Marketing Mix
The 1st thing in the "Marketing Mix" refers to what you are offering
What is Product?
Segmentation based on age, gender, income, education, etc.
What is Demographic?
The term for different products, and the variations of those products
Product Mix
This stage typically requires high investment in advertising and making consumers aware of the product and its benefits
What is Introduction?
Collecting new data directly from sources to answer a current question or explore a specific topic
What is Primary Research?
This part of the "Marketing Mix" refers to the value or cost associated with the product/service
What is Price?
Segmentation based on location, like city or region
What is Geographic?
The number of different product lines a company offers
What is Product Width?
This stage includes differentiation from the competition and refining based on customer feedback, resulting in increased sales and higher revenue
What is Growth?
Analyzing data that has already been collected, organized, and published by others
What is Secondary Research?
This part of the "Marketing Mix" refers to where you find the product/service
What is Place?
Segmentation based on lifestyle, values, and personality
What is Psychographic?
The number of variations within a single product line, such as different sizes, colors, or features
What is Product Depth?
This stage is the most profitable where sales typically peak and stabilize
What is Maturity?
This type of research involves a small group of carefully chosen people brought together to discuss a specific product, service, idea, or topic
What is a Focus Group?
This part of the "Marketing Mix" refers to how you communicate about your product/service
What is Promotion?
Segmentation based on buying habits, brand loyalty, and product usage
What is Behavioral?
A company has a variety of product categories such as clothing, food, and gardening. These categories are an example of this
What are Product Lines?
This stage may experience market saturation, increased competition, and loss of some market share
What is Decline?
Method of testing two or more versions of a product/service/message against each other to see which performs better
What is A/B or Bucket or Split Testing?
The "Marketing Mix" is often referred to by this name that references the first letter of the words used
What is the 4 P's?
Strategy of defining your Target Market in 4 different categories
What is Market Segmentation?
CRM - Customer Relationship Management (e.g. Salesforce); and PM - Project Management (e.g. Monday.com), are examples of this (hint: SaaS)
What is Software as a Service?
What is innovation?
Pairing Google star ratings (how many), with customer comments (why), gives you these 2 types of research. Hint - they both start with the letter "q"