Basic Concepts of Marketing
Customer Loyalty
How willing a customer is to engage with and repeatedly purchase from you versus your competitors.
How is customer satisfaction evaluated?
Expectations vs reality
The goal of a market research
To gather insights about consumers, competitors, and market trends.
What do the 4Ps stand for in marketing?
Product, Price, Place, Promotion.
Guerrilla Marketing
when a brand or business uses unexpected marketing and promotional techniques
What is the difference between "wants" and "needs"?
Needs are feelings and emotions related to humans phisiological or psychological problems. Wants are the concrete solution for the problem where the decision is shaped by culture and preferences.
How do customers learn?
Through their experiences with the brand
The difference between qualitative and quantitative research in terms of data analysis
Qualitative focuses on opinions, interpretations, thematic analysis, and feelings; quantitative involves statistics and numerical data analysis.
"Place" in the marketing mix?
Distribution, ensuring the product is available to customers in one or more locations.
Greenwashing
is the process of conveying a false impression or misleading information about how a company's products are environmentally sound.
value proposition
A statement explaining why a product is valuable and how it solves a problem for customers. (Competitive Advantage)
What role does culture play in consumer behavior?
Culture shapes preferences, values, and buying habits.
Example of internal database source
Sales performance, operations (shipping, type of products), marketing (customer satisfaction)
Example of product mix pricing strategy
Product line, captive, optional, bundle, by product
Stealth Marketing
the act of advertising goods to people without them not realizing that they are being advertised to
4 Market Segments Group
5 stages of the consumer decision-making process
Problem recognition, information search, evaluation of alternatives, purchase decision, post purchase decision
Name two methods of primary market research.
Surveys, focus groups, interviews
The only paid form of promotion
Advertising
Retail Marketing
includes all the tactics you use instore to persuade customers to buy.
Customer Lifetime Value
The total revenue that a customer will generate throughout their lifespan as a customer.
What is an example of safety in Maslow needs?
Job, shelter, transportation, education, etc.
What is the unit of analysis of a observation research done on advertisings of children's toys targeted to parents?
The advertisings.
The 5 product decisions
Features, branding, packaging, labelling, support services
A business model in which companies integrate social and environmental concerns in their business operations and interactions with their stakeholders instead of only considering economic profits.