Marketing Principles Final Review

Promotional mix element directed at all customers to boost sales: includes coupons, product samples, money off promo

Which is NOT one of the 4 P's of the Marketing Mix

This type of data uses numerical analysis and/or reduces data into numbers:

When deciding what products to purchase, this type of buying is based on how the product makes the consumer feel

Defined as a name, term, symbol, design or combo of those to identify goods or services as distinctive

Economic utility involves communication regarding features and benefits of goods and services

This promotional mix element is a one way communication that includes paying to promote ideas, goods and services

When considering Economic Resources, this includes the natural resources and raw materials needs to make a product:

The target market segmentation identifying characteristics like attitudes and opinions, interests and activities...

Includes all equipment, tools and funding needed in the production process. Includes: buildings, vehicle, cash,

Type of business owned by one person

Economic reosurce that includes the skill and creativity needed to bring the resources together; "how it's made!"

The effort to inform, persuade, or remind current and potential customers about a business' product or services

Pricing strategy to determine what a consumer is willing to pay for specific product using the perceived value

Formal written document that directs a company's activities for a specific period of time and includes 7 steps

Type of global marketing mix when a company sells the same product and uses the same promo method in all countries

Exchanged for the product and reflects what customers are willing to pay for the product:

Pricing strategy has no relation between cost & price, rather prices a product above or below the competition

This type of buying decision is based on how product features meet the specific needs and price point for the consumer

Economic utility includes locations where the target market can purchase goods ans services

Added value Economic Utility expresses the exchange of a product for money (cash, check, debit, credit, VENMO)

Economic Utility includes location where the target market can product goods and services