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Questions and Answers
Questions and Answers
What is line stretching and what is its main objective?
What is line stretching and what is its main objective?
Line stretching is the strategy of adding more products to an existing line to capture new customer segments. Its main objective is to reach customers not covered by the current product range.
What is the primary purpose of line filling?
What is the primary purpose of line filling?
The primary purpose of line filling is to exploit gaps in the marketplace, thereby reducing competition by increasing the variety of products in the existing range.
Explain downward stretching and its target market.
Explain downward stretching and its target market.
Downward stretching is introducing a lower-function and less expensive product within a product line to appeal to less demanding users seeking lower prices.
What does upward stretching involve and who is it aimed at?
What does upward stretching involve and who is it aimed at?
How do marketing objectives influence pricing decisions?
How do marketing objectives influence pricing decisions?
What role does management philosophy play in setting prices?
What role does management philosophy play in setting prices?
How does the nature of the market affect pricing strategies?
How does the nature of the market affect pricing strategies?
Why should a company consider competitors' strategies when setting prices?
Why should a company consider competitors' strategies when setting prices?
What is a key benefit of using personal selling in a travel agency?
What is a key benefit of using personal selling in a travel agency?
List three product strategies a travel agency can adopt to attract customers.
List three product strategies a travel agency can adopt to attract customers.
Define brand extension and provide an example.
Define brand extension and provide an example.
Explain the concept of multi-branding and give an example.
Explain the concept of multi-branding and give an example.
How can Mr. Choi utilize product strategies to increase sales at his new restaurant?
How can Mr. Choi utilize product strategies to increase sales at his new restaurant?
What role does building customer relationships play in personal selling?
What role does building customer relationships play in personal selling?
In terms of branding, what is one potential advantage of Mr. Choi opening a new restaurant in Central?
In terms of branding, what is one potential advantage of Mr. Choi opening a new restaurant in Central?
Identify a product strategy that could differentiate a new restaurant in a competitive area.
Identify a product strategy that could differentiate a new restaurant in a competitive area.
What is the primary goal of a skimming pricing strategy when launching a new product?
What is the primary goal of a skimming pricing strategy when launching a new product?
How does a penetration pricing strategy differ from skimming pricing?
How does a penetration pricing strategy differ from skimming pricing?
List two marketing objectives a smartphone manufacturer should consider when setting a price for a new phone.
List two marketing objectives a smartphone manufacturer should consider when setting a price for a new phone.
What role does the nature of the market play in determining the price of a smartphone?
What role does the nature of the market play in determining the price of a smartphone?
Identify two types of channel members involved in distribution and their functions.
Identify two types of channel members involved in distribution and their functions.
What should a newly-established bicycle company consider regarding costs when choosing to use middlemen for distribution?
What should a newly-established bicycle company consider regarding costs when choosing to use middlemen for distribution?
Explain how customers' perception affects a smartphone manufacturer's pricing strategy.
Explain how customers' perception affects a smartphone manufacturer's pricing strategy.
What factor should align pricing strategy with other marketing mix strategies?
What factor should align pricing strategy with other marketing mix strategies?
How can a restaurant illustrate the marketing concept?
How can a restaurant illustrate the marketing concept?
What comprises the marketing mix?
What comprises the marketing mix?
Suggest a pricing strategy a restaurant can use to enhance competitiveness.
Suggest a pricing strategy a restaurant can use to enhance competitiveness.
How can promotion be effectively used by a restaurant?
How can promotion be effectively used by a restaurant?
What product strategy should TechPower consider for the low-priced tablet?
What product strategy should TechPower consider for the low-priced tablet?
Describe a suitable promotion strategy for TechPower’s low-priced tablet.
Describe a suitable promotion strategy for TechPower’s low-priced tablet.
What channel strategy should TechPower use for selling the low-priced tablet?
What channel strategy should TechPower use for selling the low-priced tablet?
How can Ken Ton leverage its relationship with property development companies?
How can Ken Ton leverage its relationship with property development companies?
What are the four primary communication objectives marketers aim to achieve?
What are the four primary communication objectives marketers aim to achieve?
Explain the significance of message structure in communication design.
Explain the significance of message structure in communication design.
Describe the role of message sources in a marketing communication strategy.
Describe the role of message sources in a marketing communication strategy.
What factors should a marketer consider when designing the message format?
What factors should a marketer consider when designing the message format?
List two forms of communication and illustrate each with a unique example.
List two forms of communication and illustrate each with a unique example.
What is exclusive distribution and why might a company choose this strategy?
What is exclusive distribution and why might a company choose this strategy?
List two advantages of using a direct distribution channel for a company.
List two advantages of using a direct distribution channel for a company.
Identify one method of sales promotion Samsung might use to boost sales in their stores.
Identify one method of sales promotion Samsung might use to boost sales in their stores.
What is the first step in developing a promotion campaign?
What is the first step in developing a promotion campaign?
Explain how effective advertising can impact customer engagement for a brand.
Explain how effective advertising can impact customer engagement for a brand.
Describe the relationship between the number of intermediaries and control in selective distribution.
Describe the relationship between the number of intermediaries and control in selective distribution.
What role does communication objective setting play in a promotion campaign?
What role does communication objective setting play in a promotion campaign?
What might be an effective public relations strategy for Samsung when launching new products?
