4 P's
What are the 4 P's of marketing?
Product, price, place, promotion
What is the fifth "P" added to the marketing mix recently?
Participation
What is it called when a company decided to create a product in a completely different category as the original product?
Out-of-category brand extension
What was the price for a 30-second Super Bowl ad in 2022 (within 1 mil. range)?
6.5 million
Paid, nonpersonal communication with an audience
Advertising
Services are consumed at the moment they are produced; they cannot be 'stored' - what is this concept called?
Perishability
The highest paid celebrity endorser - Boxing-legend-turned-grilling-guru?
George Foreman
Which of the 4 P's does supply chain fall under?
Place
When a customer purchases products from one brand over and over again
Brand loyalty
Financial value of a brand - people's willingness to pay more for one brand over another - being able to charge premium for the product - how recognizable a brand is
Brand equity
Who is the highest paid Adidas endorser - soccer star?
David Beckham
What is the name of the company we discussed throughout the whole semester?
TSL - This Saves Lives
The most difficult P of the marketing mix to 'figure out"
Price
Services cannot be touched - what is this concept called?
Intangibility
People in the USA drank roughly 48 gallons of coffee per year in 1948 compared to only about 23 gallons a year today. What do they drink instead?
Soda
Name at least three (3) of the sales promotion tools (types)
Coupons, premiums, bonus packs, samples, contests, sweepstakes, price-off deals
Products with extra attributes and features that are not part of the actual product; offered to make the product more attractive
Augmented product
What are the four product benefit categories?
Functional, sensory, resource and psychological
Name the bestselling product ever
IPhone