Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Münster SoSe 24 > Marketing Management > Flashcards

Marketing Management Flashcards

MM

1
Q

skimming pricing

A

trying to keep the price as high as possible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

penetration pricing

A

trying to keep a moderately set price as long as possible - after the product gets older/out-to-date the price lowers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

price differentiation

A

charging a different price to different sorts of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

cross price elasticity

formula: ε_A_=

A

how the price of one product is sensitive to the change of quantity of another product

= Δ quantity A [%] ÷ Δ price B [%]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

price elasticity of demand

formula: ε=

A

how the price of product is sensitive to the change of quantity

= Δ quantity [%] ÷ Δ price [%]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

freemium

A

pricing model where the user starts for free and after some time must pay for continuing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

subscription

A

pricing model where the user “pre-pays” using of the service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

pay-as-you-go

A

pricing model where the user pays only for the real usage of the product, not just for having the opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

dynamic pricing

A

price changes based on some factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

auction

A

finding out the price by competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

cost+ pricing

Possible problems

A

setting price by adding some margin to the actual product value

may have problem to capture the desired target segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

competition oriented pricing

Possible problems

A

setting price by comparing the product with the competitors

depends on how well the competitors have set their prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

value based pricing

Possible problems

A

setting price by finding the equilibrium

best option → no problems; it may be difficult to do all the research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

goods-dominant logic

A

market model, where there is one producer and one customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

service-dominant logic

A

market model, where every actor creates some value and they exchange it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

conjoint analysis

A

evaluating the features together at once (multicriterial decision making)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

equalization price

A

difference between the price of the product I want and some other one I refer to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

revenue

formula: r=

A

amount of gross income produced through sales of products

= sales [№] × unit price [$]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

margin

formula: GPM=

A

difference between the price of a product and its cost

= (revenue - COGS) /100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

push communication

A

‘pushing’ the products to the customers through the distribution channel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

pull communication

A

creating awareness of the product or brand so the customers buy the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

profit

formula: p=

A

difference between revenue and costs

= revenue - fixed costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

customer respond index (CRI)

How to calculate it?

A

reflects the efficiency of marketing communication

Multiply the percentages:
* How many targeted can recall the ad later (are aware of it)? [%]
* How many of them can recall the info later? [%]
* How many of them will be convinced to buy the product? [%]
* How many of them will really buy the product? [%]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

advertising elasticity

formula: ε=

A

how the demand reacts to ads expenses

Δpurchases change ÷ Δad expenses change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

break-even point

How to calculate it?

A

where the loss changes to profit

0 = quantity × (price per unit - COGS) - fixed costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

market share

MS =

A

percentage of a market’s total sales, earned by a particular company over a specified period

= quantity ÷ demand

27
Q

price elasticity

A

how much the demand reacts to change in price

28
Q

product should be

A
  • Important
  • Perceived
  • Defendable
  • Economical
29
Q

minimum valuable product

A

the minimum needed to make someone buy it

30
Q

margin per unit =

A

price per unit - COGS

31
Q

total margin =

A

margin per unit × quantity

32
Q

profit =

A

= total margin - fixed cost
= quantity × margin per unit
= quantity × (price per unit - COGS) - fixed costs

33
Q

scalable business

A

business with growing number of customers while the fixed costs remain the same

34
Q

business model

start point

should be

A

how an organization creates, delivers, and captures value

idea how to satisfy the market

  • repeatable
  • scalable
35
Q

marketing mix

the goals should be

A
  • Vision
  • Mission
  • Goals
  • Strategy
  • Actions

SMART:
* Specific
* Measurable
* Actionable
* Relevant
* Timely

36
Q

PESTLE analysis

What is it good for?

