2nd Mastery Flashcards
1
Q
What is Marketing Mix?
A
Is the set of strategies that marketers use to effectively determine the needs of their target markets, and to sell products that will respond to these needs.
2
Q
Is the set of strategies that marketers use to effectively determine the needs of their target markets, and to sell products that will respond to these needs.
A
Marketing Mix
3
Q
What are the elements of Marketing Mix?
A
- Products
- Price
- Place
- Promotion
4
Q
are the tangible objects that a company sells to customers
A
Products
5
Q
refer to the components of a product
A
Levels of Product
6
Q
Levels of Product
A
- Core Product
- Actual Product
- Augmented Product
7
Q
Classification of Products
A
- Consumer Goods
- Industrial Goods
8
Q
is the reason or the benefit that a customer can get out from that product
A
Core Product
9
Q
The tangible properties of the product; the features and packaging
A
Actual Product
10
Q
Add-ons aside from what is being offered.
A
Augmented Product
11
Q
Products/goods purchased by consumers for their own use.
A
Consumer Goods
12
Q
Food (Cassification of Products)
A
Consumer Goods
13
Q
Haircut (Cassification of Products)
A
Consumer Goods
14
Q
Clothes (Cassification of Products)
A
Consumer Goods
15
Q
Metals (Cassification of Products)
A
Industrial Goods
16
Q
Minerals (Cassification of Products)
A
Industrial Goods
17
Q
Is a process that involves the conceptualization and creation of new product.
A
New Product Development
18
Q
Stages of product development
A
- Idea Generation
- Idea Screening
- Concept Development and Screening
- Market and Business Planning
- Product Development
- Test Marketing
- Commercialization
19
Q
Commercialization
A
- Soft Launch
- Full Scale Launch
20
Q
searches for and surveys new ideas.
A
Idea Generation
21
Q
weighing possible pros and cons
A
Idea Screening
22
Q
transitioning from idea to concept
A
Concept Development and Screening
23
Q
planning on how to market
A
Market and Business Planning
24
Q
creation of the prototype
A
Product Development
25
Product Development – creation of the prototype
Product Prototype
26
the output created
Product Prototype
27
product testing to a group of customers (sample size) in terms of marketability with
specific location
Test Marketing
28
product launching
Commercialization
29
product testing to a group of customers (sample size) in terms of useability
Soft Launch
30
official launching that includes the 4Ps of Marketing.
Full Scale Launch
31
Is a group of similar products offered by the same company
Product Line
32
Hair Care
Product Line
33
Skin Care
Product Line
34
Toilet and Bath
Product Line
35
Introduction
product is launched in the market
36
gains acceptance in the market
Growth
37
been a market player and competition has also increased.
Maturity
38
profits and sales continue to decrease.
Decline
39
Until supply lasts
Sunset
40
discounts or markdowns
Harvest
41
tie up or focus to one segment
Concentrated
42
Marketing Strategies for Service Firms
• Selecting and Training Employees
• Associating effective customer service with employee
motivation
• Delivering high quality service
• Building a strong and loyal customer base
43
• Selecting and Training Employees
• Associating effective customer service with employee
motivation
• Delivering high quality service
• Building a strong and loyal customer base
Marketing Strategies for Service Firms
44
set amount customers have to pay
Price
45
Pricing Approaches
• In cost pricing
• Perceived value pricing
• Competitive Pricing
46
Selling price is set based on the competitors price.
Competitive Pricing
47
Selling price is set based on the customer’s perceived value
Perceived value pricing
48
Selling price is computed using the fixed and variable cost
In cost pricing
49
is computed using the fixed and variable cost
Selling price
50
direct expenses on materials and labors
Variable costs
51
expenses which firms cannot do away regardless of production
52
Selling price is computed using ______ and ______ _____.
• Fixed costs
• Variable costs
53
when revenue equals the expenses
Break even point
54
estimation of the market demand of a good in the future
Demand Forecast
55
estimation of quantity of goods that can be sold
Sales Forecast
56
added amount that will determine the profit.
Mark up
57
Setting the Price for a Product
• Marketing Objectives
• Research and development costs
• Market structure
• Elasticity of Demand
• Laws
58
setting of price based on regulations.
Laws
59
relationship between consumer demand and the changes in the price of goods
Elasticity of Demand
60
Elasticity of Demand
• Elastic demand
• Inelastic demand
• Perfectly elastic demand
61
find favorable substitute to a product
Perfectly elastic demand
62
consumers do not respond to a change in price.
Inelastic demand
63
consumers respond to a change in price.
