Chapter 14 Flashcards
Product Marketing Strategies
Convenience: Low price, purchased easily, nothing to differentiate them from other brands (pain reliever, power cords)
Shopping: products that can be compared with other products of its kind (Shoes, microwaves)
Specialty: Highly differentiated, custom goods
Unsought products: Not wanted but needed products (pest-control)
Pricing Strategies
Profit-Oriented: profit = revenue - price,
limits pricing flexibility, competitors can undercut, and customer don’t care about the company’s costs
Competitive Oriented Pricing: Price based on competitors costs
Might be price too high or low compared to value
Customer Oriented Pricing: Value = Perceived Benefits - Perceived Costs
Product Distribution Strategies
Direct Channel: Producer -> Buyer (No middleman seller)
Retail Agent: Individual and unique products that fulfill personal needs
Wholesale: Bulk goods, sold to either customers or other stores
Agent Channel: Agent connects manufacturer to retail and wholesale
What is Integrated Marketing Communication
The process of coordinating all the promotional activity across these different methods
Advertising|Public Relations|Personal Selling|Sales Promotion|Digital Marketing|Direct Marketing|Guerrilla Marketing|
