Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
80 Cards in this Set
- Front
- Back
Firm that has lower cost will sell at lowest cost.
|
Product Share Leadership
|
|
Price higher than competition to cover image.
|
Product quality
|
|
Pricing just right to stay in business
|
Survival
|
|
Choose the right price to make the most profit
|
Current Profit Max
|
|
Price product base on marketing mix.
|
Marketing mix.
|
|
No body control the market
|
Pure competition
|
|
Range of provider that distinguish their product through promotion.
|
Monopolistic
|
|
Few seller that agree on the price.
|
Oligopolistic
|
|
One producer they can set any price they want as long as the government allow them to.
|
Monopoly
|
|
Make consumer feel the value of what they are paying for
|
Consumer Perception
|
|
High quality high price product pricing is?
|
Premium Pricing
|
|
Good quality product at low price is?
|
Economy Pricing
|
|
High quality product relative to cost?
|
Good Value
|
|
Selling a commodity and relying on brand or unique feature to charge high price
|
Overcharge
|
|
In product Mix decision: Selling extra on original product at reasonable price
|
Product Line
|
|
Setting price for products use in conjunction with the main product in order to force you to buy the product.
|
Captive Product.
|
|
Setting price for one particular thing
|
By product pricing
|
|
Buy several different products at one price.
|
Product Bundling
|
|
Get discount when selling to other business or selling to industry
|
Functional pricing
|
|
Selling the same product at 2 different price.
|
Segmented price adjustment.
|
|
Price the product so that customers will see value in the product.
|
Psychological price adjustment.
|
|
Pricing product below the listing price?
|
Promotional price adjustment.
|
|
Introduce a new product at a high price? Happen when you're the only one in the market that has the product.
|
Market skimming
|
|
Introduce a new product at a low price?
|
Market Penetration
|
|
In channel conflict when there is two different distributors?
|
Horizontal Conflicts
|
|
In channel conflict when there is a conflict between manufacture and distributor.
|
Vertical.
|
|
In channel design: Analyze consumer needs - move product from manufacture to consumer.
|
Step 1
|
|
In channel design: Channel objective and constraints- determine level of service and who is targeting, how often the consumer needs to buy the product.
|
Step 2
|
|
In channel design: Identify alternatives
|
Step 3
|
|
In channel Design: Evaluate alternative
|
Step 4
|
|
In channel Design: Design international distribution - international distributor is different due to local area.
|
Step 5
|
|
When Identify alternative in channel design: Stock your product as many places as possible is
|
Intensive
|
|
When Identify alternative in channel design: Distribute in certain place/area/store/ usually for high end product
|
Exclusive
|
|
When Identify alternative in channel design: Distribute to most area, but not all
|
Selective
|
|
In channel design evaluation alternative: How profitable are distributors is
|
Economic
|
|
In channel design evaluation alternative: How much control over product
|
Control
|
|
In channel design evaluation alternative: How adaptable
|
Adapdability
|
|
Divide market into distinct group of buyers with specific needs, characteristics or behavior who might require separate products or marketing mix
|
Market segmentation
|
|
One product or services to everyone
|
Mass marketing
|
|
Isolating a broad segment of market and adopting to meet consumers needs
|
Segment marketing
|
|
Focus on sub-segmentation of niches with indistinct
|
Niche marketing
|
|
Tailor product to meet individuals needs
|
Micromarketing
|
|
Tailor brand and promotion to the need of local customer
|
Local marketing
|
|
Tailoring product for individual
|
Individual marketing
|
|
Segmenting markets by county, size, density, or climate
|
Geographic segmentation
|
|
Segment market base on lifestyle
|
Psychological
|
|
age, height and etc....
|
• Demographic segmentation
|
|
d. Requirement for effective segmentation:- requirement - meet objectives
|
Measurable
|
|
d. Requirement for effective segmentation:- can enter the market and be able to market
|
• Accessible
|
|
Requirement for effective segmentation:large enough to be affective
|
Substantial
|
|
The requirement for effective segmentation: separate potential to non potential
|
Differentiate
|
|
d. Requirement for effective segmentation:able to sell product
|
• Actionable
|
|
Anything that can be offer to market for attention, acquisition, consumption
|
Product
|
|
Activity that benefits a party and is intangible in nature
|
Service
|
|
primary reason you buy product
|
a. Core product
|
|
Use differentiate with other product
|
Actual product
|
|
Adding consumer service to core and actual product (customer service, Warranty). Making product more appeal
|
Augmented product
|
|
1. Raw material-whatever require to make product
2. Capital item equipment-buying large pieces of equipment 3. Supplies and services- smaller purpose (lubricant, silicon ) 4. Installation-pay extra to have equipment install 5. Accessories-extra capacity that go beyond (star buck-special favoring) 6. Professional service-legal fees, accounting fee, auditing fees |
Industrial Product.
|
|
Advertising, promotion of product and imaging the company
|
Corporate image
|
|
Promoting products and celebrity
|
Person marketing
|
|
General specific ideas of marketing
|
Ideas
|
|
Measuring the product ability to satisfy your needs
|
Product quality
|
|
Incorporating customer’s desired features
|
Product features
|
|
-name,terms, sign, symbol, or design that differentiate ur product
|
d. Branding
|
|
Brand to the extent it creates brand loyalty
|
Brand equity
|
|
1. Suggest something about product
2. Easy to pronounce and recognize 3. Brand name is distinctive 4. Name translate to 4 languages 5. Brand capable of registration |
Brand name selection
|
|
celebrity sell their name to identify product
|
2. Licensing
|
|
Develop a new item in same brand name
|
Line Extension
|
|
User the same brand name to launch new product
|
2. Brand extension
|
|
Numbers of brand in same product
|
Multi-brand
|
|
Offer new brand because new product will dilute existing brand
|
New Brand
|
|
Activities to design / product container for product
|
Packaging
|
|
Product line decision when it comes to offer different size it is?
|
Product Stretching
|
|
Adding more items in product line
|
Filling
|
|
Product mix decision: A number of different products line. Honda, Acura, etc.
|
Product Mix Width
|
|
Product Mix decision: Honda accord, honda civic
|
Product mix length
|
|
Number of version available in a product
|
Product Mix Depth
|
|
Challenges that have to do with aged of the product and technology is?
|
New Product Development
|
|
Looking in environment for new product to meet consumer needs
|
New Product Development
|
|
* Unique superior products- high quality, better feature than competition
* Well define product concept –access customer need and develop a product to meet those needs * New product development process- planning and setting a systematic product process * Acquisition –buying product and put name on it * New product development process- come up with a brand new product |
Keys to new product development.
|