What is price? - Answer-- The value that you exchange for getting the goods/service
- Could be money or something else
Marketing Objectives - Answer-- maximize profits
- gain market share
- infer a level of quality
- survive
External Factors of Price - Answer-1. Demand for product
2. Com...
MKT 300 EATON EXAM 4 ASU
What is price? - Answer-- The value that you exchange for getting the goods/service
- Could be money or something else
Marketing Objectives - Answer-- maximize profits
- gain market share
- infer a level of quality
- survive
External Factors of Price - Answer-1. Demand for product
2. Competition - competitor prices - strength of competition
3. Economy - cost of components - Economic conditions
Profit -Oriented - Answer-- profit maximization - satisfactory products
- return of investment
Status Quo - Answer-- maintain price
- meet competitor price
Sales oriented - Answer-- market shares
- sales maximum
Elastic demand - Answer-- change price a little, people run to or away
Inelastic Demand - Answer-- change price, people still need it
... coefficient - Answer-... 1
Methods of COst-based pricing - Answer-1. Markup pricing - keystoning (double the cost)
2. Break even pricing
Captive product prcing - Answer-- razor + blades mentality
- get you to buy the main thing, and you will buy the auxillary shit
Price bundling - Answer-- combine related goods into package deal
- phone, internet, cable
Price adjustments - Answer-- discounts
- flexible (variable) pricing - flexible (variable) pricing - Answer-- different segments pay different prices
- kids eat free, off peak, senior citizen or students
Pyschological - Answer-- odd/even pricing
- 99 principle
- Reference pricing (what you expect)
What affects Price? - Answer-- Competition
- Distribution strategy
- Promotion strategy
- The relationship of price to quality
- Substitutes
- Compliments
Substitutes - Answer-- could replace the thing
Compliment - Answer-- Needed with the thing
Marketing communication process - Answer-1. source
2. encoding
3. the message (comm channels)
4. decoding
5. receiver
IMC - Answer-- Integrated Marketing Communication
- carefully crated marketing (snickers)
AIDA Concept - Answer-- attention (cognitive/thinking)
- interest (affective /feeling)
- desire (conative /doing)
- action
Sales promotions - Answer-- try to change behavior
Informative promotion - Answer-- increase awareness
- explain how product works
-
Persuasive promotion - Answer-- encourage brand switching
- change customers perceptions of product attributed
- influence immediate buying decision
- persuade customers to call
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