Vocabulary
The process of creating, communicating, delivering, and exchanging offerings that have value for customers.
What is Marketing?
The psychological factor involving motivation, perception, learning, and beliefs.
What are psychological influences?
The name, symbol, or design that identifies a company’s product.
What is a brand?
Paid advertisements that appear on search engines like Google.
What is search engine marketing?
The four basic elements of marketing strategy: product, price, place, and promotion.
What is the marketing mix, or the 4 P's?
A group of consumers who share similar needs or characteristics.
When consumers choose brands that reflect their self image.
What is self congruency?
The value a brand adds to a product beyond functional benefits.
What is Brand Equity?
Content shared through platforms like Instagram, TikTok, and LinkedIn to engage audiences.
What is social media marketing?
The stage of the product life cycle where sales begin to grow rapidly.
What is the growth stage?
The set of benefits a company promises to deliver to customers.
What is a value proposition?
The step in the buyer decision process where the consumer compares alternatives
What is evaluation of alternatives?
A strategy where a company uses the same brand name across multiple products.
What is brand extension?
Optimizing a website so it appears higher in organic search results.
What is SEO?
A pricing strategy where companies set high initial prices for new products.
What is price skimming?
The concept that companies should satisfy customer needs better than competitors while achieving their own goals.
What is a marketing concept?
A purchase made with little planning or thought.
What is impulse buying?
The place a brand occupies in the minds of consumers relative to competitors.
What is brand positioning?
A metric that measures how many people click a digital ad compared to how many saw it.
What is click through rate (CTR)?
A distribution strategy where products are sold through many outlets to maximize availability.
What is intensive distribution?
The practice of dividing a market into groups and selecting one or more to serve.
What is segmenting and targeting?
When consumers experience doubt after making a purchase.
What is cognitive dissonance?
When a new product is introduced under a completely new brand name.
What is a brand strategy?
Using data and technology to automatically send personalized marketing messages.
What is marketing automation?
A strategy where a company focuses on a narrow segment of the market.
What is niche marketing?