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Management 100 > Chapter 15: Marketing Mix: Product, Place, Price, And Promotion > Flashcards

Chapter 15: Marketing Mix: Product, Place, Price, And Promotion Flashcards

1
Q

Value

A

Good quality at a fair price

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2
Q

Total product offer (value package)

A

Everything that customers evaluate when deciding whether to buy something

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3
Q

Product line

A

Group of products that are physically similar or are intended for a similar market

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4
Q

Product mix

A

The combination of product lines offered by an organization

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5
Q

Product differentiation

A

The creation of real or perceived product differences

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6
Q

Bundling

A

Grouping two or more products together and pricing them as one unit

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7
Q

Brand

A

A name, symbol, or design that identifies a good or service of one seller

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8
Q

Brand equity

A

The value of the brand name associated symbols

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9
Q

Brand loyalty

A

The degree to which customers are satisfied, enjoy the brand, and age committee to further purchase

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10
Q

Brand manager

A

The person in the company who has direct responsibility for one brand or one product line

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11
Q

Product life cycle

A

Theoretical model of what happens to saless and profits for a product class over time.

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12
Q

Four stages of product life cycle

A

Introduction, growth, maturity, and decline

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13
Q

Target costing

A

Designing a product so that’s it satisfies customers and meets the profit margins desired by the firm

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14
Q

Competition based pricing

A

A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors prices

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15
Q

Price leadership

A

The strategy by which one or more dominant firms set the pricing practices that all competitors in an industry then follow

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16
Q

Break even analysis’s

A

The process used to determine profitability at various levels of sales

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17
Q

Total fixed costs

A

All expenses that remain the same regalesless of product sold

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18
Q

Variable cost

A

Costs that change according to the level of population

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19
Q

Skimming price stategy

A

A strategy in which a new product is priced high to make optimum profit while there is little competition

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20
Q

Penetration price strategy

A

Strategy in which the product is priced low to attract many customers and discourage competitors

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21
Q

Everyday low prices

A

Setting prices lower then competitors but never have any special sales

22
Q

High - low pricing strategy

A

Set prices rhat are higher than everyday low prices stores, but have many speciali sales where the prices are lower than competitors

23
Q

Psychological pricing

A

Pricing goods at price points that make products appear less expensive than they are

$499 is still $500

24
Q

Marketing intermediaries

A

Organizations that assist in moving goods and services from producers to business and consumer users

25
Q

Chanel of distribution

A

Set of marketing intermediaries such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path from producers to consumers

26
Q

Agents / brokers

A

Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods

27
Q

Wholesaler

A

Marketing intermediary that sells to other organizations (hospital)

28
Q

Retailer

A

Organization that sells to ultimate consumers

29
Q

Intensive distribution

A

Distribution that puts products into as many retail outlets as possible

Candy, gum, magazines

30
Q

Selective distribution

A

Distribution that sends products to only a preferred group of retailers in an area

Manufactures of appliances, furniture, clothing

31
Q

Exclusive distribution

A

Distribution that sends products to only one retail outlet in a given geographic area

32
Q

Online retailing

A

Selling products to ultimate consumers online

33
Q

Social commerce

A

Using social media and user contributions to assist in the online buying and selling of products and services

34
Q

Telemarketing

A

Sale of goods by telephone

35
Q

Direct selling

A

Selling to customers in their homes or where they work

36
Q

Promotion mix

A

The combination of promotional tools an organization uses

37
Q

Intergrated marketing communication

A

Technique that combines all of the promotional tools into one comprehensive and unified promotional strategy

38
Q

Digital marketing

A

The promotion of products or brands via one or more forms of electronic media

39
Q

Advertising

A

Paid, non personal communication through various media by organizations and individuals who are in some way identified in the advertising message

40
Q

Personal selling

A

Face to face presentation and promotion of goods and services

Tv at Best Buy, car at ford

41
Q

Public relations

A

The function that evaluates public attitudes, changes policies and procedures in response to the public’s request, and executes a program of action and information to earn public understanding and acceptance

42
Q

Publicity

A

Any information about an individual, product, or organization that is distributed to the public through the meida and is not paid for or controlled by the seller

43
Q

Sales promotion

A

The promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities

44
Q

Direct marketing

A

Any activity that directly links manufactures or intermediaries with the ultimate consumer

Direct mail, cataloging, telemarketing

45
Q

Push strategy

A

Promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise

46
Q

Pull Strategy

A

Promotions strategy in which heavy advertising and sales promotion efforts are directed towards consumers so that they will request the products from the retailers

47
Q

4 ways to segment consumer market

A

Demographic, geographic, behavioural, psychographic

48
Q

What is product cycle

A

Introduction, growth, maturity, decline

49
Q

supply chain places

A

Supplier, manufacturer, wholesaler, retailer, consumer

50
Q

Chanel distribution places

A

manufacturer, wholesaler, retailer, consumer

51
Q

Difference between channel of distribution and supply chain

A

Chanel of distribution does not have supplier

52
Q

5 types of promotion

A

Advertising, personal selling, direct marketing, sales promotion, public relations

Management 100 (17 decks)

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