Marketing Concepts Flashcards

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Product Mix

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The variety and assortment of products a company offers.

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Product Line

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A group of closely related products within a product mix.

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Branding

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Creating an identity for a product through a name, symbol, design, or slogan.

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Pricing Strategies

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Methods used to determine the price of a product (e.g., cost-plus pricing, competitive pricing, value-based pricing).

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Psychological Pricing

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Using price to create a certain perception in the minds of consumers (e.g., prestige pricing, odd-even pricing).

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Distribution

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The process of getting products from the producer to the consumer.

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Intermediaries

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Businesses that act as middlemen in the distribution process (e.g., wholesalers, retailers).

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Retailing

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The sale of goods or services directly to consumers.

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Promotion

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The communication of information about a product to persuade potential customers to buy it.

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Sales Promotion

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Short-term incentives to encourage the purchase or sale of a product (e.g., coupons, contests).