Marketing 301 – Final Exam Study Guide – Flashcards
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Marketing Concept
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1. understand the customer's wants and needs 2. be able to satisfy those needs 3. make a profit, pay the bills
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Marketing Exchange
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people give up something to receive something they would rather have
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Marketing Exchange involves
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1. At least two parties 2. Something of value 3. Communication and delivery 4. Freedom to accept / reject 5. Desire to deal with other party
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Market Management Styles
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1. Production 2. Sales 3. Market 4. Societal
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Production
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focuses on internal capabilities of the firm
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Sales
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aggressive sales techniques high sales = high profit
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Market
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focus on satisfying customer needs/wants
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Societal
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satisfy customers while benefiting society's well-being
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Strategic Planning
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process of creating and maintaining a fit between objectives, resources, and evolving opportunities
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Strategic Planning Involves
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1. Mission Statement 2. Setting Objectives 3. SWOT Analysis 4. Business Portfolio 5. Marketing Strategy
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Mission Statement
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Setting Objectives
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SWOT Analysis
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Business Portfolio
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Marketing Strategy
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1. S-T-P 2. 4 p's
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S-T-P
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4 P's
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1. product 2. placement 3. promotion 4. planning
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competitive advantage
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the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
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Competitive Advantage (continued)
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1. high quality product 2. rapid delivery 3. low prices 4. excellent service 5. unique features
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Growth Strategy
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Market Penetration Market Development Product Development Diversification
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Market Penetration
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Present Market - Present Product
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Market Development
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New Market - Present Product
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Product Development
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Present Market - New Product
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Diversification
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New Market - New Product
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Macro-Environment Factors
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1. social factors 2. economic conditions 3. political/legal factors 4. technology 5. competition 6. demographics
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Social Factors
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attitudes values lifestyles
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Economic Conditions
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distribution of income inflation recession
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Political/Legal Factors
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laws and regulations
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Technology
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New Research
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Competition
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how many competitors? how big are the competitors? how interconnected in the industry?
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demographics
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age race ethnicity location
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Global Expansion
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export licensing contract manufacturing joint venture direct investment
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Export
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made in one location and shipped elsewhere
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Licensing
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legal agreement allowing foreign use of a company's patent or knowledge
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Contract Manufacturing
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private label manufacturing by a foreign company
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Joint Venture
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domestic and foreign companies work together
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Direct Investment
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a company builds a plant in a foreign company
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Low Risk - High Return Chart (In Order)
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1. Export 2. License 3. Contract Manufacturer 4. Joint Venture 5. Direct Investment
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Consumer Decision Process
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1. need recognition 2. information search 3. evaluate alternatives 4. purchase 5. post-purchase behavior
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Need Recognition
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Information Search
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Evaluate Alternatives
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Purchase
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Post - Purchase Behavior
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Business Demand
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1. derived 2. inelastic 3. joint 4. fluctuating
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Derived
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demand for business products from demand for consumer products
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Inelastic
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change in price will not affect demand for the product
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Joint
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multiple products sold as a final product; demand for one item affects all
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Fluctuating
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demand for business products changes more rapidly than domestic market
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New Buy
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requires the purchase of a product for the first time
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Modified Re-Buy
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the purchaser wants some change in original good or service purchased
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Straight Re-Buy
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the purchaser recorders the same product without looking for new information or at the competitor's pricing
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Market - definition
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people or organizations with needs or wants who have the ability and willingness to buy
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Criteria for Segmentation
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sustainability identifiable and measure-ability accessibility responsiveness
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Sustainability
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segment must be large enough to warrant its own marketing mix
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Identifiable and Measurable
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segment must be identifiable and its size measurable
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Accessibility
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members of target segments must be reachable within a marketing mix
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Responsive
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unless the segment responds to a new marketing mix uniquely, no new treatment is needed
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Segmenting a Market
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1. Geography - where? 2. Demographics - age, gender, income, ethnic background 3. Psycho-graphics - personality, motives, lifestyles 4. Benefits Sought - what is desired? 5. Usage Rate - how frequently will the product be used?
