The Marketing Mix
A company changes its formula, redesigns its logo, and updates its warranty policy. These changes fall under this "P".
What is Product?
The specific group a company directs its marketing efforts toward is known as this.
What is a target market?
This form of promotion occurs when a company pays to deliver messages through media such as billboards, online ads, or magazines.
What is advertising?
This pricing strategy uses prices such as $9.99 instead of $10.00 to make items appear cheaper.
What is psychological pricing?
This distribution method involves products moving straight from the producer to the consumer, with no middlemen.
What is direct distribution?
A business chooses to sell its products only through an app because its target customers shop primarily on mobile devices. These changes reflect this "P".
What is Place?
Grouping customers by lifestyle, hobbies, or values is an example of this segmentation.
What is psychographic segmentation?
This type of promotion gives customers incentives like discounts, coupons, or “buy one, get one” to encourage an immediate purchase.
What are promotional sales?
This strategy sets an initially high price to recover early costs and appeal to customers who want the newest product first.
What is price skimming?
This strategy uses every available outlet to sell a product, which is common for convenience items like snacks or gum.
What is intensive distribution?
A company notices customers love the product but rarely repurchase it because they forget about it. They choose to shift this "P" to help customers remember and think about the product.
What is promotion?
When a company targets people who live in coastal areas, they are using this type of segmentation.
What is geographic segmentation?
This promotional method provides free media coverage and can create goodwill, but the company does not control when or how it is shared.
What is publicity or public relations?
This strategy introduces products at a very low price to quickly attract new buyers and gain market share.
What is penetration pricing?
This strategy uses only one retail outlet in a geographic area, often for luxury or specialty goods.
What is exclusive distribution?
A business wants to reach a new target market that prefers online shopping over in-store purchases. They choose to shift this "P".
What is place (distribution)?
Categorizing consumers based on how often they purchase a product uses this type of segmentation.
What is behavioral segmentation?
This advertising style focuses on providing detailed facts and explanations about a product’s features or how it works.
What is informative advertising?
This strategy sets multiple versions of a product at evenly spaced price points, such as small, medium, and large.
What is price lining?
This distribution method involves intermediaries, such as wholesalers or retailers, between producers and consumers.
What is indirect distribution?
A company sets its price higher than competitors to signal premium quality, but sales stall because the target market doesn’t view the product category as something worth paying extra for. To fix this, the company will adjust this "P".
What is Price?
Segmenting customers by age or income is an example of this type of segmentation.
What is demographic segmentation?
This type of advertisement aims to connect with emotions such as happiness, nostalgia, or fear to influence consumer attitudes.
What is persuasive (or emotional) advertising?
This strategy occurs when a company bases its prices on what competing businesses are charging.
What is follow-the-leader pricing?
Adding additional intermediaries and steps to the distribution channel typically does this to the price of a product.
What is increases?