Chapter 15

These flashcards cover key concepts related to managing the marketing mix, including product development, pricing strategies, and promotional techniques.

Total Product Offer

Everything that consumers evaluate when deciding whether to buy something, also called a value package.

Product Life Cycle (PLC)

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

Pricing Objectives

Goals set by a business that guide its pricing strategies, such as achieving a target profit or increasing market share.

Product Differentiation

The attempt by a manufacturer to create a perceived difference in the minds of consumers regarding the superiority of one product over another.

Market Intermediaries

Entities like agents, brokers, wholesalers, and retailers that facilitate the distribution of goods from producers to consumers.

Brand Equity

The combination of factors such as awareness, loyalty, perceived quality, and emotions that people associate with a brand name.

Non-price Competition

Marketing competition based on product attributes other than price, such as product image and consumer benefits.

Sales Promotion

Promotional tools and activities that stimulate consumer purchasing and dealer interest, typically short-term efforts.

Push Strategy

A marketing strategy where the producer uses promotional tools to convince retailers to stock and sell their merchandise.

Pull Strategy

A marketing strategy that directs efforts toward consumers to encourage them to ask retailers for the products.