Marketing Study Guide

Topics: Marketing, Sales, Promotion Pages: 5 (1044 words) Published: April 30, 2013
Marketing Study Guide:
* Obtaining new products:
* New-product development and acquisition
* Product classifications
* Product improvements, product modifications, and original products * Crowdsourcing
* Crowdsourcing is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new-product innovation process * Product Life Cycle

* Product development: Sales are zero, investment costs mount * Introduction: profits are nonexistent, heavy expenses, slow sales growth, * Growth: rapid market acceptance and spike in profits * Maturity: acceptance, profit levels off or decline slowing of sales grow, slowing of growth, competition * Decline: sales fall off and profits drop

* Fixed costs
* These are costs that do not vary with production or sales level. Examples include rent, salaries, insurance, and accountancy costs. * Variable costs
* These are costs that vary directly with the level of production. Examples include materials, labor, fuel, etc * Economies of scale
* The increase in efficiency of production as the number of goods being produced increases. Typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods * Perceptions of price

* High price = high quality
* Promotion mix – what is it
* Is the specific blend of promotion tools that the company uses to persuasively communicate with customer value and build customer relationships. * Advertising
* Any paid form of non-personal presentation and promotion of ideas goods or services * Feedback – in the communications process
* After sending a message one must research the effects of the message . Remember, how many times you see it, what points do you recall, and how you feel about the message… Will suggest changes that need to be made * Noise – in the communications process

* Unplanned static or distortion during the communication process. Message is not receive correctly * Personal Selling
* Is one of the oldest professions in the world.,
* Selling is the personal presentations by a firm’s sales force for the purpose of making sales and building customer relationships. * Sales promotion
* is short-term incentives to encourage the purchase or sale of a product or service. * Public relations
* includes building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image,, and handling or handing off unfavorable rumors, stories, and events. * Direct marketing

* direct connections with carefully targeted individual consumers to both obtain and immediate response and cultivate lasting customer relationships. * Pull
* a promotional strategy that calls for spending a lot on customer advertising and promotion to induce final consumers to buy the product, creating demand vacuum that “pulls” the product through the channel. * Push

* a promotional strategy that calls for using sales force and trade promotion to push the product through channels. The producer promotes the product to channel members who in turn promote it to final consumers. * Reach, frequency , and impact are all media decisions. Define each. * Reach is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given time. Frequency is the measurement of how many times the average person in the target market is exposed to the message. The impact of media decisions is depending on medium of advertising and the quantitative value of message exposure through that medium. * Advertising objectives

* are specific communication tasks to be accomplished with a specific target audience...
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