Recent Changes

1. The movie is trying to say that fewer choices are better.
2. A USP is a unique selling proposition or unique selling point.
3. One-by-one reccomendations are reccommendations by word of mouth.
4. Mass media dominance means that businesses use mass media to sell their products.
5. 80% of the people goth the message.
6. Juicy fruit, Mr. Clean, Coke, Campbell's Soup, Oxy-Clean
7. I don't accept the advertisement.
8. COMM's principle is interaction, dialogue.
9. a. Transportation technology advancements changes how many choices we have.
b. So many products available created a sea of individualism.
c. WWW is the internet.
d. Companies started collaborating to make more sales.
f. Companies can now sell their their products all over the world.
10. 65% of people feel bombarded by ads.
11. 70% of German products flop.
12. Exchangeable brands means brands that are nearly identical.
13. Complex reach is how customers are reached today.
14. Social network is things like Facebook.

1. The marketing mix is product, place, price, and promotion.
2. Products are the goods and services you offer.
3. THe four P's are product, place, price, and promotion.
4. Place is how the product gets moved from the producer to the consumer.
5. Price establishes the profit made by the product.
6. Promotion is how you let the comsumers know about your product and it is important because people can only buy your product if they know it exists.
7. The consumer is more empowered to buy because it is much easier to do so.
8. The consumer side of marketing is customer value, cost, convinience, and communication.
9. Customer value is how a product benefits a customer.
10. Communication is important because it lets the customer know you exist.
11. Positioning is your differentiation between customers. Targeting is who you are positioning your product for.
12. Value proposition is what your product does.
13. Demographic segmentation is how marketers are going to position their products or services.
15. Expanding a product's reach means that you are presenting your products to people that have not seen them before.
16. Gender is an important target because men are going to usually want different products than women. Age is important because adults are going to want different things than women.
17. Product dimensions are a product's attribues.
18. A market segment is a certain marketing campaign.
19. It is important to research who will buy your product because that tells you who to advertise to you.

1. GM got a handout from the government because they were bankrupt and $110,000,000,000 in debt.
2. GM wasn't careful enough about how they were spending their money.
3. Product focused means that a company revolves aroud the products it makes.
4. GM's theory of "if you build it, they will buy" has not worked for sales.
5. GM's cars do not hold their value. I would want to buy a car that holds its value.
6. A product with no value means that no one in the world has any want or need for that product.
7. Poor marketing is not doing an adequate job advertising and selling your product.
8. Ostrich marketing is when a company doesn't do anything and hopes everything will just work out on its own.
9. Getting more clients means getting more sale opportunities in the marketing world.
10. "Spend more" means getting your customers to spend more money by bundling items th increase the profit margin as much as possible in a way that is still atractive to clients.
11. "Buy more often" means make a product that will either need to be replaced or upgraded at some time.
12."Hungry crowd" means a customer base that is generally asking for the same product.
13.People wait for solutions because they don't want to put in the effort to come up with one themselves.
14. Some good ways to contact clients are newsletters, fliers, letters, e-mails, facebook, twitter, and myspace.

Here are 8 products: You will need to look on the internet. Did you find these products quickly? You should of! You must discuss the 7 P's for each product. EACH ONE OF THESE QUESTIONS MUST BE ANSWERED FOR EACH PRODUCT. I WILL GIVE YOU AN EXAMPLE WITH THE CAMPBELL SOUP PRODUCT.
1. Is the Chunky soup priced right?
positive brand?
3.
3. Is the see it?
4.
4. Is the page properly?
5.
5. What do Chunky soup?
6.
6. Will it to sell?
7.
7. What does Chunky soup?
8.
8. How do Chunky soup?
9. Ask someone in class if they ever ate Chunky soup? Would they? Why or why not? What is your overall opinion about Campbell soup?
