________: marketing plans that extend the maturity stage of the product before a brand new one is needed.
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Loss leader
product sold at a very low price to encourage consumers to buy other products
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Cost-plus pricing
adding a fixed mark-up for profit to the unit price of a product
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Predatory pricing
deliberately undercutting competitors prices in order to try to force them out of the market
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Market skimming
________: setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand.
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Growth
________: if the product is effectively promoted and well received by the market, then sales should grow significantly.
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Product branding
each individual product in a portfolio is given its own unique identity and brand image (also known as individual branding)
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Psychological pricing
setting prices that take account of customers perception of value of the product
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Viral marketing
use of social media sites or text messages to increase brand awareness or sell products
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Brand loyalty
faithfulness of consumers to a particular brand as shown by their repeat purchases irrespective of the marketing pressure from competing brands
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Promotional pricing
special low prices to gain market share or sell off excess stock includes "buy one get one free"
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Maturity or saturation
sales fail to grow, but they do not decline significantly either
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Consumer durables
manufactured products that can be reused and are expected to have a reasonably long life, such as cars
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Family branding
marketing strategy that involves selling several related products under one brand name (also known as umbrella branding)
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Predatory pricing
________: deliberately undercutting competitors prices in order to try to force them out of the market.
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Boston Consulting Group (BCG) matrix
method of analyzing the product portfolio of a business in terms of market share and market growth
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Market skimming
setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand
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Sales promotion
incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers
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Channel of distribution
________: chain of intermediaries a product passes through from producer to final consumer.
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Promotion
use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy
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Maturity
________ or saturation: sales fail to grow, but they do not decline significantly either.
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Promotion mix
combination of promotional techniques that a firm uses to communicate the benefits of its products to customers
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Penetration pricing
________: setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales.
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Promotional pricing
________: special low prices to gain market share or sell off excess stock includes "buy one get one free.
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Introduction
________ is when the product has just been launched after development and testing.
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Penetration pricing
setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales
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Brand
identifying symbol, name, image or trademark that distinguishes a product from its competitors
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Company or corporate branding
company name is applied to products and this becomes the brand name
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emotional attachment
A(n) ________ can develop between the brand and customers, increasing customer loyalty.
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Extension strategies
marketing plans that extend the maturity stage of the product before a brand new one is needed
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Own-label branding
retailers create their own brand name and identity for a range of products
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Product
end result of the production process sold on the market to satisfy a customer need
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Manufacturers brands
producers establish the brand image of a product or a family of products, often under the company's name
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Growth
if the product is effectively promoted and well received by the market, then sales should grow significantly
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Consumer durables
________: manufactured products that can be reused and are expected to have a reasonably long life, such as cars.
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Loss leader
________: product sold at a very low price to encourage consumers to buy other products.
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Brand value (or brand equity)
premium that a brand has because customers are willing to pay more for it than they would for a non-branded generic product
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Internet
________ (online) marketing refers to advertising and marketing activities that use the ________, email and mobile communications to encourage direct sales via electronic commerce.
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If its a newly launched product, its going to need heavy promotional costs to help it become established
this finance could come from the cash cow
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Channel of distribution
chain of intermediaries a product passes through from producer to final consumer
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Brand
________: identifying symbol, name, image or trademark that distinguishes a product from its competitors.
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Brand awareness
extent to a which a brand is recognized by potential customers and is correctly associated with a particular product can be expressed as a percentage of the target market
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Guerrilla marketing
unconventional way of performing marketing activities on a very low budget
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Boston Consulting Group
________ (BCG) matrix: method of analyzing the product portfolio of a business in terms of market share and market growth.
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Product life cycle
pattern of sales recorded by a product from launch to withdrawal from the market
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Below-the-line promotion
promotion that is not a directly paid-for means of communication but based on short-term incentives to purchase, e.g
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Psychological pricing
________: setting prices that take account of customers perception of value of the product.
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Promotion mix
________: combination of promotional techniques that a firm uses to communicate the benefits of its products to customers.
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Above-the-line promotion
form of promotion that is undertaken by a business by paying for communication with consumers, e.g
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