MARKETING BASICS
The four elements of the marketing mix
Product, Price, Place, Promotion
Information collected directly from customers
Primary data
The first step of the selling process
Approaching the customer
Paid, non-personal communication
Advertising
The law of supply and demand affects this
Price
The group of consumers a business wants to reach
Target market
The process of gathering and analyzing data
Marketing research
When a salesperson asks questions to identify needs
Needs assessment
Short-term incentives to boost sales
Sales promotions
A market with many sellers and buyers
Perfect competition
The process of dividing a market into groups
Market segmentation
A small group discussion led by a moderator
Focus group
A technique that encourages add-on purchases
Suggestive selling
A company’s public image
Brand image
A market dominated by one seller
Monopoly
A product’s name, symbol, or design
Brand
Asking open-ended questions helps collect this type of data
Qualitative data
When a customer buys a higher-priced item
Upselling
Advertising through email
Direct marketing
A business owned by one person
Sole proprietorship
The process of creating brand awareness
Promotion
The first step in marketing research
Defining the problem
CRM stands for this
Customer Relationship Management
Promotional consistency across channels
Integrated marketing communications
The amount consumers are willing to buy
Demand