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29 Cards in this Set

  • Front
  • Back
How do you design a customer driven marketing strategy?
segmentation
targeting
differentiation
positioning
create value
Product
something you can acquire, use, or consume and it satisfies a want or need
Service
something offered for sale, but does not result in the ownership of anything
Three levels of product
core customer- value
actual product- brand name
augmented product- warranty
4 types of products and services for consumers
convenience
Shopping
Specialty
Unsought goods
Product mix decisions
width
length
depth
width
the # of different product lines the company carries
length
the # of items in a line
depth
the # of versions offered of each product in the line
Why do new products fail?
(name 2)
overestimation of market size
product design problems
incorrectly positioned, priced, or advertised
pushed by high level execution despite poor marketing research findings
Core customer value
What the customer is really buying
Actual product
Brand name
includes the brand name, features, design, packaging, and quality level
Augmented product:
Additional services and benefits such as delivery and credit, instructions, installation, warranty, and service.
Three parts of commercialization
Timing
Where
Market roll out
Value- based pricing
Setting prices based on buyers perceptions of value rather than the seller's cost
Cost Pricing
Setting prices based on the cost of producing, distributing, and selling product at a fair rate of return
Cost-based pricing
Costs set the floor for the price that the company can charge.

Product-driven, rather than value-driven.
Fixed Costs
Do not vary with production or sales level.
Variable Costs
Vary directly with the level of production.
Competition- based pricing
Setting prices based on competitors strategies, costs, prices, and market offerings
Market- Skimming pricing
Setting a high price for a new product to "skim" revenues layer-by layer from those willing to pay the higher price
Market- Penetration pricing
setting a low initial price in order to "penetrate" the market quickly and deeply
Upstream Firms
Firms that supply the raw materials, components, parts, and other elements necessary to create a good.
Apple Nike
Downstream Firms
Marketing channel partners that link the firm to the customer.
best buy
target
How do channel members add value
Contacts
Experience
Specialization
Horizontal conflict
occurs among firms at the same level of the channel (e.g., retailer to retailer).
Vertical conflict
occurs between different levels of the same channel (e.g., wholesaler to retailer).
3 types of retailers
Self-service retailers
Limited- service retailers
Full service retailers
wholesaling
All activities involved in selling goods and services to those buying for resale or business