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MKTG 250 Exam 3
| Question | Answer |
|---|---|
| What phase is gatorade in of the product life cycle | Maturity phase |
| When does sales grow | Growth phase |
| When does sales peak | Maturity phase |
| Where does profit start at | In a negative or deficit |
| When does profit reach the max or peak | In the growth phase |
| Price skimming | Setting price high to make profit fast |
| Price penetration | Starting product super cheap |
| Harvesting | Keep making the product as long as it's profitable |
| Deletion | dropping a product, no longer creating it |
| Fashion product | sales go up and down over time "sign of the times" |
| Fad product | sales go up fast and then it never really returns |
| Product life cycle | describes the stages of a new product that goes into when put into the market |
| Communication benefits | information for the customer |
| function benefits | storage, convenience or protection |
| product class | refers to the entire product that goes into a category based on shared attributes |
| product form | pertains to variations of a product within a class |
| What are the four I's | Intangibility, inconsistency, inseperability, inventory |
| more than _____ of the U.S. gdp comes from services | 45% |
| Idle production capacity | when service provider is available but no demand for service |
| Service continum | range of offering from tangible and intangible available to students |
| What are the seven P's of service marketing | Product, Price, Promotion, Place, People, Physical enviroment, Process |
| Gap analysis | type of analysis that compares the differences between the consumer expectations about and the experiences with a service based on dimensions of service quality |
| Customer contact audit | Service flowchart of points of intraction |
| Off-peak pricing | changes in price to corresponde with the demand of the service |
| Internal marketing | notation that a service organization must focus on its employees or internal market the program will then likely succeed |
| capacity management | integrates the service component to the marketing mix to help influence demand |
| Price | where all business decisions come together, money or other considerations exchanged for the ownership or use of items |
| Barter | practice of exchanging products and services for other products and services rather than money |
| Final price | =list price -(incentives+allowances)+extra fees |
| tuition is an example of | price |
| value | ratio of percieved benefits to price |
| value pricing | practice of increasing products while maintaining the same price |
| what is step 1 of the six steps in setting price | Identifying price objectives and constraints |
| what is step 2 of the six steps in setting price | Estimate demand and revenue |
| what is step 3 of the six steps in setting price | determine cost, volume, and profit relationship |
| Pricing objectives | specify the role of price in an organizations marketing and business strategies |
| the pricing objectives may be | profit, sales revenue, market share, unit volume, survival, social responsibility |
| pricing constraints | factors that limit range of pricing a firm may set |
| demand curve | graph relating the quantity sold and price, shows maximum numbers of units that will be sold at that given price |
| demand factors | determine consumers willingness to pay for certain products |
| what is the equation for total revenue | TR=PxQ |
| Break-even analaysis | technique that analyzes the relationship between the total revenue and total cost |
| which of the four p's is chapter 15 about | place |
| marketing channels | individuals and firms that are invovled in the business of marketing |
| Transactional function | once you sell the product it's no longer in your control |
| Logistical function | wholesalers, huge product storage then send to retailers |
| Facilitating function | business that has connection, smaller business, helps things go smoother and controls the finances and grading |
| Direct channel | straight from producer to consumer |
| Indirect channel | from producer than to retailer, wholesaler, or agent then to consumer |
| multichannel marketing | blend of different communication and delievery channels that all work mutually to sell a product |
| dual distribution | reach different buyers by different channels |
| intensive distribution | having your products in as many places as possible |
| Exclusive distribution | level of distribution where only one retailer in a specific geographical area carries the product |
| Selective distribution | level of distribution where firm selects a few retailers to carry the product |
| channel conflict | when there is a conflict because the distribution is thru multiple firms causes a problem |
| which of the four p's does logistics and supply chain deal with | place |
| supply chain | firms or businesses involved in getting product from where its made to where it gets sold |
Created by:
SWiedeman