The marketing mix - product and price Flashcards
marketing mix
the four key decisions on product, price, promotion and place that must be taken to enable the effective marketing of a product
product
goods or services that are the end result of the production process and are sold on the market to satisfy customer needs
goods
products which have a physical existence, such as washing machines and chocolate bars
services
products which have no physical existence, but satisfying consumer needs in other ways, such as hairdressing, car repairs, childminding and banking
brand
an identifying symbol, name, image or trademark that distinguishes a product from its competitors
intangible attributes
the subjective opinions of customers about a product, which cannot be measured or compared easily
tangible attributes
the measurable features of a product, which can be easily compared with other products
USP
the special feature of a product that makes it different from competitors’ products
product differentiation
the unique qualities of a product that lead to a difference between the product and competitors’ products
product positioning
consumers’ view of a product or service as compared to its competitors
product portfolio analysis
analysing the range of existing products of a business to help allocate resources effectively between them
