Marketing and product Flashcards
1
Q
USP
A
Unique selling proposition/ unique product or service from the market.
2
Q
Marketing objective
A
Inform customers about their product or service.
3
Q
Sales objectives
A
Attract new customers to increase unit sales.
4
Q
4 P’s
A
Product
Price
Promotion
Place
5
Q
Product
A
Attributes that satisfy consumer needs or wants. Brand image and quality.
6
Q
Price
A
The price of the product or service varies based on the 8 strategies.
7
Q
8 pricing strategies
A
- Market skimming (high quality new image)
- Penetration pricing (encouraged to try)
- Prestige and Premium (High price)
- Competition based (high competition)
- Cost based (Cost of producing to price)
- Loss leader (Attracting customers to store)
- Psychological (customer perception)
- Dynamic (Prices continuously adjust)
8
Q
Promotion
A
Advertising online and off.
9
Q
Place
A
Product placement in order to drive sales.
