Marketing Mix
The 4 Ps of the marketing mix
What are Price, Product, Placement, and Promotion?
This pricing strategy encourages potential buyers to purchase the product by offering a lower price during the initial release. Helps new businesses enter the market and attract customers.
What is penetration pricing strategy?
Business targets a select group of consumers with specific needs and wants. Customers are often prepared to pay a premium price for an uncommon product.
What is niche market?
Cold calling, TV commercials, Radio, and Guerrilla marketing are all sub-sects of this type of marketing.
What is offline outbound marketing?
This forms the core of inbound marketing.
What is content?
Ways that a company might define their target customers.
What is market research and market segmentation?
In this pricing strategy a business sets the highest initial price for a new product and then cuts it once there is lower demand. Targets early adopters who have lower price sensitivity.
What is skimming (or high-low) price strategy?
Customizes a strategy for each subsegment with the mass market.
What is mass customization?
Social media, mobile technology, social lead targeting, and SEO keywords are all sub-sects of this type of marketing.
What is online outbound marketing?
Blogs, images, videos, reviews, memes, and podcasts are all examples of this.
What is content?
A product is more than the end commodity bought by a customer. It actually contains several layers of benefit, and these must be conveyed to the customer.
What is the total product concept?
In this pricing strategy companies artificially increase prices to create the perception that the products are exclusive, high-end, or luxurious.
What is premium pricing?
When companies use social media and websites for marketing it is known as this.
What is digital marketing?
This digital marketing channel is the best at driving traffic to your website.
What is social media?
The share of visitors to a blog website who leave the site after one page.
What is a bounce rate?
This is a type of perceptual "map" used by marketers which looks at the product's two most important attributes to determine where to position a product.
Product (or brand) positioning maps (or matrix)
Sometimes also known as time-based pricing, surge pricing, and demand pricing. Establishes prices based on various factors, such as competitor pricing, customer demand, market, and supply.
What is dynamic pricing?
This form of traditional marketing involves calling potential customer who have an identifiable need for a product with a sales pitch.
What is telemarketing?
This digital marketing method is best for generating sales.
What is email marketing?
1 billion people listen to this type of inbound marketing every week.
What are podcasts?
This element of the marketing mix is an open channel of communication between the business and the customers.
What is promotion?
Manufacturers define the lowest prices at which the retailers can promote their products.
What is MAP pricing?
This type of marketing encourages customers input so that they feel closer to the brand. The goal is to lure potential customers to the website with an initial experience and then work hard to keep them there.
What is engagement marketing?
19% of marketing emails are opened on this day of the week -- making it the highest "open rate" of the week.
What is Friday?
A process marketers use to acquire traffic from search results on search-engine sites.
What is SEO (search engine optimization)?