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marketing mix
the levers that marketing managers pull to create a marketing plan
what are the 4ps?
product, price, promotion, place
what is product for marketers?
anything offered to a market to satisfy a need or want
what are the 4 elements of the BCG boston consulting group business portfolio matrix?
stars, question marks, cash cows, dogs
4 growth strategies
market penetration, market development, product development, diversification
product life cycle (PLC)
intro, growth, maturity, decline
5 different pricing strategies
cost oriented, competitive, demand, value, discrimination
what is cost oriented pricing
a company sets its prices as costs + markup percentage or fixed amount
what does competitive oriented pricing result in
price stagnant market
what is a price stagnant market
if prices increase, lose market share
if prices decrease, others follow
what is gabor-granger
customers indicate their buying intention at a price level then turned into probabilities
pros of gabor granger
simple design, one measurement per price level, robust
cons of gabor granger
no margins of error, assumes data accuracy, assumes optimal price is actually measured
how to implement revenue management
estimate demand, update demand, allocate remaining space to max profit
advertising budgeting methods
affordable, percent of sales, competitive parity, objective, model based
3 promotional types
trade, consumer, retailer
elements of product
brand, packaging, services, functionality
elements of price
list price, discounts, credit terms, bundling
elements of promotion
advertising, sales force, publicity, sales promotion
elements of place
channels, inventory, logistics, distribution
examples of cost oriented pricing
markup, cost plus
what is the effect of inelastic demand on markup over marginal cost
high
going/imitative pricing
a firm tries to keep its price at the average level charged by the industry
common characteristics used to price discriminate
age, income/education, profession, membership
4 things a firm needs to know to model promotional effects
objectives, characteristics of promotion types, effectiveness of promotions, range of promotion decisions
3 contributions of sales promotion techniques
communication, incentive, invitation
what need to be known to set appropriate prices
customers willingness to pay, production cost, reactions
4C’s
clear, clean, concise, captivating
exploratory vs explanatory
exploratory is looking at whole graph