Pricing
An agreement among firms to charge one price for the same good is called what?
Price fixing
What is advertising?
A paid form of communication delivered by a product maker or seller to consumers.
What is a follow-up?
making contact with the customer after the sale to ensure satisfaction.
This is the right to use another firms trademark or patent.
License
4 P's
Product
Price
Place
Promotion
What is elastic demand?
occurs when a change in price will cause a change in demand.
What are additional incentives offered for a limited time to encourage consumers to buy a product called?
Sales Promotion
What is cold-calling?
when a salesperson contacts a large number of people who are conveniently located without knowing a great deal about each one.
What is a marketing plan?
set of procedures or strategies for attracting the target customer to a business
Buy large quantities of goods from manufacturers, store the goods, and resell them to other businesses
Wholesaler
What is skimming pricing?
a pricing policy that sets a very high price for a new product & is used when demand is greater than supply
What is publicity?
Any unpaid media attention, both negative and positive, about a business and its products, services, or events.
What is Extra Value?
discount or added product if bought now.
what is contract manufacturing
allows companies to hire manufacturers to produce their products in another country.
Industrial Users
Market consisting of all customers who make purchases for business purposes; also called the business-to-business market.
Which pricing strategy is where you add a percentage onto what you originally pay for the product?
A. Loss Leader Pricing
B. Cost Plus Pricing
C. Price Skimming
D. Penetration Pricing
B. Cost Plus Pricing
What is persuasive communication?
A. Promotion
B. Public Relations
C. Sales Promotions
A. Promotion
What must the salesman do to help a customer?
Must determine client needs and wants
Which of the following is/are the element of Marketing Planning?
A. Budget
B. Strategy
C. Schedule
D. All of these
A.
Budget
B.
Strategy
C.
Schedule
D.
All of these
E.
None of these
Distribution Intensity
Intensive
Selective
Inclusive
There are two ways of working out cost-plus pricing. True or False?
True
What are activities directed at business or retail customers to boost sales
A. Sales promotion
B. Trade promotion
C. Consumer promotion
A. Sales Promotion
Is selling the most important function of marketing?
Yes or No
No
What are 3 common reasons for writing a marketing plan?
-part of the organization's overall business plan
-presented to upper management as a way to demonstrate and solidify its goals and strategies for the new year
-outline company's intentions for introducing a new product
What is Direct distribution?
Goods or services are sold from the producer directly to the final user.