Promotion
Unpaid news coverage highlighting a company's new product launch.
What is Public Relations
The initial phase of personal selling focused on identifying potential clients.
What is Prospecting?
Introduction, Growth, Maturity, and Decline.
What is the Product Life Cycle?
The $8 difference when an item costs $12 to produce and retails for $20.
What is Markup?
Sending direct email surveys to collect shopper feedback.
What is Primary Data Collection?
A Buy One, Get One 50% Off sale structured to encourage immediate purchases.
What is a Sales Promotion?
Post-purchase support that fosters brand loyalty and leads to repeat business.
What is Customer Service?
Updating software features and redesigning an outer device casing.
What is Product/Service Management?
Production costs and rival market rates.
What are Key Pricing Factors?
Securing a bank loan or providing store credit to increase customer purchasing power.
What is Financing?
A paid, sponsored video ad displayed directly on a user's social media feed.
What is Advertising
Addressing a customer's hesitation about high price points during a sales pitch.
What is Overcoming Objections?
Ceasing manufacturing on an old product line due to falling sales.
What is Product Phase-Out (or Deletion)?
Setting high price points on luxury items to convey top-tier status.
What is Price Skimming?
Analyzing government-published reports to spot industry patterns.
What is Secondary Data?
Sending tailored promotional emails or catalog mailers directly to selective target leads.
What is Direct Marketing
Encouraging a buyer to purchase higher-end products or complementary add-ons before checkout.
What is Upselling (or Cross-Selling)?
Adding new variations, colors, or flavors to an existing lineup of merchandise.
What is Product Line Extension?
Offering a low initial price on a product to quickly attract buyers and gain market share.
What is Penetration Pricing?
Organizing target consumers into distinct sub-groups based on demographics, behavior, or geography.
What is Market Segmentation?
A unified strategic approach where all promotional channels deliver a consistent brand message.
What is Integrated Marketing Communications
The step in the selling process where the salesperson asks for the order and secures the agreement.
What is Closing the Sale?
Releasing a new item to a small, limited geographical market to gauge consumer reaction before full rollout.
What is Test Marketing?
Pricing a product temporarily below cost to attract customers into a store in hopes they buy other goods.
What is Loss-Leader Pricing?
Forecasting capital, campaign costs, and operational expenses to create a working budget for growth.
What is Financial Planning or Budgeting?