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Marketing test
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| Question | Answer |
|---|---|
| Product Line | closely related products with similar attributes. IE ipod, iphone, ipad |
| Different types of goods | Durable goods, non durable goods, services (with goods embedded in them) |
| 4 categories of goods | 1. consumer goods 2. business goods 3. convenience goods 4. shopping goods |
| consumer goods | products purchased by the ultimate user |
| business goods | products that assist directly or indirectly with providing products for resale |
| convenience goods | consumer purchases frequently, conveniently, and with minimum purchase effort |
| shopping goods | consumer considers several alternatives based on criteria including, price, quality, or style |
| Brainstorming | funneling process for ideas |
| How many ideas are commercially successful? | 1 of 3000 |
| 3 reasons why products/services tend to fail | 1. bad timing 2. too small of a market 3. bad mkting mix |
| Cities that indicate success or fail | 1. grand junction, CO 2. odessa-midland-tx 3. wichita falls, TX 4. Cedar Rapids, IA 5. Eau Claire, WI 6. Pittsfield, MA |
| Slotting Fee | Having to pay for specific shelf space, regardless of whether or not it sells. |
| 4 phases in product life cycle | 1. introduction 2. growth 3. maturity 4. decline |
| Introduction | Primary demand=introducing it to customer for first time. Selective=when they come to you knowing what they need. Penetration vs. Skimming pricing. |
| Growth | Rapid sales increase, repeat purchasers, new features, broader distribution |
| Maturity | Industry/product sales slow, product differentiation, fewer competitors |
| Decline | Sales drop, environment changes, deletion, harvesting |
| product line manager | responsible for managing products coming in and out of the market |
| downsizing function | Brawny example. Smaller size, same price |
| brand equity | additional value given by brand name, beyond regular functionality |
| Licensing | Bringing two brands together....hummer boots |
| Branding Strategies | 1. Multiproduct branding 2. Multibranding Strategy 3. Private Branding 4. Mixed branding |
| Multiproduct branding | different products (mower, hoses, etc.) |
| multibranding strategy | same company markets 2 competing products (tide,cheer) |
| Private Branding | Store putting its label on a product |
| Mixed Branding | same company makes 2 products under different brand names |
| Warranty | States that manufacturer is liable for deficiencies |
| Trading Down | Reducing number of features, quality, or price |
| Branding | using name, phrase, design, or symbol to distinguish from competition |
| Trademark | legally registered logo or brand name. have to go to gov to get it approved |
| Four i's of Service | 1. intangibility 2. inseparability 3. inconsistency 4. inventory |
| intangibility | -services are performed rather than an object |
| inseparability | can't separate services from deliverer |
| inconsistency | variability in quality of service depending on who delivers service |
| inventory | cost of maintaining ability to perform service |
| final price | =list price-incentives+extra fees |
| value pricing | increasing value or benefits while maintaining or decreasing price |
| msrp | manufacturer suggested retail price |
| profit | =revenue-total cost |
| total revenue | price X number sold |
| marginal revenue | change in revenue from manufacturing/marketing one additional product |
| skimming | high demand product, setting highest price people will pay |
| penetration pricing | low pricing to appeal to biggest market possible |
| prestige pricing | lambo or mont blanc |
| price lining | setting prices for a lineup of items |
| odd-even pricing | pricing a few dollars or cents below an even number |
| standard mark-up | adding a fixed percentage to all products in a lineup |
| loss-leader | deliberately selling product below its customary price, attract customers to buy other products |
| one price policy | 99 cent store |
| price war | successive price cutting to increase or maintain unit sales or market share |
Created by:
reid421
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