Elastic demand
64
Market structure
• Monopoly
• Oligopoly
65
one seller may set the price and all others will follow
Oligopoly
66
prices are set primarily by the manufacturer
Monopoly
67
pricing depends on the structure of the market.
Market structure
68
pricing depends on the expenses incurred in research
and development of new product.
Research and development costs
69
pricing depends on the goals of the company.
Marketing Objectives
70
Pricing Schemes
• In product bundle pricing
• Main or Captive product pricing
• Product line pricing
• Market penetration pricing
• Market skimming
71
starts with higher price then gradually decreasing it.
Market skimming
72
initially setting a low price to attract
customers.
Market penetration pricing
73
price varies on the variations of goods.
Product line pricing
74
main product is charge at lower price but additional charge go with it.
Main or Captive product pricing
75
individual products are put together to create one whole bundle.
In product bundle pricing
76
The channel of distribution with the use of marketing intermediaries
Place
77
an entity that links producers and consumers
Marketing intermediaries
78
is classified according to distribution intensity
Channel of distribution
79
Channel of distribution
- Intensive
- Selective
- Exclusive
80
only one intermediaries
Exclusive
81
needs few intermediaries
Selective
82
needs many intermediaries
Intensive
83
Marketing Intermediaries
• Manufacturers
• Distributorship
• Wholesaling
• Retailing
84
selling of products directly to the final consumer
Retailing
85
selling of products for business use
Wholesaling
86
selected by manufacturers to buy goods for
resale
Distributorship
87
makers of the product
Manufacturers
88
individuals engaged in retailing
Retailers
89
Types of Retailing
• Sari – Sari Stores
• Supermarkets
• Drugstores
• Department Stores
• Convenience Stores
• Hypermarkets
• Non store retailing
90
selling of goods in mediums outside a physical store like e-commerce.
Non store retailing
91
a huge superstores that are bigger and more spacious than supermarkets.
Hypermarkets
92
stores that carry a limited number of goods
Convenience Stores
93
large stores which offer a variety of products that are organized into departments.
Department Stores
94
composed of pharmacies found in malls or stand alone in convenient location
Drugstores
95
there’s high efficiency in providing the product.
Supermarkets
96
small retail shops found in the neighborhood
Sari – Sari Stores
97
selling products to merchandisers or producers for business use
Wholesaling
98
Wholesaling
• Merchant wholesalers
• Full service wholesalers
99
provide wide range of services to their customers such as recruitment, inventory and delivery of goods
Full service wholesalers
100
buy goods in bulk and resell them with a mark up
Merchant wholesalers
101
Full service wholesalers
• General merchandise wholesalers
• Limited line wholesalers
• Specialty line wholesalers
• Brokers and agents
102
third party business transactions
Brokers and agents
103
Brokers and agents
• Brokers
• Agents
104
facilitate the purchase of goods between buyers and sellers
Brokers
105
act in behalf of the seller.
Agents
106
Promotions
• Advertising
• Personal Selling
• Sales Promotion
• Public Relations
• Direct Marketing
107
communicates with consumers directly without the help of middlemen
Direct Marketing
108
Direct Marketing
Call to action
109
Call to action
Door to door, emails, telemarketing, direct response tv, e-commerce
110
gives marketers an effective way to evaluate the effectiveness
Call to action
111
communicating with the media and the public for positive image
Public Relations
112
Sales Promotion
• Consumer Schemes
• Trade promotions
113
sales promotions intended for wholesalers and retailers.
Trade promotions
114
sales promotions intended for consumers
Consumer Schemes
115
Consumer Schemes
Discounts, coupons, cash rewards, gift certificates
116
activities which help increase sales for a product or service
Sales Promotion
117
face to face technique using the art of persuasion through the sales person’s knowledge and skills
Personal Selling
118
non personal form of communication and the most expressive of promotion types.
Advertising
119
Advertising Examples
• Television
• Billboards
120
placed along highways
Billboards
121
most widely used medium
Television
122
Advertising Elements
• Reach
• Frequency
• Impact
123
value of exposure
Impact
124
number of times it reached to the target market
Frequency
125
percentage of exposed
target market
Reach
126
Advertising Objectives
• To inform
• To persuade
• To compare
• To remind
127
Advertising Execution
• Lifestyle
• Slice of Life
• Fantasy
• Mood
• Musical
• Technical/Scientific Evidence
• Testimonial
128
feedbacking
Testimonial
129
to assert a product’s superiority
Technical/Scientific Evidence
130
through music
Musical
131
a spur of the moment emotion
Mood
132
exaggeration
Fantasy
133
day to day activities
Slice of Life
134
the way you live
Lifestyle
