Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

College > Marketing Midterm 2 > Flashcards

Marketing Midterm 2 Flashcards

1
Q

What is a product?

A

Good or service (most are a combination)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Good

A

Tangible object

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Service

A

Intangible Offering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Product Layers

A

Core Product: (Benefits we Get)
Actual Product: (Features, Packaging, Brand quality)
Augmented Product: (Things to entice us: Warranty, repair service, installation)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

3 types of new products

A

Continuous innovations
Dynamically Continuous innovations
Discontinuos innovations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Continuos Innovations

A

Little Disruptive Influence Ex: New flavor of chips

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Dynamically Continuous Innovations

A

Some disruption but don’t alter existing buying patterns (Electric toothbrush to manual toothbrush)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Discontinuos innovations

A

Fundamental changes in buying behavior

Ex: Cars

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

8 (3) P’s of service Marketing

A 
Physical Evidence (Appearance)
Process (way service is created and delivered)
Productivity g output with quality(balancin
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

4 Charachteristics of a service

A

Intangebile, Perishable, Variable (performed differently from time to time), Inseperable (tied to provider)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Gap analysis

A

Difference btwn expectation of serivice and what actually

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

3-new service

A

If labor intensive, Providers are part of the expwerience and innovation
May require customer s prescence
No tangible product to carry brand name

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

2 Service innovations

A

New elements improving or existing
continuos innovation
(purple cow)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Diffusion

A

Manner/Speed which consumer adopt new products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

4- Categories of adopters

A
  1. Innovators: young risk takers (2.5%)
  2. Early adopters: heavy media users (3.5%)
  3. Early majority: Middle class (34%)
  4. Late majority: Older less educated (34%)
  5. Laggards: traditionalists (16%)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Product life cycle

A

Introduction
Growth (Peak profit)
Maturity
Decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

3 Strategies for elongating product lifestyle

A

Modify
Find New customers
Find new issues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Value Migration

A

Making: Good
Better
Best Version

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Brand

A

Name , logo, core value to set you apart

-Your offer of value and promise to customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

6 Charachteristics of a good brand

A
  1. Communicated distinctive value
  2. Is “relevant “ to the customer
  3. Resonates w/customer
  4. Sustained over time- long term
  5. Reinforce intended positioning
  6. Easily Understood by customers and employees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

3 levels of brand loyalty

A

Brand recognition
Brand Preference
Brand insistence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

5 Entrepreneurial Branding process

A
  1. Conduct brand analysis
    - Ridght fit of core strengths and customer needs
  2. Determine Brand positioning
    - Unique Desired benefits
  3. Select Brand Name & Identity
  4. Brand communications strategy (Consistent Message)
  5. Select Branding Strategy
    - next question
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Cooperate Branding

A

Branded house: Ex: Fedex, fedex prime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Individual Branding

