Green deleted marketing final

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marketing mix

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127 Terms

1

marketing mix

product, place (distribution), promotion, price

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2

price

given up in an exchange to acquire a good or service

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3

value

price benefit relationship; how much you get from the price you pay; benefit/price

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4

volume oriented pricing

emphasis is on achieving a set market share or unit sales volume; focus on as much as possible; lower price

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5

profit oriented pricing

emphasis on profit maximization or acheiving a specific target return on investment; maximize the difference in what you charge versus what you spend

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6

status quo oriented

emphasis on maintaining existing prices or keeping prices in line with competitor's prices; copying competition pricing

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7

demand schedule

a table showing the relationship between price and quantity demanded

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8

demand curve

a graph showing the relationship between price and quantity demanded

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9

elasticity coefficient formula

% change in quantity / % change in price

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10

unitary elasticity

increase in sales exactly offsets a decrease in prices so total revenue remains the same

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11

cause of elastic and inelastic demand

Luxury. Time period. Availability of substitutes. Necessity and demand of a commodity. The proportion of income spent on the good.

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12

effects of elastic and inelastic demand on revenue

increases in price result in decreases in revenue means demand is elastic

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13

breakeven point

the number of units or product that must be sold at a given price in order to break even

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14

breakeven analysis

a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

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15

breakeven formula

fixed cost / (selling price - variable cost)

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16

markup pricing

to establish a selling price by wholesalers and retailers

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17

markup formula based on cost

cost + markup%(cost) = selling price

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18

markup formula based on retail

cost / (1-markup%) = selling price

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19

cash discounts

reduction in list price that rewards customers for paying their bills promply (2/10, net 30)

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20

cash discount calculation

(%)/(discount time). Net (payment due)

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21

FOB origin

buyer pays for freight; title to the goods passes to the buyer at the point of loading shipment onto the mode of transportation

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22

FOB destination

seller pays for freight; title to the good passes to the buyer once the shipment is delivered to the buyer

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23

odd-even pricing

setting prices a few dollars or cents under an even number

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24

loss-leader pricing

a market strategy that prices products lower than the cost to produce them in order to attract new customers or to sell additional products to customers

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25

price fixing

an agreement between two or more firms on the price they will charge for a product; collusion; illegal under the Sherman Act and FTC Act

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26

price discrimination

Robinson-Patman Act prohobits firms from charging different prices to different buyers for the same product; applies to business transactions and tangible goods only

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27

predatory pricing

charging a very low price for a product with the intent of driving competitors out of business and later raising prices; illegal under Sherman Act and FTC Act; courts see it as price below cost

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28

deceptive pricing

price deals that mislead consumers; outlawed by the FTC Act; include bait and switch and former price comparisons

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29

former price comparisons

when a seller represents a price as reduced when it really is not; offered in good faith at a higher price for a substancial previous period and not just for establishing a reference

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30

promotion

communication by marketers to inform, persuade, and remind potential buyers of a product in order to influence an opinion or elicit a response

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31

promotion mix

advertising, public relations, sales promotion, personal selling, social media

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32

integrated marketing communications

designing marketing communications programs that coodinate all promotional activities to provide a consistent message across all audiences in order to ensure image is consistent

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33

sales promotions

short term incentives used to arouse interest in buying a good or service

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34

public relations

describes a variety of communication activities that seek to create and maintain a positive image of an organization and its products among various publics, including customers, gov officials, and shareholders

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35

communications model

sender, encoding, [noise], message channel, decoding the message, receiver, feedback channel, (repeat)

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36

sender

trying to convery a message; a manager or manager

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37

receiver

customers, viewers/listeners, new media, clients

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38

encoding

gettings thoughts in order for advertisements, sales presentation, store display, coupon, press release, and social media

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39

decoding

receiver interpretation of message

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40

noise

communication disruption through other advertisements, news articles, and other store displays

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41

feedback

receiver's response from market research, sales results, change in market share, and social media

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42

3 primary goals of promotion

informing, persuading, and reminding

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43

informing in PLC

relates to introduction

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44

persuading in PLC

relates to growth

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45

reminding in PLC

relates to maturity

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46

advertising

impersonal, one-way mass communication about a product or organization that is paid for by a marketer

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47

advertising campaign

a series of related avertisements focusing on a common theme, slogan, and set of advertising appeals that promotes a particular product or company for a defined period of time

