Badm 320 Exam 1 flashcards _ Quizlet

Types of decisions related to product in marketing

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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 uizlet.com/19475064/badm- 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 uizlet.com/19475064/badm- 320- exam- 1- flash- car ds/ 12/12...
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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.

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