Week 6 Terms

Question 1

Small business promotional strategy that involves unconventional methods of getting the customer’s attention at minimal cost

Answer 1

Guerrilla marketing

Question 2

A blend of product offering, pricing, promotion, and place (location)

Answer 2

Marketing mix

Question 3

Setting a price range acceptable to your customer that takes into consideration your competitors’ price

Answer 3

Competitor-based pricing (market-based pricing)

Question 4

Setting a price that covers all costs plus a profit

Answer 4

Profit-based pricing (Cost plus)

Question 5

Setting a price that depends on generally accepted industry standards

Answer 5

Industry norm or Keystone pricing

Question 6

A percentage of your cost of sales (sometimes the selling price) that is added to the cost to determine your selling price.

Answer 6

Markup

Question 7

Setting the highest price target consumers will pay for a product or service, given their needs and values and the competitive options

Answer 7

Ceiling or premium pricing

Question 8

Setting the initial or introductory price artificially low to increase sales volume

Answer 8

Penetration pricing

Question 9

Setting “no-frills” low prices to increase volume and discourage competition

Answer 9

Economy (limit) pricing

Question 10

Setting prices high initially to appeal to consumers who are not price sensitive, then lowering prices as competitors enter the market

Answer 10

Price skimming

Question 11

The art or science of moving the image of your business into the forefront of a prospective customer’s mind

Answer 11

Promotion

Question 12

All the elements that you blend to maximize communication with your customer

Answer 12

Promotional mix

Question 13

Information about a business that is published or broadcast free of charge

Answer 13

Free ink & free air

Question 14

Conducting special events designed to attract the attention of target customers

Answer 14

Impact marketing

Question 15

A name, sign, symbol, design, or combination of these used to identify the products of a firm

Answer 15

Brand

Question 16

Advertisement or sales pitch that is mailed directly to target customers

Answer 16

Direct mail

Question 17

A marketing technique that uses social networks to produce increases in brand awareness

Answer 17

Viral marketing

Question 18

Communicating through person-to-person channels in an attempt to sell or gain information; talking to people with the purpose of doing business

Answer 18

Networking

Question 19

A sales program designed to sell a specific product or service or to establish an image, benefit, or point

Answer 19

Promotional campaign

Question 20

A statement about the benefits of your product or service to your target market

Answer 20

Core benefit proposition

Question 21

A display that acts as a silent salesperson for a specific product

Answer 21

Point-of-purchase display (POP display)