Show:
Product (Service)
Place
Price
Promotion
Mixed Bag
100
What are two reasons businesses develop products and services?
1) Because they have the resources and money to do so. 2) Because they see a need for that product or service.
100
What are the three intermediaries that an indirect channel uses?
importers, wholesalers, and retailers
100
How important are pricing decisions?
Pricing decisions are very important because they can make the difference between a successful product or a failure.
100
What are 3 of the 5 different methods used in sales promotion?
1) Coupons 2) Contests 3) Premiums 4) Samples 5) Special Events
100
What are the 4 P’s of Marketing?
Product/Service, Place, Price and Promotion.
200
What are product features?
Product features describe its presentation, components, proficiency, functions, and benefits.
200
What are four specialty channels of distribution?
Vending machines, telemarketing, catalog sales, e-commerce.
200
What does it mean when marketers need to know how price sensitive their product is?
Price Sensitive: How much sales will go up or down when the price increases or decreases.
200
How is the effectiveness of a coupon measured?
Through it's redemption rate, which is the number of coupons that are actually redeemed (used).
200
What are two things the price of a product impacts?
Price has an impact on sales and profit.
300
What are four things to take into account when thinking of good product and service development?
Quality, Design, Features and Benefits.
300
What are channels of distribution?
Paths of ownership of goods follow as they pass from the producer to the consumer.
300
What things should you take into consideration when pricing your product?
1) A price that creates profit. 2) A price that remains competitive.
300
Must you buy the product from the business in order to enter the contest?
No, because, by law, businesses are required to allow anyone to enter. There is often a "no purchase required" on advertisements for contests.
300
What is one product that movie theaters (service-business) can provide?
Popcorn, drinks, candy, etc.
400
What are four things that can impact the decision of a customer when it comes to design?
Logo, Brand, Colour, and Size.
400
What does an importer, as an indirect channel of distribution, do?
Importers search for an international business looking to sell their products, negotiates distribution deals, buys their manufactured goods, stores it and sells if necessary
400
Why are consumers more price aware now, then a couple of decades from now? Give examples.
Consumers are more price aware now because of new technology (internet, apps, etc).
400
Can the premium be unrelated to the product?
Yes, the premium (giveaway) can be entirely unrelated to the company giving it away, although the premium will often have the company's logo on it.
400
What is the difference between promotion, and sales promotion?
Promotion: Any attempt to sell a product. Sales Promotion: Encourages consumers to buy a product or service by using coupons, contests, premiums, samples and special events.
500
In order to attract more customers, what can businesses do?
They must let the customer's know about the benefits of the product or service and why it's unique amongst others in the market.
500
Define direct, indirect, and specialty channels of distribution.
Direct- business sells directly to consumer Indirect- business sells to intermediary, then intermediary sells to consumer (via retail) Specialty- business sells to intermediary, who then sell to other places, not a retail store
500
If there are two products that are very similar but one has a higher price, what is one thing that the company with the higher price can do to ensure that the consumers are getting a better deal?
Increase promotional component to make customers know they are paying more for more (Coupons, special deals, etc).
500
Are special events a combination of the other promotion techniques (contests, premiums, samples)?
They can be, but a special event is typically where a celebrity (athlete, artist, author etc.) is signing autographs, or taking part in the event, in order to promote their product.
500
If a product is changed through a channel of distribution, what happens to its distribution chain? If a product in unchanged?
If a product is changed, its distribution chain ends, and a new one starts for the new product. If a product is unchanged, its distribution chain continues with the next channel of distribution.