Product
Which model is the term “product” a part of?
4 p’s
Which model is the term “price” a part of?
4 p’s
What elements are a part of the marketing mix?
Product, price, promotion and place
Which model is the term “place” a part of?
4 p’s
Which factors does the PEST model include?
Political, economic, social and technological.
What is convenience products?
Everyday inexpensive products that are bought with little consideration
What is break even pricing strategy?
Break even pricing is the practice of setting a price point at which a business will earn zero profits on a sale
Which model can help determine the target group?
Minerva model
What is direct distribution?
When the product is distributed directly from the producer to the consumer
What model is used in a company to see its strengths and weaknesses?
SWOT model
What is a manufacturer?
The company that produces the products.
What is a perceptual map?
It is a map which shows the consumers perceptions between price, and a second parameter being compared like quality etc,
What is the product range
The company’s selection of different goods
What is indirect distribution?
It means that you have one or more links in the distribution chain before the product ends up with the end user.
What model is used to describe a company's role in the market?
BCG Matrix
What is the difference between non durable goods and durable goods ?
The non durable goods are consumed as they are bought whereas the durable goods are consumed over a longer period of time.
Mention minimum 2 of the 4 types of pricing strategy
Break even, profit maximization, maximization of market share, Price/quality leadership
What is blue and red ocean?
Blue ocean is when there is no competitors in the market, and red ocean is when it’s an already existing market with many competitors
What is the distribution chain?
It’s all the different stages that the product passes between the manufacturer and the consumer
Explain the PESTEL model?
The PESTEL model helps a company identify the external factors that can impact their business.
What are the different 5 phases in the PLC curve?
Product Development, Introduction, Growth, Maturity, Decline
Explain the term "Value based pricing"
It's when the price is set based on the consumer’s preferences for a given brand or store
What is penetration price and skimming price?
Penetration price is a low price doing the introduction phase of a new product. Skimming price is when a firm charges the highest initial price that customers will pay and then lowers it over time
Mention 2 of the 3 overall different store types
Convenience stores, specialty stores and Selection stores (udvalgsbutikker)
Which model describes the full range of activities needed to create a product or service?
The value chain