Marketing, STP, PGS
Product, Price , Promotion, Place
What are the four P's of the Marketing Mix?
Product
What is the item or service being sold by the business to meet the needs of its customers?
Penetration Pricing
What is selling temporarily low to get a bigger market share
Promotion
What is the use of advertising to inform consumers and persuade them to buy a business's products?
Place
What is getting the right product to the right consumer at the right time in a way that is most convenient to consumers and most profitable to businesses?
Marketing
What is the process of identifying, anticipating and satisfying customer wants & needs in a profitable way?
Brand
What is the name or symbol that represents the product, to differentiate the product from other competitors?
Selling at a high price to give an image of luxury and exclusivity
What is premium pricing?
Advertising
What are billboards, print commercials, website banners, and television commercials examples of?
Three channel network
What is a distribution network made of producer, agent, wholesaler, retailer, and consumer?
Segmenting the market
What is to divide the market according to: their gender, age, religion, culture, etc?
Five stages of the Product Life Cycle
What are Development, Introduction, Growth, Maturity, and Decline?
Predatory Pricing
What is pricing low with the intention of bankrupting the competition (this is illegal in many countries)?
Above the Line advertising
What is the marketing strategy of hiring an ad agency to create expensive mass media advertisements like commercials and print ads?
Agents
What are the people or businesses who help producers enter a new country and find wholesalers, retailers, and other distribution channels to sell their products?
An alternative definition of Marketing
What is managing customer relationships, which benefits numerous key stakeholder groups?
Selling old products to new markets
What is "Extending the Product Life Cycle"
Loss Leader pricing (example gaming consoles)
What is selling products at a loss so customers will buy a related product? Example: Sony loses money on Playstation and earns from selling games
Public relations
What are attention-getting activities that encourage media and news to cover the event and generate positive publicity for the business?
Wholesalers
What are businesses who buy in bulk from producers, then stores and transports the products to retailers?
Cost Focus
Keeping costs low by focusing on a small market or a small area. Ex. Warung
Product (alternative meaning)
What word did Mr. Joel ban from all 4,6, and 10 point answers?
Cost plus pricing
What is the pricing method of adding a percentage of profit to total unit cost?
Trade Fairs
What are industry events where many companies get together to promote, demonstrate, and launch their products?
Difference between Agents and Distributors
The agent does not own the products, and only earns a precentage of sales, and a distributor buys the product from the producer, owns the goods, and takes the risk of the goods not selling is an explanation of which difference?