sport exam Flashcards

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1
Q

Explain mass marketing and why it is no longer used/relevant today.

A

-Business did not always identify their target markets to promote products.
-In the 1950’s mass marketing was common.
-It involved promoting products with one key message that is direct to everyone.
-Marketing efforts today are easier and more sophisticated due to the availability of information and computer technology.
-one generic message…ad in newspaper and they hope u saw it and bought it…now ads r catered to u using technology

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2
Q

What kind of competition does “demand elasticity and available substitutes” follow? Explain demand elasticity and available substitutes.

A

PRICE COMPETITION
-Follows the concept of demand elasticity and available substitutes.
-When there are many substitutes for a product (tea for coffee, apple for orange juice) demand for the product is elastic.
-That means that a change in price affects demand for the product.
-The theory is that when you lower your price, demand will increase.
-When you raise your price, demand will decrease. (coffee $4 vs tea $1, pick the tea)

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3
Q

List the 3 types of intellectual property rights.
Explain what a copyright is and give an example.
ALSO What is a royalty and why are some intellectual property rights owners not receiving them in today’s business world?

A

Intellectual Property Rights are Protected by:
Copyrights
Is the legal protection of a creator’s intellectual property or products.
e.g. books, films, video games, music, art
Protect from ppl stealing it, selling it, and making $$ from it (FLIXHQ good pirating site !!) :>
The duration is for the life of the author plus 50 years…the enters public domain…anyone can make $ off it..shakespeare u can make a copy and sell it…can’t renew it (but patent yes)
If you wanted to use a clip from a movie for a commercial you would have to get permission and also pay a royalty fee to the owner.

5) Royalty
When consumers copy and illegally distribute copyrighted material, they cut the property owner out of profits.

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4
Q

Explain what a patent is and give an example.

A

Patents: Are granted for 20 years….can renew.hv to file in every country…cheap..prevent other ppl from selling it
The product cannot be used without the inventor’s/owner’s permission.
Inventions are protected from others making, using, importing, selling or offering them for sale.
(hockey stick, games, phones etc. )vs google slides-copywright

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5
Q

Trademarks

A

Can be words, names, symbols, sounds or colors that distinguish goods/services.
Can be renewed over and over again.]
Warehouses of confiscated of illegal merchandise ..fake logos/purses..protect name/logo/both

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6
Q

Product Tie-In

A

Is the use of ancillary products such as merchandise for promotional tools
E.g. Happy Meal at McDonalds with a toy from the latest movie…
hot wheels, mario, monopoly, space jam, movie theater avengers cuo..ways 2 convince u to buy stuff

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7
Q

Define synergy and give an example.

A

Synergy
Is a combined action that occurs when products owned by one source promote the growth of related products.

Synergy occurs when the OVO clothing/label steers people back to Drake’s music or concerts.

Customer likes his music watches music video drake wears ovo→ customer buys hoodie..has to b owned by same person/company if not then cross promo, steers ppl back

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8
Q

Convergence

A

Is the overlapping of product promotion.Multiple types of promotion occurring at the same time.

E.g. Tim Hortons having a billboard, tv commercial,
Roll up the Rim contest, internet ad
Multiple overlapping promotions happening at once…coupons mcdonalds,social media ads

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9
Q

Explain what a sports product is and give an example.

A

The 𝗴𝗼𝗼𝗱𝘀, 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀, 𝗶𝗱𝗲𝗮𝘀,or a combination of those things 𝒓𝒆𝒍𝒂𝒕𝒆𝒅 𝒕𝒐 𝒔𝒑𝒐𝒓𝒕𝒔 𝒕𝒉𝒂𝒕 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒔𝒂𝒕𝒊𝒔𝒇𝒂𝒄𝒕𝒊𝒐𝒏 𝒕𝒐 𝒂 𝒄𝒐𝒏𝒔𝒖𝒎𝒆𝒓.

Random: (psychographics how ppl think!!) in 1990 ppl didn’t think ab calories so gatorade light didn’t work. Then in 2007 came back and worked bc ppl mo health conscious.

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10
Q

categories of sport

A

Professional, amateur, recreational, high school, and college athletes

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11
Q

PROFESSIONAL athlete

A

PROFESSIONAL
NBA- national basketball association
NHL– national hockey league
MLB–Major League Baseball
NFL–The National Football League (makes most $$$)
𝗔𝗻 𝗮𝘁𝗵𝗹𝗲𝘁𝗲 𝘄𝗵𝗼 𝗵𝗮𝘀 𝘁𝗵𝗲 𝘄𝗶𝗹𝗹 𝗮𝗻𝗱 𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗲𝗮𝗿𝗻 𝗮𝗻 𝗶𝗻𝗰𝗼𝗺𝗲 𝗳𝗿𝗼𝗺 𝗮 𝗽𝗮𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝗿 𝘀𝗽𝗼𝗿𝘁.💵

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12
Q

recreational athlete

A

✩₊Recreation means u play the sport for fun ✩₊
Golf, Tennis, Bowling, Hiking , Skiing , Snowboarding

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13
Q

Amateur ₍ᐢ. .ᐢ₎

A

An athlete who has never accepted money, or who accepts money under restrictions specified by a regulatory body, for participating in a competition. 🚫🏅‍⚖️

(play sport in a team..extracurricular —considered an amateur athlete…𝒅𝒐𝒏’𝒕 𝒈𝒆𝒕 𝒑𝒂𝒊𝒅 𝒕𝒐 𝒑𝒍𝒂𝒚)
Penny Oleksiak- most decorated Canadian olympic athlete amateur bc doesn’t get paid to swim/participate in her sport.
Andre de grasse- doesn’t get paid to run track, does sponsorships
Can u be a professional athlete and amateur? : NO
Can u be a pro athlete and recreational?: YES (a pro basketball player can go out w friends and play golf for fun)

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14
Q

HIGH SCHOOL SPORTS

A

In many communities, high school sports are a source of 𝗽𝗿𝗶𝗱𝗲 and part of 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻

🏠 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗶𝗻𝗳𝗹𝘂𝗲𝗻𝗰𝗲𝘀 affect the popularity of sports in Canada and the United States.

-simonetti’s highschool…sport community, jackets..our school won OFSA, Andrew Wiggins

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15
Q

Explain what the NCAA and U sports do for university/college schools in Canada and the United States

A

NCAA (𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗹𝗹𝗲𝗴𝗲 𝗔𝘁𝗵𝗹𝗲𝘁𝗶𝗰 𝗔𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗶𝗼𝗻) (they 𝘀𝗲𝘁 𝘁𝗵𝗲 𝗿𝘂𝗹𝗲𝘀)
U Sports (set the rules in Canada)

NCAA/U Sports: are 𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝘀 that 𝗴𝗼𝘃𝗲𝗿𝗻𝘀 𝒄𝒐𝒍𝒍𝒆𝒈𝒆/𝒖𝒏𝒊𝒗𝒆𝒓𝒔𝒊𝒕𝒚 athletics and oversees important 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 pertaining to athletics.

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16
Q

grassroots marketing

A

𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗼𝗻 𝗮 𝗹𝗼𝗰𝗮𝗹/𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗹𝗲𝘃𝗲𝗹

not marketing to everyone..
(need 2 water roots for grass to grow..so if companies get u when ur younger/local level then u will grow and love them forever)
Ex.maple leafs went to sick kids hospital .met kids…

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17
Q

List the 4 stages in the product life cycle.

A

Introduction →Growth → Maturity→Decline
ᴺᵒᵗ ᵃˡˡ ᵖʳᵒᵈᵘᶜᵗˢ ᶠᶦᵗ ᵗʰᵉ ˡᶦᶠᵉ⁻ᶜʸᶜˡᵉ ᵖᵃᵗᵗᵉʳⁿᵎᵎ
ᵉ.ᵍ. ᶜᵒᶜᵃ ᶜᵒˡᵃᵎᵎᵎ

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18
Q

INTRODUCTION

A

*Product is first introduced in the marketplace
*Focus is on promoting consumer awareness and getting consumers to try the product.
*A major task is the distribution of the product; trying to convince retailers to carry your new product.
ᴱ.ᵍ. ᴳᵃᵗᵒʳᵃᵈᵉ – ʰᵃᵈ ᵗᵒ ᵉᵈᵘᶜᵃᵗᵉ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵃᵇ ᶦᵗˢ ᶜᵃᵖᵃᵇᶦˡᶦᵗʸ ᵒᶠ ʳᵉˢᵗᵒʳᶦⁿᵍ ᵃⁿ ᵃᵗʰˡᵉᵗᵉ’ˢ ᵉⁿᵉʳᵍʸ ˡᵒˢᵗ ᵈᵘʳᶦⁿᵍ ᵃᶜᵗᶦᵛᵉ ᵖˡᵃʸ
ᴸᵉᵐᵒⁿ⁻ˡᶦᵐᵉ

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19
Q

GROWTH

A

*More competitors enter the marketplace.
*To stay competitive the product may be improved by adding new features or new products in that line.
*Important to add 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗼𝘂𝘁𝗹𝗲𝘁𝘀.
-ᴳᵃᵗᵒʳᵃᵈᵉ ᵃᵈᵈᵉᵈ ⁿᵉʷ ᶠˡᵃᵛᵒᵘʳˢ ⁽ᵒʳᵃⁿᵍᵉ & ᶠʳᵘᶦᵗ ᵖᵘⁿᶜʰ⁾, ᵖᵃᶜᵏᵃᵍᵉ ˢᶦᶻᵉˢ ᵃⁿᵈ ᵗʸᵖᵉˢ ᵒᶠ ᶜᵒⁿᵗᵃᶦⁿᵉʳˢ.
-ᴳᵃᵗᵒʳᵃᵈᵉ ᶦⁿᶜʳᵉᵃˢᵉᵈ ᶦᵗˢ ᵈᶦˢᵗʳᶦᵇᵘᵗᶦᵒⁿ ᶠʳᵒᵐ ˢᵘᵖᵉʳᵐᵃʳᵏᵉᵗˢ ᵃⁿᵈ ᶜᵒⁿᵛᵉⁿᶦᵉⁿᶜᵉ ˢᵗᵒʳᵉˢ ᵗᵒ ᵛᵉⁿᵈᶦⁿᵍ ᵐᵃᶜʰᶦⁿᵉˢ, ᶠᵒᵘⁿᵗᵃᶦⁿ ˢᵉʳᵛᶦᶜᵉ ᵃⁿᵈ ˢⁿᵃᶜᵏ ᵇᵃʳˢ.
-ᶜᵒᵐᵖᵉᵗᶦᵗᵒʳˢ⁻⁻ᵖᵒʷᵉʳᵃᵈᵉ,ᵐᵒⁿˢᵗᵉʳ,ʳᵉᵈᵇᵘˡˡ, ˢᵒ ᵍᵃᵗᵒʳᵃᵈᵉ ᵗʳᶦᵉˢ ᵗᵒ ᶜʰᵃⁿᵍᵉ ᵖʳᵒᵈᵘᶜᵗ ᵃᵈᵈ ᶠᵉᵃᵗᵘʳᵉˢ/ᵐᵃᵏᵉ ᵈᶦᶠᶠ ᵗᵒ ᶜᵒᵐᵖᵉᵗᵉ

