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Bus 101, test 4

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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