4.5 Product
What is the Product Life Cycle?
These memorable catchphrases are used to gain and retain attention - usually represent the USP of a business or product.
What is a slogan?
This involves rounding down numbers, such as $9.99 to make prices seem lower.
What is Psychological pricing?
What are Processes?
These are agents or distributors that act as a middle person in the chain of distribution.
What are Intermediaries? (section 4.5)
In this stage of the PLC revenues are steadily increasing and profit will attract rivals to the industry. Wider channels of distribution are getting product to customers in numerous locations.
What is the Growth stage of the PLC?
BOGO sales, Free samples of products, Coupons and "free gift with purchase" are examples.
What are sales promotions?
This involves setting a relatively low price to help establish a new product in a market and to help gain market share.
What is Penetration pricing?
This method of international marketing involves the business operating in the domestic country directly selling its products to overseas buyers.
What is exporting?
These are businesses that purchase large quantities of products from a manufacturer and then separate into smaller units to sell to retailers?
What are wholesalers? (section 4.5)
For products that reach saturation , these strategies are implemented to prolong their sales revenue.
What are extension strategies?
This broadly describes any form of paid-for methods using independent mass media sources.
What is Above-the-Line promotion?
This involves selling a product below its cost value in the hope of attracting customers who buy complementary goods at a higher mark-up.
What is Loss Leader pricing?
The custom scent of Marriott hotels, resort amenities, framed & visible advanced degrees / certifications are examples of which aspect of the extended marketing mix?
What is Physical Evidence?
List three common product life extension strategies.
Price reductions, Redesigning (limited editions, special features), Repackaging, New markets, Brand Extension and Product Differentiation
This is another word for a "trial product" that is produced along with market research to assess the potential success of the product.
What is a prototype?
This refers to business activities aimed at establishing and protecting the desired image of an organization.
What is Public Relations?
This involves adding a % or a predetermined amount of profit to the cost-per-unit of output to determine the selling price.
What is "Cost-Plus" or "Mark-up" pricing?
This involves a business allowing others to trade under its name in return for a fee and royalty payments.
What is Franchising?
The use of imaginative, unconventional marketing methods with a low budget to catch the attention of customers.
The BCG matrix looks at these two dimensions to assess products in a business's portfolio.
What are market share and market growth?
In deciding on a promotional mix, marketers often consider the marketing acronym AIDA, which stands for
Attention, Interest, Desire and Action
This high-priced pricing strategy is best for technologically advanced and innovative products where little competition exists.
What is Price Skimming?
This refers to a business setting up overseas production and/or distribution facilities. Such as Tesla's recently opened "Gigafactory" in Berlin.
What is Direct Investment?
This term describes the commercial transfer of ideas and values from one country to another example - ex. American fast food,
What are cultural exports? (section 4.6)