marketing eopa

• 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