Chpt 10:Pricepricing 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 Strategybreaking 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 Experiencecharacteristics 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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