Common Acronyms
What does the acronym SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What term refers to the process of segmenting consumers based on their researched psychological traits, such as attitudes, values, and lifestyles?
Psychographic Segmentation
What is the added value a brand name gives to a product beyond the functional benefits provided?
Brand Equity
In digital marketing, what metric measures the number of times an ad is displayed on a webpage?
Impressions
This marketing strategy involves creating personalized messages and product offerings tailored to the specific needs and preferences of individual customers.
One-to-one marketing
What are the 4 P’s in marketing?
People, Price, Place, and Promotion
In market research, what technique involves observing consumers in their natural environment without their awareness?
Ethnographic Research
What is the term for a group of brands owned by the same company that are marketed together under a single umbrella?
Brand Portfolio
What are the various forms of online media content that are publicly available and created by end users?
User Generated Content (UGC)
This marketing strategy involves creating marketing messages and content that seamlessly integrate with the context and format of the platform or channel where they are displayed.
Native Advertising
What are the 4 I’s in marketing that categorize services offered by a business?
Intangibility, Inconsistency, Inseparability, and Inventory
In marketing analytics, what metric measures the percentage of customers who continue to use a product or service over a given period?
Customer Retention Rate
What are the four stages of the Product Life Cycle, and what is the promotional objective for each stage?
Introduction (to inform), Growth (to persuade), Maturity (to remind), and Decline (to phase out)
In digital marketing, what is the term for the ratio of the number of visitors who take a desired action on a website to the total number of visitors?
Conversion Rate
This type of software helps businesses manage their interactions and relationships with current and potential customers
CRM software
What does the acronym PESTEL stand for when used to assess factors that affect the market?
Political, Economic, Social, Technological, Environmental, Legal factors
What statistical test is used to determine whether there is a "significant" difference between the means of two independent groups?
Independent Samples t-test
Fill in the blanks: __(1)__ strategy is directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product, while __(2)__ strategy is directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.
1) Pull and 2) Push
What type of digital advertising involves paying a fee each time a user clicks on an ad?
Pay-Per-Click (PPC) Advertising
This advertising strategy involves creating multiple versions of an ad with different elements such as headlines, images, and calls-to-action to determine which performs best
A/B Testing or Split Testing