1. {http://studious-catz.com/37_soup_4clmn.jpg} price $1.50 - Safeway
1. Chunky soup is priced right.
2. Chunky soup is a positive brand.
3. Chunky soup is promoted properly as I see it.
4. Yes Chunky soup is placed in the right shelf, advertised correctly on TV, and on the Safeway web page.
5. I feel the process for Chunky soup is to make soup and sell it.
6. It will be easy to sell.
7. The physical environment says that Chunky soup will fill you up.
8. People relate to Chunky soup positively.
9. Juan has never had Chunky soup and never will because he doesn't like canned soup.
2. {http://studious-catz.com/37_cereal_4clmn.jpg} price $4.50 per box - Safeway
1. The cereal is slightly overpriced.
2. Those cereals are positive brand.
3. As I see, each of these cereals are promoted properly.
4. Yes these cereals are placed in the right shelf, advertised correctly on TV, and on the Safeway web page.
5. The process of the cereals is to make cereal and sell it.
6. They will be easy to sell.
7. The physical evironment says these cereals are tasty.
8. People relate to cereal properly.
9. Juan likes Cinnamon Tosat Crunch a lot.
3. {http://g-ecx.images-amazon.com/images/G/16/00/00/05/65/83/56/565835630._V232108300_.gif} Pick on of these items - Target
1. The table is way overpriced.
2. It is a positive brand.
3. It is promoted proberly.
4. Yes this table is advertised correctly.
5. The process of the maker of the table is to make a table and sell it for way more than its worth.
6. It will not be easy to sell.
7. The physical environment says that this table is very nice.
8. People relate to this table negetively.
9. Juan would never buy this table because it costs way too much.
4. {http://g-ecx.images-amazon.com/images/G/16/00/00/00/23/25/60/23256057._V45743218_.gif} Shop by Price price $10.00 - Target
5. {http://ecx.images-amazon.com/images/I/51TQMCYDDGL._AA260_.jpg} Product Image Pyrex Prepware 13-pc. Set price $37.99 - Target
Place in WIKI name this section - Marketing Research Round 2 - Part 2
The History of Marketing
ca 1990
Marketing
Marketing planning has and control.
1.2. What is an analytical approach? Full sentences.
Blois 1983).
1.2 How do you feel about the statement - "textbooks are based upon limited real world data" ?
(2000 p19)
1.3. What do you think is a philosophy of business? Name a company that has a good philosophy.
to marketing.
1.4. What is empiricism? Full sentences.
1.5. Reading the above paragraph write in 7 sentences. Not 8 sentences nor 6 sentences what this viewpoint is. Full sentences and do not repeat your same view point over and over. Example- " I think this is a really good view point. This viewpoint is very good" This is the same sentences rewritten plus it does not analyze the above paragraph. Time to think.
dominates marketing
1.6.What do you think is a realist position for marketing? Full sentences.
and organizations.
1.7. If identifying a customers behavior is good for marketing what is your opinion on market research? Full sentences.
It is important to understand the relevance of human needs to buyer behavior (remember, marketing is about satisfying needs).
bottom level.
1.8.
1.8. Do you Full sentences.
1.9. What is human motivation? Full sentences.
friends, etc.
1.10. What would be 5 physiological needs? Why would you need them? Full sentences.
the Moon.
1.11. What is meant by esteem? Full sentences
1.12. What is meant by self actualization? Full sentences.
The model is a little simplistic but introduces the concept a differing consumer needs quite well.
the consumer.
1.13. What are the four P's in market? Explain each one in full sentences.
other choices.
1.14. Explain in full sentences the following. :
a. own culture
f. Advertising.
g. Sponsorship.
/ media).
1.16. What is a target market? Full sentences
1.17. What is meant by communications process? Full sentences
1.18. What is an advertising message? Full sentences.
for attention.
1.19. What is meant by point of purchase? Full sentences.
The Promotions Mix.
Let us look at the individual components of the promotions mix in more detail. Remember all of the elements are 'integrated' to form a specific communications campaign.
1. Personal Selling.
is high.
1.20. Explain in your own words, not copying the approve words what personal selling means? Full sentences.
2. Sales Promotion.
best alternative.
1.21. Explain in your own words, not copying the approve words what sales Promotion means? Full sentences.
3. Public Relations (PR).
rehearsed plan.
1.22. Explain in your own words, not copying the approve words what Public Relations (PR). means? Full sentences.
4. Direct Mail.
mail shot.
1.23. Explain in your own words, not copying the approve words what direct mail means? Full sentences.
5. Trade Fairs and Exhibitions.
1.24. Explain in your own words, not copying the approve words what Trade Fairs and Exhibitions. means? Full sentences.
6. Advertising.
bus sides).
1.25. Explain in your own words, not copying the approve words what advertising means? Full sentences.
7. Sponsorship.
sponsoring organization.
1.26. Explain in your own words, not copying the approve words what sponsorship means? Full sentences.
The elements of the promotional mix are then integrated to form a unique
out (decline).
1.27. Explain in your own words what a PLC is. OWN words people. Full sentences.
In theory it's the same for a product. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilizes and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn.
regain customers.
1.28. Why do products fail in the introduction phase? What would be some of the causes? Full sentences.
Life Cycle.
Introduction.
of distribution.
1.29. Why would you want people to be aware of your product? Think of a new product on the market or a product that has been introduced in the last 5 years. Why would you want people to be aware of the product. What product totally caught on to the American public and why?
Growth.
to stabilize.
1.30 What is a joint venture? Full sentences.
Maturity.
of media.
1.31. What is meant by maturity in the world of marketing? In your own words please with full sentences.
Decline.
cost cutting.
1.32. What is meant by decline in the world of marketing? In your own words please with full sentences.
Problems with Product Life Cycle.
In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from maturity to decline by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in. Remember that PLC is like all other tools. Use it to inform your gut feeling.
a Product
1.33. What is meant by PLC in the world of marketing? In your own words please with full sentences.
There are many ways to price a product. Let's have a look at some of them and try to understand the best policy/strategy in various situations. See also eMarketing Price.