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20
Q

MATURITY

A

*𝗦𝗮𝗹𝗲𝘀 𝗯𝗲𝗴𝗶𝗻 𝘁𝗼 𝘀𝗹𝗼𝘄 𝗱𝗼𝘄𝗻.—𝒅𝒐𝒆𝒔𝒏’𝒕 𝒎𝒆𝒂𝒏 𝒕𝒉𝒆𝒚 𝒅𝒆𝒄𝒓𝒆𝒂𝒔𝒆(𝒕𝒉𝒂𝒕’𝒔 𝒅𝒆𝒄𝒍𝒊𝒏𝒆) just plateaus flatish!!!
*Repeat customers may stop buying.
*To keep the product alive, changes may be made to the product to distinguish it from the competitors.(mo flavors, diff products, how they make it plastics materials)
*Focus can be on identifying new buyers.

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21
Q

DECLINE

A

*𝗦𝗮𝗹𝗲𝘀 𝗮𝗻𝗱 𝗽𝗿𝗼𝗳𝗶𝘁 𝗯𝗲𝗴𝗶𝗻 𝘁𝗼 𝗱𝗿𝗼𝗽.
*Technological advances can cause entire product categories to enter the decline stage.
*Product may be dropped from the product line or kept to satisfy requests from loyal customers.
⁽ᶜᵃˢˢᵉᵗᵗᵉˢ ʷᵉʳᵉ ᵈᶦˢᶜᵒⁿᵗᶦⁿᵘᵉᵈ ᶦⁿ ²⁰¹² ᵇʸ ˢᵒⁿʸ ᵇᶜ ᵒˡᵈᵉʳ ᶜˡᶦᵉⁿᵗˢ ˢᵗᶦˡˡ ʷᵃⁿᵗᵉᵈ ᶦᵗ ˢᵒ ᵏᵉᵖᵗ ᶦᶠ ᶠᵒʳ ᵗʰᵉᵐᵐ, ²⁰¹² ᵗʰᵉʸ ˢᵃᶦᵈ ᵗʰᵃᵗ’ˢ ᶦᵗ..ᵘᵖ ᵗᵒ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵃⁿᵈ ᶜᵒᵐᵖᵃⁿʸ⁾

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22
Q

channel of distribution

A

The path a product takes from the producer or manufacturer to the consumer.

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23
Q

Define 𝗱𝗶𝗿𝗲𝗰𝘁 𝗰𝗵𝗮𝗻𝗻𝗲𝗹 and direct marketing

A

𝗗𝗶𝗿𝗲𝗰𝘁 𝗖𝗵𝗮𝗻𝗻𝗲𝗹:
The path a product takes without the help of any 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝗶𝗲𝘀 between the producer and consumer.

𝗗𝗶𝗿𝗲𝗰𝘁 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴
Marketing activities to sell products 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 to customers through the use of a 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗱𝗮𝘁𝗮𝗯𝗮𝘀𝗲
ex.
Telephone sales
Print
Television
Online

video:
https://www.youtubeeducation.com/watch?v=NrmMk1Myrxc
https://www.youtubeeducation.com/watch?v=CNoa-9TBH30
https://www.youtubeeducation.com/watch?v=Uutal2M4VXQ

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24
Q

Define Indirect channel. Explain the 3 types of channels.

A

Indirect Channel:
The 𝗽𝗮𝘁𝗵 a product takes using 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝗶𝗲𝘀 between the producer and the consumer.

AGENTS🕵
*Do not take ownership of the goods they sell.
*Bring buyers and sellers together for a fee.
*E.g. Ticketmaster, Amazon, Stubhub
WHOLESALERS💱
*Are resellers who buy goods from manufacturers, store them and sell them in smaller quantities to retailers or sports organizations.
*E.g. Costco
RETAILER 🏪
Sells directly to the consumer.

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25
Q

MULTIPLE CHANNELS of distribution

A

Involves more than one type of distribution channel to reach customers.

Increases product and service exposure and provides an opportunity to reach different parts of the consumer market.

Website (direct)
Retail Stores (direct)
Sells to retailers such as Foot Locker (indirect)

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26
Q

outlet vs venue

A

Outlet:
A place where a marketed product is released and made available or where it is placed.

Venue:
Is an outlet but is a place where live events are presented.

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27
Q

Explain the 4 pricing strategies. give an example of each type of pricing strategy.

A

𝗣𝗿𝗶𝗰𝗲 𝗟𝗶𝗻𝗶𝗻𝗴:
🏀Selling all goods in a product line at specific 𝗽𝗿𝗶𝗰𝗲 𝗽𝗼𝗶𝗻𝘁𝘀.
🏀E.g. a business may decide to sell its basketballs at three price points(to hit diff target markets what ppl can afford)– $9.99, $19.99, $29.99.
🏀Easier for customers to make purchasing decisions.

𝗕𝘂𝗻𝗱𝗹𝗲 𝗣𝗿𝗶𝗰𝗶𝗻𝗴
👕Selling several items as a package for a set price.
👕Products individually would cost more than the package price.
ᶠᵃᵐᶦˡʸ ˢᶦᶻᵉ⁻ ᶜᵒˢᵗ ˡᵉˢˢ ᵗʰᵉⁿ ᵗʰᵉ ᶦᵗᵉᵐˢ ˢᵒˡᵈ ˢᵉᵖᵃʳᵃᵗᵉˡʸᵎ …ᵐᵃᵏᵉ ᵃ ᶜᵒᵐᵇᵒ ˢᵒ ᶦᵗ ᵉⁿᶜᵒᵘʳᵃᵍᵉˢ ᵘ ᵗᵒ ᵇᵘʸ ᵐᵒʳᵉ…ˡᶦᵏᵉ ᵇᵘʸ ¹ ᵍᵉᵗ ᵒⁿᵉ ⁵⁰% ᵒᶠᶠ…ᵐᵃᵏᵉᵘᵖ ᶜʰʳᶦˢᵗᵐᵃˢ ᵛᵃˡᵘᵉ ˢᵉᵗˢ/ᵇᵘⁿᵈˡᵉˢ…ᵖᵃᶜᵏ ᵒᶠ ᵗ⁻ˢʰᶦʳᵗˢ…ˢᶦᵐᵒⁿᵉᵗᵗᶦ’ˢ ʷᶦᶠᵉ ʲᵘˢᵗ ⁿᵉᵉᵈᵉᵈ ¹ ᵗᵃⁿᵏ ᵗᵒᵖ ⁽ ¹ ᵗᵒᵖ $¹⁰ ᵒʳ ² ᵗᵒᵖˢ ᶠᵒʳ $¹⁵, ˢʰᵉ ᵇᵒᵘᵍʰᵗ ²ᵎ⁾⁻⁻ˢʰᵉ ˢᵃᶦᵈ ˢʰᵉ ˢᵃᵛᵉᵈ ᵐᵒⁿᵉʸ $⁵, ᵇᵘᵗ ⁿᵒ ᵘ ˢᵖᵉⁿᵗ $⁵ ᵐᵒʳᵉ ᵇᵉᶜᵃᵘˢᵉ ˢʰᵉ ⁿᵉᵉᵈᵉᵈ ¹, ᵗʰᶦˢ ᶦˢ ʰᵒʷ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᵍᵉᵗ ᵘ ᵖˢʸᶜʰᵒˡᵒᵍᶦᶜᵃˡ ᵃˢᵖᵉᶜᵗᵎ. ᴿᵉᵉᵇᵒᵏ ⁿᶦᵏᵉ ʳ ᵍʳᵉᵃᵗ ᵃᵗ ᵗʰᵃᵗ, ¹ ᵖᵃᶦʳ $⁹⁹, ᵒᵗʰᵉʳ ᵒⁿᵉ ʰᵃˡᶠ ᵒᶠᶠ..ᵐᵒˢᵗ ᵖᵖˡ ᵈᵒⁿ’ᵗ…ᶦᵗ ᶜᵒᵘˡᵈ ᵇ ᵃ ᵍᵒᵒᵈ ᵈᵉᵃˡ ᶠᵒʳ ᵘ ᵇᵘᵗ ᵗʰᵃᵗ’ˢ ʰᵒʷ ᵗʰᵉʸ ᵍᵉᵗ ᵘ ᵗᵒ ˢᵖᵉⁿᵈ ᵗʰᵉⁿ ᵃⁿᵈ ᵗʰᵉʳᵉ.

𝗬𝗶𝗲𝗹𝗱-𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗶𝗰𝗶𝗻𝗴
🎫𝐩𝐫𝐢𝐜𝐢𝐧𝐠 𝐢𝐭𝐞𝐦𝐬 𝐚𝐭 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐩𝐫𝐢𝐜𝐞𝐬 𝐭𝐨 𝐦𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐰𝐡𝐞𝐧 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲 𝐢𝐬 𝐢𝐧𝐯𝐨𝐥𝐯𝐞𝐝.
🎫E.g. Seating in an arena. Some seats are priced higher than others due to their location or the time they are purchased. Different areas in the stadium/venue hv diff pricing.
🎫E.g.𝑻𝒊𝒆𝒓𝒆𝒅 𝑷𝒓𝒊𝒄𝒊𝒏𝒈– charging more for tickets to home games against more competitive opponents.When so-so teams come to town it would be cheaper, if lakers come the price will go up! Sports just started doing this in the past decade!

Loss leader: A loss leader is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services….. they saved 800 dollars on a tv so they think now I have 800 to spend here !!!

