Product
Give an example of a durable good.
Cars, furniture, etc.
What is bundle pricing?
Bundle deals, buy one get one free.
Where would you sell luxury watches?
Selling luxury watches in high-end boutiques.
How are flash sales promoted?
Coupons, pop-up ads, commercials
What is customer segmentation?
grouping buyers by needs.
What is a non-durable product?
Food, shampoo., etc.
Why use a loss leader strategy?
Selling one item super cheap to attract buyers.
Why are malls important for place?
high foot traffic
How do contests promote products?
win prizes by buying or promoting.
How does lifestyle affect buying?
Lifestyle shapes what we prioritize buying.
What is a product line?
Products grouped under a brand.
How does competition affect prices?
Layout attracts buyers to high-margin items.
What is vertical integration?
a company takes ownership of different stages of its supply chain, rather than relying on external suppliers or distributors.
What is personal selling?
a direct, one-on-one interaction between a salesperson and a potential customer
How does family influence shopping?
Family influences brand loyalty.
What is seasonal product planning?
Planning sales for holidays (e.g., Christmas products).
What is psychological pricing?
Emotions drive purchasing more than logic.
What is franchising?
One brand, many owners/locations.
How do public relations campaigns work?
by strategically communicating with the public to shape and influence perception, build relationships, and achieve specific goals, such as raising awareness, improving reputation, or driving engagement
How does emotion play into consumer decisions?
Emotional ads work better than logical ones.
tugging on heart strings, helping consumers relate, seeing themselves in the product, etc.
How can companies extend a product's life?
Rebranding, improving features.
Why would a company raise prices slowly?
To avoid scaring customers.
What is exclusive distribution?
only sold at a few places.
Why are endorsements important?
builds credibility for the business
How does social status impact consumer behavior?
Individuals with higher social status may prioritize luxury goods and services to maintain their position and signal success, while those with lower status may be less inclined to spend heavily on brands or products associated with higher social classes.