The Marketing Mix Lecture Notes

These flashcards cover key terms and concepts from the lecture on the marketing mix, emphasizing pricing strategies and distribution policy.

Marketing Mix

A set of actions or tactics that a company uses to promote its brand or product in the market, commonly including the 4 Ps: Product, Price, Place, and Promotion.

Price Policy

The component of the marketing mix that determines how much a company charges for its products or services.

Price Skimming

A pricing strategy where a firm charges a high price initially and gradually lowers it over time.

Value-based Pricing

A pricing strategy based on the perceived value of a product or service to the customer rather than the actual cost of production.

Penetration Pricing

A pricing strategy where a product is introduced at a low price to attract customers quickly and gain market share.

Price Discrimination

The practice of selling the same product at different prices to different customers, based on various factors.

Cost-based Pricing

A pricing strategy that sets prices based on the costs of production plus a markup for profit.

Push Strategy

A marketing strategy that focuses on pushing a product through the distribution channels to the end customer.

Pull Strategy

A strategy where marketing efforts create demand that pulls customers to the product.

Distribution Policy

The strategies and decisions regarding how products will be delivered to customers.