Good to Know
A challenge is for students who have successfully completed the main assignment.
What is a fast finisher activity or skill-building opportunity?
Selling products or services to individuals, to other companies, or to large-scale distributors.
What is sales?
Two colors that are on opposite sides of the color wheel.
What are complementary colors?
Tangible items people buy or use that are weighable and measurable.
What are goods?
Selling two or more complementary products together for a single, lower price than if they were bought separately.
What is bundle pricing?
The assignment where students analyze a company's product or service by applying three core concepts from the marketing mix: Product Classification, Pricing Strategy, and Price Category.
What is the Product and Price Challenge?
A marketing strategy that uses paid channels to promote companies and products.
What is advertising?
Three shades, tones and tints of one base color.
What is monochromatic?
Intangible activities done for someone else.
What are services?
Setting a price that is very close to what competitors are charging for similar products. The company tries to win on features, not price.
What is competitive pricing?
Using the digital tool of your choice, this assignment was provided to help you study and remember important concepts in a way that makes sense to you.
What is Marketing Vocabulary Cards?
Marketing research, social media and analytics, marketing management, merchandising, and business communications are all examples of this.
What are programs of study?
Three colors that are evenly spaced on the color wheel.
What is triadic?
A category of goods, bought frequently, immediately, and with minimal comparison or effort. These are "routine" or staple purchases.
What are convenience goods?
Setting a high initial price for a new, innovative product to get the most revenue from "early adopters," then lowering the price over time.
What is price skimming?
The objective of this assignment is to explore the psychological and practical meanings of colors, as well as the fundamental principles of color harmony used in design and marketing.
What is Color Meanings?
Careers focused on managing physical and online store operations, visual merchandising, and enhancing customer satisfaction.
What is retail and customer experience?
Three colors that are side by side on the color wheel.
What is analogous?
A category of goods where unplanned purchases are made on the spot. They are usually placed in high-traffic areas, like checkout counters.
What are impulse goods?
Setting the price primarily based on what customers believe the product is worth (its perceived value), not the seller's cost.
What is value-based pricing?
A set of actions, or tactics, a company uses to promote its brand or product in the market. Every successful business needs to get this "mix" just right to make customers happy and make money.
What is the marketing mix?
Careers focused on gathering, analyzing, and interpreting data to inform strategy and understand consumer behavior.
What is market research, analytics, and ethics?
This person is credited with creating the first color wheel.
Products with unique characteristics or a strong brand for which buyers are willing to make a special purchase effort.
What are specialty goods?
The highest price point in the market. Prices are set to create an image of extreme rarity, status, and exclusivity. The price itself becomes part of the product's appeal.
What is luxury/exclusive pricing?