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28 Cards in this Set

  • Front
  • Back
The Marketing Mix
Maintaining the right marketing mix that satisfies the target market and creates long-term relationships with customers.
Product Strategy
• Product development
• Classification
• Mix
• Life cycle
• Identification
Developing New Products
• New Idea Screening
• Business Analysis
• Product Development
• Test Marketing
• Commercialization
Product Line
Closely related products that are treated as a unit because of similar marketing strategy,production, or end-use considerations.
Product Mix
All of the products offered by an organization.
The process of naming and identifying
products; can use a brand mark or trademark
The external container that holds and
describes the product
The presentation of important information on
a package
Packaging Functions
• Protection
• Economy
• Convenience
• Promotion
• The content of labeling, often required by law, may include:
–Ingredients or content
–Nutrition facts (calories, fat, etc.)
–Care instructions
–Suggestions or use (such as recipes)
–The manufacturer’s address and toll-free number
–Web site
–Other useful information
Product Quality
The degree to which a good, service, or idea meets the demands and
requirements of customers
Pricing Strategy
• Four Common Pricing Objectives:
–Maximize profits and sales
–Boost market share
–Maintain the status quo
New Product Pricing
–Price skimming
–Penetration pricing
Psychological Pricing
–Prestige pricing
Price Discounting
–Quantity discounts
–Seasonal discount
–Promotional discounts
Objectives of Promotions
• Stimulate demand
• Stabilize sales
• Inform, remind, and reinforce customers
Price Skimming
A pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time.
Penetration Pricing
Pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers.
Distribution Strategy
• Marketing Channels
–Retailers (Wal-Mart, Sears)
–Wholesalers (food brokers to restaurants)
Supply Chain Management
Long-term partnerships among channel
members to reduce costs, waste, and
unnecessary movement through the
channel to satisfy customers
Channels for Consumer Products
Channels for Business Products
• More than half of all business products are sold through direct marketing channels.
• Other business products may be
distributed through channels employing wholesaling intermediaries.
–Industrial distributors
–Manufacturer’s agents
Physical Distribution
• Physical distribution includes all the activities necessary to move products from producers to customers.
–Inventory control
–Materials handling
The Promotion Mix
• A strong promotion program results from the careful selection and blending of:
–Personal selling
–Sales promotion
• Integrated marketing communications
–The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort
Personal Selling
• Direct, two-way communication with
buyers and potential buyers.
• A six-step process:
–Handling objections
–Closing –asking for the order
–Following up
• Non-personal communication transmitted
through mass media but not paid for
directly by the firm
–Presented in news story form
–Describes what a firm is doing, what products it is launching, or other newsworthy information
Sales Promotion
• Direct inducements offering added value or some other incentive for buyers to enter into an exchange
–Store displays
Objectives of Promotions
• Stimulate demand
• Stabilize sales
• Inform, remind, and reinforce customers