MARKETING BASICS
In marketing, this term refers to a state of felt deprivation, such as needing food, clothing, or safety.
What is a Need?
What are Product, Price, Place, and Promotion?
These are the four fundamental elements of the marketing mix, often called the 4 P's.
This process divides a large, heterogeneous market into smaller, more manageable groups with similar needs or characteristics.
What is Market Segmentation?
This is the specific group of consumers or organizations on whom a company focuses its marketing efforts.
What is a Target Market?
When ads, packaging, and toys all fit together to make you want to buy, we say they are doing this.
What is Working Together?
This fundamental principle dictates that successful marketing begins with a deep understanding of those who will consume the product or service.
What is Understanding the Customer?
Beyond just the physical good, this "P" also includes features, design, branding, packaging, and services.
What is Product?
Age, gender, income, and education are examples of this common base for market segmentation.
What are Demographics?
This refers to the sum of all characteristics that differentiate a company's product or service from competitors, often represented by a name, term, sign, symbol, or design.
What is a Brand?
This type of marketing focuses on building and maintaining long-term relationships with customers, rather than just single transactions.
What is Relationship Marketing?
This systematic gathering and analysis of data about consumers, competitors, and the market is crucial for informed marketing decisions.
What is Marketing Research?
This "P" involves setting the amount customers pay for a product or service, considering costs, competition, and customer perceived value.
What is Price?
While segmentation divides the market, this next step involves evaluating each segment's attractiveness and selecting one or more to serve.
What is Targeting?
This comprehensive document outlines a company's marketing objectives, strategies, and tactics for a specific period.
What is a Marketing Plan?
In the digital age, social media, content marketing, and search engine optimization are examples of modern tools for this "P".
What is Promotion?
This is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is Marketing?
This "P" refers to the activities that make the product available to target consumers, including distribution channels and logistics.
What is Place (or Distribution)?
This refers to the way a company seeks to create a distinct and desirable image for its product in the minds of its target customers relative to competitors.
What is Positioning?
Marketing efforts directed towards individual consumers for personal consumption fall under this acronym.
What is B2C (Business-to-Consumer)?
When a company sells a big oven to a cookie factory, not to kids, what is this called?
What is B2B (Business-to-Business)?
This describes the unique set of benefits a company promises to deliver to customers to satisfy their needs.
What is value of customers.
This "P" encompasses all the activities that communicate the merits of the product and persuade target customers to buy it.
What is Promotion?
If a luxury car brand emphasizes performance and status, while an economy car brand highlights reliability and affordability, they are engaging in different forms of this.
What is Product Positioning?
Factors outside the company like economic conditions, technological advancements, political regulations, and cultural trends are part of this broader concept.
What is the Marketing Environment?
There are many toys and ads trying to get your attention. What do we call the hard job of getting noticed?
What is Getting Noticed?