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Unit 3
| Question | Answer |
|---|---|
| introduction (product life cycle) | 1st stage |
| growth (product life cycle) | 2nd stage (sales grow in this phase)(this when profit peaks) |
| maturity (product life cycle) | 3rd stage (peak in this phase) |
| decline (product life cycle) | 4th stage |
| skimming | pricing something higher |
| penetration strategy | price it very low initially, then raise the price when people are familiar |
| the hallmark of the growth phase | is more competitors |
| product life cycle | is the cycle every product goes through, it has four stages |
| Product form... | |
| product moodification | anytime something is changed with the product |
| market modification | are strats by which a company tries to find new customers, increase a products use among existing customers, or create new use situations |
| trading up | involves adding value to the product or line through additional features or higher quality materials |
| trading down... | involves reducing |
| downsizing | reducing content in package |
| branding | is a marketing decision in which an org uses a name phrase. |
| brand name | is any word, device or combination of these used to distinguish |
| brand personality | is a set of human characteristics associated with a brand name |
| brand equity | is the added value a brand name gives to a product beyond the functional benefits provided |
| packaging | is a component of product that refers to any container in which it is offered for sale on which label information is conveyed |
| services | are the intangible activities or benefits that an organization provides to satisfy customers' needs in exchange for money or something else of value. |
| services | are the intangible activities or benefits that an organization provides to satisfy customers' needs in exchange for money or something else of value. |
| The four I's of services | consists of the four unique elements to services: intangibility, inconsistency, inseparability, and inventory |
| intangibility | cannot hold a service before purchase |
| inconsistency | services depend on people and quality varies |
| inseparability | cannot separate the deliverer of the service from the service itself |
| inventory | cost of paying the person even if no customers |
| idle production capacity | occurs when the service provider is available but there is no demand for the service |
| low cost | real estate agency, hair salon |
| high cost | airline, hospital |
| service continuum... | |
| gap analysis | is a type of analysis that compares the differences between the consumers expectations about experiences with a service based on dimensions of service quality |
| customer contact audit | is a flowchart of the points of interaction or "service encounters" between consumers and a service provider |
| seven p's of services marketing | four P's + people, physical environmental, process |
| Off-peak pricing | involves charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service |
| internal marketing | is the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers |
| customer experience management | is the process of managing the entire customer experience withing thee company |
| capacity management | integrates the service components of the marketing mix with efforts to influence consumer demand |
| price | is the money or other considerations exchanged for the ownership or use of a product or service |
| barter | is the practice of exchanging products and services for other products and services, rather than for money |
| tuition and price of a car | examples of price |
| value | is the ration of perceived benefits to price; or Value=(perceived benefits divided by price) |
| value pricing | is the practice of simultaneously increasing product and service benefits while maintain or decreasing price |
| first 3 steps setting price | 1. identifying pricing objectives and constraints 2. estimate demand and revenue 3. determine cost, volume, and profit relationships |
| pricing objectives | specify the role of price in an organizations marketing and strategic plans |
| pricing objective examples | profit, sales revenue, market share, unit volume, survival, social responsibility |
| pricing constraints | are factors that limit the range of prices a firm may set |
| pricing constraint reasons | cost of producing and marketing the product, profit for channel members, cost of changing prices and the time period they apply |
| demand curve... | is a graph relating the quantity sold and price, which shows the maximum number of units |
| demand factors | determine consumers' willingness and ability to pay for products and services |
| price elasticity of demand | is the percentage change in quantity demanded relative to a percentage change in price |
| baby items and gasoline | are price inelastic |
| total revenue | is the total money received from the sale of a product |
| total cost | is the sum of fixed costs plus variable costs |
| break even analysis | how much do we have to sell until we make our money back |
| marketing channel | consist of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users |
| transactional function | Buying, selling, risk taking |
| logistical function | assorting, storing, sorting, transporting |
| facilitating function | financing, grading, marketing |
| Schwan's (frozen foods) | example of direct channel(consumer) |
| IBM | example of direct channel(business) |
| Dell | example of direct channel(digital) |
| Direct to consumer marketing channels | allow consumers to buy products by interacting with various print or electronic media without a face-to-face meeting |
| Multi-channel marketing .... | involves the blending of different communication and delivery channels that are mutually |
| dual distribution | reach different buyers by different channels |
| vertical marketing system | are professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact |
| intensive distribution... | is a level of distribution density whereby a firm tries to place its products and services |
| exclusive distribution | is a level of distribution density whereby only one retailer in a specific area carries the product |
| selective distribution | is a level of distribution density whereby a firm selects a few retailers |
| channel conflict | arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals |
| disintermediation | involves channel conflict that arises when a channel member tries to bypass one level of intermediation |
| logistics | consists of those activities that focus on getting the right amount of the right products to the right place at the right time and at the lowest possible cost |
| supply chain | consists of various firms involved in performing the activities required to create and deliver a product or service to ultimate consumers or industrial users |
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user-2025220