Chp. 14: Pricing
This is the only revenue-generating "P" in the marketing mix.
What is price?
This term refers to the entire network of organizations and activities that move a product from supplier to consumer.
What is the supply chain?
This term describes all the business activities that make it possible for you to buy things, whether in-store, online, or both.
What is retailing?
In an ad agency, this person is responsible for overseeing all creative output.
Who is the Creative Director?
This framework emphasizes Excite, Educate, Experience, and Engage as the pillars of digital marketing.
What is the 4E framework?
Name any one of the 5 C's of pricing.
What are company objectives, costs, customers, competition, and channel members?
Warby Parker sells their glasses directly to consumers through its own website which provides an example of this type of supply chain.
What is a direct supply chain?
This retail approach blends online, mobile, and in-store experiences into one seamless system.
What is omnichannel retailing?
This element of the marketing mix focuses on communication strategies like advertising, PR, and personal selling.
What is promotion?
In digital marketing, this practice is extremely important for testing and improving strategies.
What is experimentation?
If a small price increase causes almost no change in demand, that demand is said to be _______.
What is inelastic?
When a large retailer like Walmart can dictate how products are packaged, priced, or delivered because suppliers depend on its business, this reflects which concept in supply chain management?
Power in the marketing channel
Coca-Cola’s wide availability in restaurants, gas stations, and stores demonstrates this type of distribution strategy.
What is intensive distribution?
This term describes the coordination of all promotional tools to deliver a consistent brand message.
What is integrated marketing communications?
A Snapchat demo that lets customers virtually try on shoes aligns with this “E” in the 4E Framework.
What is Experience?
This pricing strategy involves keeping prices consistently low instead of offering frequent sales or coupons (e.g., Walmart, Aldi).
What is every day low pricing (EDLP)?
Best Buy purchases Samsung TVs from a distributor before selling them to shoppers. This is an example of which type of supply chain?
What is indirect?
Luxury brands like Tesla or Rolex often use this limited form of distribution.
What is exclusive distribution?
This paid, mediated form of communication is designed to persuade consumers to act, either now or in the future.
What is advertising?
This form of communication is two-way, interpersonal, and focused on building relationships.
What is personal selling?
The point at which total revenue equals total cost is called the _______.
What is the break-even point?
This function is focused on delivering the right product to the right place, at the right time, in the right quantity, and at the right cost.
What is supply chain management?
Name the three types of retailers.
Food, general merchandise, services
This is the term for the overarching theme or concept that guides all creative executions in a campaign.
What is a Big Idea?
Peloton salespeople selling equipment to hotels and gyms is an example of this type of selling.
What is B2B personal selling?