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College > Marketing Midterm 2 > Flashcards

Marketing Midterm 2 Flashcards

1
Q

What is a product?

A

Good or service (most are a combination)

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2
Q

Good

A

Tangible object

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3
Q

Service

A

Intangible Offering

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4
Q

Product Layers

A

Core Product: (Benefits we Get)
Actual Product: (Features, Packaging, Brand quality)
Augmented Product: (Things to entice us: Warranty, repair service, installation)

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5
Q

3 types of new products

A

Continuous innovations
Dynamically Continuous innovations
Discontinuos innovations

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6
Q

Continuos Innovations

A

Little Disruptive Influence Ex: New flavor of chips

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7
Q

Dynamically Continuous Innovations

A

Some disruption but don’t alter existing buying patterns (Electric toothbrush to manual toothbrush)

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8
Q

Discontinuos innovations

A

Fundamental changes in buying behavior

Ex: Cars

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9
Q

8 (3) P’s of service Marketing

A 
Physical Evidence (Appearance)
Process (way service is created and delivered)
Productivity g output with quality(balancin
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10
Q

4 Charachteristics of a service

A

Intangebile, Perishable, Variable (performed differently from time to time), Inseperable (tied to provider)

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11
Q

Gap analysis

A

Difference btwn expectation of serivice and what actually

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12
Q

3-new service

A

If labor intensive, Providers are part of the expwerience and innovation
May require customer s prescence
No tangible product to carry brand name

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13
Q

2 Service innovations

A

New elements improving or existing
continuos innovation
(purple cow)

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14
Q

Diffusion

A

Manner/Speed which consumer adopt new products

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15
Q

4- Categories of adopters

A
  1. Innovators: young risk takers (2.5%)
  2. Early adopters: heavy media users (3.5%)
  3. Early majority: Middle class (34%)
  4. Late majority: Older less educated (34%)
  5. Laggards: traditionalists (16%)
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16
Q

Product life cycle

A

Introduction
Growth (Peak profit)
Maturity
Decline

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17
Q

3 Strategies for elongating product lifestyle

A

Modify
Find New customers
Find new issues

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18
Q

Value Migration

A

Making: Good
Better
Best Version

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19
Q

Brand

A

Name , logo, core value to set you apart

-Your offer of value and promise to customer

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20
Q

6 Charachteristics of a good brand

A
  1. Communicated distinctive value
  2. Is “relevant “ to the customer
  3. Resonates w/customer
  4. Sustained over time- long term
  5. Reinforce intended positioning
  6. Easily Understood by customers and employees
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21
Q

3 levels of brand loyalty

A

Brand recognition
Brand Preference
Brand insistence

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22
Q

5 Entrepreneurial Branding process

A
  1. Conduct brand analysis
    - Ridght fit of core strengths and customer needs
  2. Determine Brand positioning
    - Unique Desired benefits
  3. Select Brand Name & Identity
  4. Brand communications strategy (Consistent Message)
  5. Select Branding Strategy
    - next question
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23
Q

Cooperate Branding

A

Branded house: Ex: Fedex, fedex prime

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24
Q

Individual Branding

A

House of Brands: Different product under one umbrella (Tide, Folgers, P&G)

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25
Q

Hybrid Branding

A

Subbranding: Coke, Cherry coke, Sprite

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26
Q

Brand Equity

A

Added Value beyond features and Benefits

Highlight product difference and charge premium (DISNEY)

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27
Q

Fan Equity

A

Intensity of Customer Preference

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28
Q

Brand decline

A

Brand Preservation vs building
Taking customer for granted
Competition blind spot
Loss of objectivity

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29
Q

Brand Awareness

A

Consumer knows enough about a product to associate with brand

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30
Q

2 ways to grow revenue

A

Increase Prices

Increase items sold

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31
Q

4 key issues of price

A

Costs
Demand
Customer Value
Competitor’s Prices

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32
Q

Cost Value Relationship equation

A

Value= Benefits/ Costs

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33
Q

Assimilation Effect

A

“close” pricing suggests that products are similar

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34
Q

Contrast effects

A

Disparate Pricing may encourage purchase of higher priced products (Burgers are 2/$8 but for $2 more you could get steak)

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35
Q

Price and promotion

A

Does price cover advertising

Is any promotional pricing planned

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36
Q

Channel

A

Paying Sellers

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37
Q

Pricing Parameters

A 
Price Floors (Cover Costs)
Price Range (Competition)
Price Ceiling (Customer's ability and willingness to pay)
38
Q

6 How to price your product (not important)

A
  1. Develop Pricing objectives
  2. estimate demand
  3. Pricing Strategies
  4. Evaluate the pricing Environment
  5. Costs
  6. Pricing Tactics
39
Q

