Vocab
Short or catchy advertising phrase associated with a company or product.
What is a slogan?
Product, place, promotion, price
What are the 4P's?
A person who takes risks and starts a venture to solve a problem or to take advantage of an opportunity; a person who provides an innovative product or service to meet a consumer want or need.
What is an entrepreneur?
This is the simplest pricing strategy and is aimed at ensuring the business covers its costs and makes an acceptable profit.
What is cost-plus pricing?
Non-digital channels, such as TV, radio, and print media, as well as direct mail, events, and cold-calling, to convey their message to the consumer.
What is traditional marketing?
A recognizable sign, design or expression that identifies products or services and gives the owner exclusive rights.
What is trademarking?
Consumers and competition
What are the 2C's?
The GOOGLE logo
What is a wordmark logo?
Sometimes companies offer discounts if you buy multiple products at once, or two/three different products together as a package.
What is price bundles?
Businesses target a select groups of consumers with specific needs and wants.
What is niche marketing?
Fee paid to the owner of a patent or copyright by someone who uses it.
What is a royalty?
Known as DIRECT SELLING and is generally used by producers or suppliers (e.g. Computer manufacturers, Insurance Companies) who wish to target a niche or specialist market. *Distribution model
What is Model C?
The Starbucks logo
What is an emblem logo?
Strategy involves setting a price so low that competitors cannot match it.
What is destroyer pricing?
We start a business, selling student bags:
- Total $ sold = $ 550
- Cost of buying bags = $ 200
- Cost of logos on bag= $120
What is the profit?
$230
Intangible items that have monetary value and satisfy your needs and wants.
What is a service?
Promotion such as in-store displays encourage impulse buying.
What is point of sale?
Is an icon—or graphic-based design. It’s probably the image that comes to mind when you think “logo”.
What is pictorial mark?
Where a new product is likely to generate a high volume of initial sales (because it is a new product) a high price may be charged in order to maximise profits. The price will be reduced when the initial high demand has subsided.
What is price skimming?
The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.
What is the marketing concept?
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
People, process, physical environment
What are the 3 additional elements in the marketing mix?
Another name for a lettermark logo.
What is monogram?
Where the amount of competition in the market is strong so customers have a wide choice of suppliers to buy from. Businesses must set their prices close to the prices of competitors, having regard to the quality of the product and any unique selling points (USPs)
What is competitive pricing?
Intangible items that have monetary value and satisfy your needs and wants.
What are services?