Marketing Exam 4 - Nethery

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Zone Pricing

Flat rates charges based on zones

Most Effective Promotions

Free merch, sweepstakes, free shipping

Location-Based Social Networking

Fun of social networking with GPS tech

5th P?

Participation (socially)

Below Market Pricing

Penetration Pricing

Review Sites

TripAdvisor, Yelp

Collectors

Use RSS to collect info and vote for websites

Virtual Worlds, Online Gaming

Using mobile ads to generate revenue for game-makers

Blog

a public internet journal of a person's thoughts, feelings, and activities

Corporate Blog

a website created by a company and often used to educate customers

Non-Corporate Blog

independent blogs that are not associated with the marketing efforts of any particular company or brand

Status Quo Pricing Objectives

maintains prices, passive, sub-optimal pricing

Large Customer Demands

make pricing demands supplier must agree to

Pricing Strategy

new product = freedoms, similar product = less freedom

Interest

number of "likes" etc

Build relationships / awareness

open dialogues with stakeholders

Maturity Stage

price decrease

Competition

price matching, loyalty apps/programs are key

Creators

produce/share content

Market Share

product sales as a percentage of total sales for industry

Improve Customer service

seek out displeased customers and engage them directly to solve issues

Profit Maximization

setting prices so total revenue is as large as possible relative to total costs

Establishing Price Goals

specific, measurable, attainable

Sentiment Analysis

trends and volume of sentiment

Buzz

word-of-mouth communication that customers view as authentic

Influence

Media mentions, influences of consumers

Return on Investment

Net EBITDA / total assets

Freight Absorption Pricing

Seller Pays for all freight charges (used in intensely competitive industries)

Uniformed Delivered Pricing

Seller pays freight and bills buyer for the same flat rate

Satisfactory Profits

Setting prices to achieve good profits (stakeholders/management)

Sales Promotion

Short-term incentives, incentive to buy

Online Sales Promotions

Social Media, email, website

Social Commerce

Social media to assist e-commerce

Growth stage

Stable prices

At Market Pricing

Status Quo Pricing

Social Network/Sharing Sites

connect with friends, peers, organizations (linkedin, facebook, pinterest)

Sales Maximization

determine price/quantity relationship to generate most sales, ignores competition if sales are rising

Estimate Demand, Costs, Profits

estimate revenue, costs, profit (if any), market share at each price

Listening System

first step in social media campaign

Decline stage

further price decrease

Promote products / services

get customers talking about products and services

Introductory Stage

high price - recover costs

Cost and Pricing

ignore or minimize demand, price based on cost

SE Rankings

increase / decrease searches and changes in key words

Price Fixing

Agreement between two or more firms on the price of a product (illegal under FTCA)

Digital Marketing

All efforts using a device to connect with customers

Mobile Marketing Popularity

Attractive 5 forces

FOB Origin Pricing

BUYER pays shipping costs, further from seller, pays more

Sales Oriented

Based on market share (dollars/units)

Microblog

Blog-like system which limited post length (such as Twitter)

Manage reputation

Build better reputation Minimize harm for reputation

Price Skimming

Charging high introductory price with heavy promotion

Penetration Pricing

Charging low price for product to reach mass market

Status Quo Pricing

Charging prices similar to competition's

Predatory Pricing

Charging very low price, drive others out of business, drive back up

Distribution Strategy

Consumers buy at higher price if seen as convenient at retail

Social News Sites

Content promoted up or down, save and share (ex. reddit)

3 Defenses of Price Discrimination

Cost - reflected quantity / discounts Market - fluid product / market (seasonal, perishable, etc) Competition - reduction to stay even

Price Discrimination

Different prices for the same product

Inactives

Do nothing

Experiential Marketing

Engages directly with customers

Consumer Wants of Social Media

Exchange information, collaborate with others, have conversations

Company Websites

Information on all company happenings

Choose a Price Strategy

Initial price for product, competitive price in specific segment

Joiners

Maintain social networking profiles

Critics

Post comments, ratings, reviews

Above Market Pricing

Price Skimming

Base Price/Fine Tune

Price company expects to sell a good/service

Demand and Pricing

Price depends on demand/cost to seller

Pricing Objectives

Profit, Sales, Status Quo oriented

Unfair Trade Practices Acts

Prohibit retailers from selling below certain costs (minimum % markup)

Point of Purchase

Promotional displays at retailers (traffic, ads, impluse buying)

Market Research

Questions to ask (what price, highest price, expensive, too expensive)

Spectators

Read, listen, watch, consume

Dynamic Pricing

ability to change prices quickly in real time

Global Social Media

changed how people communicate

Website Metrics

clicks, traffic

Participation

comments, ratings, subscribes, views, etc

Target ROI

common profit objective, profits put into perspective (higher the better)


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