MARK 3336 Exam2

Involves Aggregating prospective buyers into groups that 
1) have commin needs
2) will respond similarly to a marketing action 

The relatively homogeneous groups of prospective buyers that result from the market segmentation process.  Each consists of people who are relatively similar to each other in terms of their consumption behavior.

This strategy involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products. 

The quantity consumed or patronage (store visits) during a specific period

Framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.  

usage rate is sometimes referred to as this.  This concept suggests that 80% of a firm's sales are obtained from 20% of its customers.

A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands as well as a firm's own product or brand. 

Refers to the place a product occupies in consumers' minds on important attributes relative to competitive products.  

Changing the place a product occupies in a consumers mind relative to competitive products

A good, service or idea consisting of tangible and intangible features that satisfies consumer's needs and is received in exchange for money or something else of value

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value

Products purchased by the ultimate consumer

Products organizations buy that assist directly or indirectly in providing other products for resale

A specific product that has a unique brand, size or price

A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outles or prices

All the product lines offered by a company

The four unique elements that distinguish services from goods: 

Intangibility
Inconsistency
Inseparability
Inventory 

When the service provider is available, but there is no demand for the service

The seven stages and organization goes through to identify business opportunities and convert them into salable products or services

The process of managing the entire customer experience within the company 

The stages a new product goes through in the marketplace:

Introduction
Growth
Maturity
Decline 

In which an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors

Any word, device (design, sound, shape or color) or combination of these used to distinguish a seller's goods or services

A set of human characteristics associated with a brand name

The added value a brand name gives to a product byond the functional benefits provided

A branding strategy in which a company uses one name for all its products in a product class

A branding strategy that involves giving each product a distinct name

Expanding the four P's framework to include: 

Productivity
People
Physical Environment
Process 

Integrating the service component of the marketing mix with efforts to influence consumer demand

Charging different prices during different times of the day or days of the week to reflect variations in demand for the service

The money or other consierations (including other products and services) exchanged for the ownership or use of a product or service

Profit equals total revenue minus total cost

The ratio of perceived benefits to price

Value =

Profit = 

A graph relating the quantity sold and the price which shows how many units will be sold at a given price

The percentage change in the quantity demanded relative to a percentage in price

The total money received from the sale of a product; the unit price of a product multiplied by the quantity sold

Total Revenue Equation

The total expenses incurred by a firm in producing and marketing a product; total cost is the sum of fixed costs and variable costs

A technique that examines the relationship between total revenue and total cost to determine profitability at different levels of output

Expectations that specify the role of price in an organization's marketing and strategic plans

Factors that limit the range of prices a firm may set

Break-even
point= 

Unitvariable cost= 

Profit = 

Four general pricing approaches

skimming prices

penetration price

prestige

demand oriented approaches

odd-even pricing

Demand Oriented Pricing Approaches (7)

Cost Oriented Pricing Aproaches (2)

Profit Oriented Pricing (3)

Competition Oriented Pricing Approaches (3)