Marketing 301 Quiz #2

Value Pricing
Pricing Strategy emphasizing benefits derived from a product in comparison to the price and quality levels of competing offerings
Demand
Schedule of the amounts of a firm’s product that consumers will purchase at different prices during a specified time period
Fixed Cost
Costs that remain stable at any production level within a certain range
Cash Flow
the movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time
Prestige Pricing
Establishing a relatively high price to develop & maintain an image of quality & exclusiveness that appeals to status-conscious consumers
Supply
Schedule of the amounts of a good or service that firms will offer for sale at different prices during a specified time period
Variable Cost
Costs that change with the level of production
Pure Competition
Market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price
Elasticity
Measure of responsiveness of purchasers and suppliers to a change in price
Monopolistic Competition
Market structure involving a heterogeneous product and product differentiation among competing suppliers, allowing the marketer some degree of control over prices
ROI – Return on Investment
(revenue – cost)/cost = %; net profit divided by investment; amount of money you make on your ads compared to the amount of money you spend on your ads.
Breakeven Analysis
Pricing technique used to determine the number of products that must be sold at a specified price to generate enough revenue to cover total cost
Business to Business
Use of the internet for business transactions between organizations. Organizational sales and purchases of goods and services to support production of other products, to facilitate daily company operations, or for resale.
Business to Consumer
Selling directly to consumers over the internet
E-Marketing
Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the internet or through digital tools
Interactive Marketing
Buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the internet and virtual reality kiosks
Corporate Web Site
Site designed ti increase a firms’ visibility, promote its offerings, ad provided information to interested parties
Marketing Web Site
Site whose main purpose is to increase purchases by visitors
Culture
Values, beliefs, preferences, and tastes handed down from one generation to the next
Need
Imbalance between a consumer’s actual and desired states
Motive
Inner state that directs a person toward the goal of satisfying a need
Perception
Meaning that a person attributes to incoming stimuli gathered through the five senses
Self-Concept
Person’s multi-faceted picture of himself or herself
Cognitive Dissonance
Imbalance among knowledge, beliefs, and attitudes that occurs after an action or decision, such as a purchase
Web Page Design
Define the information, what are we presenting, design considerations. Design issues: understandable, colors, shapes, navigation, drill downs, data/info, integrity
Eye Tracking
How people look at web pages. Need to be aware of the graphic/text ratio. Generally 70/30 or 60/40.
Penguins vs. Peacocks
Penguins like to blend in, peacocks stand out. In marketing you want to be like a peacock.
Maslow’s Hierarchy of Needs
Five levels of needs. Physiological needs, safety needs, social/belonging needs, esteem needs, self-actualization needs.