Marketing Basics
In marketing, states of felt deprivation are referred to as this.
What are needs.
This primary strategic planning tool is used for directing and coordinating the marketing effort and helps to guide the firm's marketing strategy.
What is a marketing plan.
Market segmentation involves dividing a larger market into smaller market segments based on these.
What are meaningfully shared characteristics.
The dissemination of information to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes is referred to as this.
What is narrowcasting.
The perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared to the cost associated with obtaining it is referred to as this.
What is customer value.
This element of the marketing mix relates to inventory and logistics.
What is placement.
The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is called this.
What is strategic planning.
The first step in the marketing research process is this.
What is problem definition.
A type of purchasing behavior in which off-price retail stores negotiate especially low prices for certain categories of merchandise, such as end-of-season goods and closeouts is called this.
What is opportunistic buying.
The name, term, symbol, design, or any combination of these that a firm uses to identify and differentiate its products is this.
What is brand.
The activities a firm undertakes to create a certain perception of its product or service in the eyes of the target market.
What is positioning.
A concise affirmation of a firm's long-term purpose is known as this.
What is a mission statement.
A product labeled "new and improved" would fall within this category.
What is a revamped product.
These are the three primary objectives of an advertising campaign.
What is inform, persuade, and remind.
The two methods that encompass customer service activities are these.
What are human and mechanical.
This element of the marketing mix relates to tangible and intangible items.
What is product.
A measure of how optimistic consumers are about the overall state of the economy and their own personal finances is referred to as this.
What is consumer confidence.
A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as this.
What is evoked set.
A supply chain strategy in which a company builds goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product is called this.
What is a push strategy.
When building a successful brand, it is important that all of the marketing decisions, promotions, and employees reinforce the brand by providing this type of experience in the minds of consumers.
What is consistent.
The two external focuses of a SWOT analysis.
What are opportunities and threats.
When products provide alternate solutions to the same market.
What is indirect competition.
Psychographic segmentation refers to the science of segmenting markets based on these characteristics.
What are psychology, demographics and personality.
The term used to describe a business that focuses on attracting, maintaining, and enhancing customer relationships in order to build brand loyalty is this.
What is relationship marketing.
This type of research involves asking consumers what comes to mind when they think about the brand.
What is free association.