Week 6 Terms Flashcards
Small business promotional strategy that involves unconventional methods of getting the customer’s attention at minimal cost
Guerrilla marketing
A blend of product offering, pricing, promotion, and place (location)
Marketing mix
Setting a price range acceptable to your customer that takes into consideration your competitors’ price
Competitor-based pricing (market-based pricing)
Setting a price that covers all costs plus a profit
Profit-based pricing (Cost plus)
Setting a price that depends on generally accepted industry standards
Industry norm or Keystone pricing
A percentage of your cost of sales (sometimes the selling price) that is added to the cost to determine your selling price.
Markup
Setting the highest price target consumers will pay for a product or service, given their needs and values and the competitive options
Ceiling or premium pricing
Setting the initial or introductory price artificially low to increase sales volume
Penetration pricing
Setting “no-frills” low prices to increase volume and discourage competition
Economy (limit) pricing
Setting prices high initially to appeal to consumers who are not price sensitive, then lowering prices as competitors enter the market
Price skimming
The art or science of moving the image of your business into the forefront of a prospective customer’s mind
Promotion
All the elements that you blend to maximize communication with your customer
Promotional mix
Information about a business that is published or broadcast free of charge
Free ink & free air
Conducting special events designed to attract the attention of target customers
Impact marketing
A name, sign, symbol, design, or combination of these used to identify the products of a firm
Brand
Advertisement or sales pitch that is mailed directly to target customers
Direct mail
A marketing technique that uses social networks to produce increases in brand awareness
Viral marketing
Communicating through person-to-person channels in an attempt to sell or gain information; talking to people with the purpose of doing business
Networking
A sales program designed to sell a specific product or service or to establish an image, benefit, or point
Promotional campaign
A statement about the benefits of your product or service to your target market
Core benefit proposition
A display that acts as a silent salesperson for a specific product
Point-of-purchase display (POP display)
