Unit 3 simplified

Question 1

Market research

Answer 1

research on market needs and wants

Question 2

Marketing research

Answer 2

research on product/service

Question 3

what are the two types of marketing research

Answer 3

Primary and secondary

Question 4

What are two marketing techniques

Answer 4

Quantitative - numbers and stats

Qualitative - perspectives and beliefs

Question 5

what is CRM

Answer 5

customer relationship management

Question 6

what questions should u ask in a survey

Answer 6

close ended and open ended - people can answer by choosing options or how they see best fit

Question 7

how to make a survey

Answer 7

sampling (select a group to survey), biases (understand perspectives and beliefs) , randomness (choose people at random)

Question 8

what questions to avoid in a survey

Answer 8

leading questions (true and false), double barreled questions, ambiguous questions

Question 9

what are some internal information sources

Answer 9

sales records, inventory records, promotional records, customer databases

Question 10

what are the 7 steps in new product development

Answer 10

Swot analysis, idea generation, screening and evaluation, business analytics, development, test marketing, commercialization

Question 11

what are the 4 stages in the product life cycle and describe each

Answer 11

introduction - product is first introduced to the market
growth - sales and profit is growing
maturity - product reaches maximum sales and competition is highest
decline - product is losing sales and demand; company may use to alter product, add more to it, or discontinue it

Question 12

whats a fad and whats a fashion trend?

Answer 12

a fad is a trend that has a short life span such as feather. A fashion trend can be a seasonal trend such as puffer jackets.

Question 13

What are different branding elements

Answer 13

color, logo, font style, design

Question 14

why is branding important

Answer 14

Symbolizes the company, requires less time and research for consumers before buying something, customers can identity the source of the product.

Question 15

what is positioning

Answer 15

the way the consumer perceives the product

Question 16

what is the positioning statement

Answer 16

the target market, the need of your target market, brand name, the industry in which you operate, benefit, how you’re different from your competitor

Question 17

what are the three different channels of distribution

Answer 17

indirect, direct, multiple

Question 18

what are the definitions of revenue, net profit, and gross profit

Answer 18

all income, income - expenses, income - all expenses such as taxes etc.

Question 19

what are the 4 pricing goals

Answer 19

recover costs, increase market share, higher profit margin, return on investment competition pricing

Question 20

what are 3 factors that influence pricing

Answer 20

supply, demand, consumer perception

Question 21

what are the 9 pricing strategies

Answer 21

markup
cost plus
skimming
penetration
competition
price lining
bundle
loss-leader
yield management

Question 22

what is markup pricing

Answer 22

Markup is the difference between the retail or wholesale price and the cost of an item.

to recover cost

Question 23

what is cost plus pricing

Answer 23

Pricing products by calculating all costs and expenses and adding in desired profit.

Question 24

what is skimming pricing

Answer 24

price an item higher to recover costs - for new products

Question 25

what is penetration pricing

Answer 25

price a new product low to create immediate demand

Question 26

what is competition pricing

Answer 26

compete on prices to drive consumers toward their product

Question 27

what is price lining

Answer 27

price stuff at specific pricing points

Question 28

what is bundle pricing

Answer 28

sell products as a package - cheaper than value price

Question 29

what is loss leader pricing

Answer 29

pricing some products low to attract customers in the store

Question 30

what is yield management pricing

Answer 30

pricing items at different prices when limited capacity is involved - seats at a concert

Question 31

what are the two regulations in pricing; define them

Answer 31

price fixing - not having same price as competitors

predatory pricing - setting a price too low to drive competitors away

Question 32

list the 8 promotion strategies

Answer 32

advertising, sales promotion, personal selling, digital marketing, direct marketing, sponsorships, experiential marketing, public relations

Question 33

what are 3 the limitations of advertising

Answer 33

impersonal, expensive, one way promotion

Question 34

what are the 5 goals of advertising

Answer 34

brand awareness and positioning, brand trial, brand preference, brand reminder, brand repositioning

Question 35

what are the 4 decisions of advertising

Answer 35

advertising objective using goals, advertisement budget, advertising strategy, evaluating pre advertising strategies effectiveness

Question 36

what is the AIDA model

Answer 36

attention, interest, desire, action

Question 37

what are the three advertising strategies

Answer 37

push, pull, content (information, emotional, rational)

Question 38

how do u decide which media to use (5)

Answer 38

frequency, selectivity, durability, lead time, clutter and cost