MKT 300 Final

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Calittlefield
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187645
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MKT 300 Final
Updated:
2012-12-09 12:09:58
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MKT 300 Final
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Notecards for MKT 300, Houston
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  1. What is the marketing mix?
    Product, Place, Promotion, Price
  2. The Three Layers of a Product?
    • •Core product: –All the benefits the product will provide
    • •Actual product: –Physical good or delivered service that supplies the desired benefits
    • •Augmented product: –Actual product plus supporting features such as warranty, credit, delivery, installation, and repair service after the sale
  3. Breadth vs Depth?
    Breadth- Number of product lines

    Depth- Number of catergories in a product line
  4. Value=?
    Quality/Price
  5. What makes a good brand name?
    • –Creates a positive, memorable connotation
    • –Positions a product by conveying an image or personality (Ford Mustang) or by describing how it works (Weedeater)
    • –Is easy to say, spell, read, and remember
    • –Fits the target market, product benefits, customer’s culture, and legal requirements
  6. Value of Branding for the Customer and the Marketer?
    • •Facilitate Purchasing
    • •Establish Loyalty
    • •Protect from Competition
    • •Reduce Marketing Costs
    • •Are Assets
    • •Impact Market Value
  7. Brand Equity?
    –A brand’s value to its organization over and above the value of the generic version of the product

    - Provides Competitive Advantage
  8. Product Mix?
    product assortment is the complete set of all products offered by a firm.
  9. Know Product Life Cylce
  10. Adoption Pyramid..
  11. Goods vs Services
    • Goods- you can see, touch, and smell it
    • Can be stored for a later time

    • Services- you can't see, touch, or smell it
    • Can't be stored for a later time, very variable
  12. Core and Augmented Services
    • Core service: –The benefit a customer gets from the service•transportation from Atlanta to New York
    • Actual service: –The actual service encounter•Delta Airlines flight from Atlanta to New York
    • Augmented service: –Core service plus additional services that enhance value •frequent flyer miles, in-flight movie
  13. The Four Gaps
    • Standards Gap
    • Delivery Gap
    • Knowledge Gap
    • Communication Gap
  14. Know Demand Curve
  15. Price Elasticity
    • Elastic- Price Sensitive
    • Inelastic- Price Insensitive
    • Consumers are less sensitive to price increases for necessities
    • –When changes in price have large effects on the amount demanded, demand is elastic
    • –When changes in price have little or no effect on the amount demanded, demand is inelastic
  16. Price Elasticity of Demand Formula..
    = % of change in quality demanded / % in change of price

    Greater than 1, elastic..less than 1, inelastic
  17. Price Discrimination?
    • •The goal of marketers is to get people to pay  whatever they are willing to pay.
    • –Coupons–Sr. Citizen’s Discount–Limited Time Only Sales–Loyalty Discounts–Special Day Discounts–Pricing Reductions
  18. Why would people be willing to pay different prices for the same product?
    Different market segments are at different points on the demand curve with different elasticities.
  19. Communication Model
  20. The Promotion Mix
    • Marketers have control over..
    • High- Advertising
    • - Sales Promotion
    • - Personal Selling
    • - Direct Marketing
    • - Public Relations
    • Low- Word of Mouth
  21. The AIDA Model
    • Cognition= Think, Affect=Feel, Behavior=Do
  22. Types of Communication
  23. Value Chain?
    A series of activities directed at designing, producing, marketing, delivering, and supporting any product
  24. Supply Chain?
    All of the activities necessary to turn raw materials into a good or service and put it in the hands of the consumer
  25. Channel of Distribution
    The series of firms or individuals that facilitates the movement of a product from producer to final customer
  26. Functions of Distibution Channels
    • –Provide time, place, and ownership utility
    • –Provide logistics and/or physical distribution functions
    • –Create efficiencies by reducing the number of transactions
    • •Breaking bulk: Purchasing large quantities of goods to sell one/few at a time to customers
    • •Creating assortments: Providing variety of products in one location
  27. Distribution Strategies
    • Producer-> Wholesaler-> Wholesaler-> Retailer->Customer
  28. Modes of Transportation
    • Water: large, bulky goods (especially internationally)
    • Railroads: heavy, bulky items over long distances
    • Trucks: consumer goods in short haul; allow flexibility in locations
    • Air: high value-items; fastest and most expensive mode
    • Pipelines: petroleum/chemical products
    • Internet: services such as banking, news, and entertainment
  29. Pull Supply Chain
    • •Orders based on sales data
    • •More accurate inventory
    • •Better when demand is uncertain
  30. Push Supply Chain
    • •Merchandise allocated based on forecast
    • •Does not need sophisticated IS system
    • •Good for steady demand items
  31. Retail Life Cycle
    • Introduction stage: aggressive entrepreneurs, pop-up retailers
    • •Growth stage: sales grow, competition enters, stores must expand offerings
    • Maturity stage: multiple competitors, profits decline, new products are offered
    • Decline stage: retail offerings become obsolete
  32. Problems in Retailing
    • Shrinkage- theft
    • Priming- changing the customers' mind without them knowing it
    • Symbolics- unconscious suggestions
  33. Retail Classifications
    • Department Stores- Broad variety and deep assortment
    • Full-line Discount- Broad variety at low prices
    • Specialty- Limited merchandise with service in small store
    • Drugstores- Specialty for pharmaceutical and heath
    • Category Specialist- Discount with narrow but deep assortment
    • Extreme value- Full line, limited, very low prices
    • Off-Price- Inconsistent assortment of brand name at low prices
  34. Retail Strategy using the Four P's
    • Product- Provide the right mix of merchandise and services
    • Price- Prices defines the value of both the merchandise and the service provided
    • Promotion- use a wide variety of promotions, both within their retail environment and through mass media
    • Place- Conveneince is a key ingredident to success

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