A

House of Brands: Different product under one umbrella (Tide, Folgers, P&G)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Hybrid Branding
Subbranding: Coke, Cherry coke, Sprite
26
Brand Equity
Added Value beyond features and Benefits | Highlight product difference and charge premium (DISNEY)
27
Fan Equity
Intensity of Customer Preference
28
Brand decline
Brand Preservation vs building Taking customer for granted Competition blind spot Loss of objectivity
29
Brand Awareness
Consumer knows enough about a product to associate with brand
30
2 ways to grow revenue
Increase Prices | Increase items sold
31
4 key issues of price
Costs Demand Customer Value Competitor's Prices
32
Cost Value Relationship equation
Value= Benefits/ Costs
33
Assimilation Effect
"close" pricing suggests that products are similar
34
Contrast effects
Disparate Pricing may encourage purchase of higher priced products (Burgers are 2/$8 but for $2 more you could get steak)
35
Price and promotion
Does price cover advertising | Is any promotional pricing planned
36
Channel
Paying Sellers
37
Pricing Parameters
``` Price Floors (Cover Costs) Price Range (Competition) Price Ceiling (Customer's ability and willingness to pay) ```
38
6 How to price your product (not important)
1. Develop Pricing objectives 2. estimate demand 3. Pricing Strategies 4. Evaluate the pricing Environment 5. Costs 6. Pricing Tactics
39
6 Pricing Objectives
1. Sales/ Market Share 2. PROFIT!! 3. Competitive Effect 4. Customer Needs 5. Image Enhancement 6. Flexibilityy of Price
40
law of demand
As price increases, customers buy more and inverse
41
Price Elasticity of Demand
% change in unit sales resulting from a % change in price
42
Elasticity
% change in Q/ % Change in P
43
3 external influences on elasticity
Market Time Period Neccesity or Luxury Prices/ Availability of Other Products
44
Pricing stragegies
- Value Pricing/ Everyday Low Price (Walmart) | - Heavy Regular Promotion (Pizza hut coupons)
45
3. New Product Strategies
- Premium Pricing And Skimming (new iPhone) - Penetration Pricing (Low price to encourage purchase) - Trial Pricing (Low for a little amount of time)
46
4 Pricing Environment
The Economy Competition Consuer Trends International Influences
47
3 Costs
Fixed, Variable, Total (Fixed + Variable)
48
Ease of Collection
Nearest Dollar, Vending machineces
49
Two Part Pricing
Annual Fee plus usage (costco)
50
Odd-Even Pricing
19.95
51
Price Bundling
Selling 2 or more products together to lower customer costs
52
Payments
Monthly lease (cars)
53
Product Line
Several Price pints in product line (kindles)
54
Captive Product Pricing
One very-low priced item to profit on 2nd higher margin item
55
Loss-Leader
Sell a product at loss to generate foot traffic
56
trading up
For $50 more, better item
57
Lies Cutting price
When Biz is good, price cut will capture greater market share When biz is bad, price cut stimulates sales (WRONG)
58
4 pyramid of corp social responsibilty
1. Foundation-Economic 2. Legal- Obey the low 3. Ethical: Obligation to do what is right, fair 4. Philanthropic: Being a good corp system
59
A couple ethical issues
Failure to close defects Fraud Misrepresentation (walmart buying cheap from China)
60
Triple Bottom Line
People Planet profit
61
Texas instruments
Ethics Quick Test
62
Distribution
Getting goods from producer to user | Right Place at right price, time, and quantity
63
3 channel functions
``` Sorting (organizing) Breaking Bulk (down to individual items) Maintaining Inventories ```
64
Channels and competition
Can you find channels being ignored
65
Most important source of Power with Channels
Shared INformation
66
Direct Channel
Producer -> Consumer
67
Indirect Channel
Intermediate between p-> C
68
Multi Channel
Direct and Indirect channels
69
Intensive Disturibution
As many places as possible for awareness
70
Selective Distribution
Choose stores wisely where you will make profit
71
Exclusive Distribution
Geographical area, certain areas where there is enough foot traffic to stay open
72
How to work with a channel and not
Pay for shelf spaces | Cooperative advertisting
73
3 Channel Imperatives
``` 1. Design Channel "The market Back" (need of target market) 2. Try to leverage as competitive advantage 3. Channel Innovation -Best way to reach customers ```
74
Push vs Pull
Move products through channel by convincing channel members to offer them =Push, rebates " Creating Customer desire for products= Pull ex coupons
75
promotion
BE CONSITENT IN POSITIONING
76
3 Promotion Objectives
1. Designed for well defined target market 2. Measurable 3. Cover a specific Time period
77
Corporate vs product
Build awareness, establish good will vs features/ benefits, where to find
78
Personal selling
2 way conversation btwn buyer and seller to influence purchasing decision
79
Direct Marketing
Communication to generate a measurable response (order, information request, store visit)
80
5 promotion techniques (PROMO MIX)
1. Advertising 2. Public relations 3. Sales promotion 4. Personal Selling 5. Direct Marketing
81
3 mass appeals
advertising PR Sales promotion
82
2 personal selling/ direct marketing
Personal selling | direct marketing
83
3 A's promotion can be used for
1. Create brand AWARENESS 2. Build favorable brand ATTITUDES 3. Encourage Brand ACTION
84
strategy
what hopes to achieve
85
Implementation
exact steps to achieve stratefy
86
Scheduling Marketing Activities
1. Identify activities 2. TIme Required 3. Which priced others. 4. Proper sequence and timing 5. Assign responsibilty
87
Internal marketing
making staff aware of customer needs
88
Evaluation
Did we achieve strategy objectives?
89
Control
Benchamrks to asses how well plan accomplished goals
90
3 formal controls
1. Input Controls- Prior to implementation 2. Process controls- During and commitment to plan 3. output controls- Standards to compare

College (19 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions