The Four P's
What are the four P's?
Product, Price, Place, Promotion
Name the 5 most common pricing strategies
Cost-Plus Pricing
Competitive Pricing
Price Skimming
Penetration Pricing
Value-Based Pricing
What is the product life cycle?
The progression of an item in the market
Yes or No? Is Marketing the best class in SHS?
yes
What are some examples of promotion?
Coupons, newspaper ads, social media, celebrities, etc
Which strategy starts with a higher price and decreases as time goes on?
Price Skimming
What is the set amount of each stage?
There isn't any
What is marketing?
The activity of promoting and selling products
Which P is the pillar of the whole system?
Product
What are Pricing Strategies?
Methods companies use to determine what they should charge for their product/service
What are the stages of the product life cycle in order?
Development, introduction, growth, maturity, decline
What is it called when you are reaching for certain people to view and buy your product?
Target Audience
Explain what each P means
Product: The thing you're selling
Price: How much you sell it for
Place: Where you sell it
Promotion: How you display your product to the market
What strategy enters the market with a low price, and as customers buy, raises the price?
Penetration Pricing
As a company, how can you use the product life cycle to help you?
Planning, estimating profits, control, etc
What are some ways to measure success in marketing?
Website Traffic
Return on investment
Conversion rate
Cost per click
Reviews
Where would throwing fundraisers go in the four Ps?
Promotion
What are some cons of competitive pricing?
Too focused on others' products
While lowering prices, financial problems can occur
Ignoring your competitors can cause your product to be stranded on the market
In the product life cycle, what factors can affect it?
Consumer trends
Technology
Reach and Development
What is an International business?
Running your business overseas as well