Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneurship > WEEK 7, 7.2 & 8 > Flashcards

WEEK 7, 7.2 & 8 Flashcards

1
Q

Refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

A

MARKETING MIX

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 4P’s?

A

product, price, place, promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

According to them, marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market

A

Philip Kotler

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Is the tangible good or the intangible service that the enterprise offers to its customers in order to satisfy their needs and to produce their expected results

A

PRODUCT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Value of the money in exchange of the product services.

A

PRICE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Location where the buyer and seller exchange goods and services.

A

PLACE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Complete set of activities which communicate the product or services to the user.

A

PROMOTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the 4 tactics used in promoting the product?

A

Discounted products
Free Delivery
Flash Deals
Buy more, Save more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Examples of Advertisement

A

Radio
TV
Bulletin Boards
Flyers
Word of Mouth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

People whom you interact with and people you are connected with.

A

PEOPLE: target

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Silent hero in the marketing world

A

PACKAGING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How product is positioned in the hearts and minds of the customers.

A

POSITIONING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the types of product?

A

Breakthrough Product
Differentiated products
Copycat products
Niche product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Will not make much impression on the consumer’s mind.
Has lower prices, easier access, promotional freebies and the like.

A

Copycat products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Claim a new space in the mind of the customer different from the spaces occupied by existing products.

A

Differentiated products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The product offers new performance benefits in which it doubles the performance of the product but half the cost.

A

Breakthrough Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

They are products with lower reach, lower visibility, lower prices and lower top of the mind.

A

Niche product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased

A

Penetration Pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage

A

Skimming Pricing

20
Q

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

A

Competitive Pricing

21
Q

The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another

A

Product Line Pricing

22
Q

The act of placing several products or services together in a single package and selling for a lower price

A

Bundling Pricing

23
Q

Setting the price of a product higher than similar products

A

Premium Pricing

24
Q

practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are

A

Psychological Pricing

25
Q

The companies are offering to sell accessory products with the main product

A

Optional Pricing

26
Q

The basis of mark-up is the cost of sales

A

Cost-based Pricing

27
Q

A price-setting strategy where prices are set primarily on consumers’ perceived value of the product or service

A

Value Based Pricing

28
Q

involves adding a markup to the cost of goods and services to arrive at a selling price

A

Cost Plus Pricing

29
Q

gives the advantage of selecting the territory and audience to which the message is to be directed.

A

radio

30
Q

On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer.

A

tv

31
Q

carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail

A

print

32
Q

You can also advertise electronically through your company website and provide important and pertinent information to clients and customers.

A

electronic

33
Q

important for every business, as each happy customer can steer dozens of new ones your way.

A

WORD OF MOUTH

34
Q

The collection of methods an organization uses to help it move from its current situation to its end goal, which include gaining publicity.

A

Public Relation

35
Q

A grocery store gives its customers a raffle ticket for every 1000 pesos worth of purchase. Wherein the winner of the said raffle may win a 98 inches television.

A

Sales Promotion

36
Q

Physical look, sanitary conditions, crime, and safety levels.
Aesthetics should match the position of the business.

A

Image and Location Condition

37
Q

Foot traffic connected to the target market
Pathways and intersections should contribute to the business’ success.

A

Exact Fit to Target Customers

38
Q

often results in drawing a bigger market to the location because the competing establishments would, most probably, be offering a wider range of choices and, possibly, more competitive prices.

A

Clustering or Dispersing of Competitor Establishment

39
Q

The location may not have the correct economics in the short run but it promises larger returns in the medium or long term.

A

Future area of development programs

40
Q

Seek a place that has favorable tax rates, good governance, excellent infrastructure, and great public service.

A

Fiscal and regulatory Requirements

41
Q

ultimate marketing
strategy

A

PEOPLE

42
Q

The first modality is to outsource the people from advertising agencies, events management outfits, call centers, and telemarketers.

A

to create customer awareness

43
Q

customers who have tried the products before
Professional evaluator’s guidebook on competing products.
Testimonials from credible endorsers.

A

to arouse customer interests

44
Q

Taste Tests
Physical Demo
Free Trial Period
Money- back guarantee offer

A

to educate customers as they evaluate their buyer choices

45
Q

Finally, the sale must be closed and the products should be delivered to the customers.

A

to close the sale and deliver the products

Entrepreneurship (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions