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Empresa > Segundo Parcial 4 Semestre > Flashcards

Segundo Parcial 4 Semestre Flashcards

1
Q

Any good or service that serves to satisfy the needs or wants of customers

A

Product

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2
Q

Are those purchased by private individuals for their own personal use

A

Consumer products

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3
Q

Goods purchased for commercial use, rather than for private

A

Producer products

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4
Q

Shows the different stages that a product is likely to go through its initial design and launch to its decline. Allows managers to identify any necessary changes and to take appropriate action as part of an improved marketing strategy.

A

Product life cycle (PLC)

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5
Q

Stage of a product’s life cycle that involves designing and testing the product. A prototype is produced and test marketing takes place.

A

Research and development stage

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6
Q

Stage of PLC that requires careful marketing planning. Sales will be low as customers are not fully aware of the product’s existence.

A

Launch stage

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7
Q

Stage of a PLC in which sales revenue increase and grow.

A

Growth stage

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8
Q

Stage of a PLC in which sales revenues continue to rise but at a much slower rate.

A

Maturity stage

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9
Q

Final stage of a PLC in which sales and profit of the product fall and cash flow is less favorable.

A

Decline stage

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10
Q

Are any means of lengthening the product’s life cycle and delaying its decline.

A

Extension strategies

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11
Q

Price reductions, redesigning, repackaging, new markets, brand extension and product differentiation are…

A

Types of extension strategies

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12
Q

Marketing planning tool that helps managers to plan for a balanced product portfolio. Looks at two dimensions: market share and market growth rate

A

Boston Consulting Group Matrix

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13
Q

Products that operate in a high market growth sector, but have low market share

A

Question marks

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14
Q

Products that operate in high growth market and have high market share

A

Stars

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15
Q

Products with high market share operating in a low-growth market

A

Cash cows

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16
Q

Products with low market share operating in a low growth market

A

Dogs

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17
Q

Form of differentiating a firm’s products from those of its competitors

A

Branding

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18
Q

Refers to a name that is identifiable with a product of a particular business

A

Brand

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19
Q

Creates a legal identity for a product, risk reducer, better chance of survival, prolong PLC, image enhancer, revenue earner, brand loyalty and earn more profits are…

A

Advantages of branding

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20
Q

Business have to invest money in promoting and sustaining the brand’s loyalty and it is time consuming are…

A

Disadvantages of branding

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21
Q

Measures the extent to which potential customers or the general public recognize a particular brand

A

Brand awareness

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22
Q

Refers to the marketing process of improving and enlarging the brand name in order to boost sales revenue and market share

A

Brand development

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23
Q

Occurs when the customers but the same brand of a product time and time again.

A

Brand loyalty

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24
Q

Occurs when customers turn to alternative brands mainly because the original brand has lost some of its former appeal

A

Brand switching

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25
Q

Refers to the premium that customers are willing to pay for the brand name over and above the value of the product itself. Customers are willing to pay more for a reputable brand than for the product itself

A

Brand value

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26
Q

Refers to the ways in which a product is present to the consumer.

A

Packaging

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27
Q

Refers to the amount paid by a customer to purchase a good or service

A

Price

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28
Q

Involves adding a percentage or predetermined amount of profit to the cost per unit of output to determine the selling price.

A

Cost-plus (mark-up) pricing

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29
Q

Sets a relatively low price to help establish a new product in the industry to gain brand recognition and market share

A

Penetration pricing

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30
Q

A high price is initially set to recover the costs of research and development and then the price is lowered.

A

Price skimming

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31
Q

Involves rounding down the numbers, such as $9.99 or $14.99, to make prices seem lower

A

Psychological pricing

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32
Q

Involves selling a product below its cost value.

A

Loss leader pricing

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33
Q

Occurs when the same product, usually a service, is sold at different prices to different customers. EXAMPLE: children and adults pay different for Disney.

A

Price discrimination

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34
Q

Strategy often used for the best-selling products or brands in a particular market. Competitors put their prices based on the leader of the market.

