Download Cole Gross 4th hour Final Exam Study Guide List and define the 7

Cole Gross
4th hour
Final Exam Study Guide
List and define the 7 functions of Marketing:
1. Channel Management: process of deciding how to get goods into customer’s hands.
2. Marketing Information Management: gathering information, storing it, and analyzing it
about customers, trends and competing products.
3. Market Planning: understanding the concepts and strategies used to develop and target
specific marketing strategies to a select audience.
4. Pricing: pricing decisions dictate how much to charge for goods and services in order to make a
profit.
5. Product/Service management: obtaining, developing, maintaining and improving a product
or a product mix in response to market opportunities.
6. Promotion: effort to inform, persuade or remind current and potential customers about a
business’ products or services.
7. Selling: selling provides customers with the goods and services they want.
List and define the 4 strategies of the Market Mix:
1.
2.
3.
4.
Products: choosing what products to sell
Price: what is exchanged for product
Place: where one’s customer shops
Promotion: activities related to advertising, personal, selling sales promotion and publicity
Marketing Segmentation Diagram:
Demographics: Determined by personal characteristics.
1. Age
2. Gender
3. Income
Psychographics: determined by life styles.
1. Political views
2. Opinions
3. Religious beliefs
Geographic: determined by where people live.
1. Township
2. City
3. State
SWOT: an assessment that lists and analyzes the company’s strengths and weaknesses.(strengths,
weaknesses, opportunities and threats.)
5 Types of Promotion in the Promotion mix: Place, price, product, promotion, people.
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4th hour
3 C’s of quality customer service: Competent, Communication, Concern
4 components of the Fish philosophy:
1.
2.
3.
4.
Play
Make their day
Be There
Choose your attitude
Branding: a name, term, design, symbol or ocmination of these elemnets that identifies a business,
product or sercive and sets it apart from its competitors.
Co-Branding: a strategy that combines one or more brands in the manufacture of a product or in the
delivery of a sercive.
Brand Equity: based on dependable products and years of advertising and promotion.
Licensing: letting another company or licensee use a trademark, patent, special formula, company name,
or some other intellectual property for a fee or royalty.
Brand Extension: a branding strategy that uses an existing brand name to promote a new or improved
product in a company’s product line.
Line Extension: same product, but more features of that individual company
Promotion: decisions about advertising, personal selling, sales promotion, and public relations used to
attract customers.
Coupon: a certificate that entitles a customer to a cash discount on goods or services.
Incentive: a higher-priced product, award, or gift card that is earned and given away through contests,
sweepstakes, special offers and rebates.
Premiums: giveaways are low-cost items given to consumers at a discount or for free.
Promotional Tie-Ins: activity that involves sales promotions between one or more retailers or
manufacturers also called cross-promotion or cross-selling.
Visual Merchandising: coordinating all the physical elements in a place of business to project an image
to customers.
5 types of Interior Displays:
1. Architectural Displays: show customers how merchandise can be arranged in their homes.
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4th hour
2. Closed Displays: allow customers to see but not handle merchandise without assistance from a
salesperson.
3. Open displays: allow customers to handle and examine the merchandise without the help of a
salesperson.
4. Point of Purchase Displays: structures that serve as consumer sales promotion devices.
5. Store Decorations: displays that may coincide with seasons or holidays.
Store Layout: ways that stores use floor space to facilitate and promote sales and serve customers.
Kiosk: a point of purchase display that is a stand-alone structure.
Sub brands: brands within brands.
Sports Venues: where sporting events are held
Core Products: The main product that is being made
Niche Marketing: narrows and defines a market with extreme precision, which increases the chances of
a product’s success.
Piracy: making copies of/using material that has already been copyrighted.
Royalties: payments for trademark documents
Brand Equity: a solid brand that has a good reputation and is worth money
Co-Branding: when 2 brands come together to make one product
Licensing: when a brand is strong, and can let other companies use their name
Trademark: Legal protection of a logo
Line Extension: when a product extends its product within the same product category
Brand Extension: Same brand name but different product
Cole Gross
4th hour
Cole Gross
4th hour
Cole Gross
4th hour
Cole Gross
4th hour