Premium Pricing.
Concorde flights.
1.34. What is meant by premium pricing in the world of marketing? In your own words please with full sentences.
Penetration Pricing.
Sky TV.
1.35. What is meant by penetration pricing in the world of marketing? In your own words please with full sentences.
Economy Pricing.
spaghetti, etc.
1.36. What is meant by economy pricing in the world of marketing? In your own words please with full sentences.
Price Skimming.
are implemented.
1.37.
1.37. What is full sentences.
1.37.a What is meant by competitive advantage? Full sentences
1.37.b. What product today is representational of price skimming?
to pricing.
1.38.
1.38. What is full sentences.
1.38.a. What is meant by penetration pricing in the world of marketing?
1.38. b What is meant by economy pricing in the world of marketing?
Psychological Pricing.
one dollar.
1.39. What is meant by psychological pricing in the world of marketing? In your own words please with full sentences.
Product Line Pricing.
package $6.
1.40. What is meant by product line pricing in the world of marketing? In your own words please with full sentences.
Optional Product Pricing.
each other.
1.41. What is meant by Optional product pricing in the world of marketing? In your own words please with full sentences.
Captive Product Pricing
the razor.
1.42. What is meant by captive product pricing in the world of marketing? In your own words please with full sentences.
Product Bundle Pricing.
bundle approach.
1.43. What is meant by product bundle pricing in the world of marketing? In your own words please with full sentences.
Promotional Pricing.
One Free).
1.44. What is meant by promotional pricing in the world of marketing? In your own words please with full sentences.
Geographical Pricing.
increase price.
1.45. What is meant by geographical pricing in the world of marketing? In your own words please with full sentences.
Value Pricing.
at McDonalds.
1.46. What is meant by value pricing in the world of marketing? In your own words please with full sentences.

Brand identity - Visible elements of a brand (such as colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind.
Brand image - Impression in the consumers' mind of a brand's total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers' direct experience. See also corporate image.
Banner ad - Alternative term for banner.
Circulation - Average number of the copies of a publication distributed in a standard period such as day, week, or month.
Cost per inquiry - Standard unit of cost used in direct response marketing, computed by dividing total promotional cost with the number of inquiries generated.
Direct mail - Direct marketing method in which carefully targeted prospects (chosen on the basis of age, income, location, profession, buying pattern, etc.) are presented with custom tailored offers for goods or services via ordinary mail or email. Marketing firms usually 'rent' lists of prospects from mailing list compiling firms who maintain a large inventory of names and addresses of prospects, divided into hundreds of categories and sub-categories.
Macro marketing - Study of marketing activities, institutions, and processes from the national (societal) perspective. It looks at the aggregate flow of goods and services in an economy to determine if it benefits the society in terms of its resource consumption and environmental effects.
direct marketing - Contacting and influencing carefully chosen prospects with means such as telemarketing and direct mail advertising.
target marketing - Identifying a target market after detailed research, and developing specific marketing campaigns focused at it.
marketing - Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.
advertising - Marketing tool that uses advertisements.
brand - Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value. Legal name for a brand is trademark and, when it identifies or represents a firm, it is called a brand name. See also corporate identity.
launch - The debut of a product into the market. The product launch signifies the point at which consumers first have access to a new product.
consumer - Everyday purchaser of a good or service in retail.
market research - Component of marketing research whereby a specific market is identified and its size and other characteristics are measured. Used also as an alternative term for marketing research.
public relations - Systematic effort to create and maintain goodwill of an organization's various publics (customers, employees, investors, suppliers, etc.), usually through publicity and other non-paid forms of communication. These efforts may also include support of arts, charitable causes, education, sporting events, etc.
campaign - Complete, planned course of action formulated to achieve defined objectives in marketing, public relations, quality enhancement, revenue generation, safety standards, etc.
position - Market commitment or exposure of an investor or trader in commodities or securities, expressed as the amount of owned items (long position) or owed items (short position).

The purpose of these lessons is to encourage you to apply knowledge of the marketing mix to a variety of real life products and services. The intention is that you should take what you know and use that information in developing an understanding of the blending of the elements of the marketing mix. It also aims to develop the ability to make judgments, given that the you will have to think about the relative importance of the elements of the mix and the way in which different products and services are marketed. The inclusion of services in the list of potential sources of investigation is designed to get students thinking about the impact of the 'additional' three Ps - people, process and physical environment.
Prompt Question - When you see a commercial on the television for cereal what is your first thoughts- a. How good the cereal taste, how you like that brand of cereal, how the much the cereal cost, what is your taste buds telling you?
The Marketing Mix - Activity - Place this information in your WIKI name this new page - "Marketing Mix"
The marketing mix is the combination of elements that frame the marketing strategy for a company in relation to their products and services, in order to help them achieve their marketing objectives. Traditionally, the marketing mix has focused on four elements:
1. Price - Is the product priced too high, too low, or just right and why?
2. Product - What is the Product? Is the brand known positively or negatively and why?
3. Promotion - How is this product promoted? Could it be promoted further?
4. Place - You will need too look on Television or in magazines and see where the placement of these commercials are situated. Are they placed correctly and why? (Sometimes the placement has to do with shelf area also) Why is shelf area very important to placement of a product? And why?
