Product
Adidas, Nike, Dominos, Apple
The sum of money consumers spend on receiving a product or service.
What is a price?
Where consumers can buy or access goods and services sold by a business.
What is place?
Methods used by the business to increase awareness and sales of their product or service.
What is a promotional mix?
A good or service provided by a business to satisfy a consumer need or want.
What is a product?
Charging a low price on introduction to the market to gain market share.
What is penetration pricing?
Produces a product
What is a manufacturer/producer?
Informative, persuasive, reminder, competitive, generic
What are the different types of advertising?
What is packaging?
Charging a high price for a product to communicate superior quality.
What is premium pricing?
Producer -> Retailer -> Consumer
What is an example of a channel of distribution?
Television, social media, billboards, radio, newspapers
What are different types of advertising media?
Distinctive features that differentiate a product from competitor products.
What is a unique selling point (USP)?
Charging a high price for a product so that business can recoup costs when entering a market and over time reducing the price.
What is price skimming?
Sells products on behalf of a producer.
What is an agent?
Free samples, discount codes, money-off vouchers, loyalty cards, special offers
What are different types of sales promotions?
Introduction, Growth, Maturity, Saturation, Decline
What are the stages of the product life cycle?
Multiple items sold together at a lower price.
What is bundle pricing?
Cost, shelf-life, transportation, target market, product image
What are factors to consider when choosing a distribution channel?
Press releases, endorsements, sponsorships, charity
What are different methods of boosting a company's public relations image?