marketing eopa

Subdecks (1)

Cards (64)

  • Human Resources Management
    The process of managing people by selecting, recruiting, training, appraising, developing, and compensating employees and attending to their labor relations, health and safety concerns, and fairness concerns
  • Net Profit
    The residual profit after deducting all operating expenses, interest, taxes, and other costs from the gross profit (Net Profit = Gross Profit - Operating Expenses - Interest - Taxes - Other Expenses)
  • Gross Profit
    The amount of money a company has left over after deducting the cost of goods sold (COGS) from its total revenue (Gross Profit = Total Revenue - Cost of Goods Sold)
  • Channel Management
    Involves making decisions about where to sell your product. The process of deciding how to get goods into customer's hands
  • Promotion
    Any form of communication used to inform, persuade, or remind people about a business's products
  • Personal Selling
    Any form of direct contact between a salesperson and a customer
  • Product Planning
    Making decisions on the features needed to sell a company's products, services and ideas---ex: product attributes, branding, packing, labeling, product support services
  • Prestige Pricing Strategy
    Setting a high price so that quality or status conscious consumers will be attracted to the product and buy it
  • Odd-Even Pricing Strategy
    Setting prices a few dollars or cents under an even number
  • Bundle Pricing Strategy
    Selling two or more products in a single package price; based on the idea that consumers value the package more than the individual items
  • International Pricing Strategy
    The approach a company takes to set prices for its products or services when operating in multiple countries or across borders
  • Break Even Point
    The point at which a business makes neither a profit nor a loss
  • Marketing Information Management
    The process of getting the marketing information needed to make sound business decisions. Gathering information about a consumer's needs, wants, and experiences in order to improve your product.
  • Why do businesses have policies and procedures in place?
    • Standardization
    • Compliance
    • Employee Guidance
  • Marketing Mix
    The 4Ps: Product, Price, Place, and Promotion. These elements work together to create a comprehensive marketing strategy.
  • Elements of the Promotional Mix
    • Advertising
    • Public Relations (PR)
    • Sales Promotion
    • Personal Selling
    • Direct Marketing
  • Steps in the selling process
    • Prospecting and Qualifying
    • Preapproach
    • Approach
    • Presentation and Demonstration
    • Handling Objections
    • Closing the Sale
    • Follow-up
  • Important to understand when preparing for a sale: Know Your Product/Service, Understand Customer Needs, Market Research, Build Rapport, Address Objections, Sales Presentation Skills, Closing Techniques, Follow-Up Plan
  • Cost
    The total expenses incurred in producing a product or delivering a service
  • Price
    The amount of money a customer is willing to pay for a product or service
  • Internal Pricing Factors
    • Costs
    • Business Objectives
    • Product Lifecycle
  • External Pricing Factors
    • Market Demand
    • Competitor Pricing
    • Economic Conditions
    • Customer Perceptions
  • Vendors
    Individuals or businesses that supply goods or services to another business
  • Importance of establishing good vendor relationships
    • Reliability
    • Cost Efficiency
    • Quality Assurance
    • Innovation and Collaboration
    • Timely Delivery
  • Primary Data
    Data collected directly from original sources for a specific research purpose
  • Secondary Data
    Data that has been collected by someone else for a purpose other than the current research
  • Market Segmentation
    Dividing a broad target market into smaller, more manageable segments based on similar characteristics, needs, or behaviors
  • Ways to segment a market
    • Geographic
    • Demographic
    • Psychographic
    • Behavioral
  • Advantages of having too many products in a product mix
    • Catering to Diverse Needs
    • Market Coverage
    • Reduced Risk
  • Disadvantages of having too many products in a product mix
    • Complexity
    • Costs
    • Brand Dilution
  • Advantages of having too little products in a product mix
    • Focus and Expertise
    • Simplicity
    • Brand Consistency
  • Disadvantages of having too little products in a product mix
    • Limited Market Coverage
    • Vulnerability
    • Missed Opportunities