However, this has been extended in recent years as certain features in relation to the marketing of services have become recognized as being important. There are an additional 3 Ps that now make up what has been referred to as the '7 Ps'.
For the following three "P"'s what do you think these mean? Think how this relates to your 10 products below.
5. Process
6. Physical Environment
7. People
Each of these elements will be important in its own way but for some products the emphasis on one or more may be stronger. This will depend in part on the nature of the product or service and the objectives of the business concerned.
The aim of this Activity is to encourage you to use your knowledge of the 7 Ps and apply them to a selection of products and services, taking into consideration the relative importance of each element in the mix to those products. You will need to think of what role each 'P' plays in the overall marketing strategy for the product and offer a brief explanation for your reasoning.
Name these answers for your WIKI- Marketing 2
Here are 8 products: You will need to look on the internet. Did you find these products quickly? You should of! You must discuss the 7 P's for each product. EACH ONE OF THESE QUESTIONS MUST BE ANSWERED FOR EACH PRODUCT. I WILL GIVE YOU AN EXAMPLE WITH THE CAMPBELL SOUP PRODUCT.
1. Is the Chunky soup priced right?
2. Is the Chunky soup a positive brand?
3. Is the Chunky soup promoted properly as you see it?
4. Is the Chunky soup placed in the right shelf area or advertised on TV correctly or on the Safeway web page properly?
5. What do you feel the process is for this Chunky soup?
6. Will it be easy to sell?
7. What does the physical environment say about this Chunky soup?
8. How do people relate to this Chunky soup?
9. Ask someone in class if they ever ate Chunky soup? Would they? Why or why not? What is your overall opinion about Campbell soup?
1. {http://studious-catz.com/37_soup_4clmn.jpg} price $1.50 - Safeway
2. {http://studious-catz.com/37_cereal_4clmn.jpg} price $4.50 per box - Safeway
3. {http://g-ecx.images-amazon.com/images/G/16/00/00/05/65/83/56/565835630._V232108300_.gif} Pick on of these items - Target
4. {http://g-ecx.images-amazon.com/images/G/16/00/00/00/23/25/60/23256057._V45743218_.gif} Shop by Price price $10.00 - Target
5. {http://ecx.images-amazon.com/images/I/51TQMCYDDGL._AA260_.jpg} Product Image Pyrex Prepware 13-pc. Set price $37.99 - Target
6. Price $199.00 - Radioshack
{http://rsk.imageg.net/graphics/product_images/pRS1C-5318367t98.jpg} Haier® 7" Portable Handheld LCD DTV - RadioShack.com
7. Price $3799.99 - Radio Shack
{http://rsk.imageg.net/graphics/product_images/pRS1C-2775406t98.jpg} Canon® XL2 miniDV Digital Camcorder Body Kit - RadioShack.com
Vocabulary Words - Place in WIKI - Name it - Marketing 2-Part1
a. Marketing environment.
b. Laws and regulations.
c. Politics.
d. The current state of technology.
e. Economic conditions.
f. Socio-cultural aspects.
g. Demand trends.
h. Media availability.
i. Stakeholder interests.
j. Marketing plans and campaigns of competitors.
k. Internal factors such as your own experience and resource availability.
Next assignment
Place in WIKI name this section - Marketing Research Round 2 - Part 2
The History of Marketing
The history of marketing can be divided into three stages when considering the development of the marketing concept namely the emergence of the mass market ca 1850, the articulation of the modern marketing concept ca 1960, and the transition from the emphasis upon the transaction to the relationship ca 1990
Marketing planning has its roots in the marketing management school of the 1950's. Here, marketing managers followed a largely structured, formalized, positivist approach to marketing planning. However in summary the marketing management school was developed largely by American academics, and was based upon an analytical approach that tended to include analysis, objectives, strategies and control.
1.2. What is an analytical approach? Full sentences.
It has no single dominating visionary, but is based upon contributions from Kotler (1967), McCarthy (1960), Borden (1964), and others. Marion (1993) is critical of the marketing management school and argues that there has been nothing new since the 1960's or even well before. Other opinion leaders, considering marketing from a European perspective, echo his view. Gummesson (1993) strongly opposed the American perspective and reasoned that textbooks are based upon limited real world data and are prescribed approaches for consumer goods businesses. Most companies do not market consumer goods. Gronroos (1994) was critical of the view presented by largely American textbooks that marketing was founded in the 1960's and was based largely upon the 4P's/marketing mix. Kent (1986) regarded process considerations more important than the structure offered by the marketing management school. The usefulness of the 4P's/marketing mix was criticized by some European academics (Gronroos 1989,1990,1994, and Dixon and Blois 1983).
