Marketing Mix (7P's) - Vocabulary Flashcards

Vocabulary flashcards covering key concepts from the Marketing Mix lecture notes.

Marketing mix

The set of actions or tactics a company uses to promote its brand or product; a combination of controllable factors to influence consumers to purchase.

4 Ps

Product, Place, Promotion, and Price—the four elements that make up the traditional marketing mix.

Product

The good or service offered to satisfy consumer needs; part of the marketing mix.

Place

The location where the product is available or service is delivered; includes physical locations and online presence.

Promotion

The activities used to market and communicate about a product or brand; includes branding, slogans, logos.

Price

The amount charged for a product or service; a key element of the marketing mix.

Cost-based pricing

Pricing based on how much it costs to produce and distribute the product.

Cost-plus pricing

Cost-based pricing where all costs are added up, then a markup is added to determine selling price.

Break-even pricing

Minimum selling price where total revenue equals total costs; calculated via formulas.

Break-even volume

Number of units needed to sell to cover all fixed and variable costs.

Competitor-based pricing

Pricing based on competitors’ prices.

Price skimming

Charging a high price initially for innovative products, then lowering it over time.

Penetration pricing

Setting an initially low price to gain quick market share.

Value-based pricing

Pricing based primarily on the perceived value to the customer.

Advertising

A promotional activity that uses mass media to reach a broad audience; typically expensive but wide reach.

Personal selling

Direct, interpersonal promotion through salespeople; persuasive but costly due to labor.

Sales promotion

Short-term incentives to encourage purchase (e.g., samples, coupons, discounts).

Public relations

Economical promotion that informs the public about the company and builds goodwill.

Product Life Cycle

The stages a product goes through from introduction to growth, maturity, and decline.

Branding

Creating a unique identity for a product or company to differentiate it from competitors.

Slogan

A memorable phrase used in branding to convey a message about the product.

Logo

A graphical symbol or design representing a brand.