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28
Q

Explain what price fixing and predatory pricing are. (The 𝑪𝒐𝒎𝒑𝒆𝒕𝒊𝒕𝒊𝒐𝒏 𝑨𝒄𝒕 prohibits price fixing and predatory pricing.)

A

𝗣𝗿𝗶𝗰𝗲 𝗙𝗶𝘅𝗶𝗻𝗴: 𝗔𝗻 𝗶𝗹𝗹𝗲𝗴𝗮𝗹 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝘄𝗵𝗲𝗿𝗲𝗯𝘆 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 𝗰𝗼𝗻𝘀𝗽𝗶𝗿𝗲 𝘁𝗼 𝘀𝗲𝘁 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗽𝗿𝗶𝗰𝗲.
ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᶜᵃⁿ’ᵗ ᶜᵒᵐᵉ ᵗᵒᵍᵉᵗʰᵉʳ ᵗᵒ ᶜᵒⁿˢᵖᶦʳᵉ ᵒⁿ ᵗʰᵉ ˢᵃᵐᵉ ᵖʳᶦᶜᵉ. ᴬᵖᵖˡᵉ ˢᵃᵐˢᵘⁿᵍ ᴳᵒᵒᵍˡᵉ ᶜᵃⁿ’ᵗ ᶜᵒᵐᵉ ᵃⁿᵈ ᵃᵍʳᵉᵉ ᵒⁿ ¹ ᵖʳᶦᶜᵉ ⁽ˡᵉᵗ’ˢ ᵃˡˡ ᶜʰᵃʳᵍᵉ $⁵⁰⁰⁰ ᶠᵒʳ ᵃ ᵖʰᵒⁿᵉ, ᵃˢ ᵃ ᶜᵒⁿˢᵘᵐᵉʳ ᵘʳ ˢᶜʳᵉʷᵉᵈ ʰᵃᵛᶦⁿᵍ ᵗᵒ ᵖᵃʸ ᵗʰᵃᵗ ᵎᵎ ⁿᵉᵉᵈ ᶜᵒᵐᵖᵉᵗᶦᵗᶦᵒⁿ⁾ ᴬˡˢᵒ ʷ ᵍᵃˢ…
𝗣𝗿𝗲𝗱𝗮𝘁𝗼𝗿𝘆 𝗣𝗿𝗶𝗰𝗶𝗻𝗴: 𝗜𝘀 𝘀𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝘃𝗲𝗿𝘆 𝗹𝗼𝘄 𝗽𝗿𝗶𝗰𝗲 𝗶𝗻 𝗼𝗿𝗱𝗲𝗿 𝘁𝗼 𝗱𝗿𝗶𝘃𝗲 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 𝗼𝘂𝘁 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀.
ᴮᶦᵍ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᶜᵃⁿ’ᵗ ʲᵘˢᵗ ᶜʰᵃʳᵍᵉ ˢᵘᵖᵉʳ ᶜʰᵉᵃᵖ ᵖʳᶦᶜᵉˢ ᵗᵒ ᵈʳᶦᵛᵉ ᵒᵘᵗ ᶜᵒᵐᵖᵉᵗᶦᵗᶦᵒⁿ. ᴾʳᵒᵗᵉᶜᵗˢ ˢᵐᵃˡˡᵉʳ ᶜᵒᵐᵖᵃⁿᶦᵉˢ

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29
Q

GENERIC BRANDS

A

Represents a general product category and does not carry a company or brand name.
⁽ⁿᵒⁿᵃᵐᵉ ᵇʳᵃⁿᵈ⁻⁻⁻ᵍᵉⁿᵉʳᶦᶜ ᵇᶜ ᵇᵉˡᵒⁿᵍˢ ᵗᵒ ᴺᵒᶠʳᶦˡˢˢ
“ˡᶦᶠᵉ” ᶦˢ ˢʰᵒᵖᵖᵉʳˢ’ ᵍᵉⁿᵉʳᶦᶜ ᵇʳᵃⁿᵈ
ᶜʰᵉᵃᵖᵉʳ ᵇᶜ ˢʰᵒᵖᵖᵉʳˢ ᵒʷⁿ ᶦᵗ ˢᵒ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ, ᴶᵘˢᵗ ᵇᶜ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ ⁿᵒᵗ ˡᵉˢˢ ᵉᶠᶠᵉᶜᵗᶦᵛᵉ ᵇᵘᵗ ᵗʰᵃᵗ’ˢ ᵗʰᵉ ᵖᵒʷᵉʳ ᵒᶠ ᵇʳᵃⁿᵈᶦⁿᵍ..ʸᵒᵘ’ᵈ ʳᵃᵗʰᵉʳ ᵍᵉᵗ ᵗʸˡᵉⁿᵒˡ/ᵇᵉⁿᵃᵈʳʸˡ, ᵗʰᵃⁿ “ˡᶦᶠᵉ” ᶜᵒᵘᵍʰ ˢʸʳᵘᵖ….ᶜʰᵉᶜᵏ ᵗʰᵉ ᵇᵃᶜᵏ ᵗʰᵉ ᶦⁿᵍʳᵉᵈᶦᵉⁿᵗˢ
ᵂᵃˡᵐᵃʳᵗ ᵇʳᵃⁿᵈ⁻⁻”ᵍʳᵉᵃᵗ ᵛᵃˡᵘᵉ”..”ᵍᵉᵒʳᵍᵉ”
ᶜᵃⁿᵃᵈᶦᵃⁿ ᵗᶦʳᵉ ᵇʳᵃⁿᵈ “ᶠʳᵃⁿᵏˢ”⁻⁻ᵖᵒᵗᵃᵗᵒ ᶜʰᶦᵖˢ.ᵐᵒᵗᵒʳ ᵒᶦˡ.

30
Q

intermediary brands vs Generic brands

A

INTERMEDIARY BRANDS (E.g. Costco - Kirkland products)
Carries a name developed by the wholesalers. Intermediaries contract with manufacturers to make products that are sold under their own private labels.

. GENERIC BRANDS
Represents a general product category and does not carry a company or brand name.
⁽ⁿᵒⁿᵃᵐᵉ ᵇʳᵃⁿᵈ⁻⁻⁻ᵍᵉⁿᵉʳᶦᶜ ᵇᶜ ᵇᵉˡᵒⁿᵍˢ ᵗᵒ ᴺᵒᶠʳᶦˡˢˢ
“ˡᶦᶠᵉ” ᶦˢ ˢʰᵒᵖᵖᵉʳˢ’ ᵍᵉⁿᵉʳᶦᶜ ᵇʳᵃⁿᵈ
ᶜʰᵉᵃᵖᵉʳ ᵇᶜ ˢʰᵒᵖᵖᵉʳˢ ᵒʷⁿ ᶦᵗ ˢᵒ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ, ᴶᵘˢᵗ ᵇᶜ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ ⁿᵒᵗ ˡᵉˢˢ ᵉᶠᶠᵉᶜᵗᶦᵛᵉ ᵇᵘᵗ ᵗʰᵃᵗ’ˢ ᵗʰᵉ ᵖᵒʷᵉʳ ᵒᶠ ᵇʳᵃⁿᵈᶦⁿᵍ..ʸᵒᵘ’ᵈ ʳᵃᵗʰᵉʳ ᵍᵉᵗ ᵗʸˡᵉⁿᵒˡ/ᵇᵉⁿᵃᵈʳʸˡ, ᵗʰᵃⁿ “ˡᶦᶠᵉ” ᶜᵒᵘᵍʰ ˢʸʳᵘᵖ….ᶜʰᵉᶜᵏ ᵗʰᵉ ᵇᵃᶜᵏ ᵗʰᵉ ᶦⁿᵍʳᵉᵈᶦᵉⁿᵗˢ
ᵂᵃˡᵐᵃʳᵗ ᵇʳᵃⁿᵈ⁻⁻”ᵍʳᵉᵃᵗ ᵛᵃˡᵘᵉ”..”ᵍᵉᵒʳᵍᵉ”
ᶜᵃⁿᵃᵈᶦᵃⁿ ᵗᶦʳᵉ ᵇʳᵃⁿᵈ “ᶠʳᵃⁿᵏˢ”⁻⁻ᵖᵒᵗᵃᵗᵒ ᶜʰᶦᵖˢ.ᵐᵒᵗᵒʳ ᵒᶦˡ.

31
Q

List, explain and provide examples of the 𝟯 𝘁𝘆𝗽𝗲𝘀 𝗼𝗳 branding for 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗱 𝗯𝗿𝗮𝗻𝗱𝘀. 👟 🍼🧴🧻💳✈ (make sure u can expain Multi-product branding vs. multi-branding!!!!!!!!!!)

A

𝗠𝗔𝗡𝗨𝗙𝗔𝗖𝗧𝗨𝗥𝗘𝗥 𝗕𝗥𝗔𝗡𝗗𝗦: 𝗔 𝗯𝗿𝗮𝗻𝗱 𝗼𝘄𝗻𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁.