1.2 How do you feel about the statement - "textbooks are based upon limited real world data" ?
What matters is the state of mind of the producer/seller - their philosophy of business. If this philosophy includes a concern for customers' needs and wants, an appreciation of the benefits and satisfactions which are looked for, a genuine effort to establish dialogue and build a long term relationship then this is a marketing philosophy irrespective of whether or not the organization possesses any personnel or function designated as 'marketing.' Baker (2000 p19)
1.3. What do you think is a philosophy of business? Name a company that has a good philosophy.
The nature of marketing theory, or whether marketing theory is actually possible, has been the topic of debate for more than 40 years (Saren 2000 ). Initially a scientific approach, along the lines of the social sciences underpinned the aforementioned debate (Bartels 1951, Alderson and Cox 1948). This was based largely on empiricism, and tended to ignore the human nature of marketing as marketing managers crafted it. So conversely, the marketing management school viewed marketing from a manager's perspective and took an opposing view that rejected the positivist notion and its empirical roots. Ramond (1962) contrasted the wisdom of the manager with scientific knowledge, since business acumen recognizes the low probability that given combinations of phenomena can or will be repeated. In other words, a scientific approach to marketing sought a generic structure, which it is argued is not possible since no two situations are ever the same. Any test of theory would not see a simple unambiguous question posed, with findings that are replicable since by their very nature markets are diverse and not all competitors have access to the same information, and even if they did managers are unlikely to create identical marketing plans. The scientific school cannot verify a generic approach to marketing.
1.4. What is empiricism? Full sentences.
1.5. Reading the above paragraph write in 7 sentences. Not 8 sentences nor 6 sentences what this viewpoint is. Full sentences and do not repeat your same view point over and over. Example- " I think this is a really good view point. This viewpoint is very good" This is the same sentences rewritten plus it does not analyze the above paragraph. Time to think.
A relativist approach that saw no agreement or common ground between the opposing views was put forward by Anderson (1983). The relativist approach saw no meeting of the mind between scientists with different worldviews and persuasions (Kuhn 1962). According to Saren (2000), eventually Hunt moved to a realist position, that saw pure empiricism counterbalanced by an acceptance that perceptions may be illusions, and that some perceptions were more accurate than others. Hunt (1971) concluded that no single philosophy dominates marketing
1.6.What do you think is a realist position for marketing? Full sentences.
If a marketer can identify consumer buyer behavior, he or she will be in a better position to target products and services at them. Buyer behavior is focused upon the needs of individuals, groups and organizations.
1.7. If identifying a customers behavior is good for marketing what is your opinion on market research? Full sentences.
It is important to understand the relevance of human needs to buyer behavior (remember, marketing is about satisfying needs).
Let's look at human motivations as introduced by Abraham Maslow by his hierarchy of needs: The hierarchy is triangular. This is because as you move up it, fewer and fewer people satisfy higher level needs. We begin at the bottom level.
1.8. Do you believe that marketing satisfies a need? Full sentences.
1.9. What is human motivation? Full sentences.
Physiological needs such as food, air, water, heat, and the basic necessities of survival need to be satisfied. At the level of safety, man has a place to live that protects him from the elements and predators. At the third level we meet our social and belongingness needs i.e. we marry, or join groups of friends, etc.
1.10. What would be 5 physiological needs? Why would you need them? Full sentences.
The final two levels are esteem and self-actualization. Fewer people satisfy the higher level needs. Esteem means that you achieve something that makes you recognized and gives personal satisfaction, for example writing a book. Self-actualization is achieved by few. Here a person is one of a small number to actually do something. For example, Neil Armstrong self-actualized as the first person to reach the Moon.
1.11. What is meant by esteem? Full sentences
1.12. What is meant by self actualization? Full sentences.
The model is a little simplistic but introduces the concept a differing consumer needs quite well.
To understand consumer buyer behavior is to understand how the person interacts with the marketing mix. As described by Cohen (1991), the marketing mix inputs (or the four P's of price, place, promotion, and product) are adapted and focused upon the consumer.
1.13. What are the four P's in market? Explain each one in full sentences.
The psychology of each individual considers the product or service on offer in relation to their own culture, attitude, previous learning, and personal perception. The consumer then decides whether or not to purchase, where to purchase, the brand that he or she prefers, and other choices.
1.14. Explain in full sentences the following. :
a. own culture
b. attitude
c. previous learning
d. personal perception
Another one of the 4P's is 'promotion'. This includes all of the tools available to the marketer for 'marketing communication'. As with Neil H.Borden's marketing mix, marketing communications has its own 'promotions mix.' Think of it like a cake mix, the basic ingredients are always the same. However if you vary the amounts of one of the ingredients, the final outcome is different. It is the same with promotions. You can 'integrate' different aspects of the promotions mix to deliver a unique campaign. The elements of the promotions mix are:
1.15. Explain in full sentences, as it relates to marketing, the following:
a. Personal Selling.
b. Sales Promotion.
c. Public Relations.
d. Direct Mail.
e. Trade Fairs and Exhibitions.
f. Advertising.
g. Sponsorship.
