Marketing Mix and Student Strategy Vocabulary

Vocabulary terms and definitions from the marketing mix lecture and student-focused pricing case study.

Marketing mix

The set of things a company use to sell their product, usually referred to as the 4 Ps.

4 Ps

The core components of the marketing mix: product, price, place, and promotion.

Product

The actual item, like an iPhone, including its specific features and design.

Price

The cost of an item which determines profit, consumer perception (e.g., premium vs. budget), and competitive positioning.

Place

The location where a product is sold, such as an Apple store or online.

Promotion

Activities like ads, events, discounts, and launch shows used to market a product.

Width

How many product lines a company has, such as Apple having phones, laptops, and watches.

Length

The total number of products across all existing lines.

Depth

The variations within one product line, such as the iPhone 14 and 14 Pro.

Consistency

How related the different product lines are to one another.

Differentiation

Making a product unique from others.

Diversification

When a company enters a new market with a new product.

Place mix

The distribution strategy includes channels (wholesaler, retailer, online) and logistics like transport and warehouse.

Intensive coverage

A market coverage strategy where products are available everywhere.

Selective coverage

A market coverage strategy where a product is available in a few specific places.

Exclusive coverage

A market coverage strategy where a product is available in only one specific place.

Distribution channel

The path a product take from producer to consumer, such as manufacturer → wholesaler → retailer → customer.

Price sensitivity

A state where small price changes matter significantly to consumers, often due to a lack of disposable income.

Value for Money (VFM)

A student-centric comparison of what is received (content, features, ease of use) against the money spent.

Penetration pricing

Setting the price low at first to attract many sign-ups from customers with low willingness to pay.

Social media marketing

A promotional tool utilizing platforms like Instagram, TikTok, and YouTube through targeted ads, influencer collabs, or student ambassadors.