Podcast
Questions and Answers
What represents the economic value of a customer to the firm?
What represents the economic value of a customer to the firm?
Which term describes the difference between what a consumer paid and their maximum willingness to pay?
Which term describes the difference between what a consumer paid and their maximum willingness to pay?
What does Earned Media refer to?
What does Earned Media refer to?
How is Gross Margin Ratio calculated?
How is Gross Margin Ratio calculated?
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What does Break-even Volume in Monetary Sales indicate?
What does Break-even Volume in Monetary Sales indicate?
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Which of the following is a method of adjusting prices based on demand?
Which of the following is a method of adjusting prices based on demand?
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What is the formula for calculating Gross Margin Ratio on Selling Price?
What is the formula for calculating Gross Margin Ratio on Selling Price?
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What is defined as the information the firm seeks to improve marketing decision-making?
What is defined as the information the firm seeks to improve marketing decision-making?
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Study Notes
Customer Value & Related Concepts
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Customer Value: The economic value a customer brings to a firm.
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Consumer Surplus: The difference between the price a consumer pays and the highest price they'd be willing to pay.
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Earned Media: Media coverage generated by neutral sources interested in a product or story.
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Framing: The context within which consumer decisions are made.
Marketing Metrics & Problems
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Gross Margin Ratio per Unit: The difference between the selling price to the next distributor and the cost of goods sold (COGS) calculated per unit.
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Gross Margin Ratio: A proportion that compares the gross margin to the cost of goods sold.
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Marketing Problem: A decision, action, or issue a firm faces related to marketing strategy or the marketing mix.
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Net Present Value (NPV): The difference between the present value of cash inflows and outflows over a period.
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Price: How firms generate revenue, create cash flow, and make a profit.
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Research Problem: Information a firm needs to make better marketing strategy decisions.
Market Share and Volume
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Share in Monetary Value (MS[monetary]): The firm's sales value compared to the total market value.
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Share in Units (MS[units]): The firm's unit sales compared to the total market units sold.
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Unearned Media: Media coverage a firm pays for.
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Unearned UGC: Paid endorsements/mentions from influencers or websites.
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User-Generated Content (UGC): Content created by unpaid users.
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Yield Management: Quickly adjusting prices based on predicted or current demand.
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Break-even Volume in Monetary Sales (BEV[monetary sales]): The sales value needed to cover fixed costs.
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Break-even Volume in Units (BEV[units]): The number of units needed to cover fixed costs.
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Break-Even Volume in Market Share (BEV[market share]): The additional market share needed to break even.
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S[units]: Quantity sold, expressed in units.
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S[monetary]: Total sales revenue.
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GM[cost]: Gross Margin ratio calculated using COGS.
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GM[selling price]: Gross Margin ratio, based on the selling price.
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BEV[units]: Calculation of break-even volume in units, using fixed costs and net profit margin per unit.
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BEV[monetary sales]: Calculating break-even volume, in monetary sales, using the break-even volume in units and the selling price
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BEV[unit market share]: break even volume expressed in market share, ( in units)
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BEV[monetary market share]: break even volume expressed in market share (in monetary terms)
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Description
Test your knowledge on customer value concepts and essential marketing metrics. This quiz covers key topics such as consumer surplus, earned media, and marketing problems while evaluating your understanding of gross margin ratios and net present value. Challenge yourself and enhance your marketing acumen!
