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Münster SoSe 24 > Marketing Management > Flashcards

Marketing Management Flashcards

MM (64 cards)

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1
Q

skimming pricing

A

trying to keep the price as high as possible

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2
Q

penetration pricing

A

trying to keep a moderately set price as long as possible - after the product gets older/out-to-date the price lowers

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3
Q

price differentiation

A

charging a different price to different sorts of customers

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4
Q

cross price elasticity

formula: ε_A_=

A

how the price of one product is sensitive to the change of quantity of another product

= Δ quantity A [%] ÷ Δ price B [%]

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5
Q

price elasticity of demand

formula: ε=

A

how the price of product is sensitive to the change of quantity

= Δ quantity [%] ÷ Δ price [%]

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6
Q

freemium

A

pricing model where the user starts for free and after some time must pay for continuing

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7
Q

subscription

A

pricing model where the user “pre-pays” using of the service

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8
Q

pay-as-you-go

A

pricing model where the user pays only for the real usage of the product, not just for having the opportunity

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9
Q

dynamic pricing

A

price changes based on some factors

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10
Q

auction

A

finding out the price by competition

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11
Q

cost+ pricing

Possible problems

A

setting price by adding some margin to the actual product value

may have problem to capture the desired target segment

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12
Q

competition oriented pricing

Possible problems

A

setting price by comparing the product with the competitors

depends on how well the competitors have set their prices

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13
Q

value based pricing

Possible problems

A

setting price by finding the equilibrium

best option → no problems; it may be difficult to do all the research

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14
Q

goods-dominant logic

A

market model, where there is one producer and one customer

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15
Q

service-dominant logic

A

market model, where every actor creates some value and they exchange it

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16
Q

conjoint analysis

A

evaluating the features together at once (multicriterial decision making)

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17
Q

equalization price

A

difference between the price of the product I want and some other one I refer to

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18
Q

revenue

formula: r=

A

amount of gross income produced through sales of products

= sales [№] × unit price [$]

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19
Q

margin

formula: GPM=

A

difference between the price of a product and its cost

= (revenue - COGS) /100

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20
Q

push communication

A

‘pushing’ the products to the customers through the distribution channel

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21
Q

pull communication

A

creating awareness of the product or brand so the customers buy the product

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22
Q

profit

formula: p=

A

difference between revenue and costs

= revenue - fixed costs

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23
Q

customer respond index (CRI)

How to calculate it?

A

reflects the efficiency of marketing communication

Multiply the percentages:
* How many targeted can recall the ad later (are aware of it)? [%]
* How many of them can recall the info later? [%]
* How many of them will be convinced to buy the product? [%]
* How many of them will really buy the product? [%]