A

Price leadership

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35
Q

Involves temporarily reducing price in an attempt to force rivals out of the industry as they cannot compete profitably

A

Predatory pricing

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36
Q

Businesses competing by a series of intensive price cuts to threaten the competitiveness of rival firms

A

Price wars

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37
Q

Refers to the methods of communicating messages to the market, usually with the intention of selling a firm’s products

A

Promotion

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38
Q

Inform, persuade and/or remind about a product are…

A

The objectives of promotion

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39
Q

Any form of paid-for promotional method through independent mass media sources to promote a business, its brands or its products

A

Above the line promotion

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40
Q

Method of ATL promotion that exploits the power of combining sound and moving images to convey very powerful messages to viewers

A

Television advertising

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41
Q

ATL promotion method that doesn’t involve viewers having to be in front of a TV screen and can be heard while listeners continue to do other things.

A

Radio advertising

42
Q

ATL promotion method that involves a cinema screen though which more impact can be exerted and audiences can be directly targeted

A

Cinema advertising

43
Q

ATL promotion method that involves putting ads in newspapers. It is cheaper than TV advertising and targets different markets

A

Newspaper advertising

44
Q

ATL promotion method that involves giving ads in magazine pages and has the advantage of being able to use high photo-quality color images and targeting the right market segment

A

Magazine advertising

45
Q

ATL promotion method that refers to the use of commercial billboards, banners and posters to promote a business, its brands or its products

A

Outdoor advertising

46
Q

It reaches a potentially large number of customers and customers tend to take more of ATL promotions as they are more interesting and appealing

A

Advantages of ATL promotion

47
Q

ATL promotion is very expensive and many ads are ignored because people switch channels during TV and radio commercials, readers don’t notice ads in magazines or newspapers and people complain about pop-up ads in the internet

A

Disadvantages of ATL promotion

48
Q

Refers to the use of non-mass media promotional activities, allowing the business to have direct control. No commission has to be paid

A

Below the line promotion

49
Q

BTL promotion method that involves promoting a brand

A

Branding

50
Q

BTL promotion method that involves memorable catchphrases used to gain and retain the attention of customers. They are concise messages designed to represent the essence of a business or its products in a memorable set of words.

A

Slogans

51
Q

BTL promotion method that are essentially a form of branding that uses a visual symbol to represent a business, its brands or its products

A

Logos

52
Q

BTL promotion method that has to do with the presentation of the product and its display.

A

Packaging

53
Q

BTL promotion method that refers to the spread of information from one person to another through oral communication

A

Word-of-mouth

54
Q

BTL promotion method that refers to promotional activities that aim to sell a product straight to a customer rather than using an intermediary. This includes phone calls and sending email ads

A

Direct marketing

55
Q

BTL promotion method that refers to a type of direct marketing that involves mailing promotional material to customers in an attempt to persuade them to buy a firm’s products

A

Direct mail

56
Q

BTL promotion method that refers to several ways to boost sales and attract new buyers. This includes BOGOF (buy one, get one free), coupons, free samples, competitions and free gifts.

A

Sales promotions

57
Q

Refers to the promotion of a product at the place or location where the customer buys the product.

A

Point of sales

58
Q

BTL promotion method that refers to the process of promoting a business and its products by getting media coverage without directly paying for it. EXAMPLE: famous people are often seen wearing products and this is free publicity for the brands

A

Publicity

59
Q

BTL promotion method that involves a business providing financial funds and resources to support an event or another organization in return for publicity and prime advertising space

A

Sponsorship

60
Q

ATL - targeted to mass market audiences, gives brand awareness, success is difficult to measure, payment is needed

BTL - aimed to individuals, aims to secure actual sales, success can be measured, marketers have more control

A

Differences between ATL and BTL

61
Q

Is the range of ATL and BTL methods used to market a product as part of a larger marketing mix

A

Promotional mix

62
Q

Advertising, personal selling, public relations and sales promotion are…

A

The four elements of a promotional mix

63
Q

Form of promotion that communicates marketing messages in a persuasive and/or informative way

A

Advertising

64
Q

Refers to the promotional techniques that rely on sales representatives directly helping and persuading customers to buy

A

Personal selling

65
Q

Refers to business activities aimed at establishing and protecting the desired image of an organization. PR is concerned about getting a good image for the organization

A

Public relations

66
Q

Provide short-term incentives designed to stimulate demand for a product

A

Sales promotion

67
Q

Is similar to word-of-mouth marketing except this one relies on the electronic transfer and spread of promotional messages. Usually done through the Internet via emails and social networking services.

A

Viral marketing

68
Q

Refers to the practice of gaining Internet traffic through social media websites, such as Facebook. Focuses on creating marketing content that attracts attention and encourages people to share this using their own electronic methods.

