3rd 9 Weeks Benchmark Review PowerPoint

Marketing PrinciplesL.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

• 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

• 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.