Marketing final exam Flashcards
What is a brand?
A name, term, sign, symbol, design used to identify goods or services that differentiate from competitors
Represents consumers’ perceptions and feelings about product and performance.
What is branding?
The process of endowing products and services with the power of the brand
This involves creating a unique identity for a product in the market.
What is the first stage of New Product Development?
Generation
Involves awareness of external environment, internal sources, external idea sources, and crowdsourcing.
What is the purpose of the screening stage in New Product Development?
Focus on the best ideas compatible with the company
This stage filters out ideas that do not align with company goals.
Define product concept in New Product Development.
A detailed version of the idea stated in meaningful consumer terms
This helps in understanding how the product will be perceived by consumers.
What does the marketing strategy development stage include?
Describing the target market, planned value proposition, sales, market share, and profit goals
It also outlines the product’s planned price, distribution, and marketing budget.
What is the purpose of business analysis in New Product Development?
Review of sales, costs, and profit projections
A positive review triggers product development.
What is test-marketing?
Introducing the product into a realistic market to gain experience prior to full introduction
This helps in assessing market response.
What is commercialization in the New Product Development process?
Full-scale introduction into the market
This is the final step after successful test marketing.
What are the three general pricing strategies?
- Cost-based approach
- Value-based approach
- Competition-based approach
Each strategy has different focuses, either on costs, perceived value, or competitors’ pricing.
Define prestige pricing.
Positioning a product as a luxury with high prices
This strategy aims to create an image of exclusivity.
What is market-penetration pricing?
Setting a low initial price to achieve quick and deep market penetration
This strategy is often used to attract customers rapidly.
What are volume discounts?
Discounts based on the quantity purchased
This strategy encourages customers to buy more.
List functions of distribution channels.
- Information
- Promotion
- Contact
- Matching
- Negotiation
- Physical distribution
- Financing
- Risk taking
These functions facilitate the movement of goods from producers to consumers.
What are the main types of hospitality distribution channels?
- Direct
- Online travel agencies (OTA)
- Global distribution systems (GDS)
- Travel agents
- Travel wholesalers and tour operators
- Hotel representatives
- National, state, and local tourist agencies
- Consortia and reservation systems
Each type serves different roles in facilitating travel and accommodation services.
What is the AIDA model?
Attention, Interest, Desire, Action
It outlines the stages a message should go through to be effective.
What are the steps needed to create a sales promotion?
- Establishment of objectives
- Selection of promotional tools
- Planning the sales-promotion program
- Pre-testing
- Implementation
- Evaluation
These steps ensure a structured approach to promotions.
Define direct marketing.
Direct engagement of carefully targeted individuals to obtain an immediate response and cultivate lasting customer relationships
This approach focuses on personalized communication.
What are some benefits of digital marketing?
- Low-cost
- Efficient
- Fast
- Reach hard-to-reach segments
- Tailor message and offerings
- Easy to use and maximize value
- Flexibility
Digital marketing leverages online channels for effective communication.
What is viral marketing?
Infectious marketing events that are passed along
This strategy aims to create a buzz around a product or service.
What are traditional forms of direct marketing?
- Direct-mail
- Telephone
- Kiosk
- Interactive TV
These methods involve direct communication with potential customers.
