Packaging and Placement
The two elements of the Marketing Mix (4 P's) that packaging straddles.
What are Product and Promotion?
This is the concrete amount of money exchanged for a product or service.
What is price?
This is a customer's expressed hesitation, doubt, or concern about the product, which is not a rejection but a request for more information.
What is an Objection?
This is the essential marketing function of communicating the value of a product or service to the target market.
What is promotion?
This term is defined as the structured, step-by-step process to turn a prospect into a committed buyer/member
What is the Sales Cycle?
The most valuable shelf position for a product, typically yielding the highest sales.
What is eye level?
This pricing strategy has the goal of maximizing profit on a new, unique product by setting a very high initial price.
What is Price Skimming?
This technique involves giving a customer two acceptable options to narrow their choices and prevent them from simply saying "no," such as asking, "Do you prefer the white or the black color?".
What is the Alternative Choice close?
These are short-term incentives, like coupons or contests, designed to encourage an immediate purchase.
What is Sales Promotion?
Asking, "Can they pay the dues/donation?" relates to this element of the BANT framework
What is budget?
The four main marketing functions of packaging.
What are to Protect, Inform, Differentiate/Brand, and Promote?
According to the study guide, a very low price can sometimes lead to a low perceived version of this by the customer.
What is percieved value?
To address this type of objection, the salesperson should pivot the discussion from Cost to Investment or ROI (Return on Investment).
What is the Price/Cost objection?
Building good corporate image through obtaining favorable publicity and handling crisis management are the main functions of this element of the Promotional Mix.
What is Public Relations (PR)?
The Sales Goal for this stage is to Showcase your solution/service, which the club analogy calls the Main Pitch Meeting.
What is Presentation/Demo
The specific placement strategy that puts hot chocolate mix next to specialty mugs to prompt a larger purchase.
What is cross-merchandising?
This factor influencing perceived value is being leveraged when a company releases a product with the label "Limited Time Offer".
What is Scarcity/Exclusivity?
The specific purpose of this closing technique is to gauge the customer's readiness to buy before the final commitment, especially after overcoming a major concern
What is the Trial Close?
This component of a Call to Action (CTA) uses phrases like "Now" or "Limited time" to encourage the consumer to act immediately.
What is Urgency/Specificity?
his high-commitment sales game requires Marketing Nurturing over weeks or months to build trust and consensus, thereby reducing the perceived risk.
What is the long cycle?
Small items like candy, chargers, toys, etc. are displyed near regiters to encourage this type of customer behavior
What is impulse buying?
A grocery store uses this strategy by pricing a popular item below cost to increase the sales of other items throughout the store.
What is Loss Leader?
This is the two-step strategy for handling a Stall/Time objection, using the key question: "Besides checking with your manager, is there any other part... that is holding you back from moving forward today?
What is to Isolate the Concern and Set an Action Plan (or Trial Close)?
Successfully embedding the brand name and shaping how customers feel about the brand are the two components of building and protecting the brand, which ultimately leads to this financial asset
What is Brand Equity?
This type of sales cycle, which focuses on instant conversion for low-commitment products, does not require nurturing.
What is the short cycle?