Show:
Place
Product
Promo
Price
Essentials
100
Which approach helps to determine where to focus your physical distribution?
What is Total Cost Approach
100
When you sell a product, what are you selling?
Satisfaction!
100
What are metrics? How many should one use?
What is ways to measure your success with promotions: online or offline. Include sales, market share, number of likes, web ranking and more. One should use more than one metric for a full understanding.
100
What is a profit maximization objective?
What is a major objective of pricing! Getting as much profit as possible.
100
How can you evaluate your rivals?
What is with a SWOT.
200
Which kind of distribution provides the most control over your product? Direct or indirect.
What is direct.
200
Who determines the quality and value of your product?
What is the customer!
200
Why is direct mail the most widespread method of sales promotion?
What is Generally easy, can be done on a mass scale, can use big data to personalize mail, can be very cheap especially when done via email.
200
Does profit maximization mean charging the highest prices possible? Why/why not?
What is no! Because high prices can result to price skimming, to select of a customer base and result in low profit. Lower/competitive prices + increased sales normally results in your profit.
200
What is more important: target marketing or marketing mix?
What is both are equally important.
300
Name 2 product classes
What is convenience, shopping products (homogeneous or heterogeneous), specialty products, unsought products.
300
Draw the hierarchy of needs (PSSP)
What is Personal needs Social Needs Safety Needs Physiological needs
300
What are the parts of the AIDA model? What is AIDA used to do?
What is Attention, interest, desire, action. Used plan your promotions. Helps to align promotions with your objectives.
300
When is it good to employ a sales-oriented objective?
What is When you are looking for increased market share. When you are looking for growth not determined by profit. In times on economic downturn, such as a weak economy when profits may be low. In times of growth. Intro and early-mid growth stage.
300
What does a marketing plan have that a marketing strategy does not have?
What is written statement including time sensitive decisions, timeline, budget, mission statement.
400
Multi channel distribution. What is it and how does it work?
It is when a producer takes advantage of several distribution channels to reach the same target market. This could involve using a few intermediary types, and/or a few types of competing intermediaries. This could work by selling your products through your own website, amazon and a local retailer.
400
What is brand equity?
What is the value of your brand. Your brand alone can generate money.
400
Explain how pushing and pulling works.
What is push promo out to attract interest and desire. Pull the customer in with coupons and special deals to get desire and inspire action.
400
When airlines and hotel prices change at the same rate, generally on the same days, generally by the same amount, which kind of pricing is being used?
What is status quo pricing.
400
What must arise between any business is made and any marketing strategy is employed?
What is a niche in a market. A need that needs to be fulfilled.
500
How is place related to customer satisfaction?
Customers want high satisfaction and low prices. Physical distribution methods help to balance the trade off between costs, customer service and sales. Place relates to the customer service level provided.
500
How can you build brand equity?
What is Create positive association with your brand. Easy to recognize brand. Brand is adaptable to whole product line. Also, one can focus on building brand recognition, the brand preference, then brand insistence.\ Provide consistent products and service.
500
What is earned media?
What is promotions that are earned via "world of mouth"-good reviews, positive social media comments, good Yelp ratings, a positive newspaper article...promotions that you did not directly create. Others have given you the good word, for free!
500
When is a good time to use price skimming?
What is When your product is new and you are trying to gauge prices When you have a target market who is not sensitive to high prices. When you are focused on profit-based objectives. When you have an innovative product with no competition. Introduction phase of PLC.
500
buying behavior and demographics are related to which kind of market environment?
What is cultural and social environment.