for success, Granular targeting Adsense- Hobby Website

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19
Q

Facebook Capabilities

A

Demographic targeting and intent-driven behavior. Target people based on location, age, gender, and interests…. Facebook Look alike target people with similar connections as well as similar interests.

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20
Q

Influencer Marketing

A

Using word of mouth marketing and getting your customers to talk about you. These influences include experts, celebrities, people similar to the consumer, bloggers.

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21
Q

Other Channels

A 
Email Marketing- Large Market and high rate of return more personalized
Amazon Ads- cost per click
-print/newspapers/mags
-direct mail
-email
-radio
-trade shows/field marketing
-Public Relations
-Sponsorships
-Personal selling
-querrilla marketing
-sales promotion
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22
Q

Personal Selling Module

A 
The personal selling module concentrates on B2B selling where a direct sales force is interacting with a buying center of the client to bid on and hopefully win a contract for a large complex product.
Challenger and Relationship Builder Models
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23
Q

Challenger Model

A

• Different view of the world,

  1. Use social media
  2. Talk to the right people
  3. Share Relevant information
  4. Provide Unique Perspective
  5. Makes a solid Case
  6. Coaches Customers
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24
Q

Relationship Builder

A

• Build strong customer advocates

  1. Relationship Quality- High caliber relational bond characterized by commitment and trust
  2. Relationship Breadth- Number of interpersonal ties that connect the relationship
  3. Relationship Composition- Portfolio of contacts ranging from low-level influencers to high-level decision makers
  4. Relationship Strength- The ability of the buyer-seller relationship to achieve desired objectives
  5. Relationship Efficacy- The ability of an inter-firm relationship to achieve desired objectives
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25
Q

Handling Objections

A
  1. Acknowledge and convert
  2. Postpone
  3. Agree and Neutralize
  4. Accept the objection
  5. Denial
  6. Ignore
26
Q

Qualifying a Prospect

A
  1. Do they have the budget allocated?
  2. Have you met the decision maker?
  3. Is their decision time frame in your window cycle?
  4. Do they appear motivated to act
  5. Is there any reason you would not be considered?
  6. Is there a business case that makes sense?
27
Q

Game Plan/ Objectives

A
  1. Set Meeting objectives ahead of time- that are clearly achievable
  2. Set roles for each team member- presenter, watcher, note taker
  3. Information gathering/interviews of customer personnel- know who is going to do what and use a standard methodology
28
Q

Price Skimming

A

High price tag initially for cool products

29
Q

Price Penetration

A

Low price to gain market share

30
Q

Prestige Pricing

A

Nordstrom can charge more then JC penny

31
Q

Odd-even Pricing

A

Our brains think 9.99 is much less than $10

32
Q

Target Pricing

A

Price at what the market allows

33
Q

Bundle Pricing

A

MS office example

34
Q

Yield Management

A

Charge More or less based on where you sit in a stadium/theater

35
Q

Markup Pricing

A

Used a lot by high volume retail/grocery stores. Add a fixed % mark up to the cost of all items in a specific product class

36
Q

Cost Plus Pricing

A

Used by manufacturing companies, professional service firms- add a specific amount rather than a % to the cost to come up with the price

37
Q

Bill of materials

A

All the component pieces that go into making a product that must be sourced from somewhere. Must find suppliers who have the quality, volume, and scheduling capability to meet your assembly requirements

38
Q

Just in Time

A

The practice of getting all the component prices to the assembly site just before needed and not before to save on storage and finance costs

39
Q

Information Advertising

A

Create and build brand awareness, Push through the buying cycle to final purchase. Inform customers about upcoming sales events or arrival of new merchandise. Introduction

40
Q

Persuasive Advertising

A

Generally occurs in the growth and early maturity stages of the product life cycle when competition is most intense. May be used to reposition an established brand in the later stage of the product life cycle

41
Q

Reminder Advertising

A

Communication used to remind or prompt repurchases. Occurs after the products have gained market acceptance

42
Q

Customer Value Equation

A

CV/Total Cost of Ownership= Benefits (Core, Add-On) - Costs (Acquisition, possession and usage price.

43
Q

Manufacturing Reps vs Distributors

A

Sell Professionally, Know Territory better, Experienced in the Industry, Represent several companies

44
Q

Store Location Strategies

A

Cluster, Diffusion, Piggy Back, Intense, Flag Ship (American Girl)

45
Q

Cluster

A

Fast Food All Clustered Together… Taco Bell, KFC

46
Q

Diffusion

A

Spread out as much as possible, starbucks in a starbucks

47
Q

Piggy Back

A

Lego Next to Kids store

48
Q

IMC

A

Integrated Marketing Communications

  • Identify target audience
  • Set advertising objectives (inform, persuade or remind)
  • Determine advertising budget
  • Convey message (slogan)
  • Evaluate and select media
  • Create advertisements
  • Assess impact
49
Q

Media Planning

A

What is most effective for the product?

50
Q

Media Mix

A

What channel/channels will you use?

51
Q

Media Buy

A

How much space will you buy?

52
Q

Branded Entertainment

A

Indirect Ads for a company, Lego, Tom Brady

53
Q

Resellers

A

Customize product and service smaller companies mainly for technology companies

54
Q

Distributors

A

Can carry out more functions shipping training and a separate company you can hire. Provide Credit, Logistics, Take title, Provide customer support, provide sales function, training

55
Q

Relationship Quality

A

High-Caliber relational bond characterized by commitment and trust

56
Q

Relationship Breadth

A

Number of interpersonal ties that connect the relationship

57
Q

Relationship Composition

A

Portforlio of contacts ranging from low-level influencers to high-level influencers

58
Q

Relationship Strength

A

The ability of the buyer-seller relationship to withstand stress and/or conflict

59
Q

Relationship Efficacy

A

The ability of an inter-firm relationship to achieve desired objectives

60
Q

Guerilla Marketing

A

Unconventional means of advertising, shock and surprise value

61
Q

Channel Management

A

Deciding what channels to use to get the finished product to market

Marketing Final Exam (1 decks)

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