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MKTG 120 - Final Flashcards > MKTG 120 Final Flashcards > Flashcards

MKTG 120 Final Flashcards

1
Q

What is a product?

A

A product includes goods, services, or ideas and consists of tangible and intangible attributes.

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2
Q

What are the categories of products?

A

Non-durable goods: Consumed once or for a limited number of times (e.g., food).
Durable goods: Last for an extended period (e.g., appliances).
Services: Intangible activities, benefits, or satisfactions (e.g., banking).

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3
Q

What the the unique elements of services?

A

Four I’s of Services:
Intangibility
Inconsistency
Inseparability
Inventory

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4
Q

What is the explanation of service elements?

A

Services are intangible, inconsistent due to human involvement, inseparable from the provider, and have complex inventory issues.

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5
Q

What are the levels of value in products?

A

Core, Actual, and Augmented Product

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6
Q

Provide an explanation of what Core, Actual and Augmented levels are:

A

Core: Basic benefits.
Actual: Physical attributes.
Augmented: Additional features or services.

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7
Q

What is a brand?

A

Name, symbol, or design uniquely identifying a product.

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8
Q

What is the importance of branding?

A

Builds brand equity, associations, and consumer loyalty.

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9
Q

What is brand personality and influential brands?

A

Traits, emotions, quality associated with brands.

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10
Q

What are examples of influential brands?

A

Google, Amazon, YouTube, Apple, etc.

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11
Q

What is the classification of brands?

A

Manufacturer’s, Private-label, Generic brands.

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12
Q

What is the explanation of brand types?

A

Ownership and branding distinctions among various types of brands.

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13
Q

What are the stages of a product life cycle?

A

Introduction, Growth, Maturity, Decline.

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14
Q

Provide a description of each stage of the product life cycle:

A

Sales and profitability trends at different stages.

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15
Q

What are marketing mix strategies?

A

Product, Pricing, Place, Promotion.

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16
Q

What are the strategies to extend the life cycle?

A

Modifying product, market, or repositioning.

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17
Q

What are ways to prolong product life?

A

Altering product features, targeting new markets, or changing perception.

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18
Q

What equation defines a firm’s profit?

A

Profit = Total revenue – Total cost = (unit price x quantity sold) – Total costs

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19
Q

What are the primary strategies under demand-oriented pricing?

A

Skimming Pricing
Penetration Pricing
Prestige Pricing
Price Lining
Odd-Even Pricing
Target Pricing
Bundle Pricing
Yield Management Pricing

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20
Q

Define Pricing and its approach:

A

Setting the highest initial price for early adopters, gradually reducing to attract price-sensitive customers.

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21
Q

Define penetration pricing and its purpose:

A

Setting a lower initial price to attract mass market immediately; discourages competition and builds market share.

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22
Q

What is the objective of prestige pricing?

A

Setting a high price to attract status-conscious consumers; associates higher price with higher quality/status.

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23
Q

Explain Odd-Even Pricing with examples:

A

Pricing products just under a round number ($399.99) for psychological effect; potential impact on demand.

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24
Q

Describe Target Pricing and its methodology:

A

Estimating consumer’s willingness to pay; adjusting product features to achieve the target price.

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25
Q

Define Bundle Pricing and provide examples:

A

Marketing multiple products at a single package price; e.g., vacation packages by airlines.

26
Q

What does Yield Management Pricing involve?

A

Varying prices based on time, day, or season to match demand and supply; used by airlines, hotels, etc.

27
Q

What factors influence cost-oriented pricing?

A

Standard Markup Pricing
Cost-Plus Pricing

28
Q

Define Standard Markup Pricing:

A

Selling products above cost to cover expenses; expressed as a percentage.

29
Q

Describe Cost-Plus Pricing and its application:

A

Determining price by adding a specific amount to total unit costs; commonly used in various sectors.

30
Q

Define Marketing Channels and provide the analogy:

A

Definition: Marketing channels consist of individuals and firms involved in making a product or service available to consumers.

Analogy: Comparable to a pipeline, facilitating the flow of goods from producers to buyers.

31
Q

What are the roles and functions of intermediaries in Marketing Channels?

A

Role: Facilitate the flow of products; examples include middlemen, agents, wholesalers, retailers, distributors, and dealers.

Function: Act on behalf of producers, purchase, store, and resell products, or bring sellers and buyers together.

32
Q

What are the Intermediaries’ Functions?

A

Transactional Function: Involves buying, selling, and assuming risks in inventory ownership.

Logistical Function: Includes selection, storage, sorting, and transportation of products.

Facilitating Function: Provides financing, marketing information, and makes transactions easier for buyers.

33
Q

What are Intermediaries’ Value Creation?

A

Consumer Benefit: Offers time, place, form, information, and possession utilities to consumers.

Value Addition: Enhances convenience and accessibility for consumers through various channels.

34
Q

What are the types of Marketing Channels?

A

Direct Channels: Direct transaction between producer and consumer.

Indirect Channels: Involve intermediaries between the producer and consumer, increasing complexity.

35
Q

What are Electronic Marketing Channels? Provide an example.

A

Definition: Channels using the internet for product availability, leading to disintermediation in some cases.

Example: Booking flights directly from airlines online or using agents like Expedia.

36
Q

What is Multichannel Marketing? Provide an example.

A

Definition: Utilizes multiple routes to reach consumers, enhancing sales opportunities.

Example: Cross-channel shopping—e.g., buying from both online and retail stores.

37
Q

What are the considerations in Channel Design?

A

Factors: Market, product, and company-related aspects influence channel decisions.

Coverage Types: Intensive, exclusive, and selective distribution strategies to cover the target market.

38
Q

What is Channel Conflict and what are the types of conflicts?

A

Definition: Conflicts arising between channel members over goals, roles, or rewards.

Types: Vertical (between different levels) and horizontal (between intermediaries at the same level) conflicts.

39
Q

What are logistics and supply chain management?

A

Logistics: Focuses on efficient product delivery at the right time and cost.

Supply Chain Management: Includes suppliers before product manufacture; part of the longer marketing channel process.

40
Q

What are Marketing Communication Tools? What is the Selection Process? What is the checklist for older generation?

A

Definition: Methods utilized by companies to communicate messages to customers.

Selection Process: Consideration of each tool’s strengths, weaknesses, and audience appropriateness.

Checklist for Older Generation: Assessing effective tools for an older audience.

41
Q

What are Integrated Marketing Communications (IMC)? What is the consistency? Provide an example.

A

Definition: Strategies involving multiple target audiences using different tools for each audience.

Consistency: Importance of maintaining a consistent message across all communication channels.

Case Example: Domino’s “AnyWare” campaign demonstrating the use of various tools to promote a unified message.

42
Q

What are evolving marketing communications?

A

Impact of Internet: Altered business and marketing, increasing consumer online interactions.

Shift to Digital: Companies reallocating advertising budgets from traditional media to online platforms.

Need for Innovation: Demand for unique digital strategies to stand out in the crowded digital space.

43
Q

What are advertising communication tools? What are the challenges associated with them?

A

Definition: Paid non-personal communication through various media.

Popular Mediums: Television, internet, and direct mail as prevalent advertising methods.

Challenges: High cost and low credibility, leading to distrust among consumers.

44
Q

What are Public Relations communications tools and their benefits?

A

Definition: Unpaid media exposure influencing target market opinions.

Tools Used: Press releases, social media, company reports, special events.

Benefits: Credibility due to third-party endorsement, cost-effective but challenging to control.

45
Q

What are sales promotion communication tools?

A

Definition: Short-term incentives to encourage purchases.

Types: Consumer and trade promotions, easily measurable results but easily replicable by competitors.

46
Q

What are Direct Response Marketing tools?

A

Characteristics: Personalized and requiring an excellent customer database.

Delivery Methods: Mail, email, social media, but often received negatively by consumers.

47
Q

What are event marketing and sponsorship communication tools and their benefits?

A

Strategies: Hosting events for brand experiences or sponsoring existing events.

Benefits: Creates buzz and positive associations but challenging to measure and costly.

48
Q

What are product placement and branded entertainment communication tools and their benefits?

A

Strategies: Integrating products into shows or creating content around a brand.

Benefits: Generates positive brand associations but can be expensive.

49
Q

What are personal selling communication tools and their importance?

A

Definition: One-on-one communication with customers.

Importance: Expensive but crucial for building relationships, especially for high-value products.

50
Q

What are Online, Social Media, and Mobile Marketing communication tools and their advantages?

A

Types: Paid advertising, owned media (websites), and earned media (word-of-mouth).

Advantages: Relatively inexpensive with two-way communication but dependent on technology.

51
Q

What are the opportunities and challenges related to mobile devices and marketing?

A

Opportunity: Tapping into personalized one-to-one communication via mobile devices.

Challenge: Consumer caution due to privacy concerns, requiring permission for marketing access.

52
Q

What is the Customer Advocacy Funnel?

A

Usage: Moving consumers strategically through various stages using communication tools.

53
Q

What is the Push vs. Pull Strategy and its integration in companies?

A

Strategies: Push (manufacturer pushing products through the channel) vs Pull (consumer-focused marketing).

Integration: Most companies combine both strategies in their marketing plans.

54
Q

What is the marketing communications process?

A

Steps: IMC objectives, identifying target audiences, budget allocation, program design, scheduling, evaluation, and improvements.

55
Q

What are the levels of strategy in Strategic Planning and Organizational Structure?

A

Corporate Level: Top management directs strategy for the entire organization.
Strategic Business Unit Level: Separation based on similar products or markets.
Functional Level: Specialized departments create detailed plans for each unit.

56
Q

What is a mission statement? Provide an example.

A

Communicates organization’s purpose and direction.
Example: Disney’s storytelling, Tesla’s sustainable energy mission, Amazon’s customer-centric principles.

57
Q

What are SMART goals? Provide an example.

A

Specific, Measurable, Achievable, Relevant, Time-bound.
Examples: Profit increase, sales volume growth, market share control, quality improvement, customer satisfaction, employee welfare, social responsibility.

57
Q

What is a SWOT Analysis?

A

Internal Analysis (Strengths and Weaknesses):

Focus on manufacturing, technology, market share, reputation, etc.
External Analysis (Opportunities and Threats):

Exploration of market opportunities and threats in the external environment.

58
Q

What is a Business Portfolio Analysis: BCG Matrix?

A

BCG Matrix:

Uses market growth rate and relative market share to categorize strategic business units.
Applicable at product line or individual product levels.

59
Q

What is a Market-Product Analysis?

A

Market Strategies:

Market Penetration: Increase sales to existing markets.
Market Development: Identify new markets for existing products.
Product Development: Create new products for existing markets.
Diversification: Develop completely new products for new markets.

60
Q

How would you set up a marketing program?

A

Objective Setting:

Define objectives for market, product, target markets, and positioning.
Marketing Mix (4Ps):

Details specific aspects of product, price, place, and promotion within the marketing plan.

MKTG 120 - Final Flashcards (2 decks)

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