Marketing Principles and Strategies

A collection of flashcards covering key marketing principles and strategies based on lecture notes.

What is price in the context of marketing?

The amount of money given in exchange for something.

What is cost-plus pricing?

A pricing strategy that adds a fixed percentage to the cost of producing a product.

What is market skimming pricing?

A strategy where a high price is charged initially for a new product, which is gradually lowered over time.

Give an example of a fast-moving consumer good (FMCG).

Basic T-shirts or socks that are sold quickly and are in high demand.

What does B2B stand for?

Business to Business; organizations that sell their products to other businesses instead of directly to consumers.

List two factors influencing consumer buying decisions.

Price, quality, brand reputation, personal taste, social influences, convenience.

What are the four elements of the traditional marketing mix?

Product, Price, Place, Promotion.

What is the aim of public relations in marketing?

To build brand awareness and create a positive image of the organization.

What is a unique selling point (USP)?

A feature that makes a product different from its competitors.

What are the stages of the product life cycle?

Introduction, Growth, Maturity, Decline.

What is corporate social responsibility (CSR)?

Companies taking responsibility for their impact on society and the environment.

What is family branding?

Using a single name for a whole line of related items to build trust and recognition.

What is the purpose of distribution channels?

To determine how products reach the customer and ensure availability.

What happens in the introduction stage of a product's life cycle?

The product is first introduced to the market, aiming to gain market acceptance.

What does promotional technique include in marketing?

Sales promotion, direct marketing, advertising, personal selling.

What is strong branding?

Helps in making products recognizable, builds customer loyalty, and supports premium pricing.

How does a brand differentiate itself?

Through unique branding, quality, service, and communication.