Product
What is a product?
Something a business offers to satisfy a customer’s wants or needs.
What does the “Price” in marketing refer to?
The amount of money a customer must pay to get the product.
What does “Place” mean in marketing?
How the product gets to the customer; the distribution channel.
What is promotion?
Activities that communicate the product and persuade customers to buy it.
What city did Mr. Nielsen recently move to?
North plains
What’s the difference between a good and a service?
A good is tangible (you can touch it), a service is intangible (an action or experience).
What is value-based pricing?
Setting the price based on how much the customer believes the product is worth.
What is a direct distribution channel?
When a company sells its product directly to the customer without intermediaries.
Name two types of promotion.
Advertising and sales promotion (also: personal selling, public relations).
What’s one thing Mr. Nielsen always says in class?
Answers vary
What is product differentiation?
Making your product stand out from competitors’ products.
Why might a business price a product below cost?
To attract customers and boost traffic, hoping they’ll buy more profitable items (loss leader strategy).
What is the difference between intensive and selective distribution?
Intensive: as many locations as possible; Selective: limited, chosen retailers.
What is the main goal of promotion in marketing?
To inform, persuade, and remind customers about a product or brand.
What sport did Nielsen play in college?
Lacrosse
What is the product life cycle?
The stages a product goes through: introduction, growth, maturity, and decline. (ups and downs of product excitement) (if you don't change you die)
How does supply and demand affect pricing?
If demand is high and supply is low, prices go up. If supply is high and demand is low, prices go down.
What is logistics?
The planning and control of how products are moved and stored.
Why would a company use influencers or social media creators in a promotion?
Because influencers have built trust with their followers and can reach a targeted audience authentically.
What’s Mr. Nielsen’s favorite kind of music?
Folk/Americana/Country/psychedelic rock (or Emo if hes feeling spicy)
What is a brand extension?
A brand extension is when a company uses an existing brand name to launch a new product in a different category (e.g., Oreo ice cream)
What is dynamic pricing, and where is it commonly used?
Dynamic pricing changes based on market demand in real time. It’s used in industries like airlines, hotels, and ride-sharing apps.
What is a supply chain?
A supply chain is a network of all individuals, organizations, resources, activities, and technology involved in the creation and sale of a product. It encompasses everything from sourcing raw materials to delivering the final product to the end user. This includes entities like suppliers, manufacturers, distributors, retailers, and even transportation companies
What is guerilla marketing, and give one example.
A low-cost, creative strategy to grab attention in unexpected ways.
Example: A flash mob, sidewalk chalk ads, or a shocking social media stunt.
HECK NO!