Online Test Marketing Mix Flashcards
(24 cards)
What is the definition for profit
Revenue less expenses
What is the definition for expenses
Costs
What is the definition for productivity
Efficiency
What is the definition for rangatiratanga
Leadership
What is the definition for revenue
Income from sales
What is the definition for putake
Reason for being
What are the 4 p’s
product, price, place and promotion
What is product
What you are selling – it could be a physical item or a service. It should meet the needs or wants of customers
What is price
How much you charge for the product. It should reflect the value of the product and what customers are willing to pay.
What is place
Where and how customers can buy your product – like in a store, online, or through a distributor.
What is promotion
How you tell people about your product – such as through advertising, social media, discounts, or events.
What are product, price, place and promotion
Aspects that are considered when marketing a product
What are the 4 most important considerations when pricing a product
Cost of production, competition, target market, quality
What is the loss leader pricing strategy
Gets customers through the door so they will buy other items too
What is the markup pricing strategy
Adding a standard profit margin across different products
What is the penetration pricing strategy
New to the market so may have lower price
What is the competitive pricing strategy
Trying to beat the competition
What is the psychological pricing strategy
Influences customers to think it’s a better deal
What is the dynamic pricing strategy
Different prices used at different times like seasons
What is the price skimming strategy
High price to begin with then may lower
What is the cost plus strategy
Fixed % on top of costs for small business to ensure break even
What is the promotional strategy
Used to get rid of stock or sell a specific product for a time
What is the geographic pricing strategy
Adjusting prices based on location
What is the premium pricing strategy
Charging a high price to reflect exclusivity or high quality
