Pricing Strategies and Tactics

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Which type of communication involves engaging customers through websites, emails, and social media platforms?

Publicity and Public Relations

Direct Marketing

Online and Social Media Communication (correct)

Word of Mouth

What type of communication is characterized by company-sponsored activities to create brand-related interactions with consumers?

Personal Selling

Digital Media and Communication Options

Communication Media Formats Events and Experiences (correct)

Mobile Communication

What type of communication involves passing information orally from person to person?

Online and Social Media Communication

Word of Mouth (correct)

Direct Marketing

Publicity and Public Relations

Which type of communication is focused on convincing a buyer to purchase a product or service through face-to-face communication?

Personal Selling Signup and view all the answers

What is an example of 'owned media'?

Websites Signup and view all the answers

What type of communication is focused on creating effective communication at the point of purchase through product styling, package design, and company branding?

Packaging Signup and view all the answers

What is a key factor retailers must consider when setting prices?

All of the above Signup and view all the answers

Why is developing a product-differentiation strategy crucial for retailers?

To define the store's product assortment Signup and view all the answers

What is the primary goal of retailers when creating a store atmosphere?

To match shoppers' motivations Signup and view all the answers

What is a common strategy used by retailers to make their offerings more attractive?

Incentives such as price discounts and coupons Signup and view all the answers

Why have traditional brick-and-mortar retailers been forced to enhance the shopping experience?

Due to the rise of e-commerce Signup and view all the answers

What is an increasingly popular tool among brick-and-mortar retailers?

Mobile promotions and geofencing Signup and view all the answers

What is the primary goal of market penetration as a product-market growth strategy?

Increasing sales of existing products in existing markets Signup and view all the answers

Which of the following is an example of growth through innovation?

Developing a new product or technology Signup and view all the answers

What is a key requirement for successful growth through mergers and acquisitions?

Strategic fit, potential synergies, and cultural alignment Signup and view all the answers

Which product-market growth strategy involves creating new products for existing markets?

Product development Signup and view all the answers

What is the primary goal of market development as a product-market growth strategy?

Entering new markets with existing products Signup and view all the answers

Which of the following is an example of growth through imitation?

Replicating existing products or strategies Signup and view all the answers

What may occur when a firm initiates a price cut?

Competitors match or undercut prices Signup and view all the answers

Why might a firm initiate a price increase?

Due to cost inflation, high demand, or anticipatory pricing Signup and view all the answers

What can be a result of sales promotions?

Post-promotion sales dips Signup and view all the answers

What is a trend in sales promotions?

Shift towards digital coupons and discounts Signup and view all the answers

What should a firm do when initiating a price increase?

Give advance notice and explain reasons for the price increase clearly Signup and view all the answers

Why might competitors react to a price change?

When market competition is low, products are similar, and buyers are well-informed Signup and view all the answers

What is the main purpose of a Customer Acquisition Funnel?

To outline the five phases customers go through from awareness to advocacy Signup and view all the answers

Why is retaining existing customers important?

Because it is more expensive to acquire new customers Signup and view all the answers

What is a key factor in fostering customer loyalty?

High-quality service Signup and view all the answers

What is the purpose of measuring customer satisfaction?

To identify areas for improvement Signup and view all the answers

What is customer loyalty defined as?

Customer satisfaction, advocacy, and evangelism Signup and view all the answers

Why is reactivating inactive customers important?

Because it is more cost-effective than acquiring new customers Signup and view all the answers