Mkt Final Study guide (ch15-19)

Identifying customer needs pointing out the need to

Info icon This preview shows pages 4–6. Sign up to view the full content.

View Full Document Right Arrow Icon
- Identifying customer needs, Pointing out the need to the customer, & Completing the order 7 Steps of the Sales Process - Prospecting & Qualifying, Approach, Presentation, Demonstration, Handling Objections, Closing, & Follow-Up 7 Functions Sales Managers Perform - Recruitment & Selection, Training, Organization, Supervision, Motivation, Compensation, & Evaluation and Control Span of Control - # of sales representatives who report to 1 st level sales managers Characteristics of Companies that foster Corporate Cultures Employees who understand what is expected on them, Open Communication, & Managers who lead by example Sales Promotion- marketing activities other than personal selling, advertising, and publicity designed to enhance consumer purchasing & dealer effectiveness Types of Consumer-Oriented Sales Promotions Coupons, Refunds, Samples, Bonus Packs, Sweepstakes, & Specialty Advertising Types of Trade-Oriented Sales Promotions Trade allowances, POP advertising, trade shows, dealer incentives, & contests Chapter 18 Purpose of the Robinson-Patman Act Amended the Clayton Act to prohibit price discrimination in sales to other products, wholesalers, or retailers that aren’t based on a cost differential At the state level, unfair-trade laws require sellers to maintain minimum prices for comparable merchandise Fair-Trade laws permitted manufacturers to set minimum retail prices for products and to require their dealers to sign contracts agreeing to abide by such prices Target-Return Objectives- short-run or long-run goals usually stated as % of sales or investment Value Pricing - benefits a product provides in comparison to the prices and quality levels of competing offerings
Image of page 4

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Prestige Pricing establishes a relatively high price to develop & maintain an image of quality that appeals to status-conscious customers; seller uses price to create an overall image of the firm Goals of Pricing Strategy for Not-for-Profit Organizations Profit maximization, Cost recovery, Market incentives, & Market Suppression 2 Basic Ways to Determine Price Applying theoretical concepts of supply & demand Completing cost-oriented analysis 4 Types of Market Structures Pure Competition, Monopolistic, Competition, Oligopoly, & Monopoly 2 Types of Costs that make up a product’s total cost Total variable costs & Total Fixed costs Determinants of Elasticity Availability of substitute or complementary goods Classification of a good or service as a luxury or a necessity The portion of a person’s budget spent on an item The time perspective Usual Relationship between Elasticity & Revenue A price cut increases revenue only for a product with elastic demand, and a price increase raises revenue only for a product with inelastic demand 3 Reasons it is difficult to put price theory into practice Assumption of price theory is all firms attempt to maximize profits; doesn’t always happen in practice Demand curves can be extremely difficult to estimate Poor communication between economists & managers, making it difficult to apply price theory Full-Cost Pricing - uses all relevant variable costs in setting a product’s price Incremental-Cost Pricing-
Image of page 5
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern