Marketing Strategy Lecture Notes

These flashcards summarize key concepts related to marketing strategy as discussed in the lecture notes.

Marketing Program

A strategic combination of marketing mix elements: price, product, distribution, and promotion.

Product Mix

The total group of products offered by a company, which includes various product lines.

Product Line

A group of closely related products marketed under a single brand offered by a company.

Product Mix Width

The total number of product lines that a company offers.

Product Mix Depth

The total number of products within a company’s product lines.

Intangibility

A characteristic of services where quality is difficult to evaluate before purchase.

Simultaneous Production and Consumption

The phenomenon that occurs when services are produced and consumed at the same time, requiring customer involvement.

Perishability

The inability of services to be stored or inventoried, leading to challenges in managing supply and demand.

Heterogeneity

The variation in service quality across different service providers, making consistent service delivery challenging.

Client-Based Relationships

Relationships focused on maintaining satisfied clientele over the long term to generate repeat business.

New-to-the-world Products

Disruptive innovations that create entirely new markets or categories.

Pricing Strategy

Determining the best price for a product based on costs, competitors, and consumer demand.

Cost-plus Pricing

A pricing strategy where a specific markup is added to the cost of goods to determine selling price.

Price Elasticity

The measure of consumers' responsiveness to price changes for a product.

Breakeven Pricing

The pricing method that determines the number of units a business needs to sell at a given price to cover costs.

Integrated Marketing Communications (IMC)

A strategic approach to communicating a consistent message across multiple channels.

Personal Selling

Paid personal communication with potential customers to inform and persuade them about products.

Sales Force Management

Activities that involve developing, recruiting, training, and managing the sales force.

Sales Promotion

Activities that create buyer incentives to purchase a product or add value.

Push Strategy

Promotional strategy where the focus is on motivating wholesalers and retailers to sell the product.

Pull Strategy

Promotional strategy that aims to create demand at the consumer level so that consumers will pull the product through the distribution channels.

Omnichannel Distribution

A marketing strategy that provides customers with an integrated shopping experience across online and offline channels.