A
  • Political
  • Economical
  • Social
  • Technological
  • Legal
  • Environmental

to summarise the macroeconomic conditions

37
Q

market oriented strategy

A
  • Segmentation - dividing the (relevant) market into groups
  • Targeting - choosing the desired target group (segment)
  • Positioning - setting the activities in the company to satisfy the target segment(s)
38
Q

V2C

when is it used?

it should be

A

value to customer
the company provides something valuable for the customer

for creating value proposition

  • Important
  • Perceived
  • Defendable
  • Economical
39
Q

channel efficiency

A

how many transactions are made

40
Q

push marketing strategy

A

aiming to attract the potential customers via distribution channels - to push the product through the channel

41
Q

pull marketing strategy

A

aiming to attract the potential customers directly - pull them to the product

42
Q

multichannel marketing

A

advertising on multiple places separately

43
Q

omnichannel marketing

A

combined advertising on multiple places

44
Q

based on its elasticity

absolute change of some dependent variable

e.g. absolute change in sales after changing the ad expenses

A

absolute change = its initial value × Δvalue × elasticity

change in sales = initial sales × Δsales × advertising elasticity

45
Q

gross rating points

gross rating exposure =

  • for pulsing approach the exposure
  • for heavy-up approach the exposure
A
  • Evaluate the impact of an advertisement
  • Percentage of target market reached
    multiplied with exposure frequency

= Σ(percentage of target group reached each day × exposure amount)

  • always remain the same (±)
  • peaks during the season
46
Q

retail media

A

the retailers promote the product for the supplier

47
Q

healthy revenue

A

the company’s revenue comes from all customers equally

48
Q

unhealthy revenue

A

some customers are making more profit for the company than others

49
Q

product-oriented value creation strategy

A
  • The company focuses on innovating the product
  • customers’ needs solved within a single business unit
50
Q

customer-oriented value creation strategy

A
  • The company focuses on satisfying customers’ needs
  • customers’ needs solved across different business units
51
Q

market-oriented value creation strategy

A
  • The company focuses on satisfying markets’ needs
  • customers’ needs solved across different business units
52
Q

customer lifetime value

CLV =

A

value of all cash flows associated with a particular (type of) customer

= ∑(t=0)[(period t’s cash flow × retention rate per t)/(1 + average costs)^t] -CAC

53
Q

customer equity

connection with CLV

CE =

A

value of the whole customer base

CE = ΣCLV

= № of existing customers × their revenue + № of future customers × (their revenue - aquisition costs per customer)

54
Q

Customer and Enterprise Valuation Approach (CEVA)

A
  • a method for estimating the firms value from the customers behaviour towards the company instead of the aggregated firm’s data
  • Combination of CLV/CE
55
Q

development strategy

A
  • Vision
  • Mission
  • Goals
56
Q

marketing leadership pillars

A
  • Strategy
  • Implementing
  • Evaluation
57
Q

persona

where is it used?

A

stereotypic representative of the (target) segment

for implementing (segmentation, targeting, positioning)

58
Q

cross selling

A

providing a comprehensive offering for the customer

59
Q

marketing triangle

A
  • Customer
  • Company
  • Competitors
60
Q

reverse pricing

A

when the price offering is made by the customer

61
Q

steps for developing a persona

what benefits are relevant?

A
  1. define benefits for the customer
  2. define the job to be done - what does the customer want/need
  3. find the pains of the customer
  4. connect with the relevant gains
  5. add some characteristics of the customer - age, sex, social status, job…

  • functions
  • social, emotions
  • economy
  • health, safety
  • comfort
  • environment
62
Q

value proposition

what is it based on?

consists of

A

an offering which is designed to solve the target customers’ pains, give them relevant gains, and do the job they need to be done

based on persona

  • gain creators
  • pain relievers
  • offering (description)
63
Q

value co-creation through interconnected activities

A
  • service dominant strategy
  • everyone creates some value
  • if the ‘value makers’ cooperate, the value for the customer may be greater
  • a×b > a+b
64
Q

innovation measurements

types of innovation

A
  • technological
  • customer’s needs fulfillment

  • radical - high technological innovaveness, high customer innovativeness
  • technological breakthrough - high technological innovaveness, low customer innovativeness
  • market breakthrough - low technological innovaveness, high customer innovativeness
  • incremental - low technological innovaveness, low customer innovativeness

Münster SoSe 24 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions