Marketing 101
What is a digital advertisement on TikTok an example of?
Promotion
which is the process of separating, identifying, and evaluating the layers of a market to identify a target market.
Market Segmentation
Research done by an interview or focus group
Qualitative Research
Price, Promotion, Product, and Place
Marketing Mix (4 P's)
Market segmentation by personality or lifestyles. Includes people with common activities, interests, and opinions.
Psychographic Segmentation
Businesses that buy large quantities of goods from manufacturers, store the goods, and then resell them to retailers
Wholesalers
The specific group of customers toward which a firm directs its marketing efforts
The perceived value that is exchanged for something else
Price
The path a product takes from its producer or manufacturer to its final user.
Distribution Channel
A pricing Strategy that sets a very high price for a new product.
Price Skimming
Any communication or activity designed to win goodwill or prestige for a company or person.
Public Relations
A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.
Competitive Advantage
The price for a new product is set very low to encourage as many people as possible to buy the product.
Give 1 example
Penetration Pricing
Responding to unfavorable publicity or a negative event
Crisis Management