Creating Value
Consumers who always search for a lower price or a different shopping experience. They have no loyalty to any particular store, and are always in search of a better deal or a new promotion. These consumers are known as what in customer relation groups?
What are butterflies
Location-based targeting to consumers in local communities or neighborhoods using digital and social media is known as?
Hyperlocal social marketing
The analysis tools, technologies and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gage marketing performance?
Marketing Analytics/Data Analytics
Luxury outerwear brand, North Face, builds in added features and uses higher quality materials to their products. This is known as what type of pricing strategy?
Value Added
What are the 4 P's of the Marketing Mix?
Price, Promotion, Placement and Product
A simple statement that clearly communicates the product or service benefit you promise to deliver to your customers is known as?
The Value Proposition
Divides buyers into different segments based on lifestyle or personality characteristics
Psychographic segmentation
The brand’s ability to capture consumer preference and loyalty is known as?
Brand Equity
Fixed Costs + Variable Costs =
Total Costs
External factors that may challenge the success of a company's marketing strategy?
Threats
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as?
Product Positioning
This generation is generally defined as people born from 1965 to 1980
Generation X
A brand name's WHAT, provides legal protection for unique product features that otherwise might be copied by competitors?
Trademark
Pricing details like ending your prices in 0’s or 5’s and avoiding decimal pricing is known as what pricing strategy?
Psychological Pricing
Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
Advertising
Customers who have a low overall spend and customer lifetime value, yet remain in your customer base for longer than most customers are known as?
Barnacles
Name a company that uses the More for the Same value proposition
Walmart, Amazon, Kohls etc.
This tool tells us who we are and where we are going as a nation, and helps our communities determine where to build everything from schools to supermarkets, and from homes to hospitals. The data collected is free for companies to use for research. What is this tool?
The US Census
This pricing strategy involves setting prices based on competitors’ strategies, costs, prices, and market offerings
Competition Based Pricing
Another term for comparative advertising?
Attack advertising
Making your project have a higher value proposition over another product in the same market segment is known as?
Differentiation
Collaborating with influencers is a very effective way to market to what defined generation?
Generation Z
Traditionally this product feature was just known for physically protecting a product. Today, companies use this feature to further create their brand identity and to create interaction with customers.
Packaging
The only element in the marketing mix that produces revenue
Price
The merging of advertising and entertainment is called?
Advertainment