Managing the Marketing Mix: Product, Price, Place, and Promotion

These flashcards cover essential vocabulary and concepts from the chapter on Managing the Marketing Mix, focusing on product, price, place, and promotion.

Total Product Offer

The complete set of benefits that a product provides to a consumer, including both tangible and intangible aspects.

Product Differentiation

Real or perceived differences in products that allow a brand to stand out and attract customers.

Brand Equity

The value of a brand based on the consumer's perception and loyalty to it.

Retail Intermediaries

Organizations that sell goods and services to consumers for personal use, facilitating the distribution of products.

Pricing Objectives

Goals related to price, such as achieving a target return on investment or building market share.

Demand-Based Pricing

Setting prices based on consumer demand and perceived value.

Promotion Mix

The combination of promotional tools used by an organization to communicate with its target market.

Public Relations (PR)

The practice of managing and disseminating information to the public to influence their perception of an organization or product.

Sales Promotion

Marketing strategies aimed at encouraging the purchase of a product or service through incentives.

Push Strategy

A marketing strategy where products are pushed through the supply chain to consumers, encouraging them to buy.

Pull Strategy

A marketing approach aimed at creating demand for a product so that consumers actively seek it out.