The elements of the promotions mix are integrated to form a coherent campaign. As with all forms of communication. The message from the marketer follows the 'communications process' as illustrated above. For example, a radio advert is made for a car manufacturer. The car manufacturer (sender) pays for a specific advert which contains a message specific to a target audience (encoding). It is transmitted during a set of commercials from a radio station (Message / media).
1.16. What is a target market? Full sentences
1.17. What is meant by communications process? Full sentences
1.18. What is an advertising message? Full sentences.
The message is decoded by a car radio (decoding) and the target consumer interprets the message (receiver). He or she might visit a dealership or seek further information from a web site (Response). The consumer might buy a car or express an interest or dislike (feedback). This information will inform future elements of an integrated promotional campaign. Perhaps a direct mail campaign would push the consumer to the point of purchase. Noise represent the thousand of marketing communications that a consumer is exposed to everyday, all competing for attention.
1.19. What is meant by point of purchase? Full sentences.
The Promotions Mix.
Let us look at the individual components of the promotions mix in more detail. Remember all of the elements are 'integrated' to form a specific communications campaign.
1. Personal Selling.
Personal Selling is an effective way to manage personal customer relationships. The sales person acts on behalf of the organization. They tend to be well trained in the approaches and techniques of personal selling. However sales people are very expensive and should only be used where there is a genuine return on investment. For example salesmen are often used to sell cars or home improvements where the margin is high.
1.20. Explain in your own words, not copying the approve words what personal selling means? Full sentences.
2. Sales Promotion.
Sales promotion tend to be thought of as being all promotions apart from advertising, personal selling, and public relations. For example the BOGOF promotion, or Buy One Get One Free. Others include couponing, money-off promotions, competitions, free accessories (such as free blades with a new razor), introductory offers (such as buy digital TV and get free installation), and so on. Each sales promotion should be carefully costed and compared with the next best alternative.
1.21. Explain in your own words, not copying the approve words what sales Promotion means? Full sentences.
3. Public Relations (PR).
Public Relations is defined as 'the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its publics' (Institute of Public Relations). It is relatively cheap, but certainly not cheap. Successful strategies tend to be long-term and plan for all eventualities. All airlines exploit PR; just watch what happens when there is a disaster. The pre-planned PR machine clicks in very quickly with a very effective rehearsed plan.
1.22. Explain in your own words, not copying the approve words what Public Relations (PR). means? Full sentences.
4. Direct Mail.
Direct mail is very highly focused upon targeting consumers based upon a database. As with all marketing, the potential consumer is 'defined' based upon a series of attributes and similarities. Creative agencies work with marketers to design a highly focused communication in the form of a mailing. The mail is sent out to the potential consumers and responses are carefully monitored. For example, if you are marketing medical text books, you would use a database of doctors' surgeries as the basis of your mail shot.
1.23. Explain in your own words, not copying the approve words what direct mail means? Full sentences.
5. Trade Fairs and Exhibitions.
Such approaches are very good for making new contacts and renewing old ones. Companies will seldom sell much at such events. The purpose is to increase awareness and to encourage trial. They offer the opportunity for companies to meet with both the trade and the consumer. Expo has recently finish in Germany with the next one planned for Japan in 2005, despite a recent decline in interest in such events.
1.24. Explain in your own words, not copying the approve words what Trade Fairs and Exhibitions. means? Full sentences.
6. Advertising.
Advertising is a 'paid for' communication. It is used to develop attitudes, create awareness, and transmit information in order to gain a response from the target market. There are many advertising 'media' such as newspapers (local, national, free, trade), magazines and journals, television (local, national, terrestrial, satellite) cinema, outdoor advertising (such as posters, bus sides).
1.25. Explain in your own words, not copying the approve words what advertising means? Full sentences.
7. Sponsorship.
Sponsorship is where an organization pays to be associated with a particular event, cause or image. Companies will sponsor sports events such as the Olympics or Formula One. The attributes of the event are then associated with the sponsoring organization.
1.26. Explain in your own words, not copying the approve words what sponsorship means? Full sentences.
The elements of the promotional mix are then integrated to form a unique
The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline).
1.27. Explain in your own words what a PLC is. OWN words people. Full sentences.
In theory it's the same for a product. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilizes and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn.
However, most products fail in the introduction phase. Others have very cyclical maturity phases where declines see the product promoted to regain customers.
1.28. Why do products fail in the introduction phase? What would be some of the causes? Full sentences.
Strategies for the differing stages of the Product Life Cycle.
Introduction.
The need for immediate profit is not a pressure. The product is promoted to create awareness. If the product has no or few competitors, a skimming price strategy is employed. Limited numbers of product are available in few channels of distribution.
1.29. Why would you want people to be aware of your product? Think of a new product on the market or a product that has been introduced in the last 5 years. Why would you want people to be aware of the product. What product totally caught on to the American public and why?
