How do you reduce wastage in Biz Sim?
Reduce idle time by having an accurate forecast, and increasing quality
How do you raise your SHV in biz sim?
Give out dividends, buy back stock, sell stock, etc.
How do you increase your capacity in biz sim?
Increase SCU
What are the four p's?
price, promotion, place, product
This is a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Marketing
What are the four types of utility?
Form, Time, Place, and Ownership
What are the four types of scope marketing?
People, place, event, and idea marketing
A ______ is anything a company offers to satisfy customer needs and wants
Product
Most services embody these qualities:
intangibility, inseparability, variability, perishability
_____ _____ is how well a product performs its core functions
Quality level
__________ ________ is how reliably a product delivers it's promised level of quality
Product Consistency
Specific characteristics of a product are:
Product Features
The advantage that a customer gains from specific product features is:
Customer benefit
These are products that are closely related, either in terms of how they work, or the customers they serve
Product Line
What are the four phases of the product life cycle in order?
1. Introduction 2. Growth 3. Maturity 4. Decline
These are the total number of product lines by a single firm
Product Mix
This is the coronation of messages through multiple promotional vehicles? (important! McGowan said this was on the test)
Integrated Marketing Communication
A producer offers a new product that takes sales away from its existing product is ________
Cannibalization
What are the tools that can help communicate the Big Idea to your target market?
advertising, sales promotion, direct marketing, personal selling, emerging tools
The tools that can help communicate the big idea to your target market is apart of which mix?
The Promotional Mix
Which strategy is this?
Pull strategy
Which strategy is this?
Push strategy
What is scope marketing?
Marketing strategies and tactics a business uses to further their goals
What are the four parts of scope marketing?
People, place, event, and idea marketing
Define target market
the group of people who are most likely to buy a particular product
A well-chosen target market embodies the following characteristics:
size, profitability, accessibility, and limited competition
this is dividing potential customers into groups of similar people, or segments
market segmentation
What are the four consumer market segmentations?
demographic, geographic, psychographic, and behavioral
what are the three types of business market segmentation?
geographic, customer based, and product-use based
this refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender
demographic segmentation
this refers to dividing the market based on where consumers live or on the concentration of others
geographic segmentation
this refers to dividing the market based on consumer attitudes, interests, and values
psycographic segmentation
this refers to dividing the market based on how people behave toward various products
behavioral segmentation
this refers to dividing the market based on how customers will use the product
product-use based segmentation
this refers to dividing the market based on the characteristics of customers
customer based segmentation
this is a pattern of sales and profits that typically changes over time
product life cycle
what are the four types of classification of consumer goods?
convenience goods, shopping goods, specialty goods, and unsought goods
what is the plan for delivering the right product to the right person at the right place at the right time?
distribution strategy
what are the three parts of the distribution strategy? (important! McGowan said this would be on the test)
intensive, selective, and exclusive distribution
What is intensive distribution?
you can get it anywhere (placing your product in as many stores as possible)
What is selective distribution?
putting it in certain stores (preferred retailers)
What is exclusive distribution?
you can only get it at one or two places (exclusive)
is pricing stable?
no
_______ is that which is given up in an exchange to acquire a good or service
price
______ is the easiest part of the marketing mix to move
Price
what are the three pricing strategies?
building profitability, matching the competition, and creating prestige
distribution brings ______ to the consumer
utility
What does STP stand for?
Segmentation, Targeting, Positioning
What is segmentation?
to break the ENTIRE market up into meaningful
segments
What is targeting?
To pick the segment or segments to attack
What is positioning?
Taking your marketing mix and adjusting the 4 p's (product, price, promotion, and place)