MKTG 301 Final

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Author:
rjfisher
ID:
121404
Filename:
MKTG 301 Final
Updated:
2011-12-10 18:14:06
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MKTG
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Description:
Final Exam
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  1. A firm can develop new products in two ways:
    Acquisition

    New-Product Development
  2. Steps to IDEA Generation
    (S-CD-CT-MSD-BA-PD-TM-C)
    • Screening
    • Concept Development
    • Concept Testing
    • Market Strategy Development
    • Business Analaysis
    • Product Development
    • Test Marketing
    • Commercialization
  3. Customer Centered New-Product Development
    • Must be customer centered
    • Focuses on finding new ways to solve customer problems
  4. Product Life Cycle (PLC) Stages:
    (DIGMD)
    • Development
    • Introdution
    • Growth
    • Maturity
    • Decline
  5. Style definition and graph type
    a basic and distinctive mode of expression

    Squiggly - rise and fall over time
  6. Fashion definition and Graph Type
    a currently accepted of popular style in a given field

    Arc - Increase, plateau, decrease
  7. Fad definition and graph type
    Temporary periouds of unusally high sales drive enthusiams and popularity

    Sharp increase and sharpe decline
  8. In modify the market, the compant tries to:
    A.) increase the consumption of the current products
    B.) changing one or more marketing mix elements
    C.) changing charactersitics such as quality, features, style or packagin
    A.) increase the consumption of the current products
    (this multiple choice question has been scrambled)
  9. In modifying the product, the company tries:
    A.) increase the consumption of the current products
    B.) changing one or more marketing mix elements
    C.) changing charactersitics such as quality, features, style or packagin
    C.) changing charactersitics such as quality, features, style or packagin
    (this multiple choice question has been scrambled)
  10. In modifying the marketing mix, the company tries:
    A.) increase the consumption of the current products
    B.) changing one or more marketing mix elements
    C.) changing charactersitics such as quality, features, style or packagin
    B.) changing one or more marketing mix elements
    (this multiple choice question has been scrambled)
  11. During the decline stage, companies must choose to:
    • Maintain - continure product and hope competititors leave market
    • Harvest - reduce various costs and hope sales hold up
    • Drop - abandon
  12. Narrowly defined price
    amount of money charged for a product or service
  13. Broadly defined price
    sum of all values that consumers give up in order to gain benefits of having product or service
  14. Value-based pricing
    uses buyers perceptions of value, not the seller's cost, as the key to pricing
  15. Types of value based pricing
    • Good value pricing
    • Value-added pricing
  16. General pricing objectives:
    • Survival
    • Current profit maximization
    • market share leadership
    • product quality leadership
  17. Target Costing
    pricing starts with an ideal selling price, then targets costs that will ensure price is met
  18. Different pricing markets
    • Pure Competition
    • Monopolistic Competition
    • Oligopolistic Competition
    • Pure Monopoly
  19. Price elasticity of demand
    refers to how responsive demand will be to a change in price.

    • Inelastic
    • Elastic
  20. Market skimming
    Setting a high price for a new product to skim revenues from those willing to pay high price

    Company makes fewer, but more profitiable sales
  21. When to use Market Skimming
    • Quality and Image must support higher price
    • Competiton can't enter market easily and undercut price
  22. Market Penetration
    • Setting a low initial price in order to penetrate the market quickly and deepy
    • Can attract a large number of buyers quickly and win a large market share
  23. Stages of Product Life Cycle
    Introduction, Growth, Maturity, Decline
  24. Price is:
    Only element in ____ _____ that provides ______
    ever-present _____ _______ element
    major factor affecting _______ ______
    • Marketing Mix, Revenue
    • Marketing Mix
    • Buyer Choice
  25. Factors affecting Price:
    Company:
    strategy, consistency, costs
  26. Factors affecting Price:
    Competitors:
    Reaction, Signaling
  27. Factors affecting Price:
    Customers:
    perceievd values, Psychological, Price Sensitivity
  28. Factors affecting Price:
    Context:
    Currency, Flux in Global Demand
  29. Place:
    ___ you buy, not just _____, matters
    Need to understand ____ & ______ to design channels
    • How, what
    • How, variations
  30. Service Outputs:
    _____ Time
    _____ Breaking
    _____ Variety
    _____ Convenience
    _____ Service
    • Delivery
    • Bulk
    • Product
    • Spatial
    • Customer
  31. Channel Flow:
    POPNFROP
    Possesion, Ownership, Promotion, Negotitation, Financing, Risking, Ordering, Payment
  32. Intergrated Marketing Message:
    ______, ______, & _______ Message
    Clear, Consistent, Compelling
  33. 5 steps to effective communication:
    1. _______ Target Audience
    2. Set ________ ________
    3. Design the ________
    4. Choose the _______
    5. ______ Message _______
    • Idenifty
    • Communication Objectives
    • Message
    • Medium
    • Select, Source
  34. Four options for setting promotional budget
    • ________________________________
    • |------% of Sales------|---Affrodable---- |
    • |_________________|______________|
    • |--Competitive Parity--|-Objctve & Task-|
    • |_________________|______________|
  35. Promtional Tools
    • Advertising
    • Public Relations
    • Personal Selling
    • Sales Promotion
    • Direct Marketing
  36. Competitive Advantage
    • ________________________________
    • |-Cost Leadership-----|---Differentiation--|
    • |_________________|______________|
    • |------Focus-----------|--Middle Road---|
    • |_________________|______________|
  37. New Competive Advantage Strategies
    ______ Excellance
    Customer _______
    _______ Supremacy
    • Operational
    • Intimacy
    • Product
  38. Competitive Positioning:
    • ________________________________
    • |----------Leader-----|---Challenager----|
    • |_________________|______________|
    • |------Follower-------|---Nicher----------|
    • |_________________|______________|
  39. A set of interdependent organizations involved in the process of making a product or service available for use or consumption is a _________
    Marketing Channel
  40. 68% of your target market had been exposed to your ad campaign during a given period of time. This is an example of ________.
    Reach
  41. Manufacturers may offer a(n) ________ in return for the retailer’s agreement to feature the manufacturer’s products in some way
    allowance
  42. Advertising, sales promotion, personal selling, public relations, and direct marketing are all ________.
    communications channels that should be integrated under the concept of integrated marketing communications.
  43. Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.
    Advertising
  44. What is an advantage of direct marketing for sellers?
    It can give sellers access to buyers outside their local markets

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