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MKTG Exam 3
| Question | Answer |
|---|---|
| Product lifecycle | Describes the changes a product goes through in the marketplace- |
| What are the four stages of Product Lifecycle | Introduction, growth:most competitors appear, maturity, and decline |
| Sales progression in product lifecycle | grow in the growth phase, level off in maturity phase, and decline in the decline phase |
| Profit progression in product lifecycle | starts at a deficit in the introductory phase, peaks in the growth phase, because as the product grows, the brand becomes larger/more employes |
| Who leads the market in the maturity phase | small businesses |
| Price Skimming | product price starts high then lowers |
| price penitration | price starts low then rises ( oreo candy bar) |
| Deletion | stopping production of product |
| Havesting | continuing to make product as long as they are making product, but pull back all resources |
| Life Cycle Curves | fashion grows and declines, then returns |
| Fad | (fidget Spinner) beginning stage is really popular then never comes back |
| Product class | referes to entire product category or industry such as prerecorded music |
| Product form | pertains to variations 3 of a product within a product class, such as vinyl, 8 track, DVDs 11-4 |
| Product Adopter Innovator | People excited about the product, buy early |
| Product Adopter; early adopter | buy product quickly |
| Product Adopter; Early majority | know they will buy product but not right away |
| Product adopter; Late majority | wait until product is free/cheap |
| Product adopter; Laggards | dont know much about the product |
| Product/ Brand Manager | manage product lifecycle stages, New product development, and marketing program implementation |
| trading up | Involves adding value to products by adding additional features or higher quality materials |
| Trading down | reducing number of product features quality or price |
| down sizing | reducing content in a package (shrinkflation) |
| Product Modification | involves altering one or more of the product's characteristics, such as quality, performance, or appearance, to increase sales (product Bundling: group products together "value meal") |
| Market Modification | strategies by which a brand tries to find new customers, increase a product's use among existing customers, or create new use situations. |
| Branding | a marketing decision in which an organization uses a name, phrase, design, or symbol or combination of these to identify its products and distinguish them from competitors |
| Brand name | Any word or device or combination to distinguish a sellers products or services |
| Brand Personality | Set of human charachteristics with brand name |
| Brand Equity | Added value a brand name gives to a product beyond the functional benefits provided (charges more) |
| Brand licensing | A contractual agreement whereby one company allows it brand name or trademarks to pay royalty fees |
| Packaging | component of product referes to any container in which it is offered for sale on which label information in conveyed |
| Label | Intergral part of packaging that identifys the product or brand ( Last time to advertise product) |
| Communication | Info for consumers |
| functional Benefits | Storage, conveince, or protection |
| Multiproduct Branding | A branding stratagy in which a brand uses one name for all its products in a product class |
| Example of a continuous product | Gaterade |
| Services | Intangible Activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value. Services are double the amount of goods, and growing. |
| Four Is of service | Intangibility, Inconsistency, Inseparability, and Inventory |
| Intangibility | cannot hold a service before a purchase |
| Inconsistancy | Services depend on people and quality varies |
| Inseparability | cannot separate the deliverer of the service itself |
| Inventory | cost is paying the person, even if no customers (idle production capacity) aka hair dresser |
| Service Continuum | The range of offerings companies bring to the market, from the tangible to the intangible or the product-dominant to the service-dominant. |
| Purchase Process | 1. Understand how consumers make a purchaase decision 2. Understanding how consumers evaluate quality 3. Determine how to present an advantage |
| Gap Analysis | A type of analysis that compares the difference between the consumers' expectations about the experiences with a service based on dimensions of service quality. |
| Customer contact audit | a flowchat of the points of interaction between consumers and service provider |
| Relationship Marketing | contracts between the service provider |
| Seven Ps of Marketing | price promotion product place, people physical environment, and process |
| Off peak pricing | charging different prices during different times of the day or during different days of week |
| Internal Marketing | The notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers (people) |
| Customer Experience Management | is the process of managing the entire customer experience within the company, CEM ( Physical Environment) |
| Capacity Management | Intergrating the service component of the marketing mix with efforts to influence consumer demand (process) |
| Barter | exchanging products and services for other products rather than for money |
| Final price | list price - (incentives+allowances) |
| Tuition | example of a price |
| Value Pricing | practice of simultaneously increasing product and service benefits while maintaining or decreasing price |
| Pricing Objectives | Specifying the role of price in an organizations marketing and strategic plans |
| types of competitive markets | pure competition, monopolistic, oligopoly, pure monopoly |
| Demand Curve | graph that relates the quantity sold and price showing the maximum number of units that will be sold at a given price |
| Demand Factors | determine consumers willingness and ability to pay for products and services, consumer tastes pice and availability of similar products |
| Elasticity | percentage change in quantity demanded relative to percentage (decrease in price and people buy more), quantity demand increases |
| inelastic | price changes but amount demanded remains the same (baby items, gas) |
| Total Revenue | Total money received from the sale of a product p x Q |
| Total Cost | Total expenses incurred by a firm in producing and marketing a product sum of fixed cost and variable cost |
| variable cost | sum of expenses of the firm that vary directly with the quantity of a products that is produced and sold (labor and materials) |
| Break even analysis | a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
| Value | ratio of perceived benefits to price or value= (perceived benefits divided by price) |
| Profit Equation | profit=total revenue - total cost |
| Unit Variable Cost | Variable cost expressed on a per unit basis for a product |
| Contribution Margin | Expressed on per unit basis as the difference between unit selling price and unit variable cost, or as a percent |
| Break even point | total quantity at which total revenue and total cost are equal |
| Break even chart | graphic presentation of the break even analysis that shows when total revenue and total cost intersect to identify profit or loss for a given quantity sold |
| Presitige Pricing | Setting a high price so that quality or status conscious consumers will be attracted to the product and buy it |
| Price Lining | setting the price of a line of products at a number of different specific pricing point |
| Odd-even pricing | seting prices a few dollars or cents under an even number |
| Target pricing | 1. estimating price that ultimate consumers would be willing to pay for 2. working backward through markups taken by retailers and wholesailers to determine what price to charge 3. deliberately adjusting the composition and feature |
| Bundle Pricing | Marketing two or more products in a single package price |
| Yeild Management Pricing | charging different prices to maximize revenue for a amount of capacity at any given time |
| standard Markup Pricing | adding a fixed percentage to the cost of all items in a specific product class |
| Target pricing | 3 deliberately adjusting the composition and features of the product to achieve th target price to consumers |
Created by:
JerseyMeyeres