Product
The variety, quality, design, features, and branding of what a company sells fall under this marketing element.
What is the product?
This “P” determines how much customers pay for a product or service.
What is price?
This marketing activity communicates information to customers about a product.
What is promotion?
Name one social issue companies might address that helps build positive self-image or community support
What is DEI, youth health and wellness, mental health support, cancer initiatives, positive self-image?
This term describes a product’s physical container or wrapping that protects it and helps it stand out.
What is packaging?
A temporary reduction in price to encourage purchases—often used in sales or promotions.
What is a discount?
Coupons, contests, and free samples are examples of this promotional strategy.
What are sales promotions?
An initial investment (like a factory) spurs other businesses, jobs, and population/economic growth.
What is the multiplier effect?
This stage of the product life cycle is when sales grow rapidly and competitors enter the market.
What is the growth stage?
This pricing method sets prices based on what customers believe a product is worth.
What is value-based pricing?
This promotional element focuses on building positive publicity through news stories or media coverage.
What is public relations?
Give two examples of how a company can address environmental issues through its products or processes.
What is using recycled materials; using renewable energy in manufacturing; biodegradable packaging; reducing greenhouse gas emissions?
These distinguishing attributes—like reliability, durability, or performance—help customers compare different products.
What are product features?
What is the margin that doubles what an item is sold for?
What is Rule of Thumb?
This type of promotion involves direct, face-to-face interaction with customers to inform and persuade them to buy a product.
What is personal selling?
Explain one way a company can address ethical issues in its supply chain.
What is fair wages and safe working conditions, vetting suppliers, transparent labor practices, ethical hiring policies?
This product is made up of either raw materials, capital goods, or components
What is industrial products?
This pricing strategy involves pricing significantly below the competitor’s price but slowly increases over time.
What is penetration pricing?
To inform, persuade, and remind customers of a product
What is the objective of advertising
This type of business venture boosts the local economy and tackles social issues by creating jobs, improving access to services, and reinvesting profits into community needs.
What is a social responsible company?