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48

advertising campaign development process

review the marketing plan, specify ad objectives, and develop the creative plan/media plan

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49

review marketing plan

review marketing plan

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50

set ad objectives

set ad objectives

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51

creative plan

identify product benefits, select the execution styles, create ad executions

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52

media plan

class (major media group) vs vehicle (choice within class)

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53

advertising objective

identify the specific communication tasks that a campaign should accomplish for a specified target audience during a specified time period

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54

examples of advertising objectives

create awareness, correct misperception, build brand image

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55

execution style

approach, style, tone, words, and format used for an advertising message

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56

slice of life

ad is drama with problem, product is the hero (bounty, minute maid energy)

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57

testimonials

person is talking about a perosnal experience with product

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58

personality/product symbol

campaign is built around a fictional character (geico)

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59

imagery

commercials with not as much info but are visual interesting; photography, music, aim is brand image (perfume)

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60

straight sell

spokesperson telling about the product (weight loss - marie osborne)

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61

comparisons

comparing directly or indirectly products to competition (cell service, apple)

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62

fear appeal

negative consequences of not using a product or of using the competitor's product (security system)

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63

develop the ad execution

copy, layout, storyboard, script

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64

copy

writing words of ad

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65

layout

for print ad, radioscript, television storyboard

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66

storyboard

describes the visual and audio

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67

script

written dialogue or guide used by sales reps

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68

major media classes

newspaper, magazines, radio, television, internet, outdoor media

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69

newspaper

geographic selectivity, limited demographics, short-term commitment, immediacy, short lead time, expensive

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70

magazines

reproduction, demographic and regional selectivity, long life, long lead time

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71

radio

low cost, immediacy, short life, background noise, high frequency required

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72

television

wide audience, low cpm, immediacy, demographics pos/neg, campaign cost, long lead time

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73

internet

narrow target ability, short lead time, moderate cost, difficult to measure effectiveness

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74

outdoor media

repetition, moderate cost, geographic selectivity, lack demographics, high noise level

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75

factors to consider when selecting a media class

cost (cpm), target audience considerations, geographic coverage required, lead time, frequency required, selectivity, medium life span, nature of the message

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76

geographic selectivity

media classes may have specific areas an advertiser can zero in on without spill over

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77

demographic selectivity

reaching a specific audience

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78

target market media usage

use the medium that the target market uses

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79

cost (cpm)

cost per thousand, allows for price comparison to reach a thousand people between media forms

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80

life

how long the ad lives

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81

nature of message

the goal of the ad campaign

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82

lead time

how far in advance for scheduling

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83

paid search advertising

when someone looks up a particular product or service, the ads show up on the search engine results page

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84

organic results

search engines generate organic search results based on your site's relevancy to a user's search query

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85

keywords

words or phrases people use to look for things on the internet

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86

SERP ad position

adwords show how often keywords show up and allow the business to bid on these keywords, orders by how well the websites are and how relevant they are to the keywords

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87

consumer sales promotion

sales promotion activities targeting the ultimate consumer

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88

trade sales promotion

sales promotion activities targeting a marketing channel member, such as a wholesaler or tailer

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89

advantages of sales promotions

product awareness, customer involvement and loyalty, support other promotions, reduce inventory

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90

disadvantages of relying on sales promotion too heavily

struggle to develop long term goals for growth

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91

consumer sales promotion types

coupons, rebates, premiums, loyalty programs, contests, sweepstakes, sampling

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92

coupons

a certificate that entitles consumers to an immediate price reduction when they buy the product

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93

rebates

a cash refund given for the purchase of a product during a specific period

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94

contests

promotions in which participants use some skill or ability to compete for prizes

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95

sweepstakes

promotions that depend on chance, with free participatioin

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96

premiums

an extra item offered to the consumer when the consumer purchases a produc

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97

loyalty programs

a promotional program which rewards consumers for making multiple purchases of a particular good or service

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98

sampling

a promotional program that allows the consumer the opportunity to try a product or service for free

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99

trade sales promotions types

slotting allowances, trade allowances, cooperative advertising, push money, point-of-purchase materials, conventions and trade shows

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100

cooperative advertising

an agreement between a manufacturer and retailer in which the manufacturer pays a certain percentage of the retailer's advertising costs assocated with the manufacturer's product

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