ADMS 3920 Lecture Notes - Lecture 3: Variable Pricing, Small Business, Marketing Mix

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maroonlocust357

17 Dec 2016

School

York University

Department

Administrative Studies

Course

ADMS 3920

Professor

Tony Johnston

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Chapter 6 – Small Business Marketing, Product and Pricing Strategies

Describe Small business marketing

- It consists of numerous activities, including market analysis and determining the

marketing mix

- Three distinct marketing philosophies are the PRODUCTION-ORIENTED, SALES-

ORIENTED, AND CONSUMER ORIENTED PHILOSOPHIES

Explain THE Term MARKET and the different methods of segmenting markets

- A market is a group of customers or potential customers who have purchasing power

and unsatisfied needs

- Markets usually have to be segmented based on differences and segmentation

variables. Variable categories include benefit, geographic, demographic and

psychographic

Identify the components of a formal marketing plan

- Include sections on MARKET ANALYSIS, THE COMPETITON, AND MARKETING STRATEGY

- Four areas of marketing strategy: total product or service, pricing decisions, promotional

decisions and distributional decisions

Explain the product strategy and related concepts

- Six major product strategy alternatives: They are based o the ature of the fir’s

product offering and the number of target markets

Variable pricing, flexible pricing, odd-even, unit pricing, loss leaders, bundling and

price lining

BREAK-EVEN POINT – The quantity sold so that total costs equal total revenue

Markup pricing is a generalized cost-plus system of pricing used by intermediaries with many

products

Chapter 7 – Distribution and Promotional Strategies

Using Prospecting techniques

Marketing: Strategy, Communication and Analysis

- Planning the marketing mix

- Managing the 4 P’s

- Industry, Market, Competitive, Prospect RESEARCH

- Promotion

- Customer Service

- Product Support

Selling: Where The Rubber Hits the Road

- Networking

- Prospecting and qualifying leads

- Getting orders

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Document Summary

Chapter 6 small business marketing, product and pricing strategies. It consists of numerous activities, including market analysis and determining the marketing mix. Three distinct marketing philosophies are the production-oriented, sales- Explain the term market and the different methods of segmenting markets. A market is a group of customers or potential customers who have purchasing power and unsatisfied needs. Markets usually have to be segmented based on differences and segmentation variables. Variable categories include benefit, geographic, demographic and psychographic. Identify the components of a formal marketing plan. Include sections on market analysis, the competiton, and marketing strategy. Four areas of marketing strategy: total product or service, pricing decisions, promotional decisions and distributional decisions. Six major product strategy alternatives: they are based o(cid:374) the (cid:374)ature of the fir(cid:373)"s product offering and the number of target markets. Variable pricing, flexible pricing, odd-even, unit pricing, loss leaders, bundling and price lining. Break-even point the quantity sold so that total costs equal total revenue.

Related Questions

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

Answers:	micromarketing
	segmented marketing
	undifferentiated marketing
	niche marketing
	global marketing

Â· Question 2

Cupcake Gourmet, a high-end bakery in Manhattan, segments its customers according to those who frequent their store regularly, those who visit infrequently, and those who have never visited. This is an example of usage-rate segmentation.

Answers:	True
	False

Â· Question 3

A segment is more attractive if it is easy for new competitors to enter the market.

Answers:	True
	False

Â· Question 4

Demographic factors are the most popular bases for segmenting customer groups.

Answers:	True
	False

Â· Question 5

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.

Answers:	services
	product
	image
	channel
	people

Â· Question 6

Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?

Answers:	user status
	usage rate
	psychographic
	behavioral
	benefit

Â· Question 7

Which of the following is an approach where firms target a whole market based on common consumer needs?

Answers:	micromarketing
	geographic segmentation
	concentrated marketing
	undifferentiated marketing
	demographic segmentation

Â· Question 8

A company or brand image should convey a product's distinctive benefits and position.

Answers:	True
	False

Â· Question 9

Marketers must be careful to guard against stereotypes when using age and life-cycle segmentation.

