Marketing Concepts and Strategies

These flashcards cover key marketing concepts and strategies from the lecture notes.

Goods are __________ items delivered to customers.

Physical or virtual

Services are __________ activities that cannot be stored or transported.

Intangible

Durable goods are typically __________, expensive, and infrequently purchased.

long-lasting

Non-durable goods are used __________, cheap, and frequently bought.

quickly

The __________ product is the basic function that fulfills a need.

Core

The __________ product consists of features, design, and branding.

Actual

The __________ product includes extra services like warranty and delivery.

Augmented

The __________ mix refers to all products a company sells, including product lines and categories.

Product

The __________-oriented pricing strategy is based on customer demand and willingness to pay.

Demand

Penetration pricing involves starting with a __________ price to gain customers quickly.

very low

Skimming involves starting with a __________ price to target willing customers.

high

Below-market pricing sets prices __________ than competitors to attract price-sensitive customers.

lower

Possession utility refers to the __________ of owning the product.

ease

Place utility ensures the product is easy to __________ and access.

find

Independent retailers are typically owned by __________ or families with a focus on local community.

individuals

Corporate chains have standardized products and operations, leading to __________ prices and more variety.

lower

Shock appeals in advertising use __________ content to grab attention and make a message memorable.

shocking/controversial

Public Relations (PR) efforts generate media coverage that is seen as more __________ than paid ads.

credible

Experiential marketing involves interactive experiences with the brand to build __________.

emotional connection and loyalty.