PRODUCT
The term is used to describe the assortment of goods or services offered by a company to meet the needs and desires of its target market.
What is product offering or product line?
The term which describes setting a product's price to match competitors' prices
What is competitive pricing?
What 'place' refers to concerning the marketing mix.
What is distribution or channel strategy?
The term for the communication channel that involves the use of mass media such as television, radio, or newspapers to reach a wide audience.
What is mass media?
This term describes the identification and understanding of the needs, preferences, and behaviours of a company's target audience.
What is market segmentation?
The process of creating, naming, and introducing a new product or service into the market.
What is product development or product innovation?
Pricing strategy that sets prices based on the perceived value to the customer rather than on the cost of the product.
What is value-based pricing?
The term for the location where customers can purchase goods or services.
What is retail location or point of sale?
Promotional strategy involves using endorsements or recommendations from influencers or well-known personalities to promote a product.
What is influencer marketing?
Term describes the collection and analysis of information about consumers' preferences and buying behaviour.
What is consumer research or market research?
The tangible and intangible attributes of a product that satisfy customers' wants and needs.
What are product features and benefits?
A pricing strategy that involves offering a product below its cost to attract customers to buy other products.
What is loss leader pricing?
Term describing the distribution strategy where a manufacturer sells directly to the end customer without using intermediaries.
What is direct selling?
The term describes the practice of adjusting the advertising message based on the medium or platform used to deliver it.
What is message customization or message adaptation?
The process of creating a connection between the brand and the customer, fostering customer loyalty and satisfaction
What is brand loyalty or brand affinity?
The process of altering or modifying a product to maintain its appeal to customers or respond to market changes.
What is product adaptation or product modification?
Pricing strategy that involves setting a high initial price to maximize profits from the market's most willing customers before reducing it to reach a broader customer base.
What is price skimming?
Type of distribution channel that involves multiple intermediaries, such as wholesalers and retailers, between the producer and consumer.
What is indirect distribution?
The promotional technique where two or more products or services are combined and sold at a reduced price.
What is bundle pricing?
The process of tailoring products, services, and marketing efforts to meet the specific needs and preferences of individual customers.
What is customization or personalization?
A product that customers buy regularly, often without much thought or planning.
What is a convenience product?
Pricing strategy that involves setting a price just below a whole number (e.g., $9.99 instead of $10.00) to create an illusion of a lower price.
What is psychological pricing?
Distribution strategy involving selling products through multiple channels, such as online and physical stores simultaneously.
What is omnichannel distribution?
The term describes promotional activities aimed at increasing public awareness or improving the image of a company or brand.
What is public relations or PR?
Group of consumers who are highly influential in shaping the opinions and buying habits of others.
What are opinion leaders or influencers?