Product
What does "unique selling point" mean?
What makes your product different.
What is value pricing?
Setting a price based on customer value.
What is direct distribution?
Selling directly to consumer (no middleman).
Name a type of promotion.
Ads, sponsorships, direct mail, public relations.
Why study consumer behavior?
To better meet customer needs.
How do businesses improve products?
Offer improvements or new features.
What is skimming pricing?
High early prices before lowering.
Why are websites important for place?
World-wide, 24/7, Easy Access for Consumers
What is sponsorship in marketing?
Paying to have name linked with events/teams.
How does technology affect shopping?
Online shopping growth, mobile apps.
What role does branding play in products?
Branding builds trust and recognition.
How can pricing affect brand image?
Steps product goes through to reach customer.
What is a distribution channel?
Middlemen between producers and consumers.
What is event marketing?
Marketing through organized public activities.
How do personal values impact purchases?
Choices reflect values (e.g., eco-friendly products, designer, trendy).
What is a product life cycle?
Introduction, growth, maturity, decline.
Why is competition important when setting prices?
Pricing based on competitor and market research.
What does "multi-channel selling" mean?
Promoting brand through surprise public stunts.
What is guerrilla marketing?
Creative/unusual marketing tactics.
What is impulse buying?
Buying without thinking first.
How do companies predict product trends?
Trends = predict what customers want next.
What is psychological pricing?
Pricing tricks to influence perception.
How does inventory management connect to place?
Customer demand affects store and delivery setup.
How is a slogan part of promotion?
Branding elements like slogans increase memory.
How does peer pressure influence consumer choices?
Buying based on friends' influence.