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33 Cards in this Set
- Front
- Back
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Marketing Management
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The art and science of choosing target markets and building profitable relationships with them.
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4 P's of Marketing
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Product
Place (Distribution) Promotion Price |
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Value Proposition
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The set of beliefs or values a company promises to deliver to consumers to satisfy their needs
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Customer perceived value:
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customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those competing offers
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Customer Satisfaction
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dependent on the products perceived performance relative to a buyers expectations
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Customer Lifetime Value
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Entire stream of purchases that the customer would make over a lifetime of patronage
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Customer Equity
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Total combined customer lifetime values of all the company's customers
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Share of customer
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The share a company gets of the customers purchasing in their product categories
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4 characteristics of Service
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Perishability
Intangibility Variability Inseparability |
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4 Branding Strategies
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1. Line Extension
2. Brand Extension 3. Multi-Brand 4. New Brand |
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Branding Options a Manf. has
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1. Brand Name
2. Brand Sponsor 3. Brand Strategy |
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Dominant Firms utilize product cannabalism to:
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maintain market share and maintain shelf space
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Low market share firms and new entrants use product cannibalism to:
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to corner market space, keep out rivals, protect competitive position
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Products are cannibalized by:
PSFFPVC |
new products, new sizes, new forms, new flavors, new packages, new varieties, new compositions
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4 Components of Pricing
(LIEP) |
1. list price
2. Incentives/allowances 3. extra fees 4. profit |
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6 steps of Pricing
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1. Identify pricing objectives/contraints
2. estimate demand/revenue 3. determine cost/volume/profit relationships 4. Select appropriate price level 5. Set list/quoted price 6. Make special adjustments to list or quoted price |
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Price ELASTICITY of demand
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price sensitivity (elasticity) reflects how purchase behavior changes with changes in price
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Price Elasticity of demand FORMULA
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E= % Change in #Q demanded/ % Change in PRICE
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BE (Units)
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FC/Price-VC (CM)
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New Product Pricing
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1. Skimming
2. Penetration |
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Product Based Pricing
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1. Product Line (steps btw pricing - $299, $399)
2. Option Based (car options) 3. Captive Product (products used with- Razors, film, software) 4. Product Bundle (Season Tickets) 5. By-Product (Lumber mills) |
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Price ADJUSTMENT Strategies
(PPIG) |
1. Psychological
2. Promotional 3. Geographical 4. International |
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In B2C what are the main two elements of the marketing mix?
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1. Personal Selling
2. Advertising |
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Ultimate objective of personal selling?
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to make a sale
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What is the aim of personal selling?
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to match consumer needs with goods/services
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Public Relations- Benefits/Uses
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1. Promote products/services thru media publicity
2. Enhance public awareness 3. Project company's mission 4. Portrayal of co. as a good corporate citizen 4. Protect co. reputation 5. Project co. opportunities 6. Obtain favorable comment in media |
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PUSH Strategy for Manufacturer
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AWAY from manufacturer--> >wholesaler>retailer>consumer
(flow of promotion mainly personal selling directed at intermediaries) |
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PULL Strategy for Manufacturer
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TOWARD manufacturer<--><retailer><consumer (flow of promotion mainly advertising directed to consumers)
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Define International Marketing
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Marketing carried out by companies overseas or across national borderlines. This strategy uses an extension of techniques used in the home country of the firm.
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Define Self Reference Criterion (SRC)
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unconscious reference to one's own cultural values, experiences, and knowledge as a basis for decisions.
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Define Ethnocentrism
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the notion that one's own culture or company knows best how to do things.
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The key to successful international marketing
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The ADAPTATION to the ENVIRONMENTAL DIFFERENCES from one market to another
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Primary obstacles to success in international marketing
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1. Self Reference Criterion
2. Ethnocentrism |
