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Bus 101, test 4
| Question | Answer |
|---|---|
| What is Marketing? | The process of planning and executing the concepts of: Pricing/Promoting and distrubutions of: Ideas/goods/services to creatre mutually satisfying exchanges |
| What was the Product/Production Era? | "Good products will sell themselves." Making things better and cheaper. Mid 1800's to the 1920's. |
| What was the Sales Era? | Beginning of successful promotion-1920's to 19630's |
| What is the marketing concept? | 1952-Present. Find what customer wants and produce it. /Company focues on meeting the needs of the customer. |
| What is realtionship marketing? | Partners with customers. 1970/1990's- present. |
| What is Straight(full/total) cost pricing? | -Entire Cost (per unit variable/fixed/total/mark up/sales price.) |
| What is Variable costs? | Does not include fix costs |
| What are the competitive approches to pricing? | Loss Leader, Skimming, penetration pricing, zoned pricing, EDLP, Prcing Lining, Unit Pricing, Psychological |
| What is Loss Leader? | High demand item, normally know price/ seller will lose money but you're trying to get customers in the door. |
| What is Skimming? | very large price becase high demand on no comp |
| What is price lining? | 3 or less prices of the same thing. |
| What is Penetration pricing? | Entering market at lower prices and increasing after comp. is gone. |
| What is zoned pricing? | Proximity of compt. and economic strength |
| What is the marketing mix? | Product: product, packaging, services, warranty, trademark Price: Cost/comp. approach Placement: path from producer to consumers Promotion: advertising, personal selling... |
| What are the types of goods? | Convenience, Shopping and Specialty. |
| What is a convenience good? | "Staples" inexpensive, short life- (gas, milk, bread.) "PLACEMENT" |
| What is a shopping good/durable good? | Expensive, 3 or more years, "PRODUCT" |
| What is a speciality good? | "PRODUCT" the thing you want. |
| What is included in discetionary pay? | What is left after disposable. (Tv's, vacations...) |
| What is included in disposable? | Take home pay, On going things that are necessary to pay for... (rent, food, housing.) |
| What is target market? | The group your product and promotions are focused on. |
| What is the marketing equation? | Need->Attitute->Ability->Choice. |
| First stage of product demand curve? | Introduction: Marketing & information. Getting people to try INFORM |
| Second stage of product demand curve? | Growth: Most profit per unit, a lot of demand but not a lot competition. PURSUADE. |
| Third stage of product demand curve? | Maturity: Heavy competitiong, REMIND. Promoting and reminding advertisment. |
| Last stage of product demand curve? | Decline: Fire Sales/Going out of business Sales |
| What is the push approach to marketing? | Manufactuers maek itesm very attractive for distrubtuers, quanity discounts, dated billing, shelf stocking |
| What is the pull approach to marketing? | Aimed at consumers. Personal! Advertisng/Sponsorships |
| What are the emotional and rational motivators that stimulate purchases? | Emotional: Fear, sensory satisfaction, social acceptance, emmulation Rational : good warranty, useful, good reputation, long life |
| What is the definintion of demographis and why are demographics important in marketing? | Dividing a population into smaller similar groups, Useful to find target market. |
| What is utility in marketing? | Want satisfying power of a good or service. Need->want->demand |
| What are the various forms of utility? | Form: Senses- smells like, looks like.. Time: Is it aviable when convient for me? ownership: posession, seller makes it avaiably placed Place: |
| What is market segmentation and why is it important? | Breaking market into smaller groups that are more similar- looking for target market. |
| What does the customer want? | Promises Kept, Positive Attitude, Problems solved, Appropriate appreance, attention to needs |
| How do customers respond to good and bad service? | Good: tell 5 people, Bad: tells 9 people. |
| What ages are included in the hot buying group today? | 18-35 |
| What are the goals of promotion? | Inform, Pursaude, Stimulate action |
| Advantages of adverting? | Exact message and exactly placed. Non personal, expensive in total, inexpensive per contact. |
| Disadvantages of adversiting? | no feedback, ignored, best for simple inexpensive offerings. |
| Advantages of personal selling | allows seller to alter the message to address buyer objections/ convery much more information/ persuade |
| Disadvanates of personal selling? | expensive/non control over the sales person. |
Created by:
brianneisdabomb
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