Terms
Definition: The amount of the product that customers are willing to buy
Demand
Primary or secondary - Surveys
Primary
What is the third Marketing process?
Analyze the data+
What customer thinks it value is
Perceived Value
What is price bundling?
Selling multiple products or services together for a single, combined price, often at a discount to the individual costs
Definition: Define the problem, obtain data. analyze data, recommend solution, apply the results
Marketing Research
Primary or Secondary - Internet search
Secondary
Clearly identify and define the marketing problem or opportunity that requires research. This includes establishing research objectives to guide the entire process.
Define the problem
How the economy is
Economic Conditions
What is Price Skimming?
Price skimming is a strategy where a company sets a high initial price for a new product and gradually lowers it over time to attract different customer segments.
Definition: The amount of the product that is being made
Supply
Primary or Secondary? A clothing store uses a online source to determine what the top clothing trends are
Secondary
Recommend solutions and apply results
How the it is to make and how much your selling it for
Cost and Expense
Give an example of Price Bundling
Buy one get one free
Making no profit
Break even point
Primary or secondary - Interviewing teens to get the top clothing trends
Primary
What is step 4?
Recommending solutions to the problem
The rules form the government on the product
Government Regulations
Sellers want _____ prices
High
Definition: How they will achieve their goal
Marketing Strategy
Primary or Secondary - Government sources and internet search
Secondary
Gather the raw data needed to address the research objectives outlined in the plan. This can involve collecting primary data directly from sources or secondary data from existing reports and databases.
Obtain data
Pricing helps _____ a company's image and _____ what customers ______ to pay.
1. define 2. reflects 3. expect
Buyers want ____ Prices
Low