Promotion and Pricing Strategies

These flashcards cover various aspects of promotion and pricing strategies discussed in the lecture.

Promotion

The act of informing, persuading, and influencing a purchase decision.

Integrated Marketing Communications (IMC)

Coordination of all promotional activities to produce a unified, customer-focused promotional strategy.

Advertising

A form of communication intended to generate interest in or promote the purchasing of products or services.

Sales Promotion

Short-term incentives to encourage the purchase or sale of a product or service.

Public Relations

The practice of managing and disseminating information between an organization and the public.

Personal Selling

A direct person-to-person promotional presentation to a potential buyer.

Digital Marketing

Marketing of products or services using digital technologies, mainly on the internet.

Price Skimming

A pricing strategy where a high price is set initially for a product to maximize profits.

Penetration Pricing

A pricing strategy that sets a low price to attract customers in a competitive market.

Breakeven Analysis

A pricing technique used to determine the minimum sales volume required to cover costs.

Prestige Pricing

Setting a relatively high price to develop and maintain an image of quality and exclusiveness.

Odd Pricing

A pricing method that uses uneven amounts to make prices appear to be less than they really are.

Trade Promotion

Sales promotions geared towards marketing intermediaries rather than final customers.

Guerilla Marketing

Innovative, low-cost marketing efforts designed to get consumers’ attention in unusual ways.