Marketing Mix Flashcards
What is a product in marketing?
A good or service with tangible and intangible attributes that satisfy needs or wants.
What is a good?
A physical/virtual item delivered to a purchaser.
What is a service?
An action, skill, knowledge, or labour for which a customer pays.
What are tangible attributes?
Physical characteristics discernible by the senses.
What are intangible attributes?
Symbolic or subjective characteristics.
What is the goods-services continuum?
A scale ranging from pure goods to pure services.
What is a goods-dominated offering?
Pure commodity goods used to make other goods (e.g., salt).
What is a pure good?
A good with no associated services (e.g., soft drinks).
What is a balanced offering?
Product equally weighted between goods and services (e.g., fast food).
What is a pure service?
A service offering with no tangible goods (e.g., consulting).
What are convenience products?
Widely available, bought frequently with minimal effort (e.g., groceries).
What are shopping goods?
Selectively distributed, moderately priced, require moderate purchase effort (e.g., clothing).
What are specialty products?
Limited availability, high-priced, rare purchases (e.g., luxury watches).
What are unsought products?
Unknown or undesirable products (e.g., insurance).
What is the core product?
Basic definition of a product; fundamental benefits from use.
What is the actual product?
The item sold to customers; includes design, features, packaging, etc.
What is the augmented product?
Non-tangible service-related features like warranty or delivery.
What is cost-based pricing?
Setting prices based on manufacturing and promotional costs.
What is value-based pricing?
Setting prices based on customer perception of value.
What is competition-based pricing?
Setting prices based on competitor pricing.
What is penetration pricing?
Low initial price to attract customers, then increased.
What is price skimming?
High initial price to capture early adopters, then lowered.
What is prestige pricing?
High price maintained to create status and perception of quality.
What is odd-even pricing?
Pricing just below whole numbers to create illusion of a bargain.
