The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society.
What is the definition of marketing?
Dividing the market into segments based on variables such as age, life-cycle, gender, income, occupation, education, religion, ethnicity or generation.
What is demographic segmentation?
The strongest brands are positioned on _________.
What are beliefs, values and feelings?
A measure of the sensitivity of demand to changes in price.
What is elasticity?
A marketing channel containing one or more intermediary levels.
What is an indirect marketing channel?
A tool for visualizing the customer's interaction with the brand.
What is a customer journey map?
Content developed and published by a third party.
What is earned media?
Product, Price, Place, Promotion.
What are the 4 P's of marketing (or marketing mix)?
A group that serves as direct or indirect point of comparison in forming a person's attitudes and behaviour.
What is a reference group?
The differential effect knowing the brand name has on customer response to the product or its marketing.
Adjusting pricing continually to meet the characteristics and needs of individual customers and situations.
What is dynamic pricing?
Stocking the product in as many outlets as possible.
What is intensive distribution?
A strategic marketing and business process focused on creating and distributing valuable, relevant, and consistent information.
What is content marketing?
What is cognitive dissonance?
The companies and people close to the business that affect its ability to engage and service its customers - the company, suppliers, marketing intermediaries, competitors, publics and customers.
What is the microenvironment?
A market-coverage strategy in which a firm goes after a large share of one or a few segments.
What is concentrated (or niche) marketing?
Apple choosing to launch a line of banks.
What is a brand extension?
Setting a price for products that must be used along with the main product, such as blades for a razor.
What is captive-product pricing?
Words or phrases that describe the content of a website or piece of content.
What are key words?
A series of steps or stages that a potential customer goes through on their journey from being aware of a product or service to making a purchase.
What is a conversion funnel?
Cultural, social, personal, and psychological
What are the key factors influencing consumer behavior?
This marketing concept prioritizes efficiency and low cost.
What is the production concept?
Placing the company's product or service in a valuable and distinctive place relative to the competition in the consumer's mind (and heart).
What is positioning?
Evaluating new product ideas to spot good ones and drop poor ones as soon as possible.
What is idea screening?
Setting a low price for a new product in order to attract a large number of buyers and a large market share.
What is market-penetration pricing?
Partners that supply the raw materials, parts, information, components, finances, or expertise needed to create a product or service.
What are upstream partners?
Improving a website's visibility and ranking through external means, such as building links from other websites, social media marketing, and online public relations.
What is offsite (or off-page) SEO?
The huge and complex data sets generated by today's sophisticated information generation, collection, storage and analysis technologies.
What is big data?
A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
What is an unsought product?
A type of research used to better describe marketing problems, situations, markets or customers, such as the market potential for a product or the demographics and attitudes of customers.
What is descriptive research?
Taking an existing brand and introducing new colours, sizes, flavours or ingredients of a product category.
What is a line extension?
___________ pricing strategy sets a high initial price for a new product to get maximum revenue from early adopters.
What is price skimming?
A channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.
What is a vertical marketing system (VMS)?
The measurement of the number of people who saw your ad.
What are impressions?
Rules and techniques for assigning credit to different marketing touchpoints for a sale or a conversion.
What is attribution?