Pricing/Marketing
What is known as customer exchange?
Provide an example:
When a customer exchanges money for a product or service offered by a company
Me buying bottle water at Costco
Explain what "line extension is" when it comes to products/service or provide an example:
Adding a new flavor, size, or model using an existing brand name in an existing category.
Doritos adding new flavor of chips
Explain and provide an example of a convenience product:
Relatively inexpensive items that require little shopping effort. Soft drinks ,candy bars, milk, bread, and small hardware items are examples. Consumers buy them routinely without much planning.
Define the term "Marketing"
finding out the needs and wants of potential buyers (whether organizations or consumers) and then
providing goods and services that meet or exceed the expectations of those buyers.
Which company's slogan is "You're in good hands?"
Allstate
Define and provide an example of a "shopping product":
These products are bought only after a brand-to-brand and store-to-store comparison of price, suitability, and style. Shopping products may be purchased after months or even years of search and evaluation.
Examples: Car, House, Vacation
During which stage of the Product Life Cycle does the product sale the most units?
Maturity
Provide an example of an unsought product:
Products unplanned by the potential buyer or known products that the buyer does not actively seek.
Examples: Life Insurance, Burial Spot
Explain and provide an example of a Specialty Product:
are products for which consumers search long and hard and for which they refuse to accept substitutes.
Examples- jewelry, limited production cars
What does SPF in sunscreen stand for?
Sun Protection Factor
The Marketing Mix consists of Product, Pricing, Promotion and Place Strategy.
Briefly explain what the Place Strategy consists off/is all about:
The Place Strategy basically entitles what is the best way to sell the product. Will they sell it in their own stores, use retail stores, ship direct
The Marketing Mix consists of Product, Pricing, Promotion and Place Strategy.
Briefly explain what the Product Strategy consists off/is all about:
Product Strategy involves choosing a brand name, packaging, colors, a warranty, accessories etc for the newly released product
The Marketing Mix consists of Product, Pricing, Promotion and Place Strategy.
Briefly explain what the Promotion Strategy consists off/is all about:
Covers personal selling, traditional advertising, public relations, sales promotion, social media, and e-commerce.
Basically picking what is the best way to promote the product or service
The Marketing Mix consists of Product, Pricing, Promotion and Place Strategy.
Briefly explain what the Price Strategy consists off/is all about:
Pricing Strategy basically involved coming up with a price which will maximize the profits for the company. Some companies choose to price the product low, and sell a lot of quantity - some do the opposite.
Some companies may initially price their products lower to attract customers and raise prices later to reflect true cost
Name 1 out 2 Tennis players that are tied for the most Grand Slam Titles:
Both tied for 24
Novak Djokovic
Margaret Court
Hailey is in the market to buy a new smartphone. She narrowed down her search to 3 types of phones, she is currently comparing the features and deciding on the best one.
Which step of the Consumer Buyer Process is Hailey in?
Evaluation of Alternatives
Convenience/ Consumer Product
Demographics are one of the 6 categories of Environmental Data used by marketing pros.
What does the demographic data entitle?
Includes such factors as changes in the ages of potential customers (e.g.,baby boomers, millennials), birth and death rates, and locations of various groups of people
List one of the 4 types of Competitive Advantage:
There are four types of competitive advantage: cost, product differentiation, service differentiation, and niche.
What is the name of the largest lake in the US?
Lake Superior
List 3 out of the 5 steps in the Consumer Purchase Decision-Making Process:
1)Need Recognition
2) Information Search
3) Evaluation of alternatives
4) Purchase
5) Post purchase Behavior
List the 5 P's of Marketing:
Product
Price
Place
Promotion
People
List 3 out of 6 Steps in the Product Development Cycle
1) Set New Product Goals
2) Develop New Product Ideas
3) Screen Ideas/Concepts
4) Develop the Concept
5) Test Market the New Product
6) Introduce the product to the market
List the 4 Stages of Product Life Cycle:
1) Introduction
2) Growth
3) Maturity
4) Decline
Who is the only U.S. president to resign from the position?
Richard Nixon