A

Social media marketing

69
Q

Refers to any platform used mainly by individuals to build social relationships between people, often because they are friends or share things in common.

A

Social networking

70
Q

Refers to using unconventional but creative and original methods of promotion on low budget

A

Guerrilla marketing

71
Q

Refers to the distribution of products; how products get from the producer to the consumer

A

Place

72
Q

Refers to the means used to get a product to the consumer

A

Channel of distribution

73
Q

Are agents or businesses that act as a middle person in the channel of distribution between the manufacturer and consumers of a product

A

Intermediaries

74
Q

Type of intermediary that includes businesses that purchase large quantities of products from a manufacturer and then separate the bulk-purchases into smaller units for resale. EXAMPLE: Costco

A

Wholesalers

75
Q

Type of intermediary that involves independent and specialist businesses that trade in the products of only a few manufacturers. EXAMPLE: BMW

A

Distributors

76
Q

Are negotiators who act on behalf of buyers and sellers of a product

A

Agents (or brokers)

77
Q

Type of intermediary that involves sellers of products to the final consumer. They are referred to as “shops”. EXAMPLE: h&m

A

Retailers

78
Q

Small local vendors often owned by a sole proprietor. EXAMPLE: hair salons

A

Independent retailers

79
Q

Retailers that have numerous outlets. EXAMPLE: Forever 21

A

Multiple retailers (or chain stores)

80
Q

Retailers that mainly sell foodstuffs. They tend to buy their produce and other products directly from manufacturers.

A

Supermarkets

81
Q

Huge outlets that stock a broad range of products such as foodstuffs and consumer durables. EXAMPLE: Walmart

A

Hypermarkets (or superstores)

82
Q

Retail outlets that sell a large range of products, such as furniture, jewelry, kitchen equipment, clothing, toys and cosmetics to the general public. EXAMPLE: Liverpool

A

Department stores

83
Q

Range of channels to distribute their products

A

Multi-channel distribution strategy

84
Q

Is any indirect way to distribute products that doesn’t involve retailers. EXAMPLES: telemarketing, e-commerce, vending machines and mail order.

A

Speciality channel of distribution

85
Q

Is the use of the telephone systems to sell products directly to potential customers

A

Telemarketing

86
Q

Refers to trading via the Internet

A

E-commerce

87
Q

Are specialist machines that stock products for sale that can be placed almost anywhere.

A

Vending machines

88
Q

Involves a business sending promotional material, such as a catalogue, via the postal system to entice customers to buy a firm’s products

A

Mail order

89
Q

Trading of goods and services via the Internet, electronic systems and computer networks

A

E-commerce (or electronic commerce)

90
Q

The Internet increases price transparency to the advantage of the customer who is able to know more about the price of the good that will buy

A

E-commerce in price (marketing mix)

91
Q

E-commerce shortens the channel of distribution and reaches a global audience. Also, customers don’t have to go to the store since purchases are made online

A

E-commerce in place (marketing mix)

92
Q

There is no need to stock or display all products so storage is reduced, businesses need enough demand before offering a product and also products can be sold in an enlarged customer base

A

E-commerce in product (marketing mix)

93
Q

Viral marketing is present and promotions are seen by potential customers all around the world

A

E-commerce in promotion (marketing mix)

94
Q

Business to business (B2B), business to customer (B2C) and customer to customer (C2C)

A

Types of e-commerce

95
Q

Refers to e-commerce catered for the needs of other businesses. EXAMPLE: corporate banking, suppliers, insurance, etc

A

Business to business (B2B)

96
Q

Refers to e-commerce directly catered for the customer. EXAMPLE: downloading music or books

A

Business to consumer (B2C)

97
Q

E-commerce platform that enables customers to trade with each other. EXAMPLE : eBay

A

Customer to customer (C2C)

98
Q

Provides source of revenue, allows organizations to sell to anyone in any part of the world at any time, reduced packaging, operating costs are reduced, flexibility

A

Advantages of e-commerce

99
Q

High set-up costs, finance charges, fraud, spam, not available for everyone, hackers and breakdowns are a threat

A

Disadvantages of e-commerce

100
Q

Businesses that operate predominantly online

A

E-tailers

101
Q

Openness in communication about prices being charged by businesses

A

Price transparency

Empresa (7 decks)

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