1. 3 rd 9 Weeks Benchmark Review PowerPo int Marketing Principles L.Ingram 2014-2015

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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

17. 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.

18. 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.

19. 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.

20. 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

21. Three Types of Research Methods 1. Experiment Method 2. Observation Method 3. Survey Method

22. Direct Distribution Methods Print- catalogs, advertising magazines. Television- infomercials, Home Shopping Network. Email and Internet- purchase products with access from a computer.

23. 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.