What might be an effective public relations strategy for Samsung when launching new products?
Questions and Answers
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Flashcards
Flashcards
Marketing Concept
Marketing Concept
A business philosophy that emphasizes understanding and meeting customer needs to achieve profitability.
Marketing Mix
Marketing Mix
The combination of controllable marketing variables (also known as the 4 Ps) used by a company to produce desired responses in its target market.
Low-priced product strategy
Low-priced product strategy
Focusing on reducing costs and offering a basic version of the product to appeal to consumers.
Penetration Pricing
Penetration Pricing
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Selective Distribution Channel
Selective Distribution Channel
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Sales Promotion
Sales Promotion
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Road Show
Road Show
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Bulk Sales
Bulk Sales
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Upward Stretching
Upward Stretching
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Downward Stretching
Downward Stretching
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Line Filling
Line Filling
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Line Stretching
Line Stretching
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Cost-Plus Pricing
Cost-Plus Pricing
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Value-Based Pricing
Value-Based Pricing
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Premium Pricing
Premium Pricing
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What is personal selling?
What is personal selling?
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How does personal selling build customer relationships?
How does personal selling build customer relationships?
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What's a variety of tours product strategy?
What's a variety of tours product strategy?
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How does quality of services attract customers?
How does quality of services attract customers?
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What are add-on services in tourism?
What are add-on services in tourism?
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What is brand extension?
What is brand extension?
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What is multi-branding?
What is multi-branding?
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What are three product strategies for Mr. Choi's new restaurant?
What are three product strategies for Mr. Choi's new restaurant?
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Skimming Pricing
Skimming Pricing
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Cost of Products
Cost of Products
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Affordability
Affordability
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Competitors' Strategies
Competitors' Strategies
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Consumers' Perception
Consumers' Perception
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Wholesalers
Wholesalers
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Agents
Agents
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Exclusive Distribution
Exclusive Distribution
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Direct Distribution Channel
Direct Distribution Channel
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Advertising
Advertising
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Personal Selling
Personal Selling
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Identifying Target Audience
Identifying Target Audience
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Setting Communication Objectives
Setting Communication Objectives
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Elements of a Marketing Message
Elements of a Marketing Message
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Message Content
Message Content
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Message Structure
Message Structure
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Message Format
Message Format
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Message Source
Message Source
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Flashcards
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Study Notes
Study Notes
Marketing Strategies for Goods and Services
- Marketing concept involves analyzing customer needs and satisfying them to achieve profit. A restaurant, for example, should understand customer tastes and preferences to create a menu that caters to those needs.
- Marketing mix refers to controllable variables (4Ps) that businesses use to generate desired responses from target markets.
- Price: Restaurants can enhance competitiveness by pricing their items at a lower or similar cost to competitors.
- Promotion: Restaurant promotion can involve online and print advertisements, and encouraging staff to recommend dishes.
- Place: Longer operating hours and offering take-out improve competitiveness.
- Low-priced tablet products should provide basic features due to their low cost.
- Marketing mix strategy for business buyers should focus on tailored offerings, after-sales support, and bulk discounts to gain loyalty and profits.
- A marketing mix strategy for individual buyers should offer standardized products, lower costs compared to competitors, discounts to customers, and marketing efforts online and in magazines to enhance competitiveness.
- Public relations and sales promotion are two promotional strategies that can enhance a company's sales: offering discounts, gifts, and lucky draws, and sponsoring sports events use celebrities.
- Personal selling promotes products through direct customer interaction. Examples include explanations of a product's features in person and getting feedback from customers to tailor the product for an enhanced experience.
- Using personal selling for software allows for customized service by interacting directly with clients, enabling the gathering of feedback.
- Product strategies (example) for a new restaurant can involve serving both Chinese and Western cuisine, naming the restaurant to connect to both cultures, and using a similar aesthetic to each culture in the interior design.
- Line stretching increases products within an existing product range to attract new customers.
- Line filling targets market gaps by adding to an existing product range to serve existing customers.
- Downward stretching introduces a product with fewer features to serve less-demanding customers who seek lower prices, while upward stretching aims to appeal to customers who prefer higher-quality products and are willing to pay higher prices.
- Internal factors affecting pricing include marketing objectives, cost, management philosophy and values.
- External factors affecting pricing include nature of market, competitor strategies, and customers' perceptions of the benefits offered.
- Skimming pricing utilizes high prices to generate a large profit margin for new products, while penetration pricing utilizes lower prices to attract more customers.
- Cost of products, nature of market, competitor strategies, affordability, and consumers' perceptions all influence pricing strategies.
- Wholesalers, distributors, and retailers are all parts of the distribution channels, with wholesalers buying from manufacturers and selling to retailers, distributors handling a select range of products, and retailers selling to consumers.
- Companies must consider costs, customer needs, control of the sales process, and relationships with customers when deciding whether or not using middlemen in distribution.
- Intensive, selective, and exclusive distribution strategies exist; intensive is for many intermediaries, selective for a limited number, and exclusive for a highly limited number of intermediaries.
- Benefits of direct distribution channels include cost savings, enhanced customer relationships, and greater control over selling strategies.
- Promotion strategies, including advertising, sales promotions, personal selling, and public relations, can be utilized to enhance store sales.
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