Week 12-13

Question 1

is the set of controllable, tactical marketing tools that a company
uses to produce a desired response from its target market

Answer 1

marketing mix

Question 2

It consists of everything that a
company can do to influence demand for its product. It is also a tool to help marketing
planning and execution

Answer 2

marketing mix

Question 3

The goods and/or services offered by a company to its customers.

Answer 3

product

Question 3

4ps of marketing mix

Answer 3

product
price
place
promotion

Question 4

the amount of money paid by customers to purchase the product

Answer 4

price

Question 5

place is also known as

Answer 5

distribution

Question 6

The activities that make the product available to consumers.

Answer 6

place

Question 7

The activities that communicate the product’s features and benefits and
persuade customers to purchase the product.

Answer 7

promotion

Question 8

Marketing tools
Each of the four Ps has its own tools to contribute to the marketing mix:
* Product:

VQDFBPS

Answer 8

variety, quality, design, feautures, brand name, packaging, services

Question 9

Marketing tools
Each of the four Ps has its own tools to contribute to the marketing mix:
* Price

LDAPC

Answer 9

list price, discounts, allowance, payment period, credit items

Question 10

Marketing tools
Each of the four Ps has its own tools to contribute to the marketing mix:
* Place

CCALITL

Answer 10

channels, coverage, assortments, locations, inventory, tranportation, logistics

Question 11

Marketing tools
Each of the four Ps has its own tools to contribute to the marketing mix:
* Promotion

APSP

Answer 11

advertising, personal selling, sales promotion, public relations

Question 12

(true or false) An effective marketing strategy combines the 7 Ps of the marketing mix.

Answer 12

false 4ps lang

Question 13

what are the pricing strategies?

Answer 13

cost plus pricing
competitive pricing
value based pricing
price skimming
discount pricing
penetration pricing
keystone pricing
manufacturer suggested retail price
dynamic pricing
multiple pricing
psychological pricing
loss leader pricing
premium pricing

Question 14

distribution strategy includes

Answer 14

channels
digital components
touch points

Question 15

types of trade channels

Answer 15

direct channels
indirect channels
dual distribution
distribution
reverse channels

Question 15

key aspects of tactical planning

Answer 15

break down strategic goals
focus on short term objective
delegate tasks
use resources efficiently
be flexible
measure success

Question 16

six steps of tactical planning (yung illustration)

GTARDP

Answer 16

(clockwise)
goals
tactics
action steps
resources
deadline
person responsible

Question 17

Cost-plus pricing is also known as

Answer 17

mark-up pricing

Question 18

You make
the product, add a fixed percentage on top of the costs, and sell it for the total.

Answer 18

cost plus pricing

Question 19

It refers to using competitors’ pricing data as a benchmark and purposely pricing your products below theirs.

Answer 19

competitive pricing

Question 20

Value-based pricing, also known as

Answer 20

price to value

Question 21

refers to setting a price based on how much the customer
believes a product or service is worth.

Answer 21

value based pricing

Question 22

(true or false) the value based pricing is an approach that takes your competitors wants and needs into consideration when establishing the value of the product.

Answer 22

false, target market’s wants and needs

Question 23

is when an e-commerce business charges the highest initial price that customers will pay; then lowers it over time as market competition and saturation rise. As a result, there are higher short-term profits.

Answer 23

price skimming

Question 23

(true or false) Companies that sell common are better positioned to benefit from value-based pricing compared to ones that sell standard day-to-day items.

Answer 23

false, unique or highly valuable products

Question 24

(true or false) The goal is to drive more revenue while demand is low and competition high.

Answer 24

false; demand is high and competition is low

Question 25

is a top pricing method for retailers across all sectors, with one survey finding that 28% of shoppers usually seek out coupons before buying online.

Answer 25

discount pricing

Question 26

(true of false) There are several benefits to discount pricing strategies, including increasing foot traffic to your store, offloading unsold inventory, and attracting more price-conscious customers.

Answer 26

true

Question 27

is useful for new brands trying to break into a market. That’s because this strategy introduces a new product at a low price in an effort to gain market share, then increases the price over time.

Answer 27

penetration pricing

Question 28

is a product pricing strategy in which you mark up the retail price by simply doubling the wholesale cost paid for a produc

Answer 28

keystone pricing

Question 29

is the price a manufacturer recommends retailers use when selling a product. Manufacturers first started using this as a pricing strategy to help standardize prices of the same product across multiple locations and retailers.

Answer 29

manufactured suggested retail price

Question 30

(true or false) Retailers often use the MSRP with high-ticket products such as consumer electronics and appliances.

Answer 30

true

Question 31

is when a company continuously adjusts its prices based on different factors, such as competitor pricing, supply, and consumer demand.

Answer 31

dynamic pricing

Question 32

(true or false) The goalpf dynamic pricing is to decrease profit margins for the business.

Answer 32

false, increase

Question 33

It’s common for grocery stores, apparel companies, and e-commerce businesses to adopt a pricing strategy, in which retailers sell more than one product

Answer 33

multiple pricing

Question 34

multiple pricing is also known as

Answer 34

product bundling

Question 34

psychological pricing is also known as

Answer 34

charm pricing

Question 35

leverages prices to influence a consumer’s spending behavior—with the goal of increasing business sales and revenue. A strategy to accomplish this is pricing items so they end with “99”; a product that’s priced at P4.99 appears substantially cheaper at first glance than a product priced at P5.00.

Answer 35

psychological pricing

Question 36

is when consumers are lured into a store by the promise of a discount on a hot-ticket product, and they buy that product along with several others as well.

Answer 36

loss leader pricing

Question 37

(true or false) with loss leader pricing, retailers attract customers with a desirable discounted product and then encourage them to buy additional items.

Answer 37

true

Question 38

brands benchmark their competition then price products higher to give the impression of being more luxurious, prestigious, or exclusive.

Answer 38

premium pricing

Question 39

The outlets and intermediaries that physically transport goods, such as wholesale, retail, and direct sales

Answer 39

channels

Question 40

E-commerce platforms and other online channels.

Answer 40

digital components

Question 40

Every step in the process, from storing and processing inventory to tracking and selling it

Answer 40

touch points

Question 40

The manufacturer sells directly to the customer, without an intermediary. This allows for closer customer relationships and easier feedback collection.

Answer 40

direct channels

Question 41

A company uses an intermediary to sell its product. The manufacturer can sell to an intermediary, who then sells to the customer.

Answer 41

indirect selling

Question 41

The manufacturer uses multiple channels to sell to the customer, such as selling directly to customers and also working with wholesalers and retailers.

Answer 41

dual distribution

Question 42

Unlike traditional channels, this channel do not involve a producer, but instead only a user or beneficiary.

Answer 42

reverse channels

Question 42

are plans that are usual in the short term.

Answer 42

tactical plans

Question 42

This refers to how the product gets to the customer, such as the packaging used for shipping

Answer 42

distribution

Question 43

refers to smaller actions that are more flexible and can change according to the change in strategic plans

Answer 43

tactical

Question 43

are written documents that outline the specific steps required to achieve a goal or solve a problem.

Answer 43

tactical plans

Question 44

(true or false) tactical plans are typically long term and action-oriented, and are often used in business settings after strategic planning.

Answer 44

false, short term

Question 44

what are the steps for creating a tactical plans

Answer 44

* Pay attention to your company's vision * Set goals and objectives * Assign actions to objectives * Establish KPIs