Marketing Principles - Part 1 of 2

What are the 4 Principles of Marketing?

• Product, Price, Place, Problems

• Product, Price, Place, Promotion

• Product, People, Problems, Possibilities

• Product, Price, People, Pickles

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

• Product

• Price

• Place

• Promotion

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

• Product

• Price

• Place

• Promotion

What is the correct order of distribution?

• 1. Manufacturer

  2. Distributor

  3. Retailer

  4. Consumer

• 1. Distributor

  2. Manufacturer

  3. Retailer

  4. Consumer

• 1. Retailer

  2. Manufacturer

  3. Distributor

  4. Consumer

• 1. Consumer

  2. Retailer

  3. Distributor

  4. Manufacturer

What are the 4 major types of transportation?

• Air, Water, Rail, Road

• Running, Walking, Biking, Skating

• Swimming, Jumping, Skipping, Hopping

• Throwing, Launching, Catapulting, Shooting

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

• Prestige pricing

• Multi-unit pricing

• Everyday low prices

• Odd/even pricing

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!"

• Multiple-unit pricing

• Everyday low prices

• Odd/even pricing

• Optional product pricing

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.

• Everyday low prices

• Odd/even pricing

• Optional product pricing

• Price bundling

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.

• Optional product pricing

• Price bundling

• Captive product pricing

• Odd/even pricing

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.

• Price bundling

• Optional product pricing

• Captive product pricing

• Loss-leader pricing