Transcript 3rd 9 Weeks Benchmark Review PowerPoint

3rd 9 Weeks Benchmark
Review PowerPoint
Marketing Principles
L.Ingram
2014-2015
Key Terms:
• Career Lesson
– Benchmark: a point of reference from which
measurements may be made.
– Career Goals: desired achievements related to
work such as jobs, education, or work
experience.
– Career Strategy: plans to meet career goals.
– Downsize: to make a company smaller and more
efficient by reducing the number of workers.
Key Terms:
• Career Lesson
– Interview: a formal consultation usually to
evaluate qualifications of a prospective student or
employee.
– Job Board: website that provides job listings and
allows persons seeking employment to post
résumés.
– Job Description: highlights the primary
responsibilities, requirements, qualifications, and
challenges of a given job.
Key Terms:
• Career Lesson
– Job Portfolio: file containing documents and
information related to employment
– Letter of Application: a letter that provides
information about a person’s interest and
qualifications for a job.
– Promotion: the act of moving someone to a
higher or more important position or rank in an
organization.
Key Terms:
• Career Lesson
– Reference: a person who can be asked for
information about another person’s character,
abilities, etc.
– Resignation Letter: a letter stating various reasons for
leaving employment.
– Résumé: a brief written account of personal,
educational, and professional qualifications and
experience written by an applicant for a job.
– Severance Pay: payment made to an employee
being dismissed from a job.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Product Item: a specific model or size of a
product.
– Product Line: a group of closely related products
that are sold by a company.
– Consumer Goods: purchased and used by the
ultimate consumer for personal use.
– Business Goods: purchased by organizations for
use in their operation.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Point of Difference: unique product
characteristics or benefits that set the product
apart from a competitor’s product.
– Prototype: the first model of the product.
– Commercialization: process that involves
producing and marketing a new product.
– Fads: when products become popular quickly
and lose popularity just as quickly.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Price: the value placed on the goods or services
being exchanged.
– Prestige Pricing: pricing based on consumer
perception.
– Odd-Even Pricing: pricing goods with either an
odd or even number to match the product's
image.
– Markup: the difference between the retail or
wholesale price and the cost of an item.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Cost-plus Pricing: pricing products by calculating
all costs and expenses and adding desired profit.
– Non-price Competition: competition between
businesses based on quality, service, and
relationships.
– Market Share: the percent of the totals of all
companies that sell the same type of product.
– Price Lining: selling a good in a product line at a
specific price point.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Bundle Pricing: selling a good in a product line at
a specific price point.
– Loss-Leader Pricing: pricing an item at cost or
below cost to draw customers into the store.
– The Sherman Anti-Trust Act: prohibits price fixing
and predatory pricing.
– Price Fixing: illegal practice whereby competitors
conspire to set the same prices.
Key Terms:
• Chapter 5- Product & Price Decisions—Sports
– Predatory Pricing: setting a very low price to drive
competitors out of business.
– Clayton Act/Robinson-Patman Act: prohibits price
discrimination.
– Price Discrimination: the practice of charging
different prices to similar buyers.
Key Terms:
• Chapter 6: Sports Market Research & Outlets
– Market Research: the process of systematically
collecting, recording, analyzing, and presenting data
related to marketing goods and services.
– Secondary Research: published data that have been
collected for some other purpose.
– Primary Research: original research conducted for a
specific marketing situation.
– Focus Group-:panel or 6 to 10 people who are
brought together the discuss their feelings, reactions,
and attitudes regarding a product, promotion, or
some other topic.
Key Terms:
• Chapter 6: Sports Market Research & Outlets
– Questionnaires: written surveys that can be
administered in person, by telephone, fax, mail, or
online.
– Census: study that counts everyone in the
research population.
– Sample: number of people who are represented
in a study’s population.
– Qualitative Research: research data reported in
paragraph form.
Key Terms:
• Chapter 6: Sports Market Research & Outlets
– Quantitative Research: data that can be reported in
graphs and charts with analysis or interpretation,
written in accompanying paragraphs of text.
– Channels of Distribution: the path a product takes
from the producer or manufacturer to the customer.
– Direct Channel: the path the product takes without
the help of any intermediaries between the producer
and consumer.
– Direct Marketing: marketing activities to sell products
directly to customers through the use of a customer
database or list of current/potential customers.
Key Terms:
• Chapter 6: Sports Market Research & Outlets
– Indirect Channel: the path a product takes using
intermediaries, or people or services in the middle
of a transaction, between the producer, and
consumer.
Steps in New Product Development
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Step1: SWOT Analysis
Step 2: Idea Generation
Step 3: Screening and Evaluations
Step 4: Business Analysis
Step 5: Development
Step 6: Test Marketing
Step 7: Commercialization
Product Life Cycle
• Step 1: Introduction- product is first
introduced into the marketplace.
• Step 2: Growth- more competitors enter the
marketplace if they see new products.
• Step 3: Maturity- sales begin to slow down for
the product category or just the product.
• Step 4: Decline- when sales and profit drop.
Management of the Product Life
Cycle
• 1. Modify the Product- changing the
product’s characteristics.
• 2. Market the Product- find new customers or
encourage current customers to use more of
the product.
• 3. Reposition the product- changing the
product’s image in relation to its competitor’s
image.
4 situations when price has no
effect on demand.
• 1. Product is a necessity.
• 2. There are no substitutions.
• 3. Price increase is not significant to the
customer’s income.
• 4. Time restraints.
Steps in the Research Process
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1. Identify the Problem
2. Conduct Secondary Research
3. Select and Design Primary Research.
4. Collect Data
5. Report and Analyze Data
Three Types of Research Methods
• 1. Experiment Method
• 2. Observation Method
• 3. Survey Method
Direct Distribution Methods
• Print- catalogs, advertising magazines.
• Television- infomercials, Home Shopping
Network.
• Email and Internet- purchase products with
access from a computer.
Types of Intermediaries
• Agents- do not take ownership of the goods
they sell. Bring sellers and buyers together for
a fee.
• Wholesalers- resellers who buy goods, store
them, sell them in smaller quantities to
retailers or sports organizations.
• Retailers- sell goods directly to customers.