Marketing Principles of Advertising Quiz 1- Rupert SMU – Flashcards
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four p's
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Product, place, price, promotion
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product
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characteristics, brand, packaging, return/warranty
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place
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shelf location, display, inventory, distribution channels, transportation, territory or coverage
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price
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listed cost, discounts, bundling, terms (b2b) credit
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promotion
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advertising, sales promotion, direct marketing, public relations, personal selling
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the _________ is much more than the tangible item that the customer sees
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product
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________ includes the tools that determine how much and when the customer pays
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price
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____________ includes all communications with potential customers that are intended to influence their attitudes, beliefs and purchase decisions
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promotion
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______________ involves how and when the customer gets the product
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place
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if prices rise faster than income does...the amount people buy _______________
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decreases
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cost to product products escalates as______________
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prices increase
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spending, debt and use of all credit decline during a ________
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recession
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disposable income
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what is left after paying taxes
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54% of households have a ____________ ______________ of 25k-100k
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gross income
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gross income
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your total annual income before any deductions
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discretionary income
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whats left over after paying taxes and necessities
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necessites
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food, housing, clothes, transportation, and health care. Classified by the department of labor
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barriers to entry are defined as
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conditions that make it difficult for new firms to enter the market
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examples of barriers to entry
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high advertising dollars high capital expenditures distribution access switching cost product identity
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Sherman Antitrust Act (1890)
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forbids contracts in Restraint of Trade
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Clayton Act (1914)
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forbids actions that are likely to lessen competition...even if no hard has actually occurred yet
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Robinson-Patman Act (1936)
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Unlawful to charge different prices for same product...where the effect may substantially lessen competition
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marketing is
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the delivery of customers satisfaction at a profit
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Federal Trade Commission
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protects consumers from deceptive or misleading advertising and unfair or deceptive trade practices
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FTC has the power to issue:
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cease and desist ruling corrective advertising
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FTC example in the real world
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Volvo example, false advertising that the car was that strong
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BCG Matrix is...
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a strategic planning tool based on important concepts; a products market growth rate, and a products relative market share
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stars
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top left invest for growth earnings: growing
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question mark
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top right invest or sell earning: unstable
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cash cows
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bottom left invest or harvest earning: high "milk until dead"
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dogs
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bottom right divest "get rid of" earnings: low
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diversification
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develop new products outside of the company core business and sell them in new markets
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post purchase behavior
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how you feel about the deal AFTER you bought it
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cognitive dissonance
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Post purchase psychological tension/anxiety
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Consumer purchase decision process
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problem recognition information search alternative evaluation purchase decision post purchase behavior
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consumers involvement in the marketing strategy breaks down into....
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high and low
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low involvement in the marketing strategy
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maintain product quality avoid stockouts reduce cognitive dissonance with memorable ads
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low involvement ad example
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cheerios
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high involvement in the marketing strategy
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informational ads that promote trust personal selling
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high involvement ad example
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apple
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extended problem solving
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each of the five stages of the utter purchase decision process is used and considerable and effort are devoted to the search for external information and the identification and evaluation of alternatives
