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What does the term 'PRODUCTS' refer to in marketing?
Any goods or services produced to meet consumers' wants, tastes, and preferences.
What are the two types of goods in marketing?
Consumer goods and business goods.
What is the difference between demand for consumer goods and demand for business goods?
Demand for consumer goods is direct, while demand for business goods is derived from the demand for consumer goods.
What is the difference in the number of buyers between consumer goods and business goods markets?
Consumer goods have a great number of buyers, while business goods have a limited number of buyers.
Why is after-sale service important for consumer durables and business goods?
After-sale service is important for consumer durables to maintain customer satisfaction, and it is of paramount importance for all business goods to ensure proper functioning and support.
What is the difference in buyer knowledge between consumer goods and industrial goods purchases?
Buyers of consumer goods may not have thorough knowledge, while buyers of industrial goods must have complete knowledge of the goods they buy and use.
Why is the reputation of the seller or manufacturer important in buying industrial goods?
The reputation of the manufacturer is always important in buying industrial goods to ensure quality, reliability, and trust in the product.
What type of inducements are common in marketing consumer goods but not in industrial goods?
Inducements to buyers in the form of cash discounts, free gifts, etc., are common in marketing consumer goods, but not as common in marketing industrial goods.
How are the markets for consumer goods and industrial goods affected differently?
The market for consumer goods is affected by fashion and style changes, while the market for industrial goods is affected by technological changes.
What does the 'PLACE' element represent in the marketing mix?
The location where the buyer and seller exchange goods or services, also known as the distribution channel.
Why is the distribution channel important for businesses of any size?
The distribution channel provides a link between production and consumption, ensuring that products reach customers efficiently.
What is the significance of having the right distribution channel for a business?
Having the right distribution channel ensures that customers have access to the product, prevents competitors from gaining an advantage, and enables effective sales through trained distributors or agents.
What are the three types of distribution channels mentioned in the text?
Channel 1 (wholesaler), Channel 2 (retailer), and Channel 3 (direct marketing channel).
What does 'PRICE' represent in the marketing mix?
The value of money exchanged for a product or service, determining the cost of the offering.
What is the purpose of CHANNEL 1 in distribution channels?
A wholesaler buys and stores large quantities of goods and breaks them into smaller quantities for retailers.
What is the role of a retailer in distribution channels (CHANNEL 2)?
Retailers act as intermediaries that customers use to get products from manufacturers.
What type of distribution channel is CHANNEL 3?
CHANNEL 3 is a direct marketing channel with no intermediary levels.
What is PRICE in the context of sales and marketing?
PRICE is the value of money exchanged for a product or service, determined by buyer willingness, seller acceptance, and competition.
What is PENETRATION PRICING strategy?
Setting a low price initially to gain market share, then increasing the price once market share is achieved.
Describe SKIMMING PRICING strategy.
Charging a high price initially and gradually lowering it to make the product available to a wider market, attracting competitors.
What is COMPETITION PRICING method?
Using prices of competing products as a benchmark for pricing, rather than own costs or customer demand.
Explain PRODUCT LINE PRICING strategy.
Setting prices for multiple products in coordination to maximize sales by creating complementary products.
What is BUNDLE PRICING?
Selling several products/services together in a package at a lower price than if sold separately.
Define PREMIUM PRICING strategy.
Setting a higher price for a product to create the perception of higher value compared to competitors.
What is PSYCHOLOGICAL PRICING?
Setting prices slightly below rounded numbers, assuming customers perceive them as lower prices.
Describe OPTIONAL PRICING strategy.
Earning more through cross-selling basic products with optional/accessory products sold at a premium by the same company.
Explain COST PLUS PRICING method.
Adding a markup to the total cost of goods and services to determine the selling price.
Define PROMOTION in marketing.
Promotion refers to activities that communicate the product, brand, or service to users.
What are the types of promotions included in the PROMOTIONAL MIX?
Advertising is one of the types of promotions in the promotional mix.
What is cost plus pricing?
Adding a markup to the cost of goods and services to arrive at a selling price.