It'll Cost Ya!
Almost 21
Elastic Fantastic
Gettin' Social
I Remember!
100
That which is given up or sacrificed by the consumer to get a good or service.
What is PRICE?
100
A pricing policy where a firm charges a relatively low price for a product initially, as a way to reach the mass market.
What is PENETRATION PRICING?
100
The quantity of a product that will be sold in the market at various prices for a specified period.
What is DEMAND?
100
This category of social media users post comments, ratings, and reviews of products and services on blogs and forums.
Who are CRITICS?
100
In the Boston Consulting Group's model of SBU's, this one generates more cash than it needs to maintain its market share.
What is a CASH COW?
200
Consumers are interested in obtaining this, which really means 'perceived reasonable value'.
What is REASONABLE PRICE?
200
This pricing policy is where a firm charges a high introductory price, coupled with heavy promotions.
What is PRICE SKIMMING?
200
A situation where customer demand is sensitive to changes in price.
What is ELASTIC DEMAND
200
Social media enables marketers to have conversations with consumers, forge deeper relationships with them, and build 'this'.
What is BRAND LOYALTY
200
Consumers in this demographic have started careers, become parents for the first time, and are known as the most tech-savvy generation yet.
Who are the MILLENNIALS? OR Gen X.
300
This pricing objective is when you set prices so that total revenue is as large as possible (relative to total costs)
What is PROFIT MAXIMIZATION?
300
This pricing tactic tries to get consumers into a store through false or misleading price advertising, and then uses high-pressure selling to persuade them to buy more expensive merchandise.
What is BAIT PRICING?
300
A situation where total revenue remains the same when prices change.
What is UNITARY ELASTIC?
300
This stage of effective listening is where the organization adds social information to demographics and psychographics to gain a better profile.
What is STAGE 7 - BETTER UNDERSTANDING OF CUSTOMERS
300
This is the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior.
What is INVOLVEMENT?
400
In this stage, prices generally stabilize due to economies of scale, and savings are passed on to the consumer in the form of lower prices.
What is GROWTH STAGE of the PLC?
400
A cash refund given for the purchase of a product during a specific period.
What is a REBATE?
400
If price goes down and revenue goes down, then demand is considered 'this'.
What is INELASTIC
400
This social media metric measures media mentions, the impact of bloggers, impact of customers reached, and second-degree reach based on social graphs.
What is INFLUENCE?
400
To be useful, a segmentation scheme must produce segments that meet four basic criteria: sustainability, indentifiability and measurability, accessibility, and this.
What is RESPONSIVENESS?
500
This occurs when a store will stock well known-branded items at high prices in order to sell store brands at discounted prices.
What is SELLING AGAINST THE BRAND?
500
Private label products like Target's Archer Farms are priced at an average of this amount LESS than their national brand counterparts.
What is 29%
500
One of the factors that affect elasticity, it states that if a price is so low that it is an inconsequential part of an individual's budget, demand is inelastic.
What is PRICE RELATIVE TO PURCHASING POWER
500
Growth in this social media channel is highest among baby boomers, who use it as a way to connect with old friends and keep up with family.
What is Facebook?
500
This type of retail store is characterized by low level of service, broad product assortment, moderate to high prices, and a really low gross margin (1-2%). Hint: it's also where I purchased all the snacks for the lecture on product lines and product concepts. And my sushi.
What is a SUPERMARKET? (Publix)
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