Unit 3 simplified Flashcards
(32 cards)
Market research
research on product/service
Marketing research
research on target market needs and wants
what are the two types of marketing research
Primary and secondary
What are two marketing techniques
Quantitative - numbers and stats
Qualitative - perspectives and beliefs
what is CRM
customer relationship management
what questions should u ask in a survey
close ended and open ended - people can answer by choosing options or how they see best fit
how to make a survey
sampling (select a group to survey), biases (understand perspectives and beliefs) , randomness (choose people at random)
what questions to avoid in a survey
leading questions (true and false), double barreled questions, ambiguous questions
what are some internal information sources
sales records, inventory records, promotional records, customer databases
What are different branding elements
color, logo, font style, design
why is branding important
Symbolizes the company, requires less time and research for consumers before buying something, customers can identity the source of the product.
what is positioning
the way the consumer perceives the product
what is the positioning statement
the target market, the need of your target market, brand name, the industry in which you operate, benefit, how you’re different from your competitor
what are the three different channels of distribution
indirect, direct, multiple
what are the definitions of revenue, gross profit, and net profit
all income, income - expenses, income - all expenses such as taxes etc.
what are the 4 pricing goals
recover costs, increase market share, higher profit margin, return on investment
what are 3 factors that influence pricing
supply, demand, consumer perception
what are the 9 pricing strategies
markup
cost plus
skimming
penetration
competition
price lining
bundle
loss-leader
yield management
what is markup pricing
Markup is the difference between the retail or wholesale price and the cost of an item.
to recover cost
what is cost plus pricing
Pricing products by calculating all costs and expenses and adding in desired profit.
what is skimming pricing
price an item higher to recover costs - for new products
what is penetration pricing
price a new product low to create immediate demand
what is competition pricing
compete on prices to drive consumers toward their product
what is price lining
price stuff at specific pricing points
