Brainscape's Knowledge GenomeTM

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


See full index

Accounting > MKTG 3 > Flashcards

MKTG 3 Flashcards

1
Q

Pricing objectives

A

profit sales market share survival social responsibility

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

profit pricing objective

A

Long term profit target return maximizing current profits

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

pricing objective Sales

A

increase leads to high market share easy to define

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

Pricing Objective Market Share

A

ratio of firms sales to those of the industry

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

demand curve

A

not all or downward sloping prestigious products have a u shape

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

elastic

A

price sensitive greater than 1

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

inelastic

A

price insensitive less than 1

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

price elasticity of demand =

A

%change in quantity demanded/ %change in price

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

change in price=

A

old - new / old price

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

total cost

A

total expense ocurred TC= FC+VC

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

break even quantity

A

total FC/ (price-avg variable cost)

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

types of cost

A

TC FC VC unit variavle cost marginal cost

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

unit variable cost

A

is variable cost expressed on a per unit basis

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

marginal cost

A

change in total cost that results from producing and marketing one additional unit

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

Based on demand

A

Skimming penetration

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

based on cost

A

standard markup pricing

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

other demand based tactics

A

PRICE LINING ODD EVEN PRICING TARGET MARKET PRICING bundle pricing

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

based on competition

A

customary pricing above at or below market pricing loss leader pricing

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

Skimming

A

setting highest price customers are willing to pay

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

penetration pricing

A

set a low initial price on a new product

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

when skimming works

A

inelastic demand unique advantages legal protection enough customers

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

when penetration works

A

elastic demand reduced unit production cost discourage competitors

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

Price lining

A

set the price of a product line at a number or different specific pricing points dollar store

24
Q

bundle pricing

A

two or more products in a single package

25
Q

odd even pricing

A

9.99

26
Q

target market pricing

A

estimate ultimate consumer willing price jordans

27
Q

standard markup pricing

A

add a fixed percentage to the cost of all items in a specific product class

28
Q

customary pricing

A

set a price that is dictated by tradition fast food

29
Q

Loss leader pricing

A

sell products below price to attract customer in hopes they buy other products

30
Q

setting list price

A

one price policy flexible price policy product line pricing

31
Q

one price policy

A

is a fixed pricing that doesnt change

32
Q

flexible price policy

A

gives seller considerable discretion in setting final price

33
Q

product line pricing

A

set prices for all items in a product line to produce a profit for the complete line not for each item dollar store

34
Q

Legal and ethical issues

A

price fixing price discrimination deceptive pricing predatory pricing

35
Q

Price fixing

A

conspiracy among firms to set prices for a product

36
Q

price discrimination

A

selling to different buyers for the same price

37
Q

deceptive pricing

A

price deals that mislead consumers clearance sales

38
Q

predatory pricing

A

charging a very low price to drive out competitors

39
Q

promotional mix

A

inform prospective buyers of product persuade them to try it remind them about the product they enjoyed

40
Q

Integrated marketing communication

A

The careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer

41
Q

IMC Approach

A

packaging sales promo other point of purchase media advertising publicity public relation interactive marketing direct marketing special events

42
Q

IMC/ Promotion objective

A

Informing reminding persuading all relate to target audience

43
Q

communication process

A

source/sender encoding channel message decoding receiver

44
Q

Mass communication

A

tactics used with groups includes advertising sales promotion and Public relation

45
Q

Customized interaction

A

between a seller and a prospective buyer face to face telephone interactive electronic comms includes personal selling and direct marketing

46
Q

Advertising pros cons

A

mos visible of imc extremely effective at creating interest control over message cons paid comms source credibility issues lack of feedback

47
Q

personal selling

A

two way flow of coms between buyer and seller face to face immediate feedback cons flexibility to modify message leading to inconsistency expensive like sephora workers

48
Q

PR

A

pro free media attention beats skeptical marketing consumers cons lack of control over message is not the main element but to support other efforts

49
Q

sales promotion

A

coupons rebates samples contest pro stimulates sales in short term attracts first time customers cons sales gains are temporary if promo is used often loses effect

50
Q

IMC PLanning

A

use promo elements based on target audience product lifecycle product features distro budgeting and scheduling implementation evaluation

51
Q

intro promo

A

to inform:advertising publicity sales promo

52
Q

growth

A

to persuade:comparative advertising

53
Q

maturity

A

to remind: reminder advertising discounts

54
Q

decline

A

to phase out

55
Q

push pull strategy

A

push: promo personal selling to whole saler and retailer
pull: promo advertising directed to consumers

Accounting (19 decks)

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