𝗔. 𝗠𝘂𝗹𝘁𝗶-𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴👟
Used when the manufacturer uses one name for all its products.
⁽ᵉˣ. ᴺᶦᵏᵉᵎᵎᴱᵛᵉʳʸᵗʰᶦⁿᵍ ᶦˢ ᴺᶦᵏᵉ, ᵒⁿᵉ ᶦᵐᵃᵍᵉ ᶠᵒʳ ᵉᵛᵉʳʸᵗʰᶦⁿᵍᵎᵎ⁾

𝗕. 𝗠𝘂𝗹𝘁𝗶-𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴🍼🧴🧻
Each product in a product line has a distinctive name.
An advantage is that each product has its own distinct image.
One disadvantage is the cost.
⁽ᵉᵃᶜʰ ᵖʳᵒᵈᵘᶜᵗ ˡᶦⁿᵉ ʰᵃˢ ᵒʷⁿ ᵐᵃʳᵏᵉᵗᶦⁿᵍ ᵒʷⁿ ᵉᵐᵖˡᵒʸᵉᵉˢ⁾
⁽ᵉˣ. ᴾ&ᴳ ..ⁿᵉᵛᵉʳ ᵃᶜᵗᵘᵃˡˡʸ ˢᵃʷ ᵗʰᵉ ⁿᵃᵐᵉ ᵖʳᵒᶜᵗᵉʳ ᵃⁿᵈ ᵍᵃᵐᵇˡᵉ⁻⁻⁻> ᵗᶦᵈᵉ, ᵖᵃᵐᵖᵉʳˢ, ᵍᶦˡˡᵉᵗᵗᵉ ⁽ᵃˡˡ ᵖʳᵒᵈᵘᶜᵗ ˡᶦⁿᵉˢ ᵘⁿᶦᵠᵘᵉ ⁿᵃᵐᵉ⁾⁾
ᴬᵈᵛᵃⁿᵗᵃᵍᵉ ᶦˢ ᶦᶠ ᵒⁿᵉ ᵍᵉᵗˢ ʰᵘʳᵗ…ᵉˣ. ᴳᶦˡˡᵉᵗᵗᵉ ᵗᵒˣᶦᶜ…ᵐᵒˢᵗ ᵖᵖˡ ᵈᵒⁿᵗ ᵏⁿᵒʷ ᵖ&ᴳ ᵐᵃᵈᵉ ᶦᵗ ⁽ᶦᵗˢ ˢᵉᵖᵃʳᵃᵗᵉ ᵇʳᵃⁿᵈ⁾ ˢᵒ ᵗʰᵉʸ’ˡˡ ˢᵗᶦˡˡ ᵇᵘʸ ᵗʰᵉ ᵒᵗʰᵉʳ ᵖʳᵒᵈᵘᶜᵗˢ…ʳᵉᵖᵘᵗᵃᵗᶦᵒⁿ ᵒᶠ ᵒᵗʰᵉʳ ᵖʳᵒᵈᵘᶜᵗ ᵏᵉᵖᵗ.

𝗖. 𝗖𝗼-𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴💳✈
Combines one or more brands to increase customer loyalty and sales for each product.
https://www.youtube.com/watch?v=nuvisHAlJzo
ᵀʷᵒ ᵇʳᵃⁿᵈˢ ᶜᵒᵐᶦⁿᵍ ᵗᵒᵍᵉᵗʰᵉʳᵎ ᴬᵐᵉʳᶦᶜᵃⁿ ᵉˣᵖʳᵉˢˢ ᶜᵒᵐᵇᶦⁿᵉᵈ ʷ ᵃᶦʳᵐᶦˡᵉˢ …ᶜᵒ ᵇʳᵃⁿᵈᶦⁿᵍ ⁽ᵗᶦᵐ ʰᵒʳᵗᵒⁿˢ ᵛᶦˢᵃ..ᵃᵐᵃᶻᵒⁿ ᵛᶦˢᵃ..ᵖᶦᶻᶻᵃ ᵖᶦᶻᶻᵃ ᶜᵒᵇʳᵃⁿᵈˢ ʷ ˢᶦˡᵛᵉʳ ᶜᶦᵗʸ ᶠʳᵉᵉ ᵗᶦᶜᵏᵉᵗˢ⁾..ᵐᶜᵈᵒⁿᵃˡᵈˢ ʷ ʳᵃᵖᵗᵒʳˢ

32
Q

Define brand, brand name and trademark and provide examples of each.

A

𝗕𝗿𝗮𝗻𝗱:
A name, word or words, symbol, or design that identifies an organization and its products.

𝗕𝗿𝗮𝗻𝗱 𝗡𝗮𝗺𝗲:
A word or words, letters, or numbers representing a brand.

𝗧𝗿𝗮𝗱𝗲𝗺𝗮𝗿𝗸: (to protect a brand!)
A device that legally identifies ownership of a registered brand or trade name.

ˢᵖᵒʳᵗˢ ᵃⁿᵈ ᵉⁿᵗᵉʳᵗᵃᶦⁿᵐᵉⁿᵗ ᵒʳᵍᵃⁿᶦᶻᵃᵗᶦᵒⁿˢ ᵃⁿᵈ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ˢᵗʳᶦᵛᵉ ᵗᵒ ᵈᵉᵛᵉˡᵒᵖ ˢᵗʳᵒⁿᵍ ᵇʳᵃⁿᵈˢ ᵗᵒ ᵈᶦᶠᶠᵉʳᵉⁿᵗᶦᵃᵗᵉ ᵗʰᵉᵐˢᵉˡᵛᵉˢ ᶠʳᵒᵐ ᵒⁿᵉ ᵃⁿᵒᵗʰᵉʳ. ᵂʰᵉⁿ ᵃ ᵇʳᵃⁿᵈ ⁿᵃᵐᵉ ᵒʳ ᵗʳᵃᵈᵉ ⁿᵃᵐᵉ ᶦˢ ʳᵉᵍᶦˢᵗᵉʳᵉᵈ, ᶦᵗ ᵃˡˢᵒ ᵇᵉᶜᵒᵐᵉˢ ᵃ ᵗʳᵃᵈᵉᵐᵃʳᵏ. ᴺᶦᵏᵉ⁻ᵇʳᵃⁿᵈ ⁿᵃᵐᵉ. ˢʷᵒᵒˢʰ⁻ ᵃ ˢʸᵐᵇᵒˡ/ˡᵒᵍᵒ ⁽ᵖᵃʳᵗ ᵒᶠ ᵃ ᵇʳᵃⁿᵈ⁾..ᵇʳᵃⁿᵈ ᶦˢ ᵗʰᵉ ˡᵒᵍᵒ ᵃⁿᵈ ⁿᵃᵐᵉ

33
Q

Define 𝗯𝗿𝗮𝗻𝗱 𝗲𝗾𝘂𝗶𝘁𝘆 and why it is important.

A

𝗧𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗮 𝗯𝗿𝗮𝗻𝗱 𝗵𝗮𝘀 𝗯𝗲𝘆𝗼𝗻𝗱 𝗶𝘁𝘀 𝗮𝗰𝘁𝘂𝗮𝗹 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀.
𝑩𝒓𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒕𝒚 𝒉𝒂𝒔 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒗𝒂𝒍𝒖𝒆 𝒕𝒉𝒓𝒐𝒖𝒈𝒉 𝒍𝒊𝒄𝒆𝒏𝒔𝒊𝒏𝒈
⁽ˡᶦᶜᵉⁿˢᶦⁿᵍ ᶦˢ ʷʰᵉⁿ ˢᵒᵐᵉᵒⁿᵉ ʷᵃⁿᵗˢ ᵗᵒ ᵖᵃʸ ᵃ ᶠᵉᵉ ᵗᵒ ᵘˢᵉ ᵗʰᵉ ˡᵒᵍᵒ ᵃⁿᵈ ⁿᵃᵐᵉ ᵗᵒ ᵐᵃᵏᵉ ˢᵗᵘᶠᶠ ⁽ʷᶦⁿᶜʳᵃᶠᵗ ᵖᵒˢᵗᵉʳ ᵐᵃᵏᵉʳˢ ᵖᵃᶦᵈ ʳᵃᵖᵗᵒʳˢ/ % ᵃᵐᵒᵘⁿᵗ ᵒᶠ ˢᵃˡᵉˢ $ ᵗᵒ ᵖᵘᵗ ᵗʰᵉ ᵇʳᵃⁿᵈ ᵒⁿ ᵗʰᵉᶦʳ ᵖᵒˢᵗᵉʳˢ⁾..ᶜᵒᶜᵃ ᶜᵒˡᵃ ᵉˣᵗᵉⁿᵈᵉᵈ ᵖʳᵒᵈᵘᶜᵗˢ..⁽ᵘʳ ᶜᵒᶜᵃ ᶜᵒˡᵃ ʷᵃˡˡᵉᵗᵎ⁾
Customers are generally willing to pay a higher price for products with brand equity.

34
Q

Explain the 3 steps in developing brand equity. (not imp)

A

1.𝗗𝗲𝘃𝗲𝗹𝗼𝗽 the brand in the customer’s mind as part of a class of products.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗶𝘀 𝗮 𝘀𝗽𝗼𝗿𝘁𝘀 𝗱𝗿𝗶𝗻𝗸

⁽ᵉᵈᵘᶜᵃᵗᵉ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵐᶦⁿᵈ ᵃᵇ ʷʰᵃᵗ ᶦᵗ ᶦˢ..ᵇʳᵃⁿᵈˢ⁽ᵐᶜᵈᵒⁿᵃˡᵈˢ⁾ ˢᵖᵉⁿᵗ ᵈᵉᶜᵃᵈᵉˢ ᵗᵒ ᵈᵉᵛᵉˡᵒᵖ ʷʰᵃᵗ ᵗʰᵉ ᵇʳᵃⁿᵈ ᶦˢ ᶦⁿ ᵘʳ ᵐᶦⁿᵈ⁾

𝗟𝗶𝗻𝗸 the product’s brand 𝗻𝗮𝗺𝗲 𝘁𝗼 𝗶𝘁𝘀 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻 and make some type of 𝗲𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 connection with the product.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗵𝗲𝗹𝗽𝘀 𝗮𝘁𝗵𝗹𝗲𝘁𝗲𝘀 𝘁𝗼 𝗽𝗲𝗿𝗳𝗼𝗿𝗺 𝗯𝗲𝘁𝘁𝗲𝗿 𝗶𝗻 𝗮𝘁𝗵𝗹𝗲𝘁𝗶𝗰 𝗲𝘃𝗲𝗻𝘁𝘀
ᵈᵉᵛᵉˡᵖ ᶦⁿ ᵗʰᵉᶦʳ ᵐᶦⁿᵈ ᵗʰᵃᵗ ᶦᶠ ᵘ ᵈʳᶦⁿᵏ ᵃ ᵍʳᵃᵗᵒʳᵃᵈᵉ ʷᶦˡˡ ʰᵉˡᵖ ᵘ ᵖᵉʳᶠᵒʳᵐ ᵇᵉᵗᵗᵉʳ…ᶦⁿ ᵘʳ ᵐᶦⁿᵈ ᵗʰᵉʸᵛᵉ ˡᶦⁿᵏᵉᵈ ᵗʰᵃᵗ ᵗʰᶦˢ ᶦˢ ᵗʰᵉ ᵇᵉˢᵗ ᵖʳᵒᵈᵘᶜᵗ⁾

3.𝗛𝗲𝗹𝗽 consumers think and feel the way you want them to regarding your product.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗼𝗳 𝗰𝗵𝗼𝗶𝗰𝗲 𝗳𝗼𝗿 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗮𝘁𝗵𝗹𝗲𝘁𝗲𝘀.

