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bus 200 > Week 12 > Flashcards

Week 12 Flashcards

1
Q

what device makes it easier for customers ot find a product and eleminate the competitors products from consideration

A

pos display

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2
Q

what is a pos display

A

is a display of a product usually near the checkout counter

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3
Q

whats the ultimate objective to any type of promo

A

to increase sales

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4
Q

what is the difference between the roles of advertising and personal selling in the promotional mix of a firm

A

advertising is nonpersonal

personal selling is personal

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5
Q

what is a short term activity that a firm can do to boost there customers

A

sales promo

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6
Q

what type of promotion is a contest or sweepstakes

A

a sales promotion

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7
Q

what advertising medium presents limited information and you have little control over who sees it

A

outdoor advertising

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8
Q

how to solve variable cost break even questiosn

A

take into account variable cost per unit and subtract that from the revenue then find the quantity

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9
Q

what are the two main pricing objectives

A

market share and profit maximization

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10
Q

what is the marketing mix

A

its the 4ps (product, pricing, promotion and place)

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11
Q

how to find the markup percentage

A

markup / sales price

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12
Q

how to preform a breakeven analysis

A

total fixed cost / price - variable cost

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13
Q

how to calculate selling price

A

sellers costs + profit

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14
Q

what are the three pricing strategies for existing products

A

above, below and near the current market price

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15
Q

what are the two pricing strategies for new products

A

price skimming (higher price), penetration pricing(lower prices),

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16
Q

what are the 5 promotional tools

A

advertising, personal selling, sales promotion, direct marketing, publicity and PR campaigns

17
Q

what is the most common selling type for B2B sales

A

personal selling

18
Q

what was the HBR for this week

A

Good Better and best approach to pricing

19
Q

what is the good better best approach to pricing (GBB)

A

this approach offers your customers a good a better and best pricing options to allow to reach a wider array of customers with different budgets`

20
Q

good better best pricing broken down

A

Good - low cost option
Better - upgrade from good
Best - the newest and most advanced product at a premium price

21
Q

what is the suggestion from the HBR for businesses to follow

A

make a expensive better version, make a low cost good version, make a new best option

22
Q

what is the goldilocks effect

A

when consumers choose between three options high middle and low price they tend to go for the middle priced product

23
Q

what are the two potential benafits of the GBB pricing

A

it can bring in new customers , it can also increase revenue

bus 200 (10 decks)

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