Growth.
Competitors are attracted into the market with very similar offerings. Products become more profitable and companies form alliances, joint ventures and take each other over. Advertising spend is high and focuses upon building brand. Market share tends to stabilize.
1.30 What is a joint venture? Full sentences.
Maturity.
Those products that survive the earlier stages tend to spend longest in this phase. Sales grow at a decreasing rate and then stabilize. Producers attempt to differentiate products and brands are key to this. Price wars and intense competition occur. At this point the market reaches saturation. Producers begin to leave the market due to poor margins. Promotion becomes more widespread and use a greater variety of media.
1.31. What is meant by maturity in the world of marketing? In your own words please with full sentences.
Decline.
At this point there is a downturn in the market. For example more innovative products are introduced or consumer tastes have changed. There is intense price-cutting and many more products are withdrawn from the market. Profits can be improved by reducing marketing spend and cost cutting.
1.32. What is meant by decline in the world of marketing? In your own words please with full sentences.
Problems with Product Life Cycle.
In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from maturity to decline by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in. Remember that PLC is like all other tools. Use it to inform your gut feeling.
Another marketing tool for evaluating PRODUCT is the Three Levels of a Product
1.33. What is meant by PLC in the world of marketing? In your own words please with full sentences.
There are many ways to price a product. Let's have a look at some of them and try to understand the best policy/strategy in various situations. See also eMarketing Price.
Premium Pricing.
Use a high price where there is a uniqueness about the product or service. This approach is used where a a substantial competitive advantage exists. Such high prices are charge for luxuries such as Cunard Cruises, Savoy Hotel rooms, and Concorde flights.
1.34. What is meant by premium pricing in the world of marketing? In your own words please with full sentences.
Penetration Pricing.
The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. This approach was used by France Telecom and Sky TV.
1.35. What is meant by penetration pricing in the world of marketing? In your own words please with full sentences.
Economy Pricing.
This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc.
1.36. What is meant by economy pricing in the world of marketing? In your own words please with full sentences.
Price Skimming.
Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. Manufacturers of digital watches used a skimming approach in the 1970s. Once other manufacturers were tempted into the market and the watches were produced at a lower unit cost, other marketing strategies and pricing approaches are implemented.
1.37. What is meant by price skimming in the world of marketing? In your own words please with full sentences.
1.37.a What is meant by competitive advantage? Full sentences
1.37.b. What product today is representational of price skimming?
Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise. However there are other important approaches to pricing.
1.38. What is meant by premium pricing in the world of marketing? In your own words please with full sentences.
1.38.a. What is meant by penetration pricing in the world of marketing?
1.38. b What is meant by economy pricing in the world of marketing?
Psychological Pricing.
This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example 'price point perspective' 99 cents not one dollar.
1.39. What is meant by psychological pricing in the world of marketing? In your own words please with full sentences.
Product Line Pricing.
Where there is a range of product or services the pricing reflect the benefits of parts of the range. For example car washes. Basic wash could be $2, wash and wax $4, and the whole package $6.
1.40. What is meant by product line pricing in the world of marketing? In your own words please with full sentences.
Optional Product Pricing.
Companies will attempt to increase the amount customer spend once they start to buy. Optional 'extras' increase the overall price of the product or service. For example airlines will charge for optional extras such as guaranteeing a window seat or reserving a row of seats next to each other.
1.41. What is meant by Optional product pricing in the world of marketing? In your own words please with full sentences.
Captive Product Pricing
Where products have complements, companies will charge a premium price where the consumer is captured. For example a razor manufacturer will charge a low price and recoup its margin (and more) from the sale of the only design of blades which fit the razor.
1.42. What is meant by captive product pricing in the world of marketing? In your own words please with full sentences.
Product Bundle Pricing.
Here sellers combine several products in the same package. This also serves to move old stock. Videos and CDs are often sold using the bundle approach.
1.43. What is meant by product bundle pricing in the world of marketing? In your own words please with full sentences.
Promotional Pricing.
Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free).
1.44. What is meant by promotional pricing in the world of marketing? In your own words please with full sentences.
Geographical Pricing.
Geographical pricing is evident where there are variations in price in different parts of the world. For example rarity value, or where shipping costs increase price.
1.45. What is meant by geographical pricing in the world of marketing? In your own words please with full sentences.
Value Pricing.
This approach is used where external factors such as recession or increased competition force companies to provide 'value' products and services to retain sales e.g. value meals at McDonalds.
1.46. What is meant by value pricing in the world of marketing? In your own words please with full sentences.

market research - Component of marketing research whereby a specific market is identified and its size and other characteristics are measured. Used also as an alternative term for marketing research.
public relations - Systematic effort to create and maintain goodwill of an organization's various publics (customers, employees, investors, suppliers, etc.), usually through publicity and other non-paid forms of communication. These efforts may also include support of arts, charitable causes, education, sporting events, etc.
campaign - Complete, planned course of action formulated to achieve defined objectives in marketing, public relations, quality enhancement, revenue generation, safety standards, etc.
position - Market commitment or exposure of an investor or trader in commodities or securities, expressed as the amount of owned items (long position) or owed items (short position).

