Marketing Basics (Chapter 11)
What is marketing?
Creating value and building customer relationships.
What are the 4 Ps of marketing?
Product, price, place, promotion.
What is a product line?
A group of related products.
What is price?
The amount charged for a product.
A customer buys a soda at checkout. What type of product is this?
Convenience product.
What is a target market?
The specific group a company aims to serve.
What is promotion?
Communicating value to customers.
What is packaging?
The container or wrapper that protects a product.
What is discount pricing?
Reducing prices to increase sales.
A company lowers prices for a weekend sale. What strategy is this?
Discount pricing.
What is a brand?
A name or symbol that identifies a product.
What is “place” in marketing?
Where and how a product is sold.
What is branding?
Creating a unique identity for a product.
What is cost-based pricing?
Setting price based on production costs.
A brand redesigns its packaging to attract younger customers. What is this?
Product strategy / packaging.
What is market research?
Collecting information about customers and markets.
What is product differentiation?
Making a product stand out from competitors.
What is a “convenience product”?
A low-price, frequently bought item.
What is value-based pricing?
Setting price based on customer value.
A store studies buying habits to select new products. What is this?
Market research.
What is a product’s “value proposition”?
Why customers should choose that product.
What is market segmentation?
Dividing customers into groups with similar needs.
What is a product life cycle?
The stages a product goes through from launch to decline.
What is dynamic pricing?
Changing prices often based on demand.
A company raises price because customers see high value. What pricing method is this?
Value-based pricing.