⁽ʷʰᵉⁿ ᵘ ˢᵉᵉ ˡᵉᵇʳᵒⁿ ʲᵃᵐᵉˢ ᵈʳᶦⁿᵏ ᵍᵗᵒʳᵃᵈᵉ ᵘ ʷᶦˡˡ ʷᵃⁿᵗ ᵗᵒ ᵇᵉ ˡᶦᵏᵉ ʰᶦᵐ⁾..ᵗʰᵉʳᵉˢ ˢᵖᵒⁿˢᵒʳˢʰᶦᵖˢ ᵗʰᵗᵃ ᵒⁿˡʸ ᵒⁿ ᵗʰᵉ ˢᶦᵈᵉˡᶦⁿᵉˢ ᵍᵃᵗᵒʳᵃᵈᵉˢ ᵃʳᵉ ᵃˡˡᵒʷᵉᵈ ˢᵒ ʷᵃᵗᶜʰᵉʳˢ ᵗʰᶦⁿᵏ ᵉᵛᵉʳʸᵒⁿᵉ ᵈʳᶦⁿᵏˢ ᶦᵗ⁾

35
Q

Describe the difference of promotional and institutional advertising (provide an example of each

A

Promotional advertising
Advertising with a goal of selling an item being promoted.
⁽ˢᶦᵐᵒⁿᵉᵗᵗᶦ: “ᵀʰᶦˢ ᶦˢ ᵃᵗ ᵗʰᵉ ˢᶜᵒᵗᶦᵃᵇᵃⁿᵏ ᴬʳᵉⁿᵃ. ᴵ ʷᵃˢ ᵗʳʸᶦⁿᵍ ᵗᵒ ʷᵃˢʰ ᵐʸ ʰᵃⁿᵈˢ ᶦⁿ ᵗʰᵉ ᴹᵉⁿ’ˢ ᵂᵃˢʰʳᵒᵒᵐ ᵃⁿᵈ ᴵ ˢᵉᵉ ᵃ ᴾʳᵒᵐᵒᵗᶦᵒⁿᵃˡ ᴬᵈ ᶠᵒʳ ᴺᶦᵛᵉᵃ ᶠᵒʳ ᴹᵉⁿᵎ”⁾. ᶜᵃˡˡ ᵒᶠ ᵈᵘᵗʸ ᵃᵈ ᵖʳᵉᵒʳᵈᵉʳ ⁿᵒʷ,ᵍᵒᵃˡ ᶦˢ ᵗᵒ ˢᵉˡˡ ᵃⁿᵈ ᶦᵗᵉᵐᵎᵎᵎ..ᵐᵒᵛᶦᵉ ᵗʳᵃᶦˡᵉʳ

Institutional Advertising
Advertising with a goal of developing goodwill or positive image.
ᴬᵗ ᵗʰᵉ ᵉⁿᵈ ᵒᶠ ᵗʰᵉ ᵀᵒʳᵒⁿᵗᵒ ᴮˡᵘᵉ ᴶᵃʸˢ/ ᴿᵃᵖᵗᵒʳˢ/ᴹᵃᵖˡᵉ ᴸᵉᵃᶠˢ ʳᵉᵍᵘˡᵃʳ ˢᵉᵃˢᵒⁿ ʸᵒᵘ ᵐᶦᵍʰᵗ ˢᵉᵉ ᵃⁿ ᵃᵈ ᶦⁿ ᵗʰᵉ ⁿᵉʷˢᵖᵃᵖᵉʳ “ᵀʰᵃⁿᵏᶦⁿᵍ” ᵗʰᵉ ᶠᵃⁿˢ…….“ᴳᵒᵗ ᴹᶦˡᵏ” ᵃᵈˢ ʷᶦᵗʰ ᶜᵉˡᵉᵇʳᶦᵗᶦᵉˢ…ˢᵖʳᵉᵃᵈ ᵍᵒᵒᵈʷᶦˡˡ ⁿᵒᵗ ˢᵗʳᵃᶦᵍʰᵗ ᵘᵖ ᵖʳᵒᵐᵒᵗᶦⁿᵍ ˡᵃᶜᵗᵃⁿᶜᶦᵃ ᵇʳᵃⁿᵈ…ᵀᶦᵐʰᵒʳᵗᵒⁿˢ ᵃᵈ ʷᵃⁿᵗ ᵘ ᵗᵒ ᵃˢˢᵒᶜᶦᵃᵗᵉ ʰᵒᶜᵏᵉʸ ʷ ᵗᶦᵐᵐᶦᵉˢ, ˢᶦᵐᵒⁿᵉᵗᵗᶦ ˢᵃʷ ᵖᵃʳᵉⁿᵗˢ ᵃᵗ ʰᵒᶜᵏᵉʸ ʳᶦⁿᵏ ʷ ᵗᶦᵐˢ ˢᵒ ᶦⁿ ᵘʳ ᵇʳᵃᶦⁿ ᶦᵗ’ˢ ʰᵒᶜᵏᵉʸ⁻>ᵗᶦᵐᵐᶦᵉˢ. ᴬᵈ ʷʰᵉʳᵉ ʷᵃʸⁿᵉ ᵍʳᵉᵗᶻᵏʸ ᵐᵉᵗ ᵗᶦᵐ ʰᵒʳᵗᵒⁿ ᵃⁿᵈ ᵗᶦᵐ ʰᵒʳᵗᵒⁿ ˢᶦᵍⁿᵉᵈ ᶦᵗ ᶠᵒʳ ʰᶦᵐ ᵒⁿᵃ ⁿᵃᵖᵏᶦⁿ..ᵖᵘˡˡˢ ᵒⁿ ʰᵉᵃʳᵗˢᵗʳᶦⁿᵍˢ…ᵉᵛᵉⁿ ᶦᶠ ᶜᵒᶠᶠᵉ ᵐᵃᵏᵉˢ ᵃⁿ ᵃᵖᵖᵉᵃʳᵃⁿᶜᵉ, ᵗʰᵃᵗˢ ⁿᵒᵗ ʷʰᵃᵗ ᵗʰᵉ ᵃᵈˢ ᵃᵇᵒᵘᵗ.
ᵀᶦᵐˢ ᵈᶦᵈ ᵃ ᵍᵒᵒᵈ ʲᵒᵇ ʳᵉˡᵃᵗᶦⁿᵍ ᵗᵒ ᶜᵃⁿᵃᵈᶦᵃⁿ ᶜᵘˡᵗᵘʳᵉ..ᵗᶦᵐˢ ʷᵃⁿᵗᵉᵈ ᵗᵒ ᶜᵒⁿⁿᵉᶜᵗ ʷ ᵗʰᵉ ᶜᵒˡᵈ ʷᵉᵃᵗʰᵉʳ, ᶦᵐᵐᶦᵍʳᵃⁿᵗˢ, ʰᵒᶜᵏᵉʸ,

36
Q

Define Licensing, Licencor, and Licensee . Give examples

A

🦸Licensing: An agreement which gives a company the right to use another’s brand name, patent, or other intellectual property for a royalty or fee.
ᶜᵒᵐᵖᵃⁿᶦᵉˢ ˡᵉᵗ ᵐᶦⁿᶦˢᵒ ᵖᵘᵗ ᵗʰᵉᶦʳ ᶜʰᵃʳᵃᶜᵗᵉʳˢ ᵒⁿ ᵗʰᵉᶦʳ ˢᵗᵘᶠᶠ :> . ˢᵗᶦᶜᵏᵉʳ ᶜᵒᵐᵖᵃⁿʸ ᶜᵒᵐᵉˢ ᵗᵒ ⁿᶦⁿᵗᵉⁿᵈᵒ ᵃⁿᵈ ᵃˢᵏᵉᵈ ᶠᵒʳ ᵐᵃʳᶦᵒ ᶦᵐᵃᵍᵉ, ⁿᶦⁿᵗᵉⁿᵈᵒ ˢᵃᶦᵈ ʸᵉˢ ᵇᵘᵗ ᵖᵃʸ ᵘˢ…ᵖᵉᵃᶜᵉ ᶜᵒˡˡᵉᶜᵗᶦᵛᵉˀˀ⁾

🦸The licensor is the company or individual granting the license.

🦸The licensee is the company or individual paying for the rights to use the licensor’s name or property.

ᴸᶦᶜᵉⁿˢᵉᵉ ⁻ ⁿᶦᵏᵉ ᶠᵒʳ ʲᵉʳˢᵉʸˢ ˡᶦᶜᵉⁿˢᵒʳ⁻ʳᵃᵖᵗᵒʳˢ ˡᵉᵗ ⁿᶦᵏᵉ ᵖᵘᵗ ᵗʰᵉᶦʳ ˡᵒᵍᵒ
ˢᵒⁿʸ ᵖᵘʳᶜʰᵃˢᵉᵈ ˡᶦᶜᵉⁿˢᵉ ᵗᵒ ᵐᵃᵏᵉ ˢᵖᶦᵈᵉʳᵐᵃⁿ ᵐᵒᵛᶦᵉˢ….ˢᵒⁿʸ ᶦˢ ˡᶦᶜᵉⁿˢᵒʳ ᶠᵒʳ ˢᵖᶦᵈᵉʳᵐᵃⁿ.
ᴸᶦᶜᵉⁿˢᶦⁿᵍ ᵃⁿᵈ ʳᵒʸᵃˡᵗᶦᵉˢ ᵃʳᵉ ᵐᵃʲᵒʳ ᵃˢᵖᵉᶜᵗˢ ᵒᶠ ᵇᵒᵗʰ ᵗʰᵉ ˢᵖᵒʳᵗˢ ᵃⁿᵈ ᵉⁿᵗᵉʳᵗᵃᶦⁿᵐᵉⁿᵗ ᶦⁿᵈᵘˢᵗʳʸ.
ᴱⁿᵗᵉʳᵗᵃᶦⁿᵐᵉⁿᵗ ᵃⁿᵈ ˢᵖᵒʳᵗˢ ʳᵉˡᵃᵗᵉᵈ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᵘᵗᶦˡᶦᶻᵉ ᵐᵉʳᶜʰᵃⁿᵈᶦˢᶦⁿᵍ ᵃⁿᵈ ˢᵉˡˡ ˡᶦᶜᵉⁿˢᵉᵈ ᵖʳᵒᵈᵘᶜᵗˢ.