6 Pricing Objectives

A
  1. Sales/ Market Share
  2. PROFIT!!
  3. Competitive Effect
  4. Customer Needs
  5. Image Enhancement
  6. Flexibilityy of Price
40
Q

law of demand

A

As price increases, customers buy more and inverse

41
Q

Price Elasticity of Demand

A

% change in unit sales resulting from a % change in price

42
Q

Elasticity

A

% change in Q/ % Change in P

43
Q

3 external influences on elasticity

A

Market Time Period
Neccesity or Luxury
Prices/ Availability of Other Products

44
Q

Pricing stragegies

A
  • Value Pricing/ Everyday Low Price (Walmart)

- Heavy Regular Promotion (Pizza hut coupons)

45
Q
  1. New Product Strategies
A
  • Premium Pricing And Skimming (new iPhone)
  • Penetration Pricing (Low price to encourage purchase)
  • Trial Pricing (Low for a little amount of time)
46
Q

4 Pricing Environment

A

The Economy
Competition
Consuer Trends
International Influences

47
Q

3 Costs

A

Fixed, Variable, Total (Fixed + Variable)

48
Q

Ease of Collection

A

Nearest Dollar, Vending machineces

49
Q

Two Part Pricing

A

Annual Fee plus usage (costco)

50
Q

Odd-Even Pricing

A

19.95

51
Q

Price Bundling

A

Selling 2 or more products together to lower customer costs

52
Q

Payments

A

Monthly lease (cars)

53
Q

Product Line

A

Several Price pints in product line (kindles)

54
Q

Captive Product Pricing

A

One very-low priced item to profit on 2nd higher margin item

55
Q

Loss-Leader

A

Sell a product at loss to generate foot traffic

56
Q

trading up

A

For $50 more, better item

57
Q

Lies Cutting price

A

When Biz is good, price cut will capture greater market share
When biz is bad, price cut stimulates sales
(WRONG)

58
Q

4 pyramid of corp social responsibilty

A
  1. Foundation-Economic
  2. Legal- Obey the low
  3. Ethical: Obligation to do what is right, fair
  4. Philanthropic: Being a good corp system
59
Q

A couple ethical issues

A

Failure to close defects
Fraud
Misrepresentation (walmart buying cheap from China)

60
Q

Triple Bottom Line

A

People
Planet
profit

61
Q

Texas instruments

A

Ethics Quick Test

62
Q

Distribution

A

Getting goods from producer to user

Right Place at right price, time, and quantity

63
Q

3 channel functions

A 
Sorting (organizing)
Breaking Bulk (down to individual items)
Maintaining Inventories
64
Q

Channels and competition

A

Can you find channels being ignored

65
Q

Most important source of Power with Channels

A

Shared INformation

66
Q

Direct Channel

A

Producer -> Consumer

67
Q

Indirect Channel

A

Intermediate between p-> C

68
Q

Multi Channel

A

Direct and Indirect channels

69
Q

Intensive Disturibution

A

As many places as possible for awareness

70
Q

Selective Distribution

A

Choose stores wisely where you will make profit

71
Q

Exclusive Distribution

A

Geographical area, certain areas where there is enough foot traffic to stay open

72
Q

How to work with a channel and not

A

Pay for shelf spaces

Cooperative advertisting

73
Q

3 Channel Imperatives

A 
1. Design Channel "The market Back"
(need of target market)
2. Try to leverage as competitive advantage
3. Channel Innovation
-Best way to reach customers
74
Q

Push vs Pull

A

Move products through channel by convincing channel members to offer them =Push, rebates
“ Creating Customer desire for products= Pull ex coupons

75
Q

promotion

A

BE CONSITENT IN POSITIONING

76
Q

3 Promotion Objectives

A
  1. Designed for well defined target market
  2. Measurable
  3. Cover a specific Time period
77
Q

Corporate vs product

A

Build awareness, establish good will vs features/ benefits, where to find

78
Q

Personal selling

A

2 way conversation btwn buyer and seller to influence purchasing decision

79
Q

Direct Marketing

A

Communication to generate a measurable response (order, information request, store visit)

80
Q

5 promotion techniques (PROMO MIX)

A
  1. Advertising
  2. Public relations
  3. Sales promotion
  4. Personal Selling
  5. Direct Marketing
81
Q

3 mass appeals

A

advertising
PR
Sales promotion

82
Q

2 personal selling/ direct marketing

A

Personal selling

direct marketing

83
Q

3 A’s promotion can be used for

A
  1. Create brand AWARENESS
  2. Build favorable brand ATTITUDES
  3. Encourage Brand ACTION
84
Q

strategy

A

what hopes to achieve

85
Q

Implementation

A

exact steps to achieve stratefy

86
Q

Scheduling Marketing Activities

A
  1. Identify activities
  2. TIme Required
  3. Which priced others.
  4. Proper sequence and timing
  5. Assign responsibilty
87
Q

Internal marketing

A

making staff aware of customer needs

88
Q

Evaluation

A

Did we achieve strategy objectives?

89
Q

Control

A

Benchamrks to asses how well plan accomplished goals

90
Q

3 formal controls

A
  1. Input Controls- Prior to implementation
  2. Process controls- During and commitment to plan
  3. output controls- Standards to compare

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