Marketing Basics
This is any activity or business process that creates and communicates a message to consumers about a product or service's value.
What is marketing?
This function is responsible for generating revenue for an organization.
What is selling?
Product, place, promotion, and price are known as these.
What are the 4 Ps (or the marketing mix)?
This strategy distinguishes a company's products, services, or brand from the competition.
What is differentiation?
This process systematically collects, records, analyzes, and presents data related to marketing goods and services.
What is market research?
This is something a consumer must have and cannot live without, like food or water.
What is a need?
This function evaluates the efficiency and effectiveness of a marketing investment using ROI.
What is financing?
This is a group of people with a defining set of characteristics that set them apart.
What is a target market?
This document compares and contrasts products, services, and brands in relation to one another.
What is a positioning map?
Surveys of fans, ticket holders, or community leaders would be examples of this type of research.
What is primary research?
This transaction involves at least two parties and includes multiple parties, mutual benefit, freedom to decline, and transfer of value.
What is the exchange process?
When supply of a commodity is low, this happens to demand and prices.
What is they rise (or increase)?
Age, income, gender, education, and occupation are all examples of this type of market segmentation.
What is demographic segmentation?
This is the essence of what makes your product or service better than competitors.
What is a unique selling proposition (or USP)?
Market size and growth potential, accessibility, competition, profit potential, and this make up the five considerations for evaluating a market.
What is consumer behavior?
This perspective states that the ability to sell products depends on identifying consumer needs and wants, then determining how to satisfy them.
What is the marketing concept?
This marketplace allows resellers to charge prices well beyond face value when demand is high and supply is limited.
What is the secondary market?
This specialized segment of a broader market has unique interests, preferences, or needs and can help brands reach new audiences.
What is a niche market?
Changing market conditions, competitive pressure, or negative perceptions would cause a business to use this strategy to change consumers' perceptions of a brand.
What is repositioning?
Published data that has been collected for some other purpose is this type of research.
What is secondary research?
Marketing influences this process that helps consumers make purchasing decisions, ultimately leading to a business's financial success.
What is the consumer buying decision (or decision-making process)?
This function involves gathering, analyzing, storing, and communicating information to improve business decision making and can help with creating campaigns, improving customer experience, and establishing price points.
What is marketing information management?
This type of segmentation groups consumers based on personality traits and lifestyle, focusing on emotional characteristics that offer insight into motives, preferences, and needs.
What is psychographic segmentation?
This image is how consumers see a product or brand compared to its competitors and is the goal of positioning strategy.
What is perception?
Brand preferences, purchase history, product usage, and individual game ticket buyers vs. season ticket buyers are all examples of this type of segmentation.
What is behavioral segmentation?