Target Market
What do we call the specific group of consumers a company wants to sell to?
Target Market
Name the 5 Ps of Marketing?
Product, Price, Place, Promotion, and People
What stage comes first?
Introduction
If a company charges $9.99 instead of $10, what pricing technique is this?
Odd-Even Pricing
What advantage comes from producing something at a lower cost than competitors?
Cost Advantage
A company sells expensive hiking equipment specifically to serious hikers. What is the company doing?
Targeting a specific market segment
A company changes where customers can buy its product. Which P?
Place
Sales are growing rapidly and more competitors are entering the market. What Stage is this?
Growth
A new company charges a very low price to attract customer quickly. What strategy is this?
Penetration Pricing.
A company wins customers because its product has unique features competitors don't offer. What type of advantage?
Product Differentiation
A skateboard company discover that most of its customers live in warm-weather cities. What type of market segmentation could this company use?
Geographic Segmentation
A company launches a new product with a free trial, influencer campaign, and introductory advertisements. Which P is primarily responsible for communicating the products's value to customers?
Promotion
A company introduces several new versions of an aging product to keep customers interested. What problem is the company attempting to address?
Declining demand and extending the product's life cycle
A company introduces a new product for $1,000 and plans to lower the price over time. What pricing strategy is this?
Price Skimming
A company can manufacture its product for much less than its competitors while still making a profit. What type of competitive advantage is this?
Cost competitive advantage
A company discovers that customers who buy its product usually purchase it every month. Which type of segmentation focuses on how customers behave toward a product?
Behavioral Segmentation
A company has an excellent product and competitive price but receives poor reviews because employees provide terrible customer service. Which of the 5 Ps is creating the problem?
A Product has been around for years. Sales have stopped growing. Competitors are everywhere, and the company is considering changing the product to attract new customers. What stage is it in, and what could the company do?
Maturity - modify/reposition
Two companies sell similar products. Company A charges $20. Company B charges $35, but customers believe Company B´s product has higher quality and status. What pricing strategy could Company B be using?
Prestige Pricing
A restaurant's food can be copied, but customers have developed strong emotional connections to the brand and repeatedly return. What intangible factor may be creating its competitive advantage?
Brand Loyalty
A company finds that its customers are mostly people who value convenience rather than the lowest price. What type of characteristic is particularly useful for identifying this group?
Psychographic characteristics
A company sells a product online but intentionally limits the number of retailers allowed to carry it. Which P does this decision primarily involve?
Place
A company notices that its products sales are falling, but it believes a smaller group of loyal customers remains profitable. What could the company do instead of immediately eliminating the product?
A competitor lowers its price by $5. Your company's research shows that your customers strongly value your brand and are unlikely to switch. What does this suggest about your company's pricing power.
The company may have some ability to maintain its price because of brand loyalty and differentiation
A small coffee shop can't compete with a huge national chain on price. Instead, it focuses specifically on car enthusiasts and creates an experience designed around them. What type of competitive advantage is this?
Niche Advanatage