Product
This “P” focuses on features, design, quality, and branding.
What is Product?
The amount customers pay for a product.
What is price?
This “P” focuses on where customers buy the product.
What is place?
This “P” focuses on communication and persuasion.
What is promotion?
The combination of Product, Price, Place, and Promotion.
What is the marketing mix?
A variation of a product offered to meet different customer needs.
What is a product line?
Lowering prices temporarily to increase sales.
What is a discount?
Selling products directly to consumers without intermediaries.
What is direct distribution?
Paid, non-personal communication like TV or online ads.
What is advertising?
Changing one “P” often affects this.
What is the entire marketing mix?
The non-physical benefit a customer gets, such as a warranty or support.
What is a service?
Pricing strategy where prices are set higher to reflect quality or exclusivity.
What is premium pricing?
A business selling products online through a website.
What is e-commerce?
Short-term incentives like coupons or sales.
What is sales promotion?
Marketing decisions aimed at a specific group of buyers.
What is target marketing?
A product created to satisfy the needs of a specific group of consumers.
What is a target-market product?
The minimum price a business can charge without losing money.
What is the break-even price?
A third party that helps distribute products, such as wholesalers or retailers.
What is an intermediary?
Building a positive company image through media and events.
What is public relations?
A new product introduced to the market.
What is a product launch?
The combination of product features, branding, packaging, and support.
What is the product mix?
Pricing based on what customers believe a product is worth.
What is value-based pricing?
Ensuring products are available when and where customers want them.
What is distribution strategy?
Direct interaction with customers to persuade them to buy.
What is personal selling?
Adjusting marketing strategies to stay competitive.
What is market positioning?