Licensed Products: Goods or services that legally use logos or images owned by other companies or people. (Funko pays a royalty/licensing fee to Sony to be able to use the Spider man image)

37
Q

Explain how licensing and royalties works in the music industry♩♪♩♬ ♬♩♪♩ (not an important question)

A

🎹Licensing applies to music, software, motion pictures, and videos/DVDs.
🥁A songwriter and publisher of a song may charge a licensing fee when an artist and label want to record that song.
🎷Artists, writers, and publishers receive royalties, or a percentage of record sales or fees for broadcast performances.
🎻Top artists may receive up to 15% of CD/online sales! (most artists lower percents..mo popular u are mo money u can demand)
🎼In the past mo ppl paid for music (ppl bought albums!! Now on spotify) –now they make main money from concerts endorsements
ᴿᵉᵐᵃᵏᵉ ᵍᵘʸ ʰᵃᵈ ᵗᵒ ᵖᵃʸ ᵗʳᵃᶜʸ ᶜʰᵃᵖᵐᵃⁿ ᵃⁿᵈ ᵖᵖˡ ʷʰᵒ ᵒʷⁿ ᶦᵗ ˢᵒ ʰᵉ ᶜᵒᵘˡᵈ ˢᵃᵐᵖˡᵉ ʰᵉʳ ˢᵒⁿᵍ..ˢʰᵉ ʳᵉᶜᵉᶦᵛᵉᵈ ᵃ ˡᵒᵗ ᵒᶠ $

38
Q

List the benefits of licensing for sports organizations, companies and mutual advantages. (not imp)

A

Sports ent /org/licensor:
Reinforce image
Build team spirit

Companies/licensee
Profit
Build presence through merchandise
Reach a new audience

Mutual advantages:
Publicity
Revenue
Brand awareness

39
Q

Define endorsement.

A

An endorsement is a statement of approval of a product, service, or idea made by an individual or organization speaking on behalf of the advertiser. Involves using a celebrity or public figure to represent and promote a company and that company’s products👍

Definition: Any type of advertising done by a person who reflects his or her own opinions, beliefs, findings, and experiences that are separate from those associated with the product’s company.

The endorser has to be a legitimate user of the product/service and he/she would have to be allowed to provide his opinion about the product/service without being told what to say by the organization.

40
Q

three premium sponsorship

A

Entitlements
Occur when there is one major sponsor for an event. (National Bank Open is the major sponsor for this tennis event in Toronto and Montreal. There are more sponsors, but they are the one major one and the event is called after their name.)

Facility Entitlements
A company purchases the promotional
rights to an entire stadium(This is the Budweiser Stage downtown Toronto where concerts are held. Used to be called Molson Amphitheater. )

Product Exclusivity
Only one product in a product category is granted sponsorship.
This prevents competitors from selling or promoting their product during sponsored events.

(At McDonalds, you can only buy Coca Cola products such as Coke, Sprite, Nestea, Powerade, Dasani etc. You cannot get Pepsi products!!)

41
Q

List the 4 elements of the promotional mix/plan

A

advertising, sales promotion, publicity, and personal selling

(Product price place promotion is diff than promotional mix! Exam-specific case study of promotional mix or marketing mix don’t mix them up!!!!!!!!!!!!!!!!!!!!!!!!!)

42
Q

Press releases

A

A newsworthy article that provides the basic information to answer questions such as who, what, where, when, and why

43
Q

Public relations Press kit vs Press releases (not imp)

A

Press Kit:
Promotional materials that can be used by the media, such as fact sheets, background information, press releases, testimonials, video etc. 😃

Press Releases
A newsworthy article that provides the basic information to answer questions such as who, what, where, when, and why

44
Q

Marketing Plan - situational analysis Internal vs external factors

A

A study of the internal and external factors.
Internal factors ⁽ᶦⁿᵗᵉʳⁿᵃˡ ᵃⁿᵃˡʸˢʸˢ ᶠᶠᶜ ᵗᵃʳᵍᵉᵗ ᵐᵃˡᵉ ᵃⁿᵈ ᵉˡᵈᵉʳˢ ᵍᵒˡᶠᵉʳˢ..ᵉˣᵗᵉʳⁿᵃˡ ᶦˢ ˢᵉᵉᶦⁿᵍ ʷᵉ ⁿᵉᵉᵈ ᵃ ˡᶦⁿᵉ ᶠᵒʳ ʷᵒᵐᵉⁿ⁾
🩵 Target markets
🩵Current performance
🩵Financial resources ⁽ᵈᵒ ʷᵉ ʰᵛ ᵐᵒⁿᵉʸ ᵈᵒ ʷᵉ ⁿᵉᵉᵈ ᵗᵒ ᵍᵒ ᵗᵒ ᵃ ᵇᵃⁿᵏ
I pull up at the club and I see the situation ** . the chicks were my ** target mark , the Performance was tasteful . I grabbed some drinks, those were my resources, then I left the party now I’m external. I grabbed my technological economical device and I called my mom for some political advice , she told me industry was trending with cultural competition, it was crazy! I turned my phone off cuz I was trippin.
External Factors:
💙Competition
💙Political ᵖᵒˡᶦᵗᶦᶜᵃˡ ᶜˡᶦᵐᵃᵗᵉ ˡᵃʷˢ
💙Economical ʳᵉᶜᶜᵉˢᵗᶦᵒⁿ ᶜᵃⁿ ᵖᵖˡ ᵃᶠᶠᵒʳᵈ ᵗᵒ ᵖˡᵃʸ ᵍᵒˡᶠ
💙Regulatory/Legal
💙Technological ᵗᵉᶜʰ ᶜʰᵃⁿᵍᵉᵈ ᵍᵒˡᶠ ˡᵃⁿᵈˢᶜᵃᵖᵉ ᵃⁿᵈ ᵉᵛᵉʳʸᵗʰᶦⁿᵍ
💙Cultural ᵈᵉᵐᵒᵍʳᵃᵖʰᶦᶜ..
💙Industry Trends

45
Q

From a study of the internal/external factors, a SWOT analysis can be done !!!
(strength/weakness- internal opportunities/threat–external (ex. Recession threat external).
memorize this. explain swot. (not imp)

A

Strengths (internal)
Qualities that give a business a competitive advantage.
Talent and well trained employees, good management, quality
workmanship, excellent service record

Weaknesses (internal)
Qualities that give a business a competitive disadvantage.
Poor service record, inexperienced workers, poor quality goods

Opportunities (external)
Features or events that could benefit the business.
E.g. A major competitor receives bad publicity because of
defective products that require a recall.

Threats (external)
Features or events that could damage the business.
E.g. The launch of a new product or advertising campaign by a
competitor.

46
Q

Define consumer perception.
3 types of pricing: (different than pricing strategies!!)

A

𝗜𝘀 𝘁𝗵𝗲 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗼𝗳 𝗽𝗿𝗶𝗰𝗲 𝗮𝗻𝗱 𝗾𝘂𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝗮 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿’𝘀 𝗺𝗶𝗻𝗱.
𝑷𝑹𝑬𝑺𝑻𝑰𝑮𝑬 𝑷𝑹𝑰𝑪𝑰𝑵𝑮👠
Very expensive sports apparel will be priced well above the average market price to attract consumers who may judge a product’s quality by its price.
𝑶𝑫𝑫-𝑬𝑽𝑬𝑵 𝑷𝑹𝑰𝑪𝑰𝑵𝑮🔢
Pricing goods with either an odd number or an even number to match a product’s image.
Odd priced items ($25.99) suggest a bargain.
Even priced items ($100) may reflect quality and more expensive items.
𝑻𝑨𝑹𝑮𝑬𝑻 𝑷𝑹𝑰𝑪𝑰𝑵𝑮🎯
Pricing goods according to what the customer is willing to pay.

47
Q

Define entertainment marketing.

A

the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants through entertainment, ᵒʳ ᵃⁿʸ ᵈⁱᵛᵉʳˢⁱᵒⁿ, ᵃᵐᵘˢᵉᵐᵉⁿᵗ, ᵒʳ ᵐᵉᵗʰᵒᵈ ᵒᶠ ᵒᶜᶜᵘᵖʸⁱⁿᵍ ᵗⁱᵐᵉ.
ᵗᵉˡᵉᵛⁱˢⁱᵒⁿ
ˢᵗʳᵉᵃᵐⁱⁿᵍ ˢᵉʳᵛⁱᶜᵉˢ ⁽ⁿᵉᵗᶠˡⁱˣ, ᵈⁱˢⁿᵉʸ +⁾
ʳᵃᵈⁱᵒ
ᵐᵘˢⁱᶜ
ⁿᵉʷˢᵖᵃᵖᵉʳˢ ᵃⁿᵈ ᵐᵃᵍᵃᶻⁱⁿᵉˢ
ᵛⁱᵈᵉᵒ ᵍᵃᵐᵉˢ ⁽ʰᵒᵐᵉ ᵒʳ ᵃʳᶜᵃᵈᵉ⁾
ᶠⁱˡᵐˢ ⁽ᵗʰᵉᵃᵗʳⁱᶜᵃˡ ᵒʳ ʰᵒᵐᵉ⁾
ⁱⁿᵗᵉʳⁿᵉᵗ ⁽ˢᵒᶜⁱᵃˡ ᵐᵉᵈⁱᵃ⁾

48
Q

Explain what brand identity is and give an example

A

A consistent image or feeling that consumers recognize when encountering the brand. ᵃ ᶜᵒⁿˢᵘᵐᵉʳ ᵐᵃʸ ᵃᶜᶜᵉᵖᵗ ᵗʰᵉ ᵖʳᵒᵈᵘᶜᵗ ᵃⁿᵈ ᵖᵒˢˢⁱᵇˡʸ ᵇᵘʸ ⁱᵗ ʷⁱᵗʰ ⁿᵒ ᵖʳᵒᵈᵘᶜᵗ ᵏⁿᵒʷˡᵉᵈᵍᵉ ᵇᵉʸᵒⁿᵈ ᵇʳᵃⁿᵈ⁻ⁿᵃᵐᵉ ʳᵉᶜᵒᵍⁿⁱᵗⁱᵒⁿ. ⁽ ʷᵃˡᵗ ᵈⁱˢⁿᵉʸ, ʷᵃˡᵐᵃʳᵗ, ᵐᵉʳᶜᵉᵈᵉˢ⁾

49
Q

Define ratings and explain why they are important to a television show.

