Test One Marketing Mix 1 Product 2 Distribution 3 Pricing cost oriented approach Total Fixed Cost Total Variable Cost Profit elasticity in demand How sensitive is demand to changes in price Units changeQD changeP 1 Elastic 1 Inelastic competition oriented approach price skimming Charge more than competition on purpose penetration pricing Charge less than competition on purpose parrot pricing Charge the same as competition 4 Promotion Advertising Non personal One way communication lacks feedback Indirect feedback Personal Selling Personal communication Direct Feedback High CPM Low Control Sales Promotion P O P Displays Coupon Samples Combination Offers Continuity Programs Other Promotional Methods 1 Premium Offers Packaging Permanent Media Product Placement word of mouth or buzz marketing Value marketing perception that marketing mix benefits are greater then costs Quality marketing perception of performance on most important attribute 1 Market definition of the business as opposed to a product definition Satisfaction Marketing Concept Practice Target Marketing a Demographic b Geographic c Psychographic values lifestyles personality traits VALS d Volume e Benefit f Institutional Develop Extended Product Strategies clubs memberships Establish Relationship Marketing Strategies 2 Coordination and Inception of the Marketing Effort H R M Coordination and Inception of the Marketing Effort HRM Process Cross Function Coordination Internal Marketing 3 Social Responsibility a Right to Safety FDA 2 Unit 2 1 Economic Man Theory 2 Involvement Theory 3 Social Theory Macro Level Social Influences Micro Level Social Influences Macro Micro Culture Sub Culture Social Class Reference Groups Opinion Leaders Role Models Family Purchaser User Initiator Marketing Information System Types of Research 1 Exploratory Research 2 Qualitative Methods 1 Focus Groups 5 to 12 people videotaped 1 2 hours 2 Depth Interviews Individual in depth interviews 3 Projective Techniques Latent Motives vs Manifest Motives EX Word Association Cartoon Frustration Story Completion 3 1 Internal Accounting Transactional Data 2 Marketing Intelligence environmental scanning 3 Marketing Research Studies of specific problems relating to marketing