Answers:	True
	False

Â· Question 10

A brand difference is said to be preemptive if ________.

Answers:	the difference is communicable
	the difference can be introduced profitably
	buyers can afford to pay for the difference
	the difference is beneficial to customers
	competitors cannot easily copy the difference

sangriahedgehog208

Match the definitions or complete the statements in the first part of the quiz with the appropriate terms found in the second part.

Definitions/Statements

1. _____ refers to marketersâ focus on a product rather than on the needs of the market.

3. The impact of technology on buyer behavior relates to factors such as ____; the use of technology to engage customers and build relationships; customization of products and promotional messages; and better prices and distribution.

4. In the case of situational influences, this relates to the situation in which or the occasion on which the product will be used, e.g., special occasion or everyday use.

5. In the case of situational influences, this relates to the fact if we are in a store, point-of-purchase displays could influence us to buy something. We could also make unplanned purchases because we remembered something from seeing the brand while we are in the store.

6. This discipline on which consumer researchers draw focuses on society and large groups in society such as family and social class.

7. This discipline on which consumer researchers draw focuses on cultures and differences among cultures.

8. These are temporary circumstances that affect consumer purchase decisions.

9. In the case of situational influences, this refers to the fact that the person and the occasion for which we are buying something influence our purchase decisions.

10. According to the simple model of consumer decision making, reference groups, family, social class, culture, and subculture are among the _____ on buyer behavior.

11. According to the simple model of consumer decision making, motivation, personality trait, perception, and attitudes are among the _____ on buyer behavior.

12. According to the simple model of consumer decision making, advertising, buzz agents, customized messages, social media, and word-of-mouth are examples of ____.

13. This discipline on which consumer researchers draw focuses on behavior in small groups and helps consumer researchers to understand issues such as opinion leadership, diffusion of innovations, and communication.

14. In the case of situational influences, ______ are consumer mood states or physiological state (for example, hunger, thirst) that influence consumer decision-making.

15. The selection of one or more segments by a marketer to serve.

16. Developing a distinct image for a brand in the mind of consumers.

17. This is an effort by a marketer to change the existing perception that consumers have of a brand.

19. ___ segmentation involves segmenting based on variables such as urban, rural, suburb, state, cities, counties, and regions.

20. ____ segmentation is based on variables such as consumersâ lifestyles as indicated by their activities, interests, and opinions.

21. This criterion for effective targeting says that marketers should have some way of deciding which consumers fall into which segments.

22. This criterion for effective targeting says that marketers should be able to reach segments with appropriate media and distribution channels.

23. This is the most popular segmentation system combining lifestyles and values of consumers.

24. This household segmentation model is based on a combination of geographic and demographic information and the principle that âBirds of a feather flock together.â

25. ______ is defined as âsending consumers personalized and prompt offers and promotional messages designed to reach the right consumers and deliver to them highly relevant messages at the right time and more accurately than when using conventional segmentation techniques.â

Terms

A. Positioning

B. Accessibility

C. Anthropology

D. Situational influences

E. Consumption situation

F. Task definition

G. Identification

H. Marketing-oriented

I. Targeting

J. Psychographic

K. Marketing myopia

L. PRIZM

M. Interactive and novel communication channels

N. Sociology

O. Demographic

P. Purchase situation

Q. Behavioral targeting

R. Antecedent states

S. Communication sources

T. Geographic

U. Sociocultural influences

V. VALS

W. Psychological influences

X. Social psychology

Y. Repositioning

Match the definitions or complete the statements in the first part of the quiz with the appropriate terms found in the second part.

Definitions/Statements

1. _____ refers to marketersâ focus on a product rather than on the needs of the market.

2. _____ companies do not try to persuade consumers to buy what the firm has already produced, but rather to produce only products that they know they can sell, thereby satisfying consumersâ needs and turning them into loyal customers. 3. The impact of technology on buyer behavior relates to factors such as ____; the use of technology to engage customers and build relationships; customization of products and promotional messages; and better prices and distribution.