Chapter 15 Managing the Marketing Mix Flashcards Preview

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Flashcards in Chapter 15 Managing the Marketing Mix Deck (38):
1

Total Product Offer

Everything that consumers evaluate when deciding whether to buy something

2

Product Line

A group of products that are physically similar or are intended for a similar market

3

Product Differentiation

Creation of real or perceived product differences

4

Brand

A name, symbol or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors

5

Value

Good quality at fair price. When consumers calculate the value of a product they look at the benefits and then subtract the cost to see if the benefits exceed its costs

6

Brand Equity

The value of the brand name and associated symbols

7

Brand Loyality

The degree to which customers are satisfied, enjoy the bran and are committed to further purchase

8

Brand Awarness

How quickly or easily a given brand name comes to mind when a product category is mentioned

9

Brand Manager

A manager who has directed responsibility for one brand or one product line; called a product manager in some firms

10

Target Costing

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

11

Competition-Based Pricing

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

12

Price Leadership

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

13

Break-even Analysis

The process used to determine profitability at various levels of sales

14

Total Fixed Costs

All expenses that remain the same no matter how many products are made or sold

15

Variable Costs

Costs that change according to the level of production

16

Skimming Price Strategy

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

17

Psychological Pricing

Pricing goods and services of price points that make the product appear less expensive than it is

18

Marketing Intermediaries

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

19

Channel 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 and consumers

20

Agents/ Brokers

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

21

Wholesaler

A marketing intermediary that sells to other organizations

22

Retailer

An organization that sells to ultimate consumers

23

Intensive Distribution

Distribution that puts products into as many retail outlets as possible

24

Selective Distribution

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

25

Exclusive Distribution

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

26

Electronic Retailing

Selling goods and services to ultimate customers over the internet

27

Telemarketing

The sale of gods and services over the phone

28

Direct Selling

Selling to customers in their homes

29

Promotion Mix

The combination of promotion tools in an organization use

30

Advertising

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

31

Personal Selling

The face to face presentation and promotion of goods and services

32

Public Relations

Management function that evaluates public attitudes, changes policies and procedures in response to the publics requests and executes a program of action and information to earn public understanding and acceptance

33

Sales Promotion

Promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities

34

Sampling

A promotional tool in which a company lets consumers have a small sample of a product for no charge

35

Direct Marketing

Uses direct communication with consumers to generate a response in the form of an order, a request for further information or a visit to a retail outlet

36

Buzz Marketing

Popularity created by consumer word of mouth

37

Push Strategy

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 mechandise

38

Pull Strategy

Promotional Strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they will request the products from retailers