Marketing Final Review

Product falls, profits are smaller than costs, deciding if they want to discontinue or continue the product,

Break even point formula

What are the promotion types

Occurs when competitors agree on certain price ranges where they agree on their own prices (it is illegal)

The amount a customer pays for the product. (Very important, determines the companies profit and survival.)

The product is enjoying success, advertising focuses on customer satisfaction

When a company does some thing to make themselves look good

Peak of product, sales level off, more competition, advertising expenses climb

Rate of investment (ROI) formula

Where can product placement be found

Which part of print media catches the readers attention

Supermarket brand milk or sour cream that is not widely promoted is an example of

Having a product where customers can buy it

They are made/sold by a specific retailer and meant to compete with brand-name goods (off brand)

The concepts and strategies used to develop target specific audiences

McDonald’s, Nike, Hershey, and Coca-Cola are all examples of

An assessment that lists and analyzes the companies strengths and weaknesses; along with opportunities and threats.

Involves communication with the customer

The amount made after all expenses are paid

SWOT stands for:

A group of closely related products sold or manufactured by a business

Face to face selling is

Walmart’s “Great Value” brand is an example of

A statistic that describes a population in terms of personal characteristics

obtaining, developing, maintaining, and improving a product or a product mixed in response to market opportunities.

The effort to inform, persuade, or remind current and potential customers about a business is product or services

Marketing where they mainly focus on customer loyalty and long-term customer engagement

Profit formula

Refers to providing the product at a place that is convenient for a customer to access

A product distributed under a brand name that is very well known

Changing raw materials into usable goods or putting parts together to make them more useful

Exchange of a product for money

The process of deciding how to get goods into customers hands

The smaller text inside the print media explaining what is happening

A primary source is an old source

A customer profile is the same thing as customer characteristics

Based on a customers purchasing related behavior

Order of stages in the product life cycle

The 4 types of marketing research are…

Promotional campaign begins with

A product is seen as an item that satisfies what a customer demands. (It is a tangible good or a tangible service)

What type of pricing is it when you calculate the cost and expenses of doing business and then add the projected margin?

All methods of communication a marketer may use to provide information to different parties about a product.

Short term campaigns to spark interest and create demands for products or services

Having a product or service available at a certain time of year or a convenient time of day

The drawing inside of the print media is called the

Tells you who wrote/created the print media

The activity or profession of producing advertisement for commercial products or services

At this stage a product is introduced to the market and the company focus it’s efforts on promoting it

Rate of return (ROI) is used to determine the relative profitability of a product, always written in percent form.

A brand or product that is not widely known, product is usually cheaper due to lack of promotion

Segments of the market based on where people live

A variety of products in different categories that a company manufactures and sells

Point at which sales revenue equals costs and expenses of making and distributing a project.

The process of intentionally stimulating demand for and purchase of goods/services.

A grouping of people with similar: attitudes, hobbies, personalities, lifestyles.

Gathering and using information about customers to improve business decision making.

A secondary source is a new source

Hardest step in marketing research