MGMT 1000 Study Guide - Quiz Guide: Southwest Airlines, Niche Market, Yield Management
6 Jul 2016
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Bait & hook - free initial offer that encourages future purchases of related products or services (e. g. gillette razor and blades) Blue ocean strategy - the pursuit of both product differentiation and low costs (e. g. southwest airlines) (reduce - create - raise - eliminate = new value curve) Bundled - a marketing strategy that joins products or services together in order to sell them as a single combined unit. Channel - how does a business communicate with its customers? (i. e. owned, or direct) Channel phases - awareness, evaluation, purchase, delivery, after sales. Competitive analysis - establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market. Cost structure - all costs incurred to operate a business (e. g. cost driven, value driven, fixed costs, variable costs, economies of scale, economies of scope) Customer-driven - paying great attention to finding out what customers want and helping them to get it:
