Marketing Basics & the 4Ps
This term means creating, promoting, and delivering value to customers
Marketing
This is specific group of customers a business wants to reach
Target Market
This is a company's identity and image
Brand
This is paid promotion of a product or service
Advertising
This is the amount customers pay for a product
Price
This helps businesses make informed decisions about customers
Market research
This type of marketing uses online platforms and social media
Digital marketing
Changing a brand's image to attract new customers is called this
Rebranding
These four elements make up the marketing mix
Price, place, product, and promotion
Age, income, and gender are examples of this type of information
Demographics
This refers to the value of a brand in the minds of consumers
Brand equity
This tells customers what action to take, such as "Buy now!"
Call-to-action (CTA)
This pricing strategy is based on competitor prices
Competition-based pricing
Collecting new data through surveys is an example of this
Primary research
This focuses on providing valuable information instead of direct selling
Content marketing
Dividing customers into groups based on similarities is this process
Market segmentation
This "P" includes packaging, design, and product features
Product
Interests, values, and lifestyle describe this type of customer data
Psychographics
Sneakers are an example of this type of product
Tangible product
TV commercials and billboards are examples of this type of advertising
Traditional advertising
This explains how products move from businesses to customers
Distribution channels
Using government reports is an example of this type of research
Secondary research
This metric shows how many people saw a post
Reach
This describes the human traits associated with a brand
Brand personality
Selling products online or in stores is an example of this "P"
Place
This is the FIRST step in the consumer decision-making process
Need Recognition
This product life cycle stage has low sales and focuses on awareness
Introduction stage
This marketing strategy uses social media creators to promote products
Influencer marketing
Selling products directly through a company website is an example of this
Direct distribution
Marketing that is honest and fair to customers is called this
Ethical marketing
When a customer takes a desired action, it is called this
Conversion
This analysis evaluates strength, weaknesses, opportunities, and threats
SWOT analysis
Posting influencer ads on Instagram is an example of this marketing mix element
Promotion
Customers who consistently choose one brand show this behavior
Brand loyalty
Haircuts and streaming services are examples of this type of product
Services (intangible products)
Likes, comments, and shares measure this
Engagement
Luxury items with strong brand loyalty fall into this category
Speciality products
Using eco-friendly packaging shows this business practice
Social responsibility
SEO stands for this
Search Engine Optimization
This means offering something better than competitors
Competitive advantage