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Marketing & Pricing

Chapter 11: Creating Products and Pricing Strategies to Meet Customers’ Needs. T

QuestionAnswer
What are the Five Ps? Product, Price, Place, Promotion, People
What is customer satisfaction? When a product meets or exceeds expectations
What is target market? Specific group a business markets to
What is a competitive advantage? What makes a company better than competitors
What are the four types of competitive advantages? Cost, product differentiation, service differentiation, niche
What is environmental scanning? Collecting outside information about opportunities and threats
What is buyer behavior? Actions people take when buying products
What are the 5 steps of buyer decision-making? Need recognition, information search, evaluation, purchase, post-purchase
What is market segmentation? Dividing customers into groups
What are the Five segmentation types? Demographic, geographic, psycho-graphic, benefit, volume
What is price skimming? Starting high then lowering price later
What is penetration pricing? Low price to gain customers quickly
What is the odd-even pricing? Prices like $9.99 to seem cheaper
What are the four product life cycle stages? Introduction, growth, maturity, decline
What is relationship marketing? Building long-term customer relationships
Created by: user-2038428
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