1. Marketing mix : The various tools and methods a company uses to reach its customers is calles the marketing mix. This is made up of the "4Ps" of marketing : product, price, place and promotion.
Ex) I love your idea, but we'll need to come up with the right marketing mix to make it work.
2. Product : What a company sells to its customers is called the product. Every product has features that make it attractive to customers and different from other products.
Ex) Every new product that Apple releases has features that make older products seem out-of-date.
3. Branding : Branding is how a company creates an identity for itself or its products using names, design, and images. Companies aim to have a brand that is recognizable and attractive.
Ex) The new website design has to fit with our overall branding as a high-end retailer focused on luxury goods.
4. Differentiation : Differentiation is when a company makes its products or brand clearly different from other products and brands. This involves showing the unique value of a product to customers.
Ex) We need to make sure that we're clearly differentiating our free services from our premium subscription service.
5. Positioning : Positioning is the particular part of a market where a company decides to sell its products. Effective positioning involves branding, clear differentiation, and a good marketing strategy.
Ex) Whole foods has positioned themselves at the high end of the grocery market, selling to health-conscious wealthy people.
6. Price : Companies uses price, and pricing strategy, to appeal to specific types of customers.
Ex) Tech companies often set initially high prices for new products, then lower their prices to attract a broader segment of consumers.
7. Price Point : A product's price point is where it is positioned on a scale of possible prices. Price point is chosen carefully to target different market or types of customers.
Ex) If we increase the cost of this model beyond the typical price point for similar phones, we're going to see a drop in sale.
8. Penetration pricing : Penetration pricing involves setting a low price for a new product. With penetration pricing, companies hope to attract customers away from more well-known or established products.
Ex) Our new range of cleaning products is not well-known right now, but with a few months of penetration pricing we should be able to attract a lot of customers.
9. Loss leader(미끼상품) : A loss leader is a pricing strategy where a company sells a product at a price that is not profitable. The purpose is to attract customers who will then buy other higher-priced goods.
Ex) Supermarkets commonly use cheap staples such as chips and soda as loss leaders to get people into their stores.
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