Services
What are the 7 P's of marketing and explain the additional 3 P's
Product, Price, Place, Promotion, Presentation, Personnel, Processes
What is Monopolistic Competition
Many firms sell slightly different products at different prices: Fast Food Chains
What is reverse merchandise flow
Returning something, 17.6% online and 10% in store (almost double). Omnichannel returns
What is the innovators dilemma
When to switch to new tech and when to stay
Awareness, Interest, Desire, Action. THINK-FEEL-DO
What is the Service Recovery Paradox?
Explain and give an example of internal vs external reference points
"What was the price last time I bought X", "What are other products like this selling for"
What is QR/JIT inventory and what is it fatal flaw
What is vertical integration
how often an ad is seen, how many people see it, total exposure based on frequency and reach
What a customer expects a service to be vs what is provided. Knowledge, Standards, Delivery, Communications
What is the difference between penetration and skim pricing
Penetration sets price low to drive sales and market share, skimming sets price high to early innovators.
What is the difference between horizontal and vertical conflict
Horizontal: same level of the channel, different company
Vertical: between members of the same marketing channel
What is scrambled merchandising
When a retailer broadens their assortment of merchandise usually outside of their primary focus
What is the difference between the Push and Pull strategy
Pull the customer to a product so that a retailer has to have it. Push the customer through the retailer so a customer sees it
What is the Hierarchy of Values
Commodities, Products, Services, Experiences
Company objectives, Customers, Cost, Competition, Channel members
Describe the differences between wholesalers, distribution centers, and fulfillment centers
Describe the difference between Intensive, Selective, and Exclusive distribution
What are the different budgeting types and how do they work
Competitive Parity, Percentage of sales, Available budget, objective and task budgeting
Intangible, Inseparable, Heterogeneous, Perishable
What are, and describe, the 4 different pricing orientations
Profit, Sales, Competitor, Customer
Name the different types of power and an example
Reward: discount. Coercive: late fees. Referent: popular product. Expertise: industry experts. Information: exclusive data. Legitimate: contract
What is Omnichannel and showrooming
right?
What is Informative, Persuasive, and Reminder advertising and what stages of the product cycle are they used in
correct?