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ECON344 Chapter Notes - Chapter Final: Customer Relationship Management, Marketing Mix, Sales Promotion

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School
University of Waterloo
Department
Economics
Course
ECON344
Professor
Brent Barr

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Document Summary

Relational orientation: is based on the idea that buyers and sellers should develop long- 1 to 3 yrs develop marketing plan for specific products, brands or markets. Internal: strengths, weaknesses and external: opportunities and threats. Weight alternatives and choose the best one for the stakeholders using ethical practices. Characteris tics (fmcg) in grocery & discount stores mix, i. e. real estate, insurance. Marketing is a set of business practices designed to plan for and present an organization"s products/services in ways that build effective customer relationships. Everything the buyer gives up (money, time, energy) in exchange for the product. List price, discounts, allowances, costs, payment period, credit terms. Cost-based pricing: firms determine cost of producing product then add a fixed amount above that total to arrive at selling price. Competitor-based pricing: prices below, at or above a competitor"s price. Value-based pricing: determining the value of the product from a customers point of view and pricing accordingly.

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Related Questions

1.
"Product" means:
A) all the services needed with a physical good.
B) a physical good with all its related services.
C) the need-satisfying offering of a firm.
D) all of a firm's producing and distribution activities.
2.
From a marketing perspective, a high quality copy machine is one that:
A) does a good job satisfying a customer's requirements or needs.
B) offers the most features.
C) is produced with the best materials.
D) has the longest warranty.
3.
Services
A) are tangible.
B) often have to be produced in the presence of the customer.
C) are easy to store.
D) are usually produced before they are sold.
4.
Vision Co. manufactures and sells tea, coffee, desserts, shoes, and sporting goods. All of these products are its
A) product line.
B) equity products.
C) complementary goods.
D) product assortment.
5.
The set of laptop computers sold by Dell is called a(n):
A) product line.
B) emergency product.
C) impulse product.
D) product assortment.
6.
Individual products:
A) are part of product lines but not product assortments.
B) may require their own marketing mixes.
C) are usually distinguished by brand only.
D) are part of product assortments but not product lines.
7.
A trademark
A) has no legal meaning.
B) includes those words, symbols, or marks that are legally registered for use by a single company.
C) is any word, letter, or a group of words or letters.
D) is the value of a brand to its current owner or to a firm that wants to buy it.
E) is protected by the Magnuson-Moss Act.
8.
When customers have consistently positive experiences with a brand, or they hear good things from the firm

Sustainable competitive advantage is influenced by (select all that apply):

A) A lower price for the customer based on the value created for them (due to your operations or other cost control strategies)

B) A rareness factor, meaning that competitors cannot offer the same set of values to this customer

C) A commitment to converting competitors' customers

D) A product or service with better features or functions

What are the forms of market organization -- monopoly, duopoly, oligopoly, monopolistic competition, perfect competition -- that affect the production and pricing of goods and services that you buy? Give detailed examples.