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MKTG 380 Test Three (Fall 19) Cheat Sheet by

marketing     380     ostinelli     mkting

Chpt 10:Price

pricing objectives
profit, sales, market share, compar­ative effect, customer satisf­action, image enhanc­ement
factors in price setting
costs, demands, revenue, pricing enviro­nment
steps to estimate demand
number of buyers x avg amt buyer is likely to spend, est mkt share
price elasticity formula
% change in quantity demanded/ % change in price
cross elasticity
subs and comple­ments
variable costs
per-unit costs of production
fixed costs
costs of production that doesn't change
break-even analysis
# of units that a firm must produce and sell @ given price to cover costs
break-even point
total revenue & total profit are equal (beyond: firm makes profit, below: firm makes loss)
BEP formula (units)
total fixed costs/ contri­bution per unit to fixed costs
BEP forumla (dollars)
total fixed costs/ (1-(va­riable cost per unit/p­rice))
gross margin
markup amt added to cost of product to cover fixed costs and leave amt for profit
retailer margin
margin added by retailer
wholesaler margin
margin added by wholesaler
target costing
firms id qualitity, functi­ona­lity, cost before production
yield management
charging diff prices to diff cust to manage capacity & max revenues (hotels)
value pricin­g/EDLP
setting prices to provided ult value to cust
high/low pricing (promo)
setting prices at list price but holdiing promos frequently
skimming price
high premium price for new product
penetr­ation pricing
new product at low price to encourage more cust
trial pricing
pricing new product low for limited period of time
surge pricing
price rises as demand rises and vice versa
bundling
selling 2/+ products as single pkg
captive pricing
one item is priced low and other is priced high (printer & ink)
odd-even pricing
1.99 works better than 2.00 to make sales
price lining
setting a limited number of diff specific prices (price points) for items in a product line
presti­ge/­premium pricing
keeping prices artifi­cially high to maintain image

Chpt 11: Distri­bution Strategy

breaking bulk
dividing larger quantities of goods into smaller lots to meet needs of buyers
risk-t­aking functions
chance retailers take on loss of product when they buy from manuf
transp­ort­ation and storage
occurs when retailers move good from production pt to other locations where they hold them
facili­tating functions
functions of channel interm­edi­aries that make purchase process for cust & manuf
create assort­ments
to provide a variety of products in 1 loc to meet needs of buyers
comm and transa­ction functions
happens when channel members develop and execute both promo & other types of comm among members of channel
dual and hybrid distri­bution sys
partic­ipating in more than 1 distri­bution sys
steps in distri­bution planning
develop distri­bution objs, eval int & ext enviro­nmental influe­nces, choose distri­bution strategy, develop distri­bution tatics
convention mkting sys
mult lvl distri­bution channel where channel members wk indepe­ndantly
vertical mkting sys (VMS)
channel of dist w/ formal coop among members of manuf, wholesale, & retail
admini­stered VMS
remain indepe­ndant but wk together bc of 1 single channel member
corporate VMS
single firm owns manuf, wholesale, and retail ops
contra­ctual VMS
cooper­ation is enforced by contracts
horizontal mkting sys (HMS)
arrang­ement w/in channel of distri­bution in which 2/+ firms at same channel lvl wk together
intensive distri­bution
selling a product thru all suitable wholes­alers or retailers
exclusive distri­bution
selling a product only thru a single outlet in a particular region
selective distri­bution
distri­bution using fewer outlets than intensive distri­bution but more than exclusive dist
channel cooper­ation
occurs when producers, wholes­alers, and retailers depend on another
 

Chpt 12: Cust Experience

charac­ter­istics of service
intang­ibi­lity, perish­ablity, variab­ility, insepa­rab­ility
servic­escape
actual phys facility where service is perfomed
SERVQUAL
mult item scale used to measure service quality across dimension of tangibles, reliab­ility, respon­siv­eness, assurance, & empathy
diminsions of service quality
tangibles, reliab­ility, respon­siv­eness, assurance, empathy
mkting ppl
pure selling, product improv­ement, mkt fulfil­lment
place mkting
attract biz, ppl to place
idea mkting
seek to gain mkt share for concep­t/p­hil­oso­phy­/issue

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