Unit 2 Flashcards
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.