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24
Q

advertising elasticity

formula: ε=

A

how the demand reacts to ads expenses

Δpurchases change ÷ Δad expenses change

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25
break-even point | How to calculate it?
where the loss changes to profit | 0 = quantity × (price *per unit* - COGS) - fixed costs
26
market share | MS =
percentage of a market's total sales, earned by a particular company over a specified period | = quantity ÷ demand
27
price elasticity
how much the demand reacts to change in price
28
product should be
* Important * Perceived * Defendable * Economical
29
minimum valuable product
the minimum needed to make someone buy it
30
margin *per unit* =
price *per unit* - COGS
31
total margin =
margin *per unit* × quantity
32
profit =
= total margin - fixed cost = quantity × margin *per unit* = quantity × (price *per unit* - COGS) - fixed costs
33
scalable business
business with growing number of customers while the fixed costs remain the same
34
business model | start point ## Footnote should be
how an organization creates, delivers, and captures value | idea how to satisfy the market ## Footnote * repeatable * scalable
35
marketing mix ## Footnote the goals should be
* Vision * Mission * Goals * Strategy * Actions ## Footnote SMART: * Specific * Measurable * Actionable * Relevant * Timely
36
PEST*LE* analysis | What is it good for?
* Political * Economical * Social * Technological * *Legal* * *Environmental* | to summarise the macroeconomic conditions
37
market oriented strategy
* **Segmentation** - dividing the (relevant) market into groups * **Targeting** - choosing the desired target group (segment) * **Positioning** - setting the activities in the company to satisfy the target segment(s)
38
V2C | when is it used? ## Footnote it should be
value to customer the company provides something valuable for the customer | for creating value proposition ## Footnote * Important * Perceived * Defendable * Economical
39
channel efficiency
how many transactions are made
40
push marketing strategy
aiming to attract the potential customers via distribution channels - to push the product through the channel
41
pull marketing strategy
aiming to attract the potential customers directly - pull them to the product
42
multichannel marketing
advertising on multiple places separately
43
omnichannel marketing
combined advertising on multiple places
44
# based on its elasticity absolute change of some dependent variable | e.g. absolute change in sales after changing the ad expenses
absolute change = its initial value × Δvalue × elasticity | change in sales = initial sales × Δsales × advertising elasticity
45
gross rating points | gross rating exposure = ## Footnote * for pulsing approach the exposure * for heavy-up approach the exposure
* Evaluate the impact of an advertisement * Percentage of target market reached multiplied with exposure frequency | = Σ(percentage of target group reached each day × exposure amount) ## Footnote * always remain the same (±) * peaks during the season
46
retail media
the retailers promote the product for the supplier
47
healthy revenue
the company's revenue comes from all customers equally
48
unhealthy revenue
some customers are making more profit for the company than others
49
product-oriented value creation strategy
* The company focuses on innovating the product * customers’ needs solved within a single business unit
50
customer-oriented value creation strategy
* The company focuses on satisfying customers' needs * customers’ needs solved across different business units
51
market-oriented value creation strategy
* The company focuses on satisfying markets' needs * customers’ needs solved across different business units
52
customer lifetime value ## Footnote CLV =
value of all cash flows associated with a particular (type of) customer ## Footnote = ∑(t=0)[(period **t**'s cash flow × retention rate per **t**)/(1 + average costs)^**t**] -CAC
53
customer equity | connection with CLV ## Footnote CE =
value of the whole customer base | CE = ΣCLV ## Footnote = № of existing customers × their revenue + № of future customers × (their revenue - aquisition costs per customer)
54
Customer and Enterprise Valuation Approach (CEVA)
* a method for estimating the firms value from the customers behaviour towards the company instead of the aggregated firm's data * Combination of CLV/CE
55
development strategy
* Vision * Mission * Goals
56
marketing leadership pillars
* Strategy * Implementing * Evaluation
57
persona | where is it used?
stereotypic representative of the (target) segment | for implementing (segmentation, targeting, positioning)
58
cross selling
providing a comprehensive offering for the customer
59
marketing triangle
* Customer * Company * Competitors
60
reverse pricing
when the price offering is made by the customer
61
steps for developing a persona ## Footnote what benefits are relevant?
1. define **benefits** for the customer 2. define the **job to be done** - what does the customer want/need 3. find the **pains** of the customer 3. connect with the relevant **gains** 4. add some **characteristics** of the customer - age, sex, social status, job... ## Footnote * functions * social, emotions * economy * health, safety * comfort * environment
62
value proposition | what is it based on? ## Footnote consists of
an offering which is designed to solve the target customers' pains, give them relevant gains, and do the job they need to be done | based on persona ## Footnote * gain creators * pain relievers * offering (description)
63
value co-creation through interconnected activities
* service dominant strategy * everyone creates some value * if the 'value makers' cooperate, the value for the customer may be greater * a×b > a+b
64
innovation measurements ## Footnote types of innovation
* technological * customer's needs fulfillment ## Footnote * **radical** - *high* technological innovaveness, *high* customer innovativeness * **technological breakthrough** - *high* technological innovaveness, *low* customer innovativeness * **market breakthrough** - *low* technological innovaveness, *high* customer innovativeness * **incremental** - *low* technological innovaveness, *low* customer innovativeness

Münster SoSe 24 (4 decks)

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