Marketing Basics
The process of identifying groups of customers with similar needs is called this.
What is market segmentation?
Dividing customers by country, province, city, or region is this type of segmentation.
What is geographic?
Collecting information to help make marketing decisions is called this.
What is market research?
The four Ps include Product, Place, Price, and this.
What is Promotion?
The methods used to get products to consumers are called these.
What are distribution channels?
This question is central to marketing: “Who is our ___?”
What is customer?
Age, income, gender, and education are examples of these segmentation variables.
What are demographic variables?
A product usually goes through Introduction, Growth, Maturity, and this final stage.
What is decline?
This part of the marketing mix asks, “Where should we sell the product?”
What is Place?
A company that sells its product through only a few stores is using this distribution strategy.
What is selective distribution?
People who purchase a product are called these.
What are buyers?
Activities, interests, opinions, and lifestyle are used in this type of segmentation.
What is psychographic segmentation?
This analysis looks at Strengths, Weaknesses, Opportunities, and Threats.
What is SWOT analysis?
This part of the marketing mix includes advertising and selling efforts.
What is Promotion?
The amount of money a participant in a distribution channel takes from a sale is called this.
What is margin?
People who actually use a product are called these.
What are users?
This type of segmentation looks at how people actually buy or use a product.
What is behavioural segmentation?
A picture used to compare a product with its competitors is called this.
What is perceptual mapping?
Selling a product at a low price to gain market share is called this pricing strategy.
What is penetration pricing?
A cost that changes when the amount produced or sold changes is called this.
What is a variable cost?
This is the process customers go through from recognizing a need to evaluating their purchase.
What is the buying process?
A product such as a house or car is usually considered this type of product because the purchase is important and involves more planning.
What is a high-involvement product?
Creating a clear image of a product in the minds of customers is called this.
What is positioning?
Selling a new product at a high price and lowering the price later is called this strategy.
What is price skimming?
The point where a business has recovered its costs but has made no profit is called this.
What is the break-even point?