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32 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Which 4 stages does the product life cycle include, and at which point is sales and profit highest?
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Introduction, Growth, Maturity and Decline.
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Maturity.
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What are some components of a brand?
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Name/logo, expectation of characteristics, sounds/jingles, mascots, slogans, artwork, fonts/lettering
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What does "intensive" distribution mean?
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This level of distribution entails finding the product everywhere the customer is.
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Ex: coffee shops/Starbucks
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What does "selective" distribution mean?
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The level of distribution means that products are only available at a few select places.
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Ex: A specific shirt line distributed at some stores.
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What does "exclusive" distribution mean?
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This level of distribution means that products are exclusively available at a certain place, or for a certain company/retailer.
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Ex: A store will advertise and might have a high price for it because of this exclusivity.
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What is an example of a wholesaler?
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Food distributors for hotels and restaurants, or hospital supply firms.
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What is an example of a retailer?
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-Walmart
-Sears -Amazon.com (e-tailer) |
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What does physical distribution consist of?
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Warehousing, materials handling, and transportation.
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What is the definition of a product?
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Everything one receives in exchange, including all tangible and intangible attributes and expected benefits.
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What is packaging?
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The external container that holds and describes the product
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What is labeling?
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The presentation of important information on a package.
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What is branding?
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The process of naming and identifying products; can use a brand mark or trademark.
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How does the distribution channel flow?
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Supplier's factory > Manufacturer's factory > Warehousing > Dealer's Outlet > Customer
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What are the 4P's of the marketing mix?
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Product, Price, Place and Promotion
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How does price relate to the supply and demand curves?
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As price increase, demand decreases.
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What is elasticity?
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This refers to when substitutes are available. For example, if you need to travel and don't have a bike, you can skateboard. This is an option.
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What does "skimming" refer to?
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"Skimming" refers to selling to the rich for a high price, because for that product, there is no other competition.
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What does "penetration" refer to?
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Penetration means there IS competition.
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What goes into consideration in a promotional mix?
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Advertising, sales, promotions, PR, and personal selling.
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What is sales forecasting?
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A prediction of how much a company will sell.
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What are some influences of buying behavior?
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Psychological: motivation, perception, learning, attitudes, personality
Social: family, reference groups, economic or social status, culture |
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What is the definition of marketing strategy?
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A plan of action for developing pricing, distributing and promoting products that meets the needs of specific customers.
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Two major components:
1. Selecting a target market 2. Developing the appropriate marketing mix aimed at that target |
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What is segmentation?
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A strategy to divide the total market into groups of people who have relatively similar product needs or buying behavior.
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What is the definition of marketing?
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Finding a need and filling it
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Creating, communicating, and delivering value to customers
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What is the marketing concept?
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Satisfying customers while meeting organizational goals so they are delighted, and building a long-term relationship which promotes customer loyalty.
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What's the difference between price competition and non-price competition?
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Price Competition:
Customers are price conscious, products are similar, and firms must keep their prices low. |
Non-price competition:
Price conscious customers are not brand loyal, product features and quality are more difficult to imitate, and product features and qualities can differentiate from the competition. |
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What are some common PR tactics which companies use?
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Event sponsorship, corporate website, online media, news releases, and media/press relations
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What is personal selling?
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Direct, personal communication between buyers and potential buyers. Sales reps who are extensively used for B2B products.
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What is primary data?
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Data collected for the first time, consisting of:
Surveys Personal interest groups Focus groups |
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What is secondary data?
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Re-used data, consisting of:
Already collected data Company documents Gov't data |
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What is consumer sales promotions?
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A method designed to get consumers to purchase certain products
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Premiums, samples, coupons, contests, rebates
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What is dealer support?
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A method to get encourage distribution partners to stock and actively promote a manufacturer's product
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Store displays, merchandise allowance, employee training, sales contests
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