MARKETING EXAM FINAL. Flashcards
(70 cards)
1
Q
goods vs. services variability
A
goods : invariable
services: change across customers / time
TECHNOLOGY REDUCING VARIABILITY
2
Q
goods major qualiteis
A
search and expereince
3
Q
what is product mix
A
a comapny’s product lines
4
Q
pricing objectievs
A
PICCS profit image enhancement customer satisfaction competitive effect sales and market share
5
Q
what is brand equity
A
the worth of a brand
6
Q
distribution
A
the right product at the right time,availabile to the right customer at the right price
7
Q
how much distribution? wide
A
- heavy promotion
- lower prices
- average/ lower quality products
8
Q
market maturity stage in PLC
A
- competition increase
- industry sales level off
- promotion focus on product superiority
- product line extended
- marketing cost increase, price fall
9
Q
diffusion of innovation normal curve order
A
IEELL innovators early adopters early majority late majority laggards / non- adopters
10
Q
brand extensions
A
attaching popular brand name to a new product in an unrelated product category
11
Q
main service qualities
A
- intangible
- inseparable
- perishable
- variable
12
Q
what directly affects pricing
A
the Cs of marketing:
- CUSTOMER
- COMPETITOR
- COMPANY
13
Q
old products possibilities in market decline stage
A
divested - sell early to get best price
harvested - support reduced
rejuvenated - refurbished with new beenfits
14
Q
how advertising goals relate to PLC
A
introduction = AWARENESS/ INFO growth = ENHANCE positive attitudes maturity = REMIND customers decline = REDUCE ad spending
15
Q
self branding
A
branding own ingredient to differentaite quality from competitors
ex. tide everfresh
16
Q
intro stage in PLC
A
- low sales
- heavy marketing
- low price
- limited distribution
17
Q
AIDA goal model
A
attention, intrest, desire, action caption attention pique interest make customers desire product get customer to act / buy
18
Q
what is co branding
A
two companies create a product from both companeis
19
Q
exclusive distribution channel
A
- extremely selective
- manufacturers = most control
- might become monopoly
20
Q
what is price elasticity
A
- how much does demand increase or decrease with a price change
21
Q
market decline stage in PLC
A
- sales and profit decline
- new products replace older generations
- old products : divested, harvested, rejuvenated
22
Q
search qualities for goods and services
A
attributes that can be evaluated prior to purchase as the customer learns about competitive offerings
23
Q
growth stage in PLC
A
- sales, distrubution, price incerase
- competitors enter and kill each other off
- product needs competitive advanatge
24
Q
emotional ad types
A
humor, fear, subliminal ,spokesperson,image
25
positive benefits of branding for customers
- identfiy company ownership
- allow for predictable quality
- easier for customers to make decisions
- status symbols
26
2 reasons for advertising
- facilitates customers' awareness
| - tries to persuade potetntail customer
27
transaction cost analysis
- wants to minimize production and governance costs
- production = bringing product to market
- governance = involved wih relation issues incurred by controlling partners
28
pruned product lines
no distinctions between brands or lines
29
what is the product life cycle
evolution and duration of a product in the marketplace
| - shows creation and demise of products
30
advertising goals categories
cognition : increasing awareness of brand
affect : enhance attitudes / positive associations
behavior : encouraging more buying of brand
31
elasticity equation
Q2-Q1 / Q1 OVER
| P2-P1/P1
32
supplemented product liens
opportunity for producing something customers will value
33
what is depth
number of products in a line. example different size refrigerators
34
define core and value added
core = essential to product. expected. can change
value added = supplemental
- used to differentiate and improve satisfaction
- identify competition
35
globalization vs global brands
globalization : diffrent names in different countries
| global brands : same brand in all countries
36
elastic
demand changes
| PRICE of item goes down and consumers buy twice as much
37
elasticity results
E> 1 elastic
E between 0 and 1 inelastic
E = 1 unitary
38
goods and services qualities
- search qualities : goods
- experience qualities: goods and services
- credence qualities: services
39
inelastic
demand barely changes with a price change.
| PRICE of item geos down and consumers buy same amount
40
selective distribution channel
```
limited distrubution
- complex / expensive products
EX. cars, computers
- push strategy. they want partners to push goods to consumer
- manufacturer has more control
```
41
how much distribution? exclusive
- less promotion
- higher prices
- higher quality
42
types of activities in a channel
customer-oriented (ordering)
product-oriented (storage)
marketing centric (promotion)
43
advantages of private label brands
decent quality for lower prices due to reduced ad. costs
44
interbrand - brand measuring approach
assessment of the value of a firm, after subtracting its physical and financial assets
45
what is a brand
portfolio of qualities associated with a name
- promises to customers
- signal info to customers
46
evaluating advertising
```
day after RECALL tests (which brands did u see last night)
RECOGNITION tests ( do you remembere seeing __ ad)
```
47
credence qualities for goods and services
qualities difficult to judge even post consumption.
- ex. did the psychologist improve you?
- professional service providers
48
ingredient branding
cobranding in which one company adds value to a host product.
ex. intel in many PCs
49
retailers classified by
- level of service provided
| - product assortment carried
50
brand extensions : product category extensions
increase breadth, new product line
| - ex. amazon sells different things
51
what is breadth
the number of different product lines a company has
| ex. company sells refridgerators, washers, dryers
52
break-evens
determine the number of products that must be sold at a specific price to generate enough revenue to cover total cost
53
image ads
more abstract message
- positioning
- distinguish itself
54
positive beenfits of branding for company
- loyalty
- premium prices
- single firm to pursue multiple market segments
55
experience qualities for goods and services
attributes that need trial/consumption before evaluation.
| - ex. if friends recommend new restaurant
56
intensive distribution channel
widely distributed
ex. drugstores, supermarkets, convenience stores
- simple, inexpensive products
- pull strategy
57
house of brands approach
introducing a new brand name for every product line
- reason = any probelms with one brand should not influence other brands
- allows target multiple segments
- more advertising expense
ex. P & G has so many brands
58
phases in the PLC
introductory
growth
maturity
decline
IGMD
59
price objectives : sales and market share
develop bundle pricing in order to increase market share
60
brand extensions : line extensions
new product within a line. depth
| ex. different Cheerios flavors
61
profit equation
((price - variable costs) x demand)) - fixed costs
62
private label
TYPE OF backward integration - relationship with manufacturer that I own
- gives
63
how are ads tested
memory tests (recall and reognition)
attitudinal tests
behavioral measures
64
cognitive ad categories
comparative/ non comparative
product demonstration
drama
one/two sided argument
65
umbrella branding
company attaches same brand name to all of its products
| - nike : makes shoes, sports jerseys, g bags etc.
66
comparative vs non comparative cognitive ad
non comparative = only 1 brand feautures, attributes, image
| comparative ad = 2 or mroe brand's
67
forward / backward integration
```
forward = open own retail stores
backward = controlling raw material inputs
```
68
types of ads
emotional, cognitive, image
69
what is a firm's market offering comprised of
- core
| - value addeds
70
distribution channel
firms that are interconnected in their quest to provide sellers a way to sell their products and buyers a means of buying them.
EXAMPLE: manufactrueres, wholesalers, retailers
