Marketing
What are the 6 ingredients in the marketing mix?
Product, price, place, promotion, customer, competition
Promotion includes what 3 things?
advertising, publicity, sales promotion
What id branding
What are the 5 pricing strategies?
1. Follow the competition
2.Penetration
3.Skimming
4.Psychological
5.Loss-leader
What is a slogan?
A catchy phrase associated with a company's name and logo
What are 3 types of market research?
surveys
focus groups
taste test
product research
customer analysis
product analysis
What are 3 ways a company can advertise a product or service?
radio
television
magazines
social media
What are 3 types of logos?
Abstract images, monogrammatic, visual symbols
What does it mean to follow-the competition?
Price equal or just below the competition
What is brand loyalty? Provide an example
Repeated purchases of a specific product from one brand or company.
Example: I only purchase coffee from Tim Hortons
Define a "Pull" strategy
Non paid methods of increasing interest or awareness.
What are 3 things that make a good brand name?
memorable
Easy to recognize
Easy to pronounce
What is penetration pricing?
New product or service priced significantly below competition.
The "think different" slogan belongs to what brand?
Apple
Define a "Push" strategy
Sells to wholesalers, retailers, importers, but not to the consumers.
Why are sales promotions important?
benefits the company
promotes the brand
offers incentives
What is product differentiation?
Specific characteristics that separate one product from its competition.
Pricing a product at $9.99 vs. $10.00, is an example of what pricing strategy.
Psychological pricing
"Betcha cant eat just one" is the slogan for what brand?
Lays Chips
What is market research?
The collection, analysis, and interpretation of information used to develop a marketing strategy, or to solve a problem.
What makes a good advertisement?
grabs your attention
memorable
communicates a direct message
relatable
What are three types of brands?
National, generic, private
What is price skimming?
When there is no or limited competition.
High price set.
What are the 5 brand strategies?
-Support an existing brand
-Develop brand extension
-Licensing a successful brand
-Co-branding
-Brand acquisition