D077 marketing preassessment | 790 Questions and Answers
What is the main function of Bringing value to customers through activities that create,
marketing? Bringing value to communicate, deliver, and exchange offerings.
customers
Improving partner relationships
Decreasing expenditures
A marketing concept is defined as the use of marketing data
A marketing concept to focus on the needs and wants of customers in order to develop
marketing strategies that not only satisfy the needs of the
customers, but also accomplish the goals of the organization
Product life cycle including an introductory stage, growth stage,
Product life cycle
maturity stage, and finally an eventual period of decline as
sales falls.
Price is something given in exchange for a product. Price may
Price be monetary or nonmonetary (such as waiting in long lines for a
restaurant or giving blood at the local blood bank).
Marketers can expand the current product mix by increasing
Product mix product width (the number of different product lines, or series
of products a company offers) or by increasing product depth
(adding to the sub-products or versions in a product line)
First, a high initial price can be a way to find out what buyers are
willing to pay. Second, if consumers find the introductory price too
high, it can be lowered. Third, a high introductory price can create
4 advantages of Price Skimming
an image of quality and prestige. Fourth, when the price is lowered
later, consumers may think they are getting a bargain. The
disadvantage is that high prices attract competition.
, Enter a market and price your product lower than the perceived
market price so that more people will buy it and increase your
market share. Requires more extensive planning than skimming,
Penetration pricing
because the company must gear up for mass production and
marketing. May induce consumers to switch brands or companies.
May discourage competitors from entering the market.
, Leader pricing is pricing products below the normal markup or
even below cost to attract customers to a store where they would
not otherwise shop. A product priced below cost is referred to as a
Leader pricing
loss leader. Retailers hope that this type of pricing will increase
their overall sales volume and thus their profit. Department stores
and specialty stores also rely heavily on leader pricing.
Bundling means grouping two or more related products together
Bundling and pricing them as a single product. Bundling the second
product to the first at a slightly reduced price thus creates
some sales that otherwise would not be made.
The strategy of raising the price of a product so consumers will
Prestige pricing
perceive it as being of higher quality, status, or value
Setting the price of a product according to competitor prices, to
Competitive pricing strategy
use price as one of the features that differentiates the product.
Any paid form of nonpersonal promotion by an identified sponsor
Traditional advertising
that is delivered through traditional media channels.
A face-to-face presentation to a prospective buyer, often based on
Personal selling
long-term relationships.
Integrated marketing communications (IMC). IMC involves carefully
coordinating all promotional activities—traditional advertising
Integrated marketing (including direct marketing), sales promotion, personal selling,
communications (IMC). public relations, social media and e-commerce, packaging, and
other marketing elements—to produce a consistent, unified,
customer-focused message.
Includes channels such as physical locations, e-commerce, mobile
Omnichannel communication applications, and social media. Rather than working in parallel,
communication channels and their supporting resources are
designed and orchestrated to cooperate.
Place involves some method of getting the product from the
creator of the product to the customer. Place includes a myriad of
What is the main function of Bringing value to customers through activities that create,
marketing? Bringing value to communicate, deliver, and exchange offerings.
customers
Improving partner relationships
Decreasing expenditures
A marketing concept is defined as the use of marketing data
A marketing concept to focus on the needs and wants of customers in order to develop
marketing strategies that not only satisfy the needs of the
customers, but also accomplish the goals of the organization
Product life cycle including an introductory stage, growth stage,
Product life cycle
maturity stage, and finally an eventual period of decline as
sales falls.
Price is something given in exchange for a product. Price may
Price be monetary or nonmonetary (such as waiting in long lines for a
restaurant or giving blood at the local blood bank).
Marketers can expand the current product mix by increasing
Product mix product width (the number of different product lines, or series
of products a company offers) or by increasing product depth
(adding to the sub-products or versions in a product line)
First, a high initial price can be a way to find out what buyers are
willing to pay. Second, if consumers find the introductory price too
high, it can be lowered. Third, a high introductory price can create
4 advantages of Price Skimming
an image of quality and prestige. Fourth, when the price is lowered
later, consumers may think they are getting a bargain. The
disadvantage is that high prices attract competition.
, Enter a market and price your product lower than the perceived
market price so that more people will buy it and increase your
market share. Requires more extensive planning than skimming,
Penetration pricing
because the company must gear up for mass production and
marketing. May induce consumers to switch brands or companies.
May discourage competitors from entering the market.
, Leader pricing is pricing products below the normal markup or
even below cost to attract customers to a store where they would
not otherwise shop. A product priced below cost is referred to as a
Leader pricing
loss leader. Retailers hope that this type of pricing will increase
their overall sales volume and thus their profit. Department stores
and specialty stores also rely heavily on leader pricing.
Bundling means grouping two or more related products together
Bundling and pricing them as a single product. Bundling the second
product to the first at a slightly reduced price thus creates
some sales that otherwise would not be made.
The strategy of raising the price of a product so consumers will
Prestige pricing
perceive it as being of higher quality, status, or value
Setting the price of a product according to competitor prices, to
Competitive pricing strategy
use price as one of the features that differentiates the product.
Any paid form of nonpersonal promotion by an identified sponsor
Traditional advertising
that is delivered through traditional media channels.
A face-to-face presentation to a prospective buyer, often based on
Personal selling
long-term relationships.
Integrated marketing communications (IMC). IMC involves carefully
coordinating all promotional activities—traditional advertising
Integrated marketing (including direct marketing), sales promotion, personal selling,
communications (IMC). public relations, social media and e-commerce, packaging, and
other marketing elements—to produce a consistent, unified,
customer-focused message.
Includes channels such as physical locations, e-commerce, mobile
Omnichannel communication applications, and social media. Rather than working in parallel,
communication channels and their supporting resources are
designed and orchestrated to cooperate.
Place involves some method of getting the product from the
creator of the product to the customer. Place includes a myriad of
