Badm 320 Exam 1 flashcards _ Quizlet

Types of decisions related to product in marketing

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: f decisions related to "Price" in marketing mix List price discounts Allowances pa y m e n t pe r i o d credit terms Types of decisions related to "Promotion" in marketing mix Budget for promotion Types of advertising (radio, TV, print) Types of promotion (coupons, events, s po n s o r s h i ps ) Public relations Types of decisions related to "place" in marketing mix Locations Inventory Logistics Transportation of the product cha nne l s Positioning Defining marketing mix variables so that target customers have clear, distinctive desirable understanding of what product does or represents in comparison to competing product. What 3 things does a marketing strategy identify? 1. Firm's target market 2. a related marketing mix (4 p's) 3. The bases on which firm plans to build a sustainable competitive advantage Influence of internet on Porter's 5 fo r c e s 1. More easily allows substitutes for products due to ease of acquiring information. 2. Decreases bargaining power of suppliers b/c of ease of obtaining info about new suppliers. 3. Increases buying power of buyers 4. Reduces barriers to entry P u bl i c s Any group that has actual or potential interest in or impact on organization's ability to achieve its goals. (banks, stockholders, government a ge n c i e s ) What are the 5 types of customer groups? 1. Consumer markets (individuals) 2. Business markets (organizations purchasing for their own use) 3. Reseller markets (retailers buy to sell to end us e rs ) 4. Government markets 5. International markets (exports and imports) Disposable income Money left over after taxes are paid q 320- exam- 1- flash- car ds/ 11/12 9/6/13 Badm 320 Exam 1 flashcar ds | Quizlet Discretionary income Money left over after taxes and necessities such as food, clothing, housing paid. Functional needs The actual performance of a product or service. P s y c h o l o g i c a l n e e ds Personal gratification consumers associate with a particular service (buying really expensive s ho e s ) P ri ma cy Tendency to show better memory for things that c o m e fi r s t i n a s e q u e n c e . Recency Tendency to show better memory for things that c o m e l a s t i n a s e qu e n c e . Perception Process by which we select, organize and interpret information to form a meaningful picture of the world. Assigning meaning to things such as colors, symbols, tastes. S et Ch a m p io n s There are no high scores or champions for this set yet. Co m p leted “L ea r n ” mode 11leibj You can sign up or log in to be the first! © 2 0 1 3 Quizlet Sign U p Ins ide Q uizlet How it Wor ks Mobile Teac her s Mis s ion Team Jobs Ter m s Pr ivac y q 320- exam- 1- flash- car ds/ 12/12...
View Full Document

This note was uploaded on 01/25/2014 for the course BADM 320 taught by Professor Staff during the Winter '08 term at University of Illinois, Urbana Champaign.

Ask a homework question - tutors are online