The 4Ps: product and price – Vocabulary and Phrases
marketing mix – the mix of marketing actions, usually product, price, place and promotion. A company should find the right combination of products for each market it is in, price them correctly in relation to each other and to competitors' products, use the best ways to deliver them, and support this with suitable communication with customers.
The group is struggling to find a marketing mix that is cost-effective and appeals to its customer base.
to market a product – to sell something or make it available for sale, especially in a particular way.
Toshiba's consumer electronics products were previously marketed in Italy through a distributor.
marketer – someone in a company who is responsible for marketing
Marketers are hungry for information about consumers' lifestyles, because it helps prepare expensive mail campaigns.
packaging – all the materials used to protect and present a product before it is sold.
Attractive packaging helps to sell products.
product portfolio/mix – all the products and services offered by a particular business
The company has signed a deal with a bio-tech company of similar size and product portfolio.
product line/range – a set of similar products made by a particular company or available in a particular shop
The company is planning to introduce a new range of kitchenware.
product lifecycle – the stages in the life of a product, and the number of people who buy it at each stage.
Shorter product lifecycles mean that investment in innovation is critical in global competition.
product positioning – the way that people think about a product in relation to the company's other products and to competing products, or the way that the company would like them to think about it
the positioning of Kofola as a cola alternative
product placement – when the maker of a product arranges for it to appear or be used in a film or television programme as a form of advertising
The use of tobacco and alcohol product placement should be forbidden.
goods – things that are produced in order to be used or sold
If Mexico develops its economy, it will export goods and not its workers.
FMCG – fast moving consumer goods, goods, especially food, that sell very quickly and in large amounts; they are usually sold in supermarkets
By concentrating on only FMCG, they keep their stock at a minimum.
a brand – a name given to a product by a company so that the product can easily be recognized by its name or its design
Argos bought five factories and developed its own brand called Fortuna.
the make of a product – the name or origin of manufacture of a product
What make of radio is it?
a model – a particular type or a design of a vehicle or machine
Our photocopier is the latest model.
brand recognition – when people know what the product is or know something about it as soon as they see it or hear its name
Working with Avis Inc. we are able to take advantage of their brand recognition.
to design a product – to make plans or drawings for how something is to be made
The theatre was designed by a local architect.
to invent – to make or design sth that has not existed before, to create sth.
Mr.Monaghan virtually invented the modern pizza delivery business when he founded Domino's.
to innovate – to make changes, to introduce new ideas, methods, etc.
He accused Toyota of being conservative and reluctant to innovate.
R&D – research and development; the part of business concerned with studying new ideas and planning new products.
Only two firms in Thailand reported hiring more than 10 Ph.D.'s in their R&D departments.
patent – a legal document giving a person or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this
An Australian lawyer who received a patent on the wheel was trying to point out how poorly the patent law operated.
low-priced – cheap
Our objective is to offer a low priced yet comprehensive Ski Holiday.
mid-priced – reasonable price
Having an indoor water park can increase the average room rate up to $145 for a mid-priced hotel.
high-priced – expensive
They advertise low camera prices but won't actually sell you the camera unless you order a number of ultra high priced accessories.
to charge – to ask someone to pay a particular amount of money for something
She was charged $995 for a belt that really only cost $195.
loss leader – an item is sold below cost in an effort to stimulate other, profitable sales. It is a kind of sales promotion.
Supermarkets sometimes sell bread as a loss leader to bring in customers for other, more expensive goods.
list price – the usual or official price for something, before any reductions
FedEx will probably pay as much as 30% less than the A300's list price, which is about $85 million a plane.
to undercut – to sell goods or services more cheaply than another company
The firm that increases production will always be able to reduce cost and undercut its rivals.
price boom – a good period for sellers, when prices are rising quickly
Europe's house price boom will probably end soon but it is impossible to say yet if it will crash or land gently.
price cut – a reduction in price
Daihatsu has introduced price cuts on more than 15000 parts, with average savings of just under 50%.
price hike – an increase in price
The growing use of wheat as a bio-fuel may result in a price hike of 20% for spaghetti and fettuccine by the autumn in Italy.
price tag – label attached to goods, showing the price
There is no price tag on this printer.
recommended retail price – a price that the producer of a product suggests that is should be sold for in shops
The government has banned manufacturers from setting recommended retail prices for some electrical goods.
to bring out a product – to produce and sell a new product
Drug companies have to test all new drugs before bringing them out.
to give up production – to stop doing sth.
After the merger, both companies gave up the production of cars, and concentrated on building trucks.
to kill off a project – to extinguish; eliminate
He had backing for the project from the Sony Corporation, but said the council killed off the project due to his political links.
to come up with a new idea – to find or produce an idea or a solution
She came up with a new idea for increasing sales.