Product
The process of having your product stand out amongst competitors with factors other than price
Differentiation
This pricing strategy involves assigning a value that you think customers are willing to pay
Value-based pricing
What is the difference between distribution channels and communication channels?
Distribution is how you get a product to your customer and communication is how you inform and interact with your customer.
What is the difference between direct and indirect marketing?
How many bones are in the human body?
206
Intangible Differentiation factors (2)
Customer Service, Branding
Pricing strategy that involves setting a reference point for customers
Anchor pricing
Products placed at this "level" often are bought the most
An example of this type of promotion would be going door-to-door trying to sell something
Direct Selling
Where is the worlds tallest building (bonus points for naming the building)
Dubai, UAE (Burj Khalifa)
Tangible Differentiation Factors (5)
Color, Quality, Features, Design, Packaging
This pricing strategy involves setting intentionally low prices to gain market share
Penetration pricing
What are the four distribution channels?
D2C, Retailer, Wholesaler, B2B
This type of marketing relies on friends/family talking about a product/service they enjoy
Word of Mouth marketing
What is my all time favorite video game?
Skyrim
What company is represented by these colors:
T-Mobile
What is the price of the new Apple Vision Pro? (+/- $100)
$3,499
Where is the Bass Pro Shops Pyramid located?
Memphis, TN
Product placement in movies is an example of this type of marketing
Stealth/Guerilla
There is a point in the US where you can be in 4 different states at the same time. What are these states?
Arizona, New Mexico, Colorado, Utah
Name the company based off of the initials from its slogan: R B G Y W
Red Bull
A company employs a cost-plus pricing strategy. Their product costs $25 to make and they charge $38.50. What is their markup %?
54%
Which fast food chain has the most locations in the USA?
Subway
Promoting a company's brand image is an example of this type of marketing
Public Relations
Which country has the largest stadium by seating capacity?
North Korea