4.5 - The Four Ps

the premium that a brand has because customers are willing to pay more for it

Charging prices to different groups of consumers for the same product is referred to as

the end result of the production process sold on the market to satisfy a customer need

marketing plans that extend the maturity stage of a product before a brand new one is needed.

when a firm sets high prices when introducing new products to the market.

why is branding important?

Setting a relatively low price supported promotion in order to achieve a high volume of sales

form of promotion that is undertaken by a business by paying for communication with consumers

which one is NOT a benefit of internet marketing

Pricing strategy refers to adding a fixed mark-up for profit to the unit price of a product.

The main purpose of product packaging is to

what are the four sectors of the BCG Matrix?

measures the infiltration of a product's sales

the pattern of sales recorded by a product from launch to withdrawal from the market

unconventional way of performing marketing activities on a very low budget

involves trying to create a distinct image or brand identity for the product.

communicating info about a product or business thru the media such as radio, TV and newspapers

exists when one business sets a price for its products and the other firms follow suit

examples of extension strategies include

a number of factors are considered when choosing the right media for advertising

Stages in the Product Life Cycle (in order)

when a dominant company lower prices in order to force smaller competitors out of the market.

identifying symbol, name, image or trademark that distinguishes a product from its competitors

combination of promotional techniques a firm uses to communicate the benefits of its products

the path taken by a product from the producer to the consumer

are short-term incentives provided by a business with the aim of increasing or boosting sales

form of promotion where the business has direct control over its promotional activities

method of analyzing the product portfolio in terms of market share and market growth

setting special low prices to gain market share or sell off excess stock

when a brand is recognized by potential customers and correctly associated w/ a product

manufactured products that can be reused and are expected to have a reasonably long life

Businesses that charge a low price for a product, usually below cost, refer to that product as

the faithfulness of consumers to a particular brand as shown by their repeat

the use of social media sites or text messages to increase brand awareness and sell products

Advertisements that give information to potential purchasers of a product

Out of the 4 Ps, the only "P" that generates revenue for a business is