Week 12 Flashcards
(23 cards)
what device makes it easier for customers ot find a product and eleminate the competitors products from consideration
pos display
what is a pos display
is a display of a product usually near the checkout counter
whats the ultimate objective to any type of promo
to increase sales
what is the difference between the roles of advertising and personal selling in the promotional mix of a firm
advertising is nonpersonal
personal selling is personal
what is a short term activity that a firm can do to boost there customers
sales promo
what type of promotion is a contest or sweepstakes
a sales promotion
what advertising medium presents limited information and you have little control over who sees it
outdoor advertising
how to solve variable cost break even questiosn
take into account variable cost per unit and subtract that from the revenue then find the quantity
what are the two main pricing objectives
market share and profit maximization
what is the marketing mix
its the 4ps (product, pricing, promotion and place)
how to find the markup percentage
markup / sales price
how to preform a breakeven analysis
total fixed cost / price - variable cost
how to calculate selling price
sellers costs + profit
what are the three pricing strategies for existing products
above, below and near the current market price
what are the two pricing strategies for new products
price skimming (higher price), penetration pricing(lower prices),
what are the 5 promotional tools
advertising, personal selling, sales promotion, direct marketing, publicity and PR campaigns
what is the most common selling type for B2B sales
personal selling
what was the HBR for this week
Good Better and best approach to pricing
what is the good better best approach to pricing (GBB)
this approach offers your customers a good a better and best pricing options to allow to reach a wider array of customers with different budgets`
good better best pricing broken down
Good - low cost option
Better - upgrade from good
Best - the newest and most advanced product at a premium price
what is the suggestion from the HBR for businesses to follow
make a expensive better version, make a low cost good version, make a new best option
what is the goldilocks effect
when consumers choose between three options high middle and low price they tend to go for the middle priced product
what are the two potential benafits of the GBB pricing
it can bring in new customers , it can also increase revenue
