Chapter 12

• Marketing mix: the four marketing decisions needed for the effective marketing of a product
• Four Ps: the product at the right price with the right promotion in the right place
• Product: the goods and services produced to satisfy customers needs or wants
• Brand: a name, image or symbol that distinguishes a product from competitors products
• Brand image: the general impression of a product held by consumers
• Product lifecycle: the pattern of sales of a product from introduction to its withdrawal from the market
• Extension strategies: marketing activities to extend the maturity stage of a product
• Price: the amount paid by the customer customer to the supplier when buying a good or service.
• Product quality: the product meets the needs and expectation of customers
• Market skimming: setting a high price for a new product that is unique or very different from any other product on the market
• penetration pricing: setting a low price to attract customers to buy a new product
• competitive pricing: setting a similar price to that of competitors products which are already established in the market
• price leadership: smaller firms set their price based on the price set by the dominant firm in the industry
• Loss-leader pricing: setting the price of a small number of products at below costs to attract customers into the outlet in the hope that they will buy other products priced to earn profit
• cost-plus pricing: setting price by adding a fixed amount to the cost of making or buying the product.
• Demand: the quantity of goods and services consumers are willing and able to buy