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Marketing Test 3
Terms in this set (56)
Q number 1 is
What's a service (examples)
A marketing class is a service (that's the answer) intangible activities or benefits (such as airline trips, financial advice, or automobile repair) that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
Services are intangible; that is, they can't be held, touched, or seen before the purchase decision.
The 4 i's of service
Intangible, inconsistency (you need to have a good training program so that everything can be more consistent), inseparability (what you consider to be great service, and what the customer considered good service is inseparable. A lot of things are self-service), Inventory (idle production - down time when nobody's doing anything, that can be costly).
In most cases, the consumer cannot (and does not) separate the deliverer of the service from the service itself.
What's an example of a non profit vs. for profit
non-profits ensure their revenue is greater than costs, and their income is never to be distributed to any owners.
color, size, and style, which can be determined before purchase
characteristics that the consumer may find impossible to evaluate even after purchase and consumption. that consumers search for much more information and they place an emphasis on trust, commitment, expertise, and competence.
Auto repair, legal services etc.
Tangibility vs. intangibility
Physical facility, equipment, goods vs. services. Before purchasing a traditional product, a consumer can touch, sample, smell a product. Because services tend to be a performance rather than an object, they are much more difficult for consumers to evaluate.
Know a LOT about inseparability
consider a person's decision to attend a university to receive higher education. The quality of the education may be high, but if the student has difficulty interacting with instructors, finds counseling services poor, or does not receive adequate career planning assistance, he or she may not be satisfied with the educational experience.
Strategy for inseparability
The way in which a consumer views a product, price, company, brand, etc. Perceptions are opinions. Ex: that product is cool; those shoes are too expensive for their quality.
Different names for pricing
Fee, Tuition etc.
total revenue - total cost = profit
Number 12 is
Product life cycle (know the stages and what happens in them)
Introduction Stage - size of the market is small, sales are low, costs are high.
Growth Stage - strong growth in sales and profits, which makes it possible to invest more in the promotions
Maturity Stage - the product is established now must maintain their market share. Also consider any product improvements to the production process that give them a competitive advantage.
Decline Stage - the market for a product starts to shrink because the market is becoming saturated, or because the consumers are switching to a different type of product.
Skimming Pricing and penetration pricing is in the
introduction stage of the product life cycle.
Oligopoly and Monopoly, monopolistic competition etc. (know difference between them)
Study in other Quizlet
price elasticity of demand
a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price
Difference between elastic demand and inelastic demand
Elastic demand means a significant change in quantity demanded when the small price gets changed.
Inelastic demand means a small change in quantity demanded when the small price gets changed.
a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion
It sets a low initial price for a product in order to gain quick acceptance a segment of the market
charging a high price to help promote a high-quality image
There are 2 Q's back to back about prestige pricing
Packaging together two or more complementary products and selling them at a single price
what's the discount
What are the 5 pricing practices that are scrutinized are illegal
price fixing, price discrimination, deceptive pricing, geographical pricing, and predatory pricing
selling a product below cost to drive competitors out of the market
setting prices a few dollars or cents under an even number
individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users
What are the 3 contractual systems (under the distribution channel)
. (answer is franchising)
Q 29 is
Different types of distribution (know the diff between)
Intensive distribution - A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible.
Exclusive distribution is the extreme opposite of intensive distribution because only one retailer in a specific geographical area carries the firm's products.
selective distribution - lies between these two extremes and means that a firm selects a few retailers in a specific geographical area to carry its products.
What is a supply chain manager responsible for doing?
overseeing and managing company's overall supply chain and logistics strategy and operations in order to maximize the process efficiency and productivity.
What's a channel captain? definition and examples
Like Walmart (look in book)
Look at the characteristics of what happens when a channel member is involved
What are logistics?
involves the movement and storage of products from manufacturer to consumer.
What is retailing?
a set of business activities that adds value to the products and services sold to consumers for their personal or family use.
What are utilities? Time, place, posession form etc.
Particularly look at place utility
Different types of businesses. Corporate chains, individual business etc. (retail CHP)
independent retailer - a retailer owned by a single person. corporate chain - a firm that owns and manages more than one store. Contractual Systems - independently owned stores that band together to act like a chain. Retailer-sponsored cooperatives - independent retailers form an organization that operates a wholesale facility cooperatively. franchises - Privileges granted by a company to sell a product or service under their name.
Having breadth and depth in their product line (that's a retail mix)
look at the depth and breadth of product line and retail mix
What is a non-store retailer?
Like a vending machine
What's considered a category killer?
A product that dominates in that market etc.
wheel of retailing
a concept that describes how new forms of retail outlets enter the market
What's the promotional mix?
Starts with advertising, etc. etc. (test answer = advertising)
IMC refers to what?
Integrated marketing communications (that's the test answer)
Communication process (encoding and decoding)
You want to make sure you pretest so that your communication is decoded properly (pretesting is the T answer)
What does public relations mean?
If something is phasing out what stage is it in?
Pull and Push strategy. What's a pull and what's a push strategy.
push strategy - pushing the product through marketing channels to final consumers.
pull strategyconsumers trying to get a company to sell something
Number 50 is
pricing when it's off season
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