A

Ratings are a type of market research that determines if a program stays on the television schedule or is dropped. ⁽ʳᵃᵗⁱⁿᵍ ᶜᵒᵐᵖᵃⁿʸ ᵇᵇᵐ ⁿᵉⁱˡˢᵒⁿ⁾ Ratings: The ranking of TV-show or radio-show popularity in a certain time period. (how many people watched it what demogrpahic)

50
Q

Explain what niche marketing is and give some examples of it in the television industry

A

A type of marketing that focuses on a small target market of consumers who have very similar interests.
-Has expanded in television marketing with many cable channels and specialized TV networks.
(ex. Food network, TSN, Disney junior)

51
Q

Define corporate conglomerate

A

Entertainment companies are often corporate conglomerates or companies that have merged with or bought other companies and absorbed them into larger, more competitive businesses.

ᵐᵒˢᵗ ᵇᵘˢⁱⁿᵉˢˢᵉˢ ᵗʰᵃᵗ ᵖʳᵒᵈᵘᶜᵉ ᵉⁿᵗᵉʳᵗᵃⁱⁿᵐᵉⁿᵗ ᶠᵒʳ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵃʳᵉ ˡᵃʳᵍᵉ ᶜᵒʳᵖᵒʳᵃᵗⁱᵒⁿˢ ʷⁱᵗʰ ᵐᵃⁿʸ ⁱⁿᵛᵉˢᵗᵒʳˢ ᵃⁿᵈ ᵉᵐᵖˡᵒʸᵉᵉˢ.

ex:
The Walt Disney Company
Sony Entertainment
Viacom (Paramount)
Time Warner
Comcast

52
Q

Describe why magazines are beneficial to marketers. List some examples of magazine evergreens

A

📔magazines offer marketers ready-made target markets
📔-there are over 20 k magazine tites on the market but only 160 of those earn 8%% of the total magazine revenue
🌲-some magazines are called evergreens because they can be used over and over…content that remains relevant no matter how old it is.
(rolling stone, vogue, mens health, time, national geographic)
: .。. o(≧▽≦)o .。.:
🏢-major media corporations that own film and tv studios also own print media.
🛜many printed publications have electronic versions of the magazine on web sites (e-zines)

53
Q

Define LBE and give an example

A

Location-based entertainment (LBE):
-entertainment that includes amusement, theme, animal, and water parks

-has evolved into major entertainment forms and can be local, regional or national attractions
-the park environment is set up for impulse spending (buying w/o prior planning)
-in the 90s the major theme park operators began promoting theme parks as destinations and resorts

(canada’s wonderland, disneyland)

54
Q

Describe how tie-ins play an important role with LBE venues.

A

LBE venues are usually owned by major entertainment conglomerates and tie-ins play an important role:
-Themes
-Characters
-Stories and other Intellectual Property
(canadas wonderland planet snoopy)

55
Q

List and give examples of the 3 categories of entertainment goods and services.(ON EXAM!..case study(what product goes under what category..)

A

Recreation-based Entertainment Services:
Amusement parks
Zoos
Museums
Snack-bars

Media-based Entertainment Goods::
Films on DVD and Blu Ray
Music on DVD and CDs
Video and electronic games
Books and magazines
Toys
T-shirts
Concessions

:Media-based Entertainment Services:
Television shows
Movies in theaters
Concert performances
Theater performances
Streaming services

56
Q

Define evergreen and give an example.

A

Evergreens: films or products that are popular year after year

Film producers have a few choices for movie distribution:
to rent
to sell through the customer
Streaming services

DVD/Movie Club: organizations in which members receive free DVDs if they agree to purchase additional DVDs within a time period.
http://www.columbiahouse.com/

57
Q

go thru ur quizlets… decide what ur gonna do for the case study .. (5 questions - Promotional Mix OR Marketing Mix, Pricing Strategy, Channel of Distribution)
(skimming..odd even..pricing strategies which would u use)

A

plz edit this brainscape on monday!

58
Q

mark up VS cost plus pricing and list which type of business does each one of them.

A

Markup Pricing:
*Used by 𝘄𝗵𝗼𝗹𝗲𝘀𝗮𝗹𝗲𝗿𝘀 𝗮𝗻𝗱 𝗿𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀 who buy goods for resale.
*Markup is the diff between the retail or wholesale price and the cost of an item.
*The markup must be high enough to cover expenses and ensure a profit.
ᵂʰᵒˡᵉˢᵃˡᵉʳ⁻⁻ᶜᵒˢᵗᶜᵒ. ᴹᵃⁿᵘᶠᵃᶜᵗᵘʳᵉʳ ᵐᵃᵏᵉˢ ˢᵒᵐᵉᵗʰᶦⁿᵍ. ˢᵉʳᵛᶦᶜᵉ ᵖʳᵒᵛᶦᵈᵒʳ ᵖʳᵒᵛᶦᵈᵉˢ ᵃ ˢᵉʳᵛᶦᶜᵉ⁽ᵃᶜᶜᵒᵘⁿᵗᵃⁿᵗ⁾
ᴱˣ. ᵈᵒˡˡᵃʳᵃᵐᵃ⁻ᶜʰᵃʳᵍᵉˢ ᵐ&ᵐˢ ⁸⁹ ᶜᵉⁿᵗˢ. ᵀʰᵉʸ ᵖᵃᶦᵈ ᵐ&ᵐ ¹⁰ ᶜᵉⁿᵗˢ ᶠᵒʳ ᶦᵗ. ᴹᵃʳᵏᵘᵖ ᶦˢ ⁷⁹ ᶜᵉⁿᵗˢ ⁽⁸⁹⁻¹⁰⁾

Cost-Plus Pricing
*Used by 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗿𝘀 𝗮𝗻𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀.
*Pricing products by calculating all costs and expenses and adding in desired profit.
ᴵ ʳᵘⁿ ᵀᵉⁿⁿᶦˢ ˡᵉˢˢᵒⁿˢ: ᵇᵃˡˡˢ, ʳᵃᶜᵠᵘᵉᵗˢ, ᵐᵉᵐᵇᵉʳˢʰᶦᵖ, ˢʰᵒᵉˢ⁽ˡᵒᵗᵗᵃ $⁾⁻⁻ˡᵉᵗ’ˢ ˢᵃʸ ᶜᵒˢᵗˢ $⁵⁰⁰..¹⁰ ᶜˡᶦᵉⁿᵗˢ ˢᵒ ᵍᵉᵗ ¹⁰ ᵖᵖˡ ⁵⁰⁰/¹⁰⁼$⁵⁰ ᶠᵒʳ ᵗʰᵉ ˡᵉˢˢᵒⁿ…ᵇᵘᵗ ᶦ ʷᵃⁿⁿᵃ ᵐᵃᵏᵉˢ ᵐᵒⁿᵉʸ ˢᵒ ᴵ ᶜʰᵃʳᵍᵉ $¹⁰⁰, ᵗʰᵉ ᵈᶦᶠᶠ ᵇᵉᵗʷᵉᵉⁿ ᵗʰᵉ ² ᶦˢ ᶜᵒˢᵗ ᵖˡᵘˢ ᵖʳᶦᶜᶦⁿᵍ.

59
Q

marketing mix

A

1.product -quality,design packaging brand….Product decisions involve the goods, services, or ideas used to satisfy consumer needs…gatorade changed their logo, was glass now plastic, shape..phones evolved over the years
Designing
Naming
Packaging

2.price-retail price, payment plans…. The cost of making or buying a product for resale is one factor. Other factors include the expenses related to marketing the product, competition and what the consumer is willing to pay…ex.determine price for tim hortons drink (need 2 look into production cost (30 cents for tim hortons tea) but also what the consumer is willing 2 pay

3.place - involve making product available 2 customer. Marketers must determine how and where their target market shops. Companies must determine the channel of distribution!! Path product takes from producer to the consumer … where coffee beans from how to ship them..uber eats,online,mall…companies always trying something different …vending machine cake,amazon go cart scan,

4.promotion-Involve how the goods/services are communicated to the consumer.
E.g. advertising, sales promotion, publicity, and personal selling.
How do u tell them we got this new ___? Social media,tv,print,subway,billboard, coupons->incentive it’s also convincing consumers to buy as well…buy one get one 50% off

60
Q

skimming and penetration pricing

A

Skimming Pricing :
When introducing a new product, marketers will price the item high to recover the costs of development.
ᴺᵉʷ ᵖʳᵒᵈᵘᶜᵗ ᶜᵒᵐᵉˢ ᵒᵘᵗ⁻⁻ˢᵘᵖᵉʳ ᵉˣᵖᵉⁿˢᶦᵛᵉ. ᴬˡˢᵒ ᵈᵒ ᵗʰᶦˢ ᵗᵒ ʳᵉᶜᵒᵛᵉʳ ᵗʰᵉ ᶜᵒˢᵗˢ ᵒᶠ ᵈᵉᵛ

Penetration Pricing :Price the item low to create immediate demand for the product. ᵀʳʸᶦⁿᵍ ᵗᵒ ᵖᵉⁿᵉᵗʳᵃᵗᵉ ᵗʰᵉ ᵐᵃʳᵏᵉᵗ. ᵀʰᵉʸ ʷᵃⁿᵗ ˢᵃˡᵉˢ ˢᵒ ᵗʰᵉʸ ˡᵒʷᵉʳ ᵗʰᵉ ᵖʳᶦᶜᵉ ˢᵒ ᵘ ʳᵘⁿ ᵗᵒ ᵗʰᵉᵐᵎ ⁽ᶜʰᵃʳᵍᵉ ˡᵒʷ ᵖʳᶦᶜᵉ ᵃᵗ ᶠᶦʳˢᵗ..⁾

61
Q

List 4 aspects/features that companies look for when determining which celebrity to endorse their product/service. (aids)

A

Association💎
With a successful athlete/actor/singer will help sell a product.

Image📷
*Positive
*Role models in the public eye

Demographic match (target market)
African-American/Canadian or a woman athlete.

