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above-, at-, or below-market pricing pricing based on a subjective feel for the competitors' price or market price basing-point pricing involves selecting one or more geographical locations from which the list price for products plus freight expenses are charged to the buyer bundle pricing the marketing of two or more products in a single package price Cost-plus pricing summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price customary pricing used for products where tradition, a standardized channel of distribution, or other competitive factors dictate the price everyday low pricing the practice of replacing promotional allowances with lower manufacturer list prices. experience curve pricing based on the learning effect, which holds that the unit cost of many product and services declines by 10% to 30% each time a firm's experience at producing and selling them doubles. flexible-price policy setting different prices for products and services depending on individual buyers and purchase situations. also called dynamic pricing. FOB origin pricing Free on board. the seller pays the cost of loading the product onto the vehicle that is used loss-leader pricing deliberately selling a product below its customary price to attract attention to it. Used in hopes of customers buying other products odd-even pricing setting prices a few dollars or cents under an even number one-price policy setting one price for all buyers of a product or service. also called fixed pricing. penetration pricing setting a low initial price on a new product to appeal immediately to the mass market predatory pricing the practice of charging a very low price for a product with the intent of driving competitors out of business prestige pricing setting a high price so that quality- or status-conscious consumers will be attracted to the product and but it price discrimination the practice of charging different prices to different buyers for goods of like grade and quality price fixing a conspiracy among firms to set prices for a product price lining when a firm sells a line of products and prices them at a number of different specific pricing points price war successive price cutting by competitors to increase or maintain their unit sales or market share product-line pricing the setting of prices for all items in a product line promotional allowances used to undertake certain advertising or selling activities to promote a product quantity discounts reductions in unit costs for a larger order skimming pricing setting the highest initial price that customers really desiring the product are willing to pay target pricing estimate the price that the ultimate consumer would be willing to pay for a product and then work backward through markups taken by retailers and wholesalers to determine what price they can charge wholesalers for a product yield management pricing the charging of different prices to maximize revenue for a set amount of capacity at any given time target profit pricing a firm may set an annual target of a specific dollar volume of profit target return-on-sales pricing set typical prices that will give firms a profit that is a specified percentage of the sales volume target return-on-investment pricing a method of setting prices to achieve this target uniform delivered pricing the price the seller quotes includes all transportation costs standard markup pricing adding a fixed percentage to the cost of all items in a specific product class Product a bundle of benefits convenience goods products that are intensively distributed, promoted through branding, entail high sales volume, and have low unit profit ascribable specialty goods defined in the mind of the buyer brand name, term, sign, symbol, or slogan used to identify products and differentiate them from competing items branding strategies individual brands, manufacturers's brands, middle man or reseller brands, and genercs product life cycle stages introduction, growth, maturity, and decline new product a product that is new in any way for the company strategic direction growth plan, budgeting schema, organization structure (before development. new product committee suboptimize big concept development idea what benefits will our product provide while keeping the needs first strategy development projections initial sales, ROI, and market share strategy development suggestions price, distribution and promotions physical cues customer perceptions law of diminishing demand as price increases, demand decreases relatively inelastic want this type of demand for a product shifting demand curve pricing strategy, product, promotion, and place demand curve you want your own ________. when firms look at price competitors change price, ingredient price changes, new product introduction pricing strategies profit maximization, penetration pricing, market skimming, current revenue pricing, promotional pricing tactics penetration pricing conditions buyers are price sensitive, economies of scale must exist, and barriers to entry exist Product life cycle intro Product: new, Promotion: Inform, Price: High, Distribution: Limited, Competition: none Product life cycle growth product: new, promotion: building loyalty, price: stable, distribution: expands, competition: influx product life cycle maturity product: small change, promotion: sways, price: drops, distribution: level, competition: shakeout product life cycle decline product: crash, other: find a new use or new market 9 step process idea generation, screening, concept development, concept testing, strategy development, business analysis, product development, market testing, commercialization idea generations input from consumers, employees, consultants, investors, retailers, and distributers screening does the idea meet the objectives and optimally utilize the resources of the firm concept development who will use the product, what will the product be used for, how often will it be used, and what benefits will it provide? concept testing which if any of the concepts are viable? (focus groups used here) strategy development target market description, product positioning, projections, suggestions, long run sales projections, and marketing mix strategy. business analysis sales (initial, repeat, frequency), cost, break-even, is our product viable at a chosen price? product development prototype made here. physical cues, functional test, consumer testing of prototype, does product live up to its initial concept? market testing will objectives be met? commercialization implementing. when, where, how, and by whom the role of college to teach you to think - to understand and solve problems Discount a reduction in list price guaranteed to a buyer for performing some function. function for discount purchasing a larger quantity of a product, handling shipping, paying in cash or within a designated period, or buying in a specific season break even how many units of a product do we have