Brand identity - Visible elements of a brand (such as colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind.
Brand image - Impression in the consumers' mind of a brand's total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers' direct experience. See also corporate image.
Banner ad - Alternative term for banner.
Circulation - Average number of the copies of a publication distributed in a standard period such as day, week, or month.
Cost per inquiry - Standard unit of cost used in direct response marketing, computed by dividing total promotional cost with the number of inquiries generated.
Direct mail - Direct marketing method in which carefully targeted prospects (chosen on the basis of age, income, location, profession, buying pattern, etc.) are presented with custom tailored offers for goods or services via ordinary mail or email. Marketing firms usually 'rent' lists of prospects from mailing list compiling firms who maintain a large inventory of names and addresses of prospects, divided into hundreds of categories and sub-categories.
Macro marketing - Study of marketing activities, institutions, and processes from the national (societal) perspective. It looks at the aggregate flow of goods and services in an economy to determine if it benefits the society in terms of its resource consumption and environmental effects.
direct marketing - Contacting and influencing carefully chosen prospects with means such as telemarketing and direct mail advertising.
target marketing - Identifying a target market after detailed research, and developing specific marketing campaigns focused at it.
marketing - Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.
advertising - Marketing tool that uses advertisements.
brand - Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value. Legal name for a brand is trademark and, when it identifies or represents a firm, it is called a brand name. See also corporate identity.
launch - The debut of a product into the market. The product launch signifies the point at which consumers first have access to a new product.
consumer - Everyday purchaser of a good or service in retail.
market research - Component of marketing research whereby a specific market is identified and its size and other characteristics are measured. Used also as an alternative term for marketing research.
public relations - Systematic effort to create and maintain goodwill of an organization's various publics (customers, employees, investors, suppliers, etc.), usually through publicity and other non-paid forms of communication. These efforts may also include support of arts, charitable causes, education, sporting events, etc.
campaign
position

p.39
1. An example of privatization in my community is private schools.
2. One problem with privatization is the fact that not everyone is allowed to participate.
p. 40
1. factors of production - natural resources, human resources, and capital resources.
2. economic system - the method a country uses to answer the basic questions.
3. command economy - the government regulates the amount, distribution, and price of everything produced.
4. market economy - when individual companies and consumersmake the decisions about what, how, and for whom items will be produced.
5. mixed economy - a blend between government involvment and private ownership.
6. privatization - process of changing an industry from publicly to privately owned.
7. Three examples of factors of production are natural resources, human resources, and capital resources.
8. The basic economic questions are:
What goods and services are to be produced?
How should the goods and services be produced?
For whom should the goods and services be produced?
9. The three charqacteristics of capitalism are private property, profit motive, and free, competitive marketplace.
10. Command economy
11. Mixed economy
12. Market economy
13. Market economy
14. Mixed economy
15. No, because unless the other factors are present, no one can exist.
16. I would live in capitalism because that way I could be in control of how successful I became.
17. Russia changed from command economy to market economy, but only after the comunist power that controlled the country collapsed.
18.Because of scientific developments, you need to be better with computers and electronics.
p. 44
5. The main influences on a country's economic development are literacy level, technology, and agricultural dependancy.
6. Infrastructure is important to the economic development of a country because without infrastructure, the country will fall apart in the long run.
7. Businesses commonly found in developing countries are agriculture and mining.
p. 46
1. Domain names let whoever is looking at the website know vaguely what kind of business you run.
2. redwolfairsoft.uk.
There isn't too much different about their site.
p. 51
1. absolute advantage - when a country can produce a good or service at a lower cost than other countries
2. comparative advantage - a coun try specializes in the production of a good or service at which it is relatively more efficient
3. GDP - measures the output of goods that a country produces within its borders
4. GNP - measures the total value of all goods and services produced by the resources of a country
5. balance of trade - the difference between a country's exports and imports
6. foreign exchange rate - the value of one country's money in relation to the value of the money of another country
7. foreign debt - the amount a country owes to other countries
8. CPI - a federal government report published by the Bureau of Labor Statistics
9. When a country makes all or most of their goods and services, while comparative advantage is when the country specialized in only a few goods and services and imports the rest.
10. GDP measuresthe output of goods that a country produces within its borders.
11. When a country's balance of trade leans towards imports, they begin to start falling into debt.
12. USA has the highest per capita GDP, Ethiopia has the lowest.
13. Countries that export more than they import have a trade surplus.
14. The US has the highest inflation rate.
15. It can invest in raw materials to make a wide range of goods, miking an absolute advangage.
16. A high inflation rate shows that the country is economically sound.
17. Trees, water, fertile soil for growing food.
18. a) The country's balance of trade is -$400,000.
b) It's a trade deficit
19.
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