Category 1
The systematic gathering, recording, and analyzing of data about a specific market, customers, and competitors.
What is market research
Name one primary research method used in market research.
What are surveys, interviews, focus groups, or observations?
Data gathered first-hand by researchers for a specific purpose
What is primary data?
Paid, non-personal communication of a marketing message by an identified sponsor through mass media
What is advertising?
Promotional strategy which involves using sales techniques to encourage customers to make immediate purchases.
What is direct selling?
Process of creating a unique name, design, or symbol that identifies and differentiates a product or service from others
What is branding?
Strategic process of creating a distinct position in the market for a product or service.
What is market positioning?
Examples of digital marketing channels
What are social media, email marketing, search engine optimization (SEO), content marketing, and pay-per-click (PPC) advertising?
Describes the practice of tailoring marketing efforts to individual customers based on their past behaviors and preferences.
What is personalized marketing or targeted marketing?
A favorable attitude toward and consistent purchase of a single brand over time is referred to as _____________.
What is brand loyalty?
This pricing strategy involves setting a high initial price for a new product with the intention of gradually lowering it over time.
What is price skimming?
Pricing strategy where products are priced at a level that covers production costs and generates a reasonable profit margin.
What is cost-based pricing?
The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals reflects the ____________.
What is the marketing concept?
The two main types of distribution channels used by companies to deliver products to customers.
What are direct distribution channels and indirect distribution channels?
Promotion involves offering discounts or special deals to encourage customers to buy more products
What is a sales promotion?
This model represents the stages a customer goes through in response to marketing communications.
What is the AIDA model?
In the AIDA model, this stage involves capturing the audience's attention and creating engagement with the marketing message.
What is the Interest stage?
The marketing strategy of developing new products and selling them in new markets is referred to as _______________.
What is diversification?
The description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation is referred to as ___________.
What is demographics?
Another name for the analysis of consumer lifestyle is ________________.
What is psychographics?
The term used to refer to intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
What are services?
The marketing strategy of developing new products and selling them in new markets is referred to as _______________.
What is diversification?
A/an ______exists when producers and ultimate consumers deal one on one with each other.
What is a direct channel?
Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as _____________.
What is product repositioning?
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as _______________.
What is marketing research?