Marketing Mix Lecture Review

Flashcards to review the 7 P's of the marketing mix, product life cycle, branding, pricing strategies, promotion, and place (distribution channels).

The 7 P's of the marketing mix include Product, Price, Promotion, Place, People, Process, and _.

Physical Evidence

__ consumer goods are products sold directly to consumers.

Business to Consumer (B2C)

__ consumer goods are products sold to other businesses.

Business to Business (B2B)

Fast-moving consumer goods are often abbreviated as _.

FMCG

In the Product Life Cycle, the stage with no profit, high investment, and low cash flow is _.

R&D

In the Product Life Cycle, high profit margins, low-cost units, and high sales occur during _.

maturity

Changing packaging or promotional campaigns are examples of _.

extension strategies

__ refers to the identity of a business, seen through slogans, logos, colors, or trademarks.

Branding

__ is also called brand recognition and can be discovered through surveys.

Brand awareness

__ is when customers repeatedly purchase a product and do not switch brands.

Brand loyalty

__ reflects the brand's value and is often seen when an acquisition occurs.

Brand value

__ refers to the cost paid by consumers for a good or service.

Price

Setting a profit margin/markup is part of the __ pricing strategy.

cost-plus

Entering the market with a lower price than competitors to encourage brand switching is called __ pricing.

penetration

Selling a product at a lower price than the cost price is a __ strategy.

loss leader

__ pricing is used by big businesses to drive competitors away, often considered illegal.

Predatory

Setting products or services significantly higher than competitors is __ pricing.

premium

Using varying prices for the same product based on factors like time or demand is __ pricing.

dynamic

Setting a similar price to competitors is __ pricing.

competitive

__ is the selling price minus variable cost (direct cost).

Contribution

__ measures the degree of responsiveness of demand to a change in price.

Price Elasticity of Demand

Communication methods used to relay messages to consumers are called _.

promotion

Informing consumers is linked to the __ stage of the product cycle.

launch

Persuading consumers is linked to the __ stage of the product cycle.

growth

Reminding consumers is linked to the __ stage, using Extension Methods.

maturity

Paid promotion through mass media sources like TV, radio, and magazines is __.

Above the Line (ATL)

Promotional activities that do not use mass media are _.

Below the Line (BTL)

A promotional method that merges above-the-line and below-the-line methods is __.

Through the Line (TTL)

Distribution channels are also known as __.

place

The type of distribution channel where the producer sells directly to the consumer is called __.

Zero level