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Definition
| like car companies, only a few have almost the entire market share |
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| setting prices based on buyers' perception of value rather than on sellers' costs |
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add services/value+charge accordingly |
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| Price Elasticity of Demand |
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Definition
| inelastic is when if you change price, it doesn't effect demand |
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Definition
| set high price for a new product to skim revenues layer by layer from market |
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Definition
| Set a low initial price to penetrate market quickly and deeply |
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| pricing different based on segment (customer segments, product-form, location, time) |
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| higher price=higher quality; where you buy |
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Definition
| like the baseball team that changes prices based on opponent, pitchers, weather |
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| Respond to Competitor price changes |
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Definition
| reduce price, raise perceived value, improve quality+price, launch low-price "fighting" brand |
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| producing and making products available to buyers by "upstream" and "downstream" supply chain partners |
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| raw materials, components, parts, info, finance |
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| cut out middle-man; go directly to final buyers, or when radically new types of channels displace traditional ones (VCR/DVD/Digital) |
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| advertising, personal selling, sales promotion, public relations |
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Definition
| reaches large geographic area, repeat message many times, legitimizes advertiser, impersonal, expensive |
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Definition
| effective at times, personal interaction, expensive |
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| wide array of tools, attracts attention, incentive to buy, dramatize product offers, invites and rewards quick consumer response, effects are short lived |
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Definition
| believable, reaches avoiders, dramatize company or product, afterthought, 3rd party endorsement |
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Definition
| shove through distribution channels to sell |
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Definition
| when consumers want, producers bring |
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Term
| types of advertising budgets |
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Definition
| affordable method; percentage-of-sales method; competitive parity method; objective/task method |
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Term
| percentage-of-sales advertising method |
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Definition
| use some % of sales for budget |
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| competitive parity method |
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Definition
| amount competitors are spending |
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Term
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Definition
| what do you want to achieve? most sensible, hardest to do |
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Definition
| building good relations with the firms various publics by obtaining favorable publicity; can impact awareness at lower cost than advertising; can yield spectacular results; is beginning to play an increasingly important brand building role |
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Term
| forms of direct marketing |
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Definition
| catalogs, telemarketing, direct response TV market, kiosk marketing, new digital technologies, online marketing, face-to-face selling, direct mail marketing |
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Term
| 3 strategies of digital marketing |
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Definition
| data, content, relationship |
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| 3 methods of online marketing |
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Definition
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Term
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Definition
| 80/20 rule says that 80% of profits come from 20% of products versus long tail where there is a new role for unusual, niche products |
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| ads based on interests like at google |
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Definition
| personalization; track interests, habits, and location; privacy concerns |
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| user generated content inspires |
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Definition
| brand perception, brand engagement, brand dialogue, brand trust |
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