Unit 1 Flashcards
What is Mass marketing
Mass marketing is promoting products with one key message that is direct to everyone and is no longer used today as marketing efforts are easier and more sophisticated due to newer technology
What is Demand Elasticity and available substitutes
When you like two similar products have the same price and one begins to increase then the demand for that product will decrease as well as its supply and the product with the lower price will increase its demand as well as its supply
3 types of intellectual properties
Copyrights, Patents, Trademarks
What are copyrights and give an example
Copyrights, is the legal protection of a creators intellectual property or products such as books, films, video games, music, art, after 50 plus years turns to public domain and anyone can use it, if you wanted to use it you need to get permission and may a royalty fee
What are patents and give an example
Patents are granted for 20 years, the product cannot be used without the inventors/owners permission, only used for physical items such as water bottles, bags, chairs and more
What are trademarks and give an example
Trademark can be words, names, symbols, sounds or colours such as nike, adidas, coca cola that distinguish goods/services and can be renewed over and over again
What is a royalty and give an example
Paying a fee to use someones product such as music, art or movies and people aren’t receiving them as there are many companies bypassing them and not using them such as Soap2Day and more
What is product tie-in and give an example
Use of ancillary products such as merchandise for promotional tools, such as Happy Meals at McDonalds with a toy from the latest movie
What is synergy and give an example
A combined action that occurs when products owned by one source promote the growth of related products, synergy occurs when the OVO clothing.label streets people back to Drake’s music or concerts
What is convergence and give an example
Multiple promotions or overlapping of product promotion, multiple types of promotion occurring at the same time, such as Tim Hortons having a billboard, tv commercial, Roll up the Rim contest, internet ad, etc.
