mgmt new business final

what is a budget cycle

process for setting the schedule for making purchases by an individual

Segmentation

process of dividing the market into smaller portions of people who have certain common characteristics

A brand is a __

promise

goods services mix

pure good, a good dominated product, hybrid, service dominated product, pure service

what is optimum price?

refers to the highest price that would produce your desired level of sales

Marketing research

Systematic collection and interpretation of data to support future marketing decisions

price lining

The practice of setting (usually) three price points: good quality, betterquality, best quality

Guerilla marketing

The use of creative and relatively inexpensive ways to reach your customer

Succinct Message

Your key point in as few and as memorable words as possible

core product

basic description of what a product is

stages of new product development

1. Idea generation 2. Idea screening 3. idea evaluation 6. Product development 8. Commercialization

what is the total product approach?

1. your product means more 2. don't waste time and money 3. knowing the product to set an appropriate price

Proximity

A concept in public recognition which alludes to the impact level of the issue being discussed

Penetrated market

A marketing term that describes the actual numberof customers of an operating firm, divided by thesize of the target market, which gives a percentageof the market the firm (or product/service) has attained so far

Markup pricing

A price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit

off peak pricing

Charging lower prices at certain times to encourage customers to come during slack periods ex. happy hour

Cognitive dissonance

Doubt that occurs after a purchase has beenmade

Sales leads

People who receive a promotional impression and who give some thought to buying the product

the 4 P'S

Price, Product, Place, Promotion

Mail order

Sales made from ads in newspapers or magazines, with purchases made online or by phone as well as by mail

captive pricing

Setting the price for an item relatively low and then charging much higher prices for the expendables it uses

External reference price

an estimation of what a price should be based on advice, advertisements, or comparison shopping

product

anything that is offered to the market to satisfyconsumer wants, needs, and demands

Undifferentiated strategy

assumes that all consumers have virtually identical needs and can be reached by the same marketing mix.

Dichotomous question

can only answer the question with yes or no

product tangibility

capability to be touched, seen, tasted or felt

pivot

change in direction in thinking of a firm

Internal Referance Price

consumers mental image of what a product's price should be

augmented product

core product plus features that differentiate from competition

ex of Sales promotion

coupons, contests

customer profile is also called?

customer persona

steps for establishing your brand

easy to remember name, design a logo, good reputation, brand personality

total product?

entire bundle of products, services, and meanings of your offering. ex. warranty or delivery

why is price important/

factor in determining customers perception. price is central to competitive strategy. related to company's gross revenue

scarcity sales trigger

fear of mission out (fomo)

what is the key to successful branding?

focus on the products primary benefit and problem you are solving

publicity

free mention of a company or person

dividing the market can be done in which ways?

geographically, demographically, benefits sought

when are services easy to change?

on the run

Secondary research

past research which has already been performed and often already published

what is an end user?

person who makes actual use of a product or service

what are products designed by?

physical attributes, performance characteristics, pricing, branding, delivery

product inseparability

service can't be disconnected from provider

(sam)

serviceable available market. marketing term that refers to the customers within the geographical reach of a firm

skimming

setting a price at the highest level the market will bear

partitioned pricing

setting the price for a base item and then charging extra for each additional component

a focus group consists of?

small group and a moderator

product development process

process to organize and pursue the creation of new goods or services

whats the point of 4 P's

to communicate our marketing vision and competitive strategy

promotion

use of advertising and publicity to get your marketing message to your customers