Terms & Concepts
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is known as?
Marketing
A specific group of consumers who should be particularly interested in your product, who would have access to it, and who have the means to buy it are known as?
Target Market
Refers to one-on-one communication with customers or potential customers.
Personal selling
The process of collecting and analyzing the data that are relevant to a specific marketing situation is known as market __________?
research
3 branding strategies include private, generic and ________?
Manufacturer
Satisfying customer needs while meeting organizational goals is known as marketing __________?
concept
Dividing an entire market into smaller portions which are referred to as market _________.
segments
Paid, non-personal communication designed to create an awareness of a product or company.
Advertising
2 types of data that market research seeks?
Primary & Secondary
Any added value generated by favorable consumer experiences is known as brand __________?
The 4 P's of the marketing mix include?
Product, Price, Place & Promotion
4 main market segments include demographic, geographic, behavioral and ________.
Psychographic
Discounting, sampling, trade shows, in-store displays, and even sweepstakes are examples of?
Sales promotion:
Information already collected, whether by the company or by others, that pertains to the target market is known as __________ data.
secondary
Brand ________ is developed over time eventually you may prefer or even insist on a particular brand.
Loyalty
A marketing strategy that focuses on using information about current customers to nurture and maintain strong relationships with them is called?
Customer Relationship Management
Age, marital status, gender, ethnic background, income, occupation, and education are all examples of which segment?
Demographic
Getting your company or your product mentioned or pictured in a newspaper or on TV—can often generate more customer interest than a costly ad this is known as?
Free Publicity
Newly collected information that addresses specific questions is known as __________ data.
primary
Influencing, provide information and functional purposes are all benefits of?
packaging & labeling
The practice of including social media as part of a company’s marketing program is called?
social media marketing
This segment classifies consumers on the basis of individual lifestyles as they’re reflected in people’s, interests, activities, attitudes and values
Psychographic
A firm's marketing mix consists of 4 major components, which are generally referred to as the four
Ps
3 tools used to conduct market research include, surveys, personal interviews and _________ _________.
Focus group
A word, letter, sound, or symbol that differentiates a product from similar products on the market is called a ___________.
Brand