ADM 1300 Study Guide - Marketing Mix, Business Analysis, Psychographic

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: All

Document Summary

Utility: the ability for a product to respond to human wants and needs. Ownership utility- transferring ownership of product to buyer. Form utility- transferring raw materials into product that buyer wants. Marketing strategy: plan of action for a product to meet consumer wants. 2 important ingredients: target mix, marketing mix. Marketing mix: refers to the 4 marketing activities; product, price, distribution, and promotion. Process of developing a product: develop new idea, screening new ideas, concept testing, business analysis, prototype development, product testing and test marketing, commercialization. Sales" volume peak is at the maturity period. Private distributor brand- owned and distributed by a wholesale or retailer. Price of 1 unit -- variable costs of 1 unit. New-product strategies: price skimming: charging the highest possible price for potential buyers, penetration pricing: low pricing to allow a product to enter the market of the product rapidly. Psychological pricing strategies: odd/even, prestige pricing. Price discounts: quantity discounts, seasonal discounts.