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MKTG 361 > MKTG 361 Final > Flashcards

MKTG 361 Final Flashcards

1
Q

3 categories of pricing objectives

A

Profit oriented
Sales oriented
Status Quo

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2
Q

Different advertising appeals that IMC might do

A 
Profit
Health
Fear
Admiration
Convenience
Fun and Pleasure
Variety and Egotism
Environmental Consciousness.
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3
Q

8 Stages of listening

A

1) without objective
2) tracking brand mentions
3) identifying market risks and opportunities
4) improving campaign efficiency
5) measuring customer satisfaction
6) responding to customer inquiry
7) Better understanding of customers
8) being proactive and anticipating customer demands

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4
Q

Communication process with respect to social media

A
  • exchange info
  • collaborate with others
  • have conversations
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5
Q

Elastic pricing

A

Consumers buy more or less of a product when the price changes

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6
Q

Inelastic pricing

A

An increase or a decrease in price will not significantly affect demand.

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7
Q

Status Quo pricing

A
  • maintain existing prices

- meet competition’s pricing

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8
Q

Different Pricing Objectives

A 
Profit oriented
-profit maximization
-target ROI
Sales oriented
-market share
-sales maximization
Status Quo
-maintain existing prices 
-meet competition's pricing
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9
Q

Different types of media schedule

A

continuous-steadily throughout the period
seasonal-likely to be used
flighting-every other month or every 2 weeks
pulsing-combines flighted with pulsing

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10
Q

Types of Fixed Costs

A

does not change as level of output changes

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11
Q

Types of Variable Costs

A

varies with change in level of output

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12
Q

3 Levels of a product

A

Core
Actual
Augmented

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13
Q

Price Skimming Successful

A 
Inelastic Demand
Unique advantage
legal protection of product
technological breakthrough
blocked entry to competitors
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14
Q

Penetration Pricing

A

Advantages:

  • lead to lower cost per unit
  • discourages competition from market entry
  • boosts sales and provides large profit increases
Disadvantages:
-requires gear up for mass production
-selling large volumes at low prices
-strategy to gain market share may fail
.
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15
Q

Status Quo Pricing

A

Advantages:

  • simplicity
  • safest route to long-term survival for small firms

Disadvantages:
strategy may ignore demand and/or cost.

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16
Q

How is price determined based on augmented product

A

.

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17
Q

Understand the different shipping and pricing policies.

A

FOB
Zone
Geographic

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18
Q

Types of advertising

A

Institutional

  • corporate identity
  • advocacy

Product

  • pioneering
  • competitive
  • comparitive
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19
Q

Know advertising strategies

A

-Sell product’s benefits, not its attributes.

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20
Q

How does data mining help to understand and please a customer?

A

understands their buying habits

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21
Q

Social Bookmarking

A

links shared with others that are voted up or down based on popularity

22
Q

How do organizations benefit from being bookmarked?

A

links can go viral across the site and eventually the web

23
Q

Pricing strategy for bookmarks (google listing)

A

.

24
Q

Types of pricing position

A

.

25
Q

What are some ways to motivate a sales force?

A

Compensation- reduces turnover

26
Q

What are some negative consequences from motivating a sales force?

A

compensation may be too low and increase turnover

27
Q

What are trends and expenses for IMC? (tv ads up or down)

A

.

28
Q

Types of pricing objectives

A

Profit oriented
Sales oriented
Status Quo

29
Q

Types of advertising appeals?

A 
Profit
Health
Fear
Admiration
Convenience
Fun and Pleasure
Variety and Egotism
Environmental Consciousness.
30
Q

Sequence of events

A

RFI

RFP

31
Q

2 Major classifications for selling

A

Traditional
-no relationship
-lone wolf
Relationship

32
Q

types of pricing policy

A 
Profit oriented
-profit maximization
-target ROI
Sales oriented
-market share
-sales maximization
Status Quo
-maintain existing prices 
-meet competition's pricing
33
Q

Types of communication mediums

A 
Newspapers
Magazines
Radio
TV
Outdoor Media
Internet
34
Q

What is involved in a service or goods exchange?

A

.

35
Q

Types of selling

A

Traditional

Relationship

36
Q

Who is paying what

A

.

37
Q

Costs of advertising?

A

.

38
Q

RFP (request for proposal)

A

.

39
Q

Illegal things about pricing?

A

Price fixing and predatory pricing

40
Q

Pricing decisions

A

Price Skimming- a firm charges high intro prices, often coupled with heavy promotions
Penetration Pricing- a firm charges a relatively low price for a product initially as a way to reach the mass market
Status Quo Pricing- charging a price identical to or very close to the competition’s price

41
Q

What is it when someone else helps with ad costs?

A

Cooperative Advertising

an arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturer’s brand.

42
Q

Supply and Demand Effecting pricing

A

high demand, high value
low demand, low value
supply increases, demand decreases

43
Q

Break Even quantity

A

total costs = total revenue

44
Q

Dagmar approach

A

Define Target Audience
Define desired percentage change
Define the time frame for change

45
Q

Type of Discount

A

Quantity
Promotional
Seasonal

46
Q

Bundling vs. Unbundling in pricing

A

Bundling- marketing 2 or more products in a single package for a special price

Unbundling- reducing the bundle of services that comes with the basic product

47
Q

Predatory pricing (walmart)

A

pricing below costs to drive competition out of business then raising costs again.

48
Q

pricing based on geographic location

A

FOB origin- buyer absorbs the freight costs from the shipping point
Uniform Delivered- seller pays the freight charges and bills the purchaser an identical, flat freight charge
Zone- The U.S. is divided into zones, and a flat rate is charged to customers in a given zone
Freight- the seller pays for all or part of the freight charges and does not pass them on to the buyer
Basin-Point- seller charges freight from a basing point, regardless of the city from which the goods are shipped.

49
Q

ROI formula

A

Net profit after taxes, divided by total assets

50
Q

How much mark up is.

A

the cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for
Markup = cost + x% = Price

51
Q

Services pricing (nike logo example)

A

.

52
Q

How companies, small or large, have a benefit of advertising

A

Small companies have to spend more on advertising to reach a minimum level of exposure

MKTG 361 (8 decks)

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