MKTG

Mark-Up Pricing

(cost plus pricing) - Profit margin is the money earned from sale minus cost

Maslow's Hierarchy of Needs

(level 1) Physiological Needs, (level 2) Safety and Security, (level 3) Relationships, Love and Affection, (level 4) Self Esteem, (level 5) Self Actualization

Quasi-strategic greening

A type of environmental marketing activity that involves substantive changes in marketing actions as well as broad-based coordination among non-marketing activities.

When engaged in environmental scanning, what are the six major external factors that influence the firm's marketing environment?

Economic Demographic Sociocultural Political Legal Technological

Shareholder Responsibility in CSR

Economic (bare minimum) Legal (bare minimum) Ethical (needed) Philanthropic (desired)

Market Penetration

a marketing strategy that tries to increase market share among existing customers (existing Product and existing markets)

Diversifcation

a strategy of increasing sales by introducing new products into new markets ( New products and New markets)

The first step marketers should take when deciding how best to position their product is to:

analyze competitors' positions

According to your text, one of the most common mistakes in modern pricing is:

charging someone less than they are willing to pay

A disadvantage of print advertising is that

consumers do not use print as their primary information sources

According to your text, perhaps the most common mistake a firm makes when conducting a SWOT analysis is:

failing to separate internal issues from external issues. Internal Weakness Strength External Threats Opportunities

What is calculated in a break even analysis?

the sales volume needed to achieve a profit of zero

Hybrid

- Advantages o Combines the economies of scale and the flexibility o Produces more accurate sales forecast - Disadvantages o May not be cost competitive as push system o Firm will incur cost to store component in inventory

The Promotional Mix

- Advertising - Sales Promotion - Personal Selling - Public Relation

4 level of Influencers

- Celebrities (More Reach) - Publishers - Fans - Friends (more Influences)

The Marketing Plan

- Executive Summary - Situation Analysis - Marketing Strategy - Financials - Controls

Types of Retail Stores - Discount Stores

- Full Line Discount Store: o Walmart and Target, sell apparel, cosmetics, sporting goods, toys, electronics, kitchenware, home furnishings. - Specialty Discount Store: o Refer as category killer because they are able to gain high market share within their chosen category. o Dick's sporting Goods: Athletic Apparel o Bed Bath and Beyond: Home décor Supermarket and Grocery store

Fast Fashion

- H&M Forever 21

Supermarket and Grocery store

- Most visited New innovations and time saving offering - Walmart

Four Categories of new Product

- New to market - New Category entries - Product Line extension - Revamped Product

convenince store

- Pay premium prices in exchange or an easy in and out shopping - gas stations

Season discount Pricing

- Price lower during off season

Seven Stages of the Personal Selling Process

- Prospecting - Pre-approach - Approach - Presentation - Handling Objection - Gaining commitment - Follow-up

Unbundling: Escalator Clauses: Shrinkflation:

- Unbundling - instead of selling a set, they sell pieces to what they want and cheaper for the producers - Escalator clause- buy something in that period. If you want to buy it after that time it will be more - Shrinkflation- instead of putting prices higher you make package with less volume with the same price. Pay the same for less

Department Stores

- Upper Tier (Nordstrom) Mid-Tier (Macy's) Lower Tier (Kohl's) o Leased Department Partnership: Sephora inside JCPenney

content marketing techniques

- blog - White Paper - E mail marketing - Video Marketing

Sustainable Marketing Approaches

- consumer oriented -customer value -Innovation -Sense of mission/purpose -Societal

Consumer Behavior Influences

- cultural - social - individual - psychological

Product Adoption Types

- innovators - Early adopters - Early majority - Late Majority - Laggards

3 categories of media investment

- paid - owned - Earned (best kind)

environmental Strategies

- tactical greening - Quasi strategic greening - Strategic greening

Price Bundling

- use to charge higher prices than for individual items and now its altogether.

The Market Research Process

-define the problem, design the research, conduct the research, analyze the data, address the problem

The Price Setting Process

1. Define the pricing objectives 2. Evaluate demand 3. Determine the costs 4. Analyze the competitive price environment 5. Choose a price 6. Monitor and evaluate the effectiveness of the price

New to Market

A new market has no customers, no competitors, there are no products currently serving the market and you cannot measure the size of the opportunity. - Very Risky

Revamped Product

A product that has new packaging, different features, and updated designs and functions.

