Definitions
The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as this.
segmentation
This is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.
Marketing research
This type of segmentation divides customers based on their usage rate, loyalty, or readiness to buy.
Behavioral
Setting high initial prices for early adopters before lowering them is known as this.
Skim pricing
This can be defined as a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.
Loyalty
This is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
Marketing Management
Awareness, Interest, Consideration, Purchase, and Loyalty are all stages in this visual representation describing the customer journey.
Marketing funnel
This loyalty group describes consumers who switch between 2–3 brands regularly.
Split loyals
Pricing is the only "P" in the marketing mix that generates this.
Revenue
"Just do it." is Nike's example of this, a useful "hook" or "handle" to help consumers grasp what the brand is about and makes it special.
Slogan
The process of selecting one or more market segments to enter is called this.
Market targeting
This is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
Customer-perceived value
Attributes shared with competitors that allow a brand to be considered are known as this.
Points-of-parity
This pricing method relies on the assumption that costs will drop with volume and experience.
Penetration pricing
Jennifer Aniston for smartwater is an example of this element of 360 brand marketing.
Brand ambassador
This describes the net present value of the stream of future profits expected over the customer’s lifetime purchases.
Customer lifetime value
This is a company's ability to perform in one or more ways that competitors cannot or will not match.
Competitive advantage
If a marketing manager segments the market into culture-oriented, sports-oriented, or outdoor-oriented groups, he or she is segmenting on the basis of this.
The total demand for shaving razors is not much affected by price changes. Therefore, we would say that the demand is this.
Inelastic
What kind of brand strategy aims to evoke emotions or create a lifestyle association with the product?
Transformational creative strategy
This is the act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market.
Positioning
These are the four stages of the product lifecycle.
Introduction, Growth, Maturity, and Decline
The two segments that Crocs chose to target were these:
"Feel Goods" and "Explorers"
In this pricing method, value can be created by reducing lifecycle costs such as usage or maintenance.
Value-based pricing
Tide Detergent and Gain Detergent are both owned by Proctor and Gamble. Those brands are examples of this kind of brand strategy.
Multi-brand