Vocab
Vocab 2
Prices
Marketing Mix
Pricing Stragegies
100
Consists of planning, pricing, promoting, distributing, and selling
Marketing
100
The different products and services that a business sless
Product Mix
100
Prices should always be set to
Make a profit
100
Current marketing in trend? Consumer or Product driven
Consumer driven - we have choices
100
Often used for products int he introductory stage
Penetration pricing
200
Uses the needs of customers as the primary focus during the planing, production, distribution, and promotion of a product or service
Marketing concepts
200
An investment with an expected return, expressed as a percentage
ROI
Return On Investment
200
Cost based pricing is determined by
Finding wholesale cost + markup amount = Retail price
200
Different products and services that a business sells are its
Product Mix
200
Includes price skimming and penetration pricing
Introductory pricing
300
This is an example of what?
Brand
300
Length of the following goals
Short-term
Medium-term
Long-term
Short-term months- 1 year
Medium-term 2-5 years
Long-term 5-20 years
300
How you would express the following
A bill needs to be paid within 30 days, but customer will get a 20 percent discount if they pay it within 20 days.
20/20 n 30
300
True or False; All products or services have a feature
True
300
Given to customers encouraging them to buy
Discount Pricing
400
Should address the following:
Product introduction or innovation
Pricing
Distribution
Promotion
Sales or market share
Projected profitability
Marketing Strategy
400
Product charectorisitic which satisfy consumer wants and needs
Features
400
Luisa buys artichoke hearts for $1.77 a can. To cover her operating expenses and allow for a profit, she adds 40% to her wholesale cost. What is her new retail price and markup amount
Markup amount - $.71
Retail price - $2.48
400
Creating an image of a product in consumers mind is an example of? Jaguar=luxury car
Positioning
400
Low introductory price with the intention of building a customer base
Penetration Pricing
500
To use this concept successfully businesses must be able to:
Identify what will satisfy the customers' needs and wants
Develop and market products or services that customers consider better than other choices
Operate proftitable
Marketing concept
500
Selling your idea to a company for the development and launch of a new product
Licensing
500
Luisa usually charges $10.50 for a large bottle of olive oil. To see more, she decides to mark down its retail by 20%. What is the mark down amount and her new retail price
Mark down amount - 2.10
New Retail price - $8.40
500
Companies who use the marketing concept will be sure to focus on
Select a mix to focus on their target market
500
Used when a product is new, starts with a high price in effort to recover the cost
Price skimming