Strategic greening

A type of environmental marketing activity that integrates and coordinates all of the firm's activities on environmental issues across every functional area.

Tactical Greening

A type of environmental marketing activity that involves implementing limited change within a single area of the organization.

Brand Strategies

Brand Extension: Dove ( body wash, bar soap) Brand revitalization : Rebrand to rebuild trust with customers Co-branding: Taco bell and Doritos Private Labeling: Lower cost alternatives ( Great Value, Kroger Brand, Target Brand) Packaging

The two primary differences between a mission statement and a positioning statement are that a positioning statement is

Brief and public facing

Federal, state, and local governments enact regulations to ensure businesses are fair to each other and that:

Businesses don't take advantage of consumers

Drug Stores

CVS and Walgreens

components of a successful brand

Consistently delivers a product that provides value Creation of a consistent brand image Creation of consistent brand messaging Consistently capture customer feedback

Types of sales Promotion

Coupons Rebates Sweepstakes Loyalty Programs Premiums Trade Sales Promotion

The values of marketing

Create, communicate, delivering

Marketers are particularly interested in targeting Baby Boomers because they typically possess which two things that marketing professionals seek?

Disposable income and free time

Odd/Evening Pricing

Even: $7500.00 ( easier to process. mostly used in luxury brands) Odd: 10.99 ( makes you feel like you are getting a discount)

A disadvantage of catalog marketing is the difficulty in targeting the right customers and tracking their activity: T or F

False

During the decline stage, the firm will likely put forth a lot of effort to change a good's appearance or functionality in order to generate interest for the product: T or F

False

Extreme Value Retailers

Family Dollar Dollar General

The product life cycle

Introduction - has few or no competitors with slow increase of sales Growth - when sales profits and competition increase Maturity - when sales level and competition increase Decline - when product becomes unprofitable

pull strategy

Is when a company build goods based one sales forecast and waits for customer to order the product

Trends in Branded Content Marketing

Live streaming infographics

A firm in the process of developing a ________ ________ might ask these questions: What is our business? Who is our customer? What is our value to the customer? and What should our business be?

Mission Statement - Provides a shared sense of purpose, direction and opportunity

Service Retailers

Movie Theaters Restaurants

In what stage of the new-product development process would a company use a SWOT analysis and environmental scanning to determine where new products may be able to help strengthen the firm's marketing position?

New product strategy development

push stragety

One in which customer order drive manufacturing and distribution operations

Marketing Mix

Product, Price, Place, Promotion

Which scenario exemplifies how culture can present a challenge to international marketing research?

Questions dealing with certain topics or product categories maybe considered rude or inappropriate.

What measure allows marketers to analyze the success of specific products and regions to pinpoint what is working and what is not?

Revenue Analysis

Warehouse clubs:

Sam's Costco

STP

Segmentation, Targeting, Positioning

The three most common and effective strategies marketers can use for raising prices are unbundling, escalator clauses, and...

Shrinkflation

Effective Market Segmentation

Substantial Measurable, Differentiable Accessible Actionable

Off Price Retail Store

TJ MAXX Ross - inconsistent array of merchandise

Market Development

a marketing strategy that entails attracting new customers to existing products

Specialty Store

Tiffany and Co

Common techniques for overcoming objections include acknowledging the objection, postponing, and denial: T or F

True

Product Development

a marketing strategy that entails the creation of new products for present markets (existing market and new product)

Search Marketing

ZMOT Zero Moment Of Truth

Consider the following statements to determine which one accurately describes the concept of consumer ethnocentrism:

a belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods or services.

prestige pricing

its more expensive because they say they are better (Luxury brands)

As a marketing strategy, what is diversification?

offering new products that are unrelated to the existing products produced by a company.

Loss leader Pricing

prices products lower than the cost to produce them in order to attract new customers or to sell additional products to customers.

A push- pull supply chain strategy:

produce more accurate sales forecasts

New Category Entries

products that are new to a company but not new to the marketplace - Less risky

Product Line Extensions

products that extend and supplement a company's established product line - deepening on brand loyal

Supply Chain Strategies

push, pull, hybrid (push-pull)

The measure of a firm's effectiveness in using the resources allocated to its marketing effort is called:

return on marketing investment (ROMI).