Princples of marketing 1.2

• Marketing mix, also known as the four Ps, focuses on the benefits and features of the product, considering the needs of the consumer and the competitive advantage of the product.
• Product interaction involves understanding who wants the product and why, what needs it satisfies, and which of its features help it meet the needs of the consumer.
• The product's competitive advantage is something that makes it stand out from the competitors' goods, such as price, quality, a guarantee, or after-sales service.
• Considering the product's packaging and labeling, packaging serves to contain and protect the product, make product storage and display more practical and effective, and preserve the product for further customer use.
• Labels play a vital role in the product's marketing and are a silent salesman.
• New product development is one of the most effective ways that companies can get ahead of competition, defending their market share, positioning ahead of competition in a market segment, establishing a foothold in a future market, and taking advantage of strengths in product distribution.
• The price of a product can determine many things including profit margin and future investments, and it must make the consumer feel that the purchase is worth it.
• Target return pricing is a pricing method that allows a product manufacturer to recover a certain portion of his or her investment every year.
• Place can significantly influence its price, location can also affect customer service and how quickly you can respond to orders and customers requests.
• Going rate pricing is a pricing strategy where a company prices its product at the same level or as very close to its competitors prices.
• Selective distribution is a product distribution type that uses more than one but not as many dealers as in intensive distribution.
• Price is an important consideration, so products must have a competitive price.
• Intensive distribution is a product distribution type used mostly by fast moving consumer goods and convenience goods, involves making a product available in as many retail outlets as possible.
• Price lining is a pricing strategy designed to simplify a consumer's buying decision.
• Odd pricing or Psychological pricing is a pricing method premised on the theory that consumers will perceive products with a certain price ending as lower in price than they actually are.
• Break-even point is when a company makes no profit but incur no loss.
• Exclusive distribution is a product distribution type where products are distributed to a limited number of selected retailers, usually one or few.
• Wholesaling is the sale of goods to others to be resolved.
• Markup pricing is a pricing strategy that allows the seller a fixed markup every time the product is sold.
• Prestige pricing is a pricing strategy that disregards the unit cost of a product or service
• Promotional pricing is a pricing strategy involving a temporary reduction in the selling price of a product or service in order to induce trial or to encourage repeat purchase.
• Price is not everything, quality and after sales service also matter.
• Predatory pricing is a pricing strategy where the firm prices its product lower than unit variable cost initially resulting in short-term losses.
• Lost leader pricing is a pricing strategy frequently used by supermarkets.
• Market share is the percent of total sales in an industry generated by a particular company
• Market segment are people who are grouped together for marketing purposes
• Profit margin is a financial ratio that measures the percentage of profit earned by a company in relation to its revenue
• Markup is the amount by which the price of something is increased before it is re-sold
• Price skimming involves setting high prices at first, then gradually lowering them over time
• Marginal Pricing is where a business organization prices its product at a range below its unit cost but higher than its unit variable cost.
• Retailing is the sale of goods or services to the final customer for their personal consumption
• The 2 types of promotion are consumer promotion and trade promotion
• Consumer promotion induce product trial, encourage brand switching or reward consumer patronage
• Trade promotion encourage the intermediaries to increase purchase or extend preferences towards the brand
• Personal selling occurs when an individual salesperson sells a product, service or solution to a client
• Public relations is the process of managing the relationship between a business and its publics.
• Business intermediaries are external professionals or companies who deliver or otherwise sell another company's products to customers. 
• Patronage is the practice of giving a person or group a position of power or influence in return for their support ; the support given to an organization by someone ; sponsorship
• The 4Ps of Marketing are Product, Price, Promotion, and Place