Marketing Principles - Part 1 of 2

Front

What are the 4 Principles of Marketing?

Back

Product, Price, Place, Promotion

Front

Goods/Service/Idea, Research & Design, and Packaging are all elements of what marketing principle?

Back

Product

Front

Retail stores and websites are both examples of what marketing principle?

Back

Place

Front

What is the correct order of distribution? Options: Manufacturer, Distributor, Retailer, Consumer

Back

Manufacturer, Distributor, Retailer, Consumer

Front

What are the 4 major types of transportation? Options: Air, Water, Rail, Road; Running, Walking, Biking, Skating; Swimming, Jumping, Skipping, Hopping; Throwing, Launching, Catapulting, Shooting

Back

Air, Water, Rail, Road

Front

The practice of pricing goods at a high level in order to give the appearance of quality. Example: Lamborghini.

Back

Prestige pricing

Front

A pricing strategy in which the customer buys multiple units of the same product and pays a lesser price for them. Example: "Buy 2, get 1 free!"

Back

Multiple-unit pricing

Front

A pricing strategy used by retailers which promises customers the lowest prices in their store without having to use a coupon, wait for a sales event, or take any other actions to get a reasonable price on the items they purchase. Example: Walmart.

Back

Everyday low prices

Front

A pricing strategy involving the last digit of a product or service price. Instead of selling an item for an even-dollar amount, such as $10.00, a seller might list it as $9.99, $9.98, $9.97, $9.95, etc… to give the illusion of a much better price.

Back

Odd/even pricing

Front

When a business sells their product for a much cheaper price than they ordinarily would and relies on the sales of optional products to make up for the difference. Example: KitchenAid selling attachments for their mixers.

Back

Optional product pricing