Vocab Definitions
A product characteristic such as size, color, or capacity
What is a feature?
Setting a low price to attract customers and discourage competition
What is penetration pricing?
McDonald's Golden Arches, Nike Swoosh, Bitten Apple are all examples of what?
Logos
What are the 4 Ps of the Marketing Mix?
Product, Price, Place, and Promotion
Something essential for survival
Need
The advantage a consumer gets from a product feature (what it does for them)
What is a benefit?
Charging a high price initially when there is little competition
What is skimming pricing?
"Just Do It" "I'm Lovin' It" "Eat Fresh" are all examples of what?
Slogans
How products are distributed and where they are sold
Place
Something the improves quality of life but is not necessary for survival
Want
A word, group of words, letters, or numbers that identifies a company or product
Setting prices similar to or just below competitors
What is competitive pricing?
Why is a logo important for a brand/company?
The amount customers must pay to obtain the product or service
Price
Video games, designer shoes, iPhone are al example of what?
Want
A short, catchy phrase that identities a company or product
What is a slogan?
Setting prices based on the customer's perceived value of the product
What is value-based pricing?
Why is a slogan important for a brand/company
A slogan is important for a brand/company because it communicate brand identity and sticks in consumers' minds
Advertising, sales promotions, publicity, social media ads, influencer marketing
Promotion
Water, food, shelter, clothing are all examples of what?
Needs
What is the difference between goods and services?
Which pricing strategy would Nike likely se for limited-edition sneakers?
Skimming pricing (high price due to exclusivity/demand)
Item or service being sold to meet customer needs/wants
Product
What is an example or a good vs. service?
Answers can vary!