Marketing

Question 1

Market segment

Answer 1

A subgroup of customers with similar characteristics

Question 2

Target market

Answer 2

A specific group at which a product is aimed

Question 3

Marketing mix (4Ps)

Answer 3

Product, Price, Place, Promotion

Question 4

Product life cycle

Answer 4

Stages a product goes through: Introduction, Growth, Maturity, Decline

Question 5

Extension strategy

Answer 5

A way to extend the life of a product (e.g., new features)

Question 6

Price skimming

Answer 6

Charging a high price initially then lowering it

Question 7

Penetration pricing

Answer 7

Charging a low price to gain market share

Question 8

Cost-plus pricing

Answer 8

Adding a markup to the cost of making a product

Question 9

Competitive pricing

Answer 9

Pricing similar to competitors

Question 10

Promotional pricing

Answer 10

Reducing prices for a short time to increase sales

Question 11

Promotion

Answer 11

Communicating with customers to encourage purchases

Question 12

Advertising

Answer 12

Paid promotion

Question 13

Sponsorship

Answer 13

Paying to associate a brand with an event or person

Question 14

Branding

Answer 14

Giving a product a unique identity

Question 15

Distribution channel

Answer 15

How a product gets from producer to consumer