Product
What are tangible attributes?
color, size, packaging, size, features, etc
Charge the highest possible price and decrease prices over time
price skimming
Paid communication through mass media
Advertising
What is connected in a distribution channel?
A producer and a customer
Name, term, symbol or design that sets a product apart from competitors
brand
What are intangible attributes?
prestige, quality, brand image, reputation, etc.
charge low prices in the short term to meet sales objectives
penetration pricing
What is included in mass media?
TV
newspapers/magazines
Billboards/poster
Websites and apps
Who is invloved in an indirect distribution channel?
producers, wholesalers, retailers and customers
An identifiable image in the mind of consumers
product positioning
A group of products closely related and intended for the same target market
product line
Sell below cost price. We can make up for the loss by selling other products without discounts
loss leader
What are examples of sales promotion?
free samples
coupons
loyalty programs
buy one get one free
What determines the distribution channel?
where a purchase can be made
traditional or online preferences
how many intermediaries are needed?
Competitor behavior
Tangible and intangible benefits of a product
total product concept
the message a business commiunicates to customers
market presence
Facotrs that influence a price
production costs
meet market objectives
willingness to pay
competitive environment
Satisfied customers lead to more sales from other customers
Dissatisfied customers may drive others away
word of mouth
What are the benefits of online sales?
24/7 accessibility
more products
research prices
Advertising, sales promotion, publicity used together to create sales
promotion
What roles does a package have?
attract attention
protect contents
ensure quality
communicate benefits
Change prices often, sometimes minutes apart. Match real time supply and demand
dynamic pricing
Digital influences on sales include
influencers
celebreties
pay per clicks
mobile marketing
What has been the shift in channels since the Covid pandemic?
Rise in online sales initially, then an mix of online and in store
All products that a business sells
product portfolio