Bus Flashcards
(28 cards)
Ways to increase perceived value
Increase benefit
Decrease cost
What is the connection between marketing a value?
Marketing works to convince customers that what you are selling has value
What are the stages of marketing ideology?
Production era,
Selling era,
Marketing concept era,
Customer relationship era
What are the 3 marketing orientations?
Customer: providing what customers want
Service: customer satisfaction
Profit: focus on product that earn the most profit
What is relationship marketing?
Keeping a relationship with individual customers, offering them what they need/want
What are the different market segmentations?
Geographic, demographic, psychographic, benefit, volume
What are the different targeting strategies?
Undifferentiated, concentrated, multi segment
What is the total product offer?
Everything consumers evaluate when deciding whether to buy something
What is important about packaging
Carries important promotional burden, needs to convince the consumers to buy
What is the width of the product mix?
The number of product lines
What is the depth of the product line?
The number of unique variations of a single product
How can you adjust a product to increase its life cycle?
Reposition, extensions, modifications
What is product differentiation?
Creating real or perceived product differenfes
What is a perceptual map?
Tool used to see where you are in the market compared to competitors
What is a brand mark?
Visual elements that help define the brand
What is brand equity?
Value of brand name and associate symbols
What is a brand manager?
Directly responsible for one brand or product line, manages all the elements of its marketing mix
What is the purpose of a loss leader
Product priced low to boost traffic to stores
Why would you price a product high?
To give the sense of luxury and scarcity
What is price skimming?
Pricing high to recoup r&d and make as much money as possible while their is little competition
What is multiple unit pricing?
Selling units of products together to increase sales of frequently used products (6pack)
What is reference pricing?
Setting a moderate priced item next to a high price item to make it appear cheaper
What is product line pricing?
Pricing one product to be profitable and another to increase market share
What utility do marketing intermediaries provide?
Form utility, time utility, place utility, possession utility, information utility, service utility
