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Marketing Final
Intro to Marketing
| Question | Answer |
|---|---|
| What is EDLP (every day low price)? | selling lower than competitors without sales |
| What is value package? | consists of everything that consumers evaluate when deciding whether or not to buy something (did I get my money's worth) |
| What is value pricing? | when marketers provide consumers with brand-name goods & services at fair prices |
| What is break even analysis? | the process used to determine profitability at various levels of sales -BE(units)=FC/(P-VC) |
| What is total fixed cost? | all expenses that remain the same no matter how how many products are sold |
| What is variable cost? | change according to the level of production |
| __ __ involves aggregation in different group or __ __ will respond similarly to marketing action | Market Segmentation |
| What are the steps in segmenting/targeting markets? (5) | -step 1: form potential buyers into segments -step 2: form products to be sold into groups -step 3: develop market power grid -step 4: select target markets -step 5: take marketing action to reach target markets |
| What are groups? | meaningful categories so that customers can relate to them |
| What is the market-product grid? | provides a framework to relate the segments of a market to products offered or potential marketing of the firm |
| __ __ __ provides a framework to relate the segments of a market to products offered or potential marketing of the firm | Market-product grid |
| __ __ are products in present markets. | market penetration |
| __ __ are present products in new markets. | market development |
| __ __ are new products in present markets. | product development |
| __ are new products in new markets. | Diversification |
| Ways to segment consumer markets are __ __ & __ __ | Customer Characteristics & buying situation |
| Describe the 80/20 Rule | 20% of the company's customers are responsible for 80% of their profit |
| What is cooperative advertising? | producer pays 50% of the advertising cost and the sellers pays the other 50% of the cost |
| What is promotion? | An attempt by markets to inform people about products & to persuade them to participate in an exchange |
| Describe the Push part of the Promotion Strategy? | involves the producer using promotion tools such as advertising & personal selling to convince whole salers & retailers to stock & sell merchandise |
| Describe the Pull part of the Promotion Strategy? | involves heavy advertising & sales promotion effort directed toward consumers so they will request the products from retailers |
| What is global advertising? | developing a product & promotional strategy that can be used worldwide |
| What is Public Relations? | The management function that evaluates public attitudes & identifies the policies & procedures of an individual or an organization with the public interest, & executes a program of action to earn public understanding & acceptance |
| What is Publicity? | Any information about an individual, a product, or a n organization that is distributed to the public through the media, & that is not paid for or controlled by the sponsor |
| What is Personal Selling? | Face to face presentation of product services plus searching out prospects & providing follow-up service |
| What are the 7 steps in the Selling Process? | 1. Prospect & quality 2. Preapproach 3. Approach 4. Make presentation 5. Answer Objections 6. Close Sale 7. Follow up |
| __ __ is defined as the total sales of a product that the firm expects to sell during a specified time period under specified environmental factors & its own time period. | Sales Quota |
| __ __ involves operating computer & communication network that can store & process data | information technology |
| The 11% of adult Americans that don't go to fast food restaurants in a typical month, & are likely to become consumers are __ | new customers |
| At fisher price, new product prototypes are child tested through special testing playgrounds during the __ stage in the new product process | market testing or test marketing |
| Empirical logic company is an intigrated company. When ever a company comes to wondering why a product wasn't welcomed by its target market or the customer stopped buying another product Empiric suggest the marketing research process starts with? | d. defining the problem |
| Consumer life style is considered? | c. psycodemographic variable |
| Children Advil pain reviler positions itself against children's Tylenal by running adds which clams the Advil brand works faster & lasts longer then Tylenal. This is an example of? | e. product position |
Created by:
NickUD
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