Wild Card
This acronym's philosophy was inspired by a popular 90s rap group to remind us of who actually controls the market exchange process.
What is B.R.E.A.M. (Buyers Rule Everything About Marketing)?
This refers to efforts undertaken by an organization to increase its sales, attract customers and achieve a competitive advantage
What is a marketing strategy?
This is the strong inner drive that compels a consumer to take action to satisfy a need.
What is motive/motivation?
A comprehensive document detailing a company’s marketing strategy and tactics
What is a Marketing Plan Outline?
Dividing the market into groups of potential buyers with shared wants/needs
What is segmentation?
This term refers to the buyers who purchase products for their family or group use.
Who are Customers?
The communication tactics that occur between the company and the customer, and lets the public know about a product or experience
What is promotion?
This is the name of the process consumers follow when making decisions about what to buy.
What is the Consumer Decision-Making Process?
Information collected directly from customers through surveys
What is primary data?
Identifying the right segments to focus marketing efforts on
What is targeting?
What is CSR (corporate social responsibility)?
to have a product in a specific region so that a business is able to use it's resources efficiently and provide that product when a customer needs it
what is place?
This factor influencing consumer decisions includes shared beliefs, values, and customs, explaining why Valentine's Day products appear in December.
What is Culture?
these make sure that communication tactics support the enterprise level business goals.
What are marketing objectives?
How often a consumer buys a product, shows their loyalty to a business, or buys certain products during holiday occasions are examples of what segmentation method?
What is Behavioristic Segmentation?
Who is Volkswagen?
A 4-component framework used to tailor and focus a marketing campaign around a target audience.
What is the marketing mix (4Ps)?
The stage where marketers should reinforce positive aspects of the product to reduce anxiety and encourage repeat sales.
What is post-purchase
The first step in the marketing research process
what is identifying the problem?
segmentation method that groups people based on lifestyle, personality, and attitudes
What is psychographic segmentation?
This company's business level strategy is differentiation through innovation, design, and an interconnected ecosystem.
Who is Apple?
This tool for analysis considers market share and market growth potential for a company that has many different products or even many different lines of business, and wants to know where to further invest its resources.
What is the purpose of a BCG matrix?
The process of how people develop knowledge through interactions with others, including imitating behaviors.
You would use this method, including numerical data in areas like market share, pricing, and customer basket size to compare your company's performance against competitors.
What is quantitative research?
undifferentiated, differentiated, and concentrated
What are targeting strategies?