Pricing
what is super sizing
charging a slightly higher price for a larger portion of an item
how are consumers identified
Demographics, lifestyle
Company, Competition, Customer
what are example of promotion
Advertising, coupons, contests, Premiums (giveaway), samples, Publicity
what are the 4 P's of marketing
Product, Price, Place, Promotion
what is interest-free pricing
offering consumers the opportunity to finance their purchase with low or no interest charges for the extent of the contract
What is a Consumer Profile
Identifying who our main stereotypical customer would be / target market
a _____ is a short statement outlining your core values/purpose of your business
Mission Statement
What are some Common Pricing Strategies
Market skimming, Penetration Pricing, Competitive pricing, Loss Leader Pricing, Everyday Low prices etc.
a slogan is short catchy phrase that is usually attached to the company's name and logo
Selling a product at a very low (sometimes less than the cost) price to attract customers to the store and encourage them to buy other full priced items during that visit is a example of what
Loss leader Pricing
what's the difference between indirect vs. direct competition
Indirect: products that are not directly related but are fighting to have your money spent on them
Direct: Products that are very similar & could be replacements
brand names become so popular they become generic and identify a product category are called? with an example
Brand Nomer
Kleenex, Q-tips, Band Aid's, Chap Stick etc.
what are the 4 Pricing Decisions should be taken into account
Profit Margins, Consumer's response, Competitors prices, Positioning
what are the 3 stages of a non-traditional product life cycle
Fad, Niche, Seasonal
Setting a high price for a product or service during the introductory stage of the product life cycle before the competition enters the market is called ______
ex new electronics
Market skimming
Name the 5 identifications for demographics
Age, Gender, Family Life Cycle, Income Level, Ethnicity & Culture, Geographics
Name the 4 stages of a traditional Product life cycle
Introduction, Growth, Maturity, Decline & Decision point
What are the Forms of Promotion
Advertising, Sales Promotion, Packaging, Publicity, personal selling
Common indirect Channel Members and what they do
Importer - imports
Wholesaler - buys in bulk from manufacturer and resells in smaller amounts to retailers
Retailer - sells to consumers
Trying to use the knowledge of typical consumer behavior to forecast acceptable pricing is called ____
Psychological pricing
The term _______ is used because that market is the target at which you aim all your marketing efforts.
target market
identify what a logo or trademark is and name all 3 types
A symbol that is used to identify the brand
Monogrammatic Logo, Visual Symbols, Abstract Symbols
what's the difference between features and benefits
Features - are what comes with the product (scent, size, taste etc)
Benefits - when a consumer buys products and services for a particular purpose
Psychographics