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Accounting > MKTG 3 > Flashcards

MKTG 3 Flashcards

1
Q

Pricing objectives

A

profit sales market share survival social responsibility

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2
Q

profit pricing objective

A

Long term profit target return maximizing current profits

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3
Q

pricing objective Sales

A

increase leads to high market share easy to define

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4
Q

Pricing Objective Market Share

A

ratio of firms sales to those of the industry

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5
Q

demand curve

A

not all or downward sloping prestigious products have a u shape

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6
Q

elastic

A

price sensitive greater than 1

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7
Q

inelastic

A

price insensitive less than 1

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8
Q

price elasticity of demand =

A

%change in quantity demanded/ %change in price

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9
Q

change in price=

A

old - new / old price

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10
Q

total cost

A

total expense ocurred TC= FC+VC

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11
Q

break even quantity

A

total FC/ (price-avg variable cost)

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12
Q

types of cost

A

TC FC VC unit variavle cost marginal cost

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13
Q

unit variable cost

A

is variable cost expressed on a per unit basis

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14
Q

marginal cost

A

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

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15
Q

Based on demand

A

Skimming penetration

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16
Q

based on cost

A

standard markup pricing

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17
Q

other demand based tactics

A

PRICE LINING ODD EVEN PRICING TARGET MARKET PRICING bundle pricing

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18
Q

based on competition

A

customary pricing above at or below market pricing loss leader pricing

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19
Q

Skimming

A

setting highest price customers are willing to pay

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20
Q

penetration pricing

A

set a low initial price on a new product

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21
Q

when skimming works

A

inelastic demand unique advantages legal protection enough customers

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22
Q

when penetration works

A

elastic demand reduced unit production cost discourage competitors

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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
odd even pricing
9.99
26
target market pricing
estimate ultimate consumer willing price jordans
27
standard markup pricing
add a fixed percentage to the cost of all items in a specific product class
28
customary pricing
set a price that is dictated by tradition fast food
29
Loss leader pricing
sell products below price to attract customer in hopes they buy other products
30
setting list price
one price policy flexible price policy product line pricing
31
one price policy
is a fixed pricing that doesnt change
32
flexible price policy
gives seller considerable discretion in setting final price
33
product line pricing
set prices for all items in a product line to produce a profit for the complete line not for each item dollar store
34
Legal and ethical issues
price fixing price discrimination deceptive pricing predatory pricing
35
Price fixing
conspiracy among firms to set prices for a product
36
price discrimination
selling to different buyers for the same price
37
deceptive pricing
price deals that mislead consumers clearance sales
38
predatory pricing
charging a very low price to drive out competitors
39
promotional mix
inform prospective buyers of product persuade them to try it remind them about the product they enjoyed
40
Integrated marketing communication
The careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer
41
IMC Approach
packaging sales promo other point of purchase media advertising publicity public relation interactive marketing direct marketing special events
42
IMC/ Promotion objective
Informing reminding persuading all relate to target audience
43
communication process
source/sender encoding channel message decoding receiver
44
Mass communication
tactics used with groups includes advertising sales promotion and Public relation
45
Customized interaction
between a seller and a prospective buyer face to face telephone interactive electronic comms includes personal selling and direct marketing
46
Advertising pros cons
mos visible of imc extremely effective at creating interest control over message cons paid comms source credibility issues lack of feedback
47
personal selling
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
PR
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
sales promotion
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
IMC PLanning
use promo elements based on target audience product lifecycle product features distro budgeting and scheduling implementation evaluation
51
intro promo
to inform:advertising publicity sales promo
52
growth
to persuade:comparative advertising
53
maturity
to remind: reminder advertising discounts
54
decline
to phase out
55
push pull strategy
push: promo personal selling to whole saler and retailer pull: promo advertising directed to consumers

Accounting (19 decks)

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