marketing final 2

  1. four elements of relatioship marketing
    database technology, database marketing, monitoring relationships and customer relationship management
  2. product life cycle
    progression of a product through introduction, growth, maturity, and decline stages
  3. introduction stage
    first stage of a product lifecycle, in which a firm works to stimulate sales of new market entry
  4. growth stage
    second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product
  5. Maturity stage
    third stage of the lifecycle in which industry sales level out
  6. Decline stage
    final stage of the product lifecycle in which a decline in total industry sales occur
  7. New product planning process steps
    idea generation, screening, business analysis, concept testing, test marketing, commercialization
  8. idea generation
    getting ideas from many sources. Suggestions from customers, sales force, research and development specialists, competing products, suppliers, retailers and independent investors
  9. Screening
    Separate ideas with commercial potential from those that cannot meet company objectives
  10. business analysis
    assessing the new products potential market, growth rate and competitive strengths
  11. concept testing
    subjects the product idea to additional study before its development by involving consumers through focus, and instore polling groups, surveys
  12. test marketing
    purpose is to verify that the product will perform well in a real life environment
  13. commercialization
    the product is ready for full scale marketing; can expose the firm to substantial expenses
  14. customer service
    level of customer service the distribution activities supports
  15. transportation
    how the firm ships its products
  16. Inventory control
    quantity of inventory the firm maintains at each location
  17. i
  18. Protective packaging and materials handling
    how the firm packages and efficiently handles goods in the factory, warehouse, and transport terminals
  19. order processing
    how the firm handles orders
  20. warehousing
    distribution systems location of stock and the number of warehouses the firm maintains
  21. five modes of transportation
    rail, water, truck, pipeline and air
  22. advantage and disadvantage of rail
    can hold alot of stuff, but infrequent shipments
  23. advantage and disadvantage of water
    low pricing, but very slow speed
  24. advantage and disadvantage truck
    very extensive availability at different locations, but high costs
  25. advantage and disadvantage pipeline
    frequent shipments but slow speed
  26. advantage and disadvantage air
    very fast speed, but very high costs
  27. major developments in the history of retailing
    variety stores, department stores, mass merchandisers, (discount house, off-price retailers, hypermarkets and catalog retailers)
  28. elements of promotional strategy
    personal selling, advertising, sale promotion, public relations, direct marketing, and guerrilla maketing
  29. 4 methods of promotion budget
    • percentage of sales method
    • fixed sum per unit method
    • meeting competition method
    • task objective method
  30. percentage of sales method
    a budget in which a dollar amount is based on a percentageof past of projected sales
  31. fixed sum per production unit
    budget in which a predetermined amount is distributed to each sales or production unit
  32. meeting competition method
    a budget that simply matches competitors outlay
  33. task objective method
    development of budget based on the evaluation of the firms promotional objectives
  34. pricing objectives
    • profitability,
    • volume
    • meeting competition
    • prestige objectives
  35. profitability objectives
    setting prices with profit in mind. purpose of profit maximizaton and target return
  36. volume objectives
    set a minimal acceptable profit level and seek to maximize sales. sales maximization and market share
  37. meeting competition objectives
    seeks to simply meet competitor prices; deemphasizes the price element of the marketing mix and focus strongly on non variable prices
  38. prestige objectives
    establish a high price to develop and maintain an image of quality and exclusiveness
Card Set
marketing final 2