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Questions and Answers
What are the elements included in identifying product opportunities?
What factors do businesses consider to position corporate brands?
Price, quality, features, benefits, and relationship to the competition.
What are the elements of the promotional mix?
PPADS: Personal Selling, Public Relations, Advertising, Direct Marketing, Sales Promotion.
What types of advertising media exist?
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Asking relevant questions is important in a discussion.
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What are the stages of product life cycles that impact marketing decisions?
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What is involved in maintaining inventory of supplies?
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What approach is used to analyze customer needs?
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What is cluster sampling?
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What is stratified sampling?
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What is simple random sampling?
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What is systematic sampling?
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Study Notes
Product Opportunities
- Product Opportunity Gaps (POG) stem from social trends, current economic situations, and technology factors.
Corporate Brand Positioning Factors
- Key factors for positioning include price, quality, features, benefits, and competition relationship.
Promotional Mix Elements
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PPADS stands for:
- Personal Selling: Direct interaction between sales representatives and consumers.
- Public Relations: Managing company image through unpaid advertising and media.
- Advertising: Paid, non-personal promotional activities.
- Direct Marketing: Targeted advertising based on market segmentation.
- Sales Promotion: Pricing strategies to attract customers.
Types of Advertising Media
- Various advertising media include:
- Television
- Radio
- Print Publications
- Internet
- Direct Mail
- Signage
- Product Placement
- Mobile Devices
- Sponsorships
- Other Media Outlets
Relevant Questioning
- Questions should relate directly to the topic being discussed for clarity and engagement.
Impact of Product Life Cycles
- Stages of Product Life Cycle (PLC) influence marketing decisions:
- Introduction: Product launch and awareness creation.
- Growth Stage: Market expansion and increasing sales.
- Maturity Stage: Peak sales and market saturation.
- Saturation Stage: Market stabilization; competition intensifies.
- Decline Stage: Decrease in sales and potential exit strategies.
Inventory Management
- Effective inventory management involves:
- Just-in-Time Inventory: Aligning demand and supply closely.
- Perpetual Inventory System: Continuous tracking of inventory levels.
- Physical Inventory System: Occasional visual inspection to count supplies.
- Inventory Shrinkage: Losses due to theft, breakage, or recordkeeping errors.
Analyzing Customer Needs
- Utilize the Means End Approach to assess and address customer needs effectively.
Sampling Techniques
- Cluster Sampling: Participants are randomly selected from clusters within the population; all individuals in each cluster are included.
- Stratified Sampling: Population divided into subgroups based on demographics; weighted representation mirrors national demographics.
- Simple Random Sampling: Each population member has an equal chance of selection for the sample.
- Systematic Sampling: Starting point selection followed by every kth element in the population selected for the sample.
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Description
Test your knowledge on key concepts in business services marketing with this quiz. You'll cover product opportunities, brand positioning, and promotional elements essential for success in the industry. Perfect for DECA participants and business students alike!
