Marketing Basics
This term refers to the combination of product, price, place, and promotion strategies used by a company.
What is the Marketing Mix?
This refers to the monetary value that a brand has in the market based on consumer perceptions and loyalty.
What is brand value?
The process of sorting people into groups who share one or more common characteristics, lumped together for target marketing purposes.
What is market segmentation?
Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides.
What is selling?
The reasons people make certain purchases.
What is buying motives?
Informing potential customers that a product or service exists, and the results they should expect from using it.
This type of product classification is often something a consumer buys frequently, like a snack or toiletries.
What is a Convenience Product?
The process of dividing customers into groups based on their geographic boundaries, for the purposes of target marketing.
What is geographic segmentation?
One-on-one sales by means of in-person, online meetings, or catalogs.
What is single-level direct sales?
Purchases are made based on psychological factors, including feeling, emotion, and attitude.
What is an emotional buying motive?
This concept involves creating value by offering goods and services that meet the needs and wants of consumers, focusing on customer satisfaction.
What is the Marketing Concept?
The unique characteristics that influence a brand’s perceived personality, appearance, and behavior.
What is brand identity?
The process of dividing customers into groups based on physical and social characteristics, like age, gender, and income, for the purposes of target marketing.
What is demographic segmentation?
Refers to selling products directly to the consumer in a non-retail environment.
What is direct sales?
Items that usually cost more and are only purchased occasionally.
What are shopping products?
A specific group of people that is most likely to buy your product, that you want to reach by aiming or targeting your marketing efforts.
What is Target Market?
This term refers to the overall strategy for building, maintaining, and growing a brand over time.
What is Brand Strategy?
The process of dividing customers into groups based on variables like lifestyle, interests, personalities, and values, for the purposes of target marketing.
What is psychographic segmentation?
Identifying of potential customers
What is prospecting?
Purchases that are made after a good amount of thinking, consideration, and logic.
What are rational buying motives?
a person or group who is willing and able to spend money to meet unsatisfied wants or needs.
What is a Market?
This term refers to the actual tangible product or service that is being marketed to the consumer.
What are goods?
The process of dividing customers into groups based on variables like attitudes and knowledge of your brand, and the way they use it.
What is behavioral segmentation?
The set of repeatable steps in the sales cycle, from identifying potential customers to closing the sale.
What is the sales process?
Physical therapy is an example of this type of product.
What is an unsought product?