Price
Give this one a try later!
-price dictates margin profit
-identifying the price that maximizes revenue is also part of marketing
(explains how marketing, economics, and finance are related)
-decisions and actions associated w/ establishing pricing objectives and
policies
-determines profit
,Marketing era
Give this one a try later!
-focus on customer orientation
-turning point, had to think about what customer wants
Time/reality effects?
Give this one a try later!
-in time we have competitive products
-as time goes on and companies make hundreds of a certain product and it
is selling really well, then other companies will develop a mock product
that is almost identical and the same quality (ex: droid and iPhone)
-this brings in short term vs long term advertising, once the market reacts
w/ competitor products that have similar benefits, the dominant firm now
has to convince customers its product is superior aka more advertising or in
Fords case offer the model T in more colors than just black
Sales era
Give this one a try later!
-firms pushed products using aggressive sales tactics
-short-term profit maximization
4 p's
, Give this one a try later!
-product
-price
-place
-promotion
Pure competition
Give this one a try later!
exists when there are a large number of sellers with similar products and
low barriers to entry
Dr Brady's approved definition of marketing
Give this one a try later!
-the aim of marketing is to make selling and advertising unnecessary
- advertising and selling are the biggest definers of promotion
-the aim of marketing is to know and understand customers so well the
product or service fits them and sells itself
Misperceptions of Marketing
Give this one a try later!
Give this one a try later!
-price dictates margin profit
-identifying the price that maximizes revenue is also part of marketing
(explains how marketing, economics, and finance are related)
-decisions and actions associated w/ establishing pricing objectives and
policies
-determines profit
,Marketing era
Give this one a try later!
-focus on customer orientation
-turning point, had to think about what customer wants
Time/reality effects?
Give this one a try later!
-in time we have competitive products
-as time goes on and companies make hundreds of a certain product and it
is selling really well, then other companies will develop a mock product
that is almost identical and the same quality (ex: droid and iPhone)
-this brings in short term vs long term advertising, once the market reacts
w/ competitor products that have similar benefits, the dominant firm now
has to convince customers its product is superior aka more advertising or in
Fords case offer the model T in more colors than just black
Sales era
Give this one a try later!
-firms pushed products using aggressive sales tactics
-short-term profit maximization
4 p's
, Give this one a try later!
-product
-price
-place
-promotion
Pure competition
Give this one a try later!
exists when there are a large number of sellers with similar products and
low barriers to entry
Dr Brady's approved definition of marketing
Give this one a try later!
-the aim of marketing is to make selling and advertising unnecessary
- advertising and selling are the biggest definers of promotion
-the aim of marketing is to know and understand customers so well the
product or service fits them and sells itself
Misperceptions of Marketing
Give this one a try later!
