Concepts In Marketing Flashcards
(63 cards)
_________ involves focusing on the needs and wants of customers so the organization can distinguish its products from competitors offerings.
Marketing
_________ process of communicating the value of a product or service.
Marketing
________means to price the product high to increase profits until there is more competition.
Skimming
_________ pricing can be applied when you want to enter a market and price your product lower than the perceived market price.
Penetration pricing
_________ is pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop. Referred to as a loss leader.
Leader pricing
________ means grouping two or more related products and pricing them as a single product.
Bundling
_________strategy of raising the price of a product so consumers will perceive it as being of higher quality, status or value.
Prestige pricing
_________involves setting the price of a product according to competitor prices, to use price as one of the features that differentiates the product.
Competitive pricing
__________any paid form of non-personal promotion by an identified sponsor that is delivered through traditional media channels.
Traditional advertising
________a face-to-face presentation to a prospective buyer, often based on long-term relationships.
Personal selling
_________marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, demonstrations, and other types of selling efforts.
Sales promotion
_________the linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance.
Public relations
____________involves carefully coordinating all promotional activities to produce a consistent, unified, customer focused message.
Integrated marketing communications (IMC)
____________ includes channels such as physical locations, e-commerce, mobile applications, and social media.
Omnichannel communication
Name the three types of vertical marketing systems.
Corporate, contractual and administered.
_____________ a single company owns all levels of production and distribution.
Corporate vertical marketing system
_____________ a formal agreement between the levels that coordinate the distribution process.
Contractual marketing system
__________one member of the channel system effectively controls the system out of sheer power and size. It can determine the activities of the other channel levels without an ownership stake.
Administered vertical marketing system.
__________analysis considers threats and worst case scenarios during the planning process, allowing organizations to take steps to avoid them or minimize the impact if they occur.
SWOT
__________intent is to help companies make good portfolio management decisions.
BCG matrix
_______ a product or business with low market share in a mature industry. No room for growth, suggesting no new funds should be invested in it.
Dog
_______ a product or business that has high market share and is in a slow growing industry. It’s bringing in more money than is being invested in it, but it does not have much growth potential.
Cash cow
________ a product or business that has low market share currently but is in a growing industry. It is consuming financing and creating a low rate of return for now, but the direction is unclear. Has potential, but close monitoring is needed to determine the direction.
Question mark
_____________ has a high market share in a fast growing industry. This kind of product or business is poised to bring a strong return on the funds invested. It also has the potential to become a cash cow at the end of the product cycle, funding future investments.
Star
