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| cost of production that are tied to and vary on the amount of products made |
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| cost of production that doesn't change (rent...) |
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| total fixed cost + total variable |
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| (selling price) - (variable cost per unit) |
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| selling price - total cost |
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| determines the number of unit a firm must produce or sell to break even |
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| (fixed cost)/(contribution per unit) |
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| Objective, Demand, Evaluate Cost, Environment, Pricing Strategy, Pricing Tactics |
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| Pricing strategy based on cost |
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| does not consider demand, competition, or environment |
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| Pricing strategy based on demand |
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| pricing strategy based on competition |
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| pricing strategy based on customer needs |
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skimming pricing - set high premium price
penetration - keep it low
trial - start low gradually increase |
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| charging an initial fee and an additional fee for each product consumer |
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| used with two products that must be used together, printer is cheap printer cartridges are expensive |
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| cost of shipping is paid by customer |
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| cost of shipping is included in paid by manufacturer |
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| customer pays shipping from a specific point based location whether or noth goods are shipped form there |
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| uniform delivered charging |
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| standard shipping price regardless of pricing |
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| cost of shipping is paid for by manufacturer |
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| setting different prices for products in the same product line (based on different quality) |
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| byproduct product pricing |
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| pricing two products that go together |
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| pricing bundles for multiple products |
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| two or more companies conspire to set prices |
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| firm sets low price to drive other firms out of business |
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| Objectives of Advertising |
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| Inform, Persuade, Compare, Remind |
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| Shannon - Weaver Communication Model |
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| producer directs its marketing activities to channels to promote it to final consumers |
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| producer markets directly to final consumer ex. going to a farm stand |
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| advertising, sales promotion, pr, personal selling, direct marketing |
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| non public, immediate, highly targeted marketing, high cost |
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| nonpersonal communication, very expensive, mass media |
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| very believable, planned use can be effective |
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| most effective, direct interaction between company and customer needs, higher price, difficult to ensure sales message consistency |
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| contests, coupons, no focus on brand loyalty |
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| Public service announcements |
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| generated ad content on the web |
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| occurs over a period of time, uses multiple |
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| Steps to make an ad campaign |
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| The Elephant Can Push Me (Target audiences, establish the message and budget objectives, create the ads, pre-test the ad, media, evaluate the ad) |
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| turns process into content |
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| choosing when/where to run the ads |
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| degree to which target market will see the ad |
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| measure the number of people exposed to the message in one or more vehicles |
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| % of target market exposed to the media |
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| avg number of times a person will be exposed to the message |
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| happens throughout the year |
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| advertising in short intense bursts alternated with period in which no advertising is done ex. Rockettes |
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| directed towards the trade |
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| directed towards cinsumers |
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| ex. coupons, price loyalty programs |
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| seeks to get a good relationship with the public |
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| intoruce new products ot manufactureres,/consumers, influence gov't, enhance image of firm, enhance image of city/region |
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| SOS To Everyone (situation of analysis, objective analysis, specificatino of publics, communicated messages, program elements, timetable and budget, discussion of evaluation plan) |
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| customers are sold to and not talked to again |
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| Prospecting, Pre, Handling objections, closing sale, follow up |
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| setting sales forces objectives, |
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| produce all of the goods to make a product, raw material producer |
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| firms/individuals that help move product from producer to consumer |
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| provide time, place, logitistics |
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| variety of products in one location |
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| consumer, b2b, dual distribution, hybrid marketing |
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| planning a channel strategy |
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| all partners have power ex. producers --> wholesalers --> retailers |
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| two or more firms at the same level to push their product |
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| selling only through a single seller in a region |
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| using fewer outlets than intensive but more than exclusive |
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