Unit 2 Flashcards
(20 cards)
Marketing
activities a company undertakes to promote the buying or selling of a product or service.
The 4P’s
Price, Product, Place, Promotion
Promotion
the publicizing of a product, organization, or venture so as to increase sales or public awareness.
Advertising Campaign
a set of advertisements that work together to promote a product or service.
Advertising Media
the delivery of commercial, information, and other messages
Point of Sale Promotion
a type of in-store marketing campaign that can be used in an effective and impactful way of upselling to customers and increasing their spend-per-visit within a retail environment
Price
The amount of money something is sold for
Competitor Pricing
where a business bases its selling prices on the prices of its direct competitors rather than, for example, its own costs.
Cost-Plus Pricing
a very simple pricing strategy where you decide how much extra you will charge for an item over the cost
Penetration Pricing
a strategy used by businesses to attract customers to a new product or service by offering a lower price initially.
Price Skimming
a pricing strategy that sets new product prices high and subsequently lowers them as competitors enter the market
Product
The item that is sold
Design
A physical idea for a product to be sold
Innovation
Finding a gap in the market
Product Life Cycle
the amount of time a product goes from being introduced into the market until it’s taken off the shelves.
Introduction
First stage of the product life cycle.
Growth
Second stage of the product life cycle.
Maturity
Third stage of the product life cycle.
Decline
Last stage of the product life cycle.
Extension Strategy
A way to extend the life of a product