to sell at a given price to cover out fixed cost? break even formula fixed costs/ (selling price - variable costs) pricing mechanics markup, break even, and discounts new product adoption cycle market types Innovators,early adopters, early majority, late majority, and laggards risk prone market types innovators and early adopters risk adverse types early majority, late majority, and laggards product life cycle stages intro, growth, maturity, and decline new product adoption cycle break even point early majority markup reason for, calculation, markup chain markup calculation selling price = cost / (1-markup percentage) elasticity sensitivity of demand to changes in price elasticity equation change in Q over change in P Total revenue equation P*Q = TR those best equipped to handle branding finance and accounting people Daisy's focus sour cream daisy's move to Dallas 1976 what does cottage cheese have in it? carotene daisy product shelf life for cottage cheese 12 weeks when did daisy launch the cottage cheese line within the past five years daisy's agencies day to day creative group, a media buying agency for television and digital space, a public relations company, and a digital agency How does nielsen sell data viewship and behavior what company is excluded in nielsen data? wal-mart brand management is based on what? data, research, and experience extra ways for daisy to attract sales are coupon and freestanding inserts in newspapers and shopper ads daisy wants to be known for being what? pure and natural Daisy is the only what brand of sour cream? national how much percentage share of the DFW market does daisy own? 64% Competitors of Daisy sour cream are ____ in nature regional Daisy sour cream is at the ____ stage of its life cycle maturity Daisy cottage cheese is in the _______ stage of its life cycle introductory what approach is daisy using for its cottage cheese brand? regional, focusing in the central U.S. you can change where a product is in its life cycle by ______ pairing (eg: pairing sour cream with a host food such as a dessert recipe) sour cream is a _____ product seasonal. it sells well at holiday times. sour cream is a ____ food we cottage cheese is a ___ food me who is a target for daisy sour cream? moms cottage cheese is high in what? protein what cultural market is important to Daisy? Hispanic Can Hispanics taste additives? yes they can what families are better targets for Daisy? Large families Family first moms monitor cooking links such as my recipes, kitchen daily, and cooking.com a goal of Daisy's for supporting cooking sites is to direct readers to Daisy.com what is a good place for Daisy to build a relationship with a cnsumer Facebook What media serves as a reminder? television what is useful for educating the reader on nutritional content and providing recipies? print what can be used in combination with coupons to promote Daisy brand sour cream and cottage cheese? Dangles and flags how can a student differentiate themselves? internships and networking who should you get referral letters from? professors and other credible sources if you are interested in a job what should you do? meet with people who do that job what must you learn to do for a marketing job? analyze data and make presentations What did Paul Hamer do after college? he was a painter and print maker If an artist sells $100k of artwork how much does he actually pocket? about $24k, the rest went to facilities, materials, and taxes. Don't go into art to make money what did Paul earn at the Rhode Island School of Design? a Master's of Fine Arts In ____ Paul's studio burned down 1989 What did Paul do after his studio burned down? he started work as a journeyman carpenter. one of his jobs was building a Lense Crafters how many days of the year did Paul travel as a mercenary carpenter? about 200 days when did paul take over the sales role for DAVACO? 1996 when did Paul become VP of sales for Davaco? 1998 what is Paul's current title? Executive Vice President for Development and Strategic Direction at DAVACO what was Paul's advise? be flexible, things will probably go as planned, no job is beneath you. Lead by example, know your business, look for opportunities, follow your passion and money will follow. When was Davaco started? 1990 what industries does DAVACO serve? restaurant and retail how many people are employed at DAVACO about 800 how many DAVACO employees work out of their home? about 700 What does DAVACO do in retail remodels, rollouts, retrofits, and resets. Does DAVACO work soft line or hard line sides of retail? both What marketing services does DAVACO offer? saftey, compliance, and green certifications it is important to know the _____ across retail segments best practices how many projects does DAVACO work per year? about 7000 What does DAVACO use to communicate with their clients? a software called Clear Thread what methods do DAVACO project managers use to measure project performance critical path and percentage of completion DAVACO stresses ______ guaranteed satisfaction What is DAVACO helping Coca-Cola to roll out? "Freestyle" fountains to 200-30,000 fountains. DAVACO must survey all locations and research how to achieve this rollout how often does DAVACO change out Coach's plexiglass display? quarterly, this takes three weeks for all displays what section of Pets Mart does DAVACO reset? the pet food section which occupies 700 ft of shelf space how much does DAVACO offer for spending each year in the restaurant industry? $30 Billion DAVACO provides clients with ____________ essentially ____ the services to the retailers information on costs, timelines, and rollout timing. Bundles DAVACO stresses ________ service at competitive prices premium Marketing touches all _____ that go out of DAVACO communications DAVACO is concerned with _________ in terms of employee communication facebook and twitter What is DACACO's core social responsibility they must generate sustainability benefits for clients DAVACO must help its clients improve what? profit what percent margin does DAVACO shoot for on its margin 25 to 30% What terms does DAVACO sell on? 30 days How can DAVACO increase profits? Raise price or lower costs. Raising price must mean a greater value in services. Lowering costs implies that DAVACO completes projects ahead of schedule, lowers labor costs, or lowers travel costs. What is DAVACO? a business services firm. DAVACO is valued at ___ times its earnings 5 to 15 Contractor firms are valued at ____ times its earnings 2 to 4 Consequent to the recession, consumers ______ curtailed discretionary spending (excess spending) In ____ DAVACO generated a six percent profit margin on their revenue 2008 In ____ DAVACO lost 3 million on a $50 million base of revenue 2009 To avoid going out of business DAVACO had to cut its overhead (staff employees at the home based office) DAVACO's assets are _____ people DAVACO had to reconsider its mix of services inorder to recover its revenue for ____ 2010 and beyond