Product related
Competitive, Discount, Premium Pricing Strategies
What is Pricing your products similarly to your competition, Pricing your products lower and adding a BOGO or reduces price for item next purchase, Designer names like LV or car brands make themselves look more expenses by having higher prices?
Four Marketing factors needed for marketing
What is Need: determine if there is a need for a product, Ability to satisfy needs,Ability to communicate: potential buyers must know that the product exists, Delivery of product need: the company must deliver a product that consumers need?
Product line pricing
range of products and services where the more you pay the more you get ex: arcades, carwash
Bundle pricing
Combining products in one package like book series, subscriptions for streaming services, internet services and more
Niche, seasonal and fad products
What is Niche products like powerade remain consistent with their sales, Seasonal products like clothes(shorts, bathing suits, winter coat) are only popular for that season of the year, Fad products like fidget spinners get popular quickly but die off fast.
What is Introduction (Starting to be introduced to consumers), Growth (It’s gaining traction and seeming to be popular), Maturity( the maximum point the company can be at with sales), decline (sales decrease for a product and consumer might go somewhere else for a newer product)?
Optional product pricing
Companies will attempt to ask the consumer if the want to upsize, or make it a meal or ask to add any extra items paying extra for heated seats or sunroofs
Geographical pricing
Variations of price around the world ex: shipping might be more depending on where you live.
Public relations
An activity designed to create a favourable image towards a company, its product or policies
Goals of advertising
What is brand awareness & positioning, Brand trial (samples), brand preference, brand reminder, brand repositioning(pringles)?
Captive pricing
Prodcucts have add ons charge a premium price where the customer is captured ex: video games
Shame guilt and fear examples
What is makeup, razor, hair dye
4 Ps of Marketing
What is Price, Place, Promotion, Product?
Marketing segmentation
What is Geographical (where), Demographic (age, gender occupation), Psychographic (lifestyle), Behavioral(occasions, usage)?
Promotional Pricing
Pricing to promote a product ex: back to school 20% off, buy one get one free
Primary vs Secondary Data
Primary data is gathered by the researcher themselves like a survey to research on a subject, secondary data is when the researcher uses data that already exists for research.
Maslov's pyramid of hierarchy
Psysiological needs: air, water shelter, sleep, clothing reproduction, safety and security: personal security, employment, resources, health, property, Love and belonging: friendship, intimacy, family, sense of connection, self-esteem: respect, self-esteem, status, recognition, strength, freedom, self- actualisation: desire to be the most one can be.
3 Cs of Marketing
What is Company: the strengths and how the company is doing well, and their weaknesses, Competition: is their competition popular and how they differentiate themselves, Customer: the target market audience cage, social status, who are you promoting to.
Value pricing
External factors such as recession or increased competition force companies to provide value products or services to retain customers ex: $5 subs
Types of Logos
What is Visual (involves animals, people, objects) Abstract (make the company look high tech) Monogrammatic(the company name with a stylish look to it ex: tim hortons, volkswagen)?