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Consumer Products
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convenience product shopping product specialty product unsought product
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Convenience Product
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relatively inexpensive item that requires little effort - routinely purchased, intensively distributed
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Shopping Product
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comparison shopping, is more expensive and available in few stores - Limited Purchases, Selectively Distributed
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Specialty Product
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particular items consumers search extensively for, and accept few substitutions - rarely purchased, exclusively distributed
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Unsought Product
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product unknown to potential buyer or one that consumer doesn't actively seek - purchased when interest is high, unknown distribution
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Product Mix Strategy
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product item product line product mix
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Product Item
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specific version of a product
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Product Line
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group of closely related products
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Product Mix
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all products a company sells
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Co - Branding
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using two or more brands on one product to capitalize on brand equity
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Licensing Branding Strategy
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legal agreement where a company allows another to use its brand on their products for a licensing fee
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New Product Development
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1. New Product Strategy 2. Idea Generation 3. Idea Screening 4. Business Analysis 5. Development 6. Test Marketing 7. Commercialization 7. New Product
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New Product Strategy
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Idea Generation
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Idea Screening
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Business Analysis
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Development
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Test Marketing
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Commercialization
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New Product
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Service Characteristics
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1. intangible 2. inseparable 3. heterogeneous 4. perishable
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Intangible
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a service that is perceived by the senses, is difficult to evaluate, display, advertise, and "hard to grasp"
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Inseparable
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production and consumption occur at the same time. the company must be available whenever it is convenient for the customer to avoid missing opportunities
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Heterogeneous
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service is deliverable by people, not guaranteed consistency, and quality can vary
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Perishable
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services cannot be stored, must be delivered or they are wasted
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Marketing Channels
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a set of organizations that ease the transfer of products from producer to consumer
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Discrepancy of Quantity
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the difference between the amount of a product that is produced and the amount the consumer wishes to purchase
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Discrepancy of Assortment
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the lack of all the items a consumer needs to receive full satisfaction from a product
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Channel Intermediaries
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retailers merchant wholesaler agents and brokers
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Retailers
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selling mainly to customers
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Merchant Wholesaler
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institution that buys goods from manufacturers then resells and ships the product
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Agents and Brokers
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facilitate the sale of a product by representing channel members
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Distribution Intensity Levels
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intensive selective exclusive
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Intensive
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product is available everywhere
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Selective
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only a few retailers carry the product
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Exclusive
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only one vendor per geographic area
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Retail Operations
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ownership level of service product assortment price
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Ownership
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Level of Service
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Product Assortment
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Price
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Discount Stores
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full-line (Target) specialty (Jo-Ann Fabrics) warehouse (Costco) off-Price (Ollie's)
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Integrated Marketing Communications
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careful coordination of all promotional messages to assure consistency
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Goals of Promotion
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to inform to remind to persuade
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Push Strategy
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producer promotes to wholesaler who promotes to retailer who promotes to consumer who purchases the product
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Pull Strategy
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producer promotes to consumer who demands a product from the retailer who demands from the wholesaler as the wholesaler purchases the product
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Features
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Benefit
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Features and Benefits
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Public Relations
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1. evaluates public attitudes 2. identifies public concerns 3. execute programs to gain public acceptance
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Sales Promotions
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marketing activities other than advertising, personal selling, and public relations that provide short-term incentives to purchase
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Sales Promos: Customers
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coupons premiums loyalty programs contests samples
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Sales Promos: Trade / Industry
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free merchandise training store demonstration trade shows
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Elastic Demand
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consumers buy either more or less of a product as price changes
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Inelastic Demand
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consumption is not significantly affected by changes in prices
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New Product Pricing
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price skimming penetration pricing status quo pricing
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Price Skimming
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firm charges a high introductory price that usually entails a large promotion effort
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Penetration Pricing
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firm charges a lower price for a product to reach the mass market
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Status Quo Pricing
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charging a price identical or close to that of a competitor's price
