Marketing Fundamentals
This concept focuses on satisfying customer needs while achieving business objectives.
What is the marketing concept approach?
The marketing element that focuses on quality, design, and packaging.
What is product?
The strategy of setting a price based on production costs plus a margin for profit.
What is Cost + Margin?
The marketing element that focuses on transportation, storage, and retail locations.
What is place?
The marketing element focused on informing and persuading customers.
What is promotion?
The four key elements of marketing are often called this.
What are the 4 P’s?
This globally recognized beverage brand uses red as a key visual identifier.
What is Coca-Cola?
This pricing strategy adjusts based on demand, location, and availability.
What is price discrimination?
A distribution strategy that makes products available in as many locations as possible.
What is intensive distribution?
The process of directly convincing customers by explaining features in person.
What is personal selling?
The philosophy that a business should put the customer at the center of its thinking.
What is customer-centered marketing?
Businesses aim to increase this by making their product unique and memorable.
What is brand recognition?
A pricing method where businesses charge either below, equal to, or above competitors.
What is Competitors Price?
Selling products through only a limited number of retailers.
What is selective distribution?
Free media coverage used to enhance a business’s image.
What is publicity?
A company’s strategy to stand out in a competitive market by making unique branding decisions.
What is product differentiation?
The golden arches logo is famously associated with this fast-food giant.
What is McDonald’s?
When a business lowers the price of unsold stock to stimulate demand.
What is discount pricing?
Distribution involving only one retailer selling a product in a specific area.
What is exclusive distribution?
This form of promotion includes things like coupons, cash refunds, and loyalty programs.
What is sales promotion?
The term for defining the specific group of consumers a business is trying to reach.
What is target market identification?
The Coca-Cola company owns multiple drink brands to reach different markets. What is this technique called?
What is market diversification?
The risk of setting prices too low can lead customers to perceive a product this way.
What is low-quality or cheap?
The process of moving products from manufacturer to retailer or directly to customers.
What are distribution channels?
The rise of this digital medium has revolutionized advertising strategies.
What is the internet?