Marketing Mix: Product and Price '

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What is the marketing mix?

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A combination of four marketing decisions needed for the effective marketing of a product: Product, Price, Place, Promotion.

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What does 'Product' refer to in the marketing mix?

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The goods and services produced to satisfy a customer need or want.

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What is a Brand?

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A name, image, or symbol that distinguishes a product from competitors' products.

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What is Brand image?

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The general impression of a product held by consumers.

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What is the Product life cycle?

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The pattern of sales of a product from introduction to its withdrawal from the market.

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What are Extension strategies?

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Marketing activities to extend the maturity stage of a product.

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What is Price in marketing?

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The amount paid by the customer to the supplier when buying a good or service.

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What is Market skimming?

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Setting a high price for a new product that is unique or very different from any other product on the market.

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What is Penetration pricing?

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Setting a low price to attract customers to buy a new product.

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What is Competitive pricing?

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Setting a price similar to that of competitors' products which are already established in the market.