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Marketing test
final exam
14
Marketing
Undergraduate 2
11/29/2015

Additional Marketing Flashcards

 


 

Cards

Term
Marketing Mix (4ps)
Definition

 

  • Product- The actual thing being sold/purchased

  • Price- Cost of advertising, R&D, etc.

  • Place- Transportation of product, warehousing, distribution, etc. Efficiency!

  • Promotion- Informing people about your product/service
Term
Target market
Definition
Marketing mix + target market + timing element = marketing strategy
Term
80/20 Rule
Definition

 

    • 80% of your profits come from 20% of your customers

Term
SWOT
Definition

 

    1. Strengths, weaknesses, opportunities, threats

    2. S&W are inside, O&T are outside

Term
Breakthrough Opportunities
Definition
When a company comes up with a hard to copy marketing mix that generates long term profits & satisfying customers 
Term
Type Of brands
Definition

1. Individual brand

Name of a specific product

E.G. Coke

2. Family brand

A group of several related products under one name

3. Fighting brand

  • A specific brand positions another specific brand

  • E.G. Whopper vs Big Mac, Coke vs Pepsi

4. Manufacturer’s brand

  • A national brand that is identified by the producer or manufacturer

    • E.G. Whirlpool, Apple, Intel

5. Generic brand

  • No identification except contents; not common any more

6. Dealer (Store) brand

  • Brands from the company that sells it

    • Wegmans brand, Tops brand, Walmart brand

7. Licensed brand

 When you pay the owner of something money to use their brand

Term
individual product items
Definition
Like a 2L of Coke
Term
product line
Definition

 

A set of closely related products

Term
product extension
Definition
Like Diet Coke, Cherry Coke,
Term
product cannibalization
Definition
When a product line is extended and it takes the sales from another of your products
Term
product assortment/product mix
Definition
All the products the company sells
Term
product category width
Definition
The number of product lines offered by a company
Term
product category depth
Definition
The number (variety) of products within a line
Term
Type of Consumer Goods
Definition
  • Convenience goods- Dont think much about purchase
  • Shopping Goods- Homogenious; Products that buyers see as all the same, dont care about product attributesHeterogenious; Same as homogenious, care about product attributes
  •  Specialty Goods: Brand is important
  • Unsought Goods:You don’t know about and don’t know much about
  • Newly Unsought Goods: Products you’ve never heard of before
  • Regularly Unsought Goods: Goods you know about but aren’t in the market for
  • Industrial Goods - Products used to deliver or make other products or services
  • Supplies – Also expense items, but do not become part of the final product (MRO items- maintenance, repair operating items)

  • Services – Organizations hire services
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