4.5 - The Four Ps

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

what are the four sectors of the BCG Matrix?

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

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

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

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

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

unconventional way of performing marketing activities on a very low budget

Advertisements that give information to potential purchasers of a product

why is branding important?

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

Stages in the Product Life Cycle (in order)

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

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

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

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

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

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

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

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

measures the infiltration of a product's sales

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

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

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

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

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

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

which one is NOT a benefit of internet marketing

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

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

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

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

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

examples of extension strategies include

The main purpose of product packaging is to

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