Successful careers😎
Connor McDavid, Lebron James, Bianca Andreescu

62
Q

List the 4 types of advertising.(BOPD)🎶🥁

A

Broadcast,Online, Print , Direct marketing

63
Q

List the 4 types of sales promotion. Lil nomes

A

Coupons & Rebates, contests and sweepstakes, I give you a Sample of a Premium cheesecake (premium gives u a free item!)

64
Q

Define personal selling and explain why it is an important part of the promotional mix.

A

Direct communication by a salesperson to potential customers either in person, by telephone or online.
Personal selling allows for two-way communication between the buyer and seller.

65
Q

Describe and give an example of order taking and order getting ((2 types of selling and two ways to prep for sales proccess on test short answer !!!!!)

A

Order Taking
-Does not involve much sales ability.
-The consumers know what they want and ask for it.
-E.g. A salesperson who works in a souvenir shop…Winners

Order Getting
-A professional salesperson who knows how to follow the steps of a sale.
-E.g. A sports agent…car salesman knows everything test drive ..trained on how to sell certain things.

66
Q

Explain and give an example of prospecting and preapproach strategies.

A

Prospecting
Involves looking for potential customers or leads (tradeshows). ⁽ᵇᵘˢᶦⁿᵉˢˢ ᶜᵃʳᵈ..ᵍᶦᵛᵉ ᵘ ᵗʰᵉᶦʳ ᶦⁿᶠᵒ ᵒʳ ᵗʰᵉʸ ᵗᵃᵏᵉ ᵘʳ ᶦⁿᶠᵒ ᵃⁿᵈ ᵗʰᵉʸ ʰᵒᵖᵉ ᵗᵒ ˢᵉˡˡ ᵗᵒ ʸᵒᵘ ᵒⁿᵉ ᵈᵃʸ..⁾

Preapproach Strategies
ˢᵒᵐᵉ ʲᵒᵇˢ ʷᶦˡˡ ᵗᵉᵃᶜʰ ᵘ ᵃᵇᵒᵘᵗ ᵗʰᵉ ᵖʳᵒᵈᵘᶜᵗˢ ˢᵒ ᵘ ᶜᵃⁿ ˢᵉˡˡ ᶦᵗ. ᵀᵉˢˡᵃ ˢᵃˡᵉˢᵐᵃⁿ..ᴴᵘᵍᵒ ᵇᵒˢˢ ˢᵃˡᵉˢᵐᵃⁿ ᵖʳᵒᶠᵉˢˢᶦᵒⁿᵃˡˡʸ ˢᵉˡˡ ᵗᵒ ᵖᵉᵒᵖˡᵉ…ᵛˢ ʷᶦⁿⁿᵉʳˢ ᵗʰᵉʸ ᵈᵒⁿ’ᵗ
-Learning about the products and the potential customers.
-E.g. Sports agents put together sales presentations that highlight the features and benefits of the sports celebrities they represent.
-E.g. For a pair of Nike athletic shoes the features such as the unique patented design, color, sizes and price may be selling points to a customer.

67
Q

List the 7 steps of professional selling.

A

Approach 🚶‍♀️determine needs ❓present the product 🎁overcome objections 🤬 close the sale 💰perform suggestion selling 🙋‍♀️❔follow up 📞🧑‍💼

Approach⁽ᵃˢᵏ ᶦᶠ ᵘ ⁿᵉᵉᵈ ʰᵉˡᵖ..ˢᵒᵐᵉ ʰᵛ ᵍʳᵉᵉᵗᵉʳˢ..ᵈᵒⁿ’ᵗ ʷᵃⁿᵗ ᵗᵒ ᵇᵒᵐᵇᵃʳᵈ ʸᵒᵘ⁾
-First face-to-face meeting with the potential customer.
-Goal is to establish a relationship with the customer.

Determine needs ⁽ ᶜᵘˢᵗᵒᵐᵉʳ ˢᵃʸˢ ʰᵉ ⁿᵉᵉᵈˢ ᵃ ⁿᵉʷ ˢᵘᶦᵗ
-Involves looking, listening, and asking questions.
-Look at the customer for non-verbal feedback and facial expressions.

Present the product ˢʰᵉ ˢʰᵒʷˢ ʰᶦᵐ ᵗʰᵉ ˢᵘᶦᵗˢ ᵃⁿᵈ ᵗʰᵉ ᵈᶦᶠᶠ ᶜᵒˡᵒʳˢ ᵃᵛᵃᶦˡᵃᵇˡᵉ
-Should be developed around the customer’s needs and wants.
-Should create interest and desire.

Overcome objections ʸᵒᵘ ᵈᵒⁿᵗ ˡᶦᵏᵉ ᶦᵗˀ ᵂᵉˡˡ ʷᵉ ʰᵃᵛᵉ ᵃ ᶜᵒᵘᵖˡᵉ ᵐᵒʳᵉ..
-Involves answering questions or eliminating doubts about a product.
-Objections can become selling points.

Close the sale ʸᵒᵘ ˡᶦᵏᵉ ᶦᵗ ᵍʳᵉᵃᵗᵎ ᴵˡˡ ᵗᵃᵏᵉ ᵗʰᶦˢ ᵗᵒ ᵗʰᵉ ᶜᵃˢʰ ᵖᵃʸ
-Getting a commitment from the customer.

Perform suggestion selling ᵃˢᵏ ᶦᶠ ʰᵉ ⁿᵉᵉᵈˢ ˢʰᶦʳᵗ ᵗᶦᵉ ˢᵒᶜᵏˢ ᵉᵛᵉʳʸᵗʰᶦⁿᵍ ᵗᵒᵒ. ᴱˣ. ᶜᵃʳ ˢᵃˡᵉˢᵐᵃⁿ ᵈᵒ ᵘ ʷᵃⁿᵗ ˢᵖᵉᶜᶦᵃˡ ᵗᶦʳᵉˢ ˢᵖᵉᶜᶦᵃˡ ˢᵗᵘᶠᶠˀ
-Presenting ideas for additional merchandising sales.

Follow up ˢᶦᵐᵐᶦ ˢᵗᶦˡˡ ᵍᵉᵗˢ ᵖʳᵒᵐᵒᵗᶦᵒⁿᵃˡ ᵉᵐᵃᶦˡˢ.. ⱽᵒˡᵏˢʷᵃᵍᵉⁿ ᵇᵒᵘᵍʰᵗ ᶜᵃʳ ᶠʳᵒᵐ ˢᵗᵉᵛᵉ, ᶠᵒʳ ᵃ ʷʰᵒˡᵉ ʸᵉᵃʳ ˢᵃˡᵉˢᵐᵃⁿ ˢᵗᵉᵛᵉ ᶜᵃˡˡˢ ˢᶦᵐᵐᶦ ᵒⁿᶜᵉ ᵃ ᵐᵒⁿᵗʰ ᵃⁿᵈ ᵃˢᵏˢ ʰᵒʷˢ ᵗʰᵉ ᶜᵃʳ…ᵗʳᵉˢᵗ ᶜᵘˢᵗᵒᵐᵉʳˢ ʷᵉˡˡ. ˢᵒ ᶦᶠ ˢᵒᵐᵉᵒⁿᵉ ᵃˢᵏˢ ˢᶦᵐᵐᶦ ʷʰᵉʳᵉ ᵗᵒ ᵍᵒ ᵗᵒ ᵇᵘʸ ᵃ ᶜᵃʳ ʰᵉ ʳᵉᶜᵒᵐᵐᵉⁿᵈˢ ˢᵗᵉᵛᵉ

Sale is the beginning of a relationship and not the end.
Developing a relationship can lead to repeat sales.

68
Q

Define and explain what a marketing plan is.

A

A document that provides direction for the marketing activities for a specific period of time.
*It communicates the goals, objectives, and strategies of a company to its employees.
*Informs employees about their responsibilities and timelines for completion.
*How resources will be allocated or given out.
*Helps a company monitor its performance

69
Q

Describe the 2 purposes of a marketing plan

A

1) Use within a business.

2) Prepared to obtain financing from outside investors for a new venture.
⁽ⁿᵉᵉᵈ ᵗᵒ ᵍᵒ ᵗᵒ ᵃ ᵇᵃⁿᵏ ᵗᵒ ᵇᵒʳʳᵒʷ $ ˢᵒ ᵘ ᶜᵃⁿ ʰᵛ ᵃ ⁿᵉʷ ᵖʳᵒᵈᵘᶜᵗ, ˢʰᵒʷ ᶦᵗ ᵗᵒ ᵇᵃⁿᵏ ˢᵒ ᵗʰᵉʸ ᶜᵃⁿ ᵃᵖᵖʳᵒᵛᵉ ᵃⁿᵈ ᵍᶦᵛᵉ $..ᵘʳ ᵍᵒⁿⁿᵃ ᵍᵒ ᵗᵒ ᵒᵘᵗˢᶦᵈᵉ ᶦⁿᵛᵉˢᵗᵒʳˢ

70
Q

List the (6) parts of a marketing plan (simmee)

A

EXECUTIVE SUMMARY
SITUATION ANALYSIS
MARKETING GOALS/OBJECTIVES
4)MARKETING STRATEGIES
5) IMPLEMENTATION
6) EVALUATION AND CONTROL

71
Q

Describe how the marketing mix is a part of the marketing strategies section of a marketing plan

A

Product
-The actual design of the product, packaging and brand name.
-Product warranty, image and customer benefits.
-Point of difference

Price
-Cost, competition, economic conditions and what the customer is willing to pay will impact the price.
-Psychological and emotional factors will play a role such as value, reputation or prestige.
-Easiest of the 4 p’s to change. ⁽ᵇᵘⁿᵈˡᵉ ᵖʳᶦᶜᶦⁿᵍ..ᶜᵒˢᵗ ᵖˡᵘˢ ᵖʳᶦᶜᶦⁿᵍ..⁾

Place
Distribution strategies to get the product to the consumers.
Direct channels (agents, retailers), intermediaries, direct marketing (telemarketing, infomercials), websites etc. ⁽ᵈᶦʳᵉᶜᵗ/ᶦⁿᵈᶦʳᵉᶜᵗ ᶜʰᵃⁿⁿᵉˡ, ᵐᵘˡᵗᶦᵖˡᵉ.⁾

Promotion
-Sales promotion, advertising, publicity, public relations, personal selling.
-Can focus on informing, educating and/or persuading customers.

(advertising sleeping promotional mix, publicity..)