Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MKTG 221 Quiz 4

QuestionAnswer
one-price system The price is determined and the product is sold at that price without bargaining and haggling
Price is the key/only determinant of... revenue
Factors That Affect Pricing Decisions Target customer, company objectives, government regulations, suppliers, competitors
Reservation Price Customers will form an opinion regarding the price they expect and are willing to pay for a product
Zone of Tolerance If the price is set at a level that is within the zone, this price will not create negative influence regarding a purchase decision.
Price Sensitivity the degree of responsiveness that customers exhibit to changes in price.
Categories of Customers: Economical, Personalizing, Ethical, Apathetic
Horizontal Price Fixing Competition set price together
Vertical Price Fixing Manufacturers set price
Predatory Pricing Set prices low to drive away competition.
Price Discrimination How you charge your customers cannot vary.
Estimate Demand projections set the ceiling regarding what can be charged
Estimate Costs determine the floor. Consider fixed and variable.
Skimming super high price, restrict quantity (Nylon)
Penetration super low price, sell a lot
Pioneer pricing Clean Shower $.25 more than best shower cleaner
Leader pricing popular item at attractive price, buy other stuff too.
Bait & switch tactics not illegal or unethical if done right. Trade up to something more expensive and better. (Portable DVD players)
Special event pricing Black Friday
Cash discounts 2% off in first 10 days, full price in 30 days
Dating extended time to pay, credit – collect interest
Anticipation paying in advance
Zone pricing based on distance from production
FOB determines who pays for shipping from what point.
Primary Goals of Promotion Inform, Persuade, Remind
Title is VP of... Integrated Marketing Communications
AIDA Principle Attention, Interest, Desire, Action
Conviction of Purchase Process • Attention – Awareness, Knowledge • Interest – Liking • Desire – Preference, Conviction • Action – Purchase
Push Marketing Promotion to immediate customer
Pull Marketing Right to end customer
Advocate channels personal involvement, control
Expert channels people are perceived to be knowledgeable and not advocates
Social channels word of mouth from personal sources
Product FAB Advertising Features, Advantage, Benefits - How great it is
Price Advertising Weekend ads
Institutional Advertising Business itself
Media selection depends on... • Target market • Geographical selectivity • Absolute cost • Cost per contact • Flexibility and lead time • Reach Frequency Impact
Consumer sales promotions tools coupons, premiums (gift with purchase), contents and sweepstakes, free samples
Business sales promotions tools Trade allowances (give money back if buy certain amount), push money (money to salespeople), contests and free merchandise, slotting fees (most visible displays), co-op advertising (split price of ad – half Kohl’s, half Levis)
Prospecting Finding qualified potential customers
Account Executives managing all activities with a particular customer
Missionary all promotional (Gus, Psych)
Pioneers find brand new customers
Conquest Marketing Find new customers.
Retention Marketing Current customers (more important because they buy more with less marketing and tell others about it).
Three Pillars of Marketing • Customer oriented • Integrated approach • Goal is a satisfied customer
Created by: julegamache
Popular Marketing sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards