4P's
the communications that occurs between the company and the customer that lets the public know about a product or experience
What is promotion?
a directed course of action for what you actually plan to do to achieve an intended set of goals
What is a marketing strategy?
The first step in the marketing research process
what is identifying the problem?
A comprehensive document detailing a company’s marketing strategy and tactics
What is a Marketing Plan outline?
Dividing buyers into groups with shared wants/needs
What is segmentation in marketing?
Information collected directly from customers through surveys
What is primary data?
Identifying the right segments to focus marketing efforts on
What is targeting?
tailoring its product, promotion, price, and place based on target segments
What is the marketing mix?
undifferentiated, differentiated, and concentrated
What are targeting strategies?
Product features of competitors, Market share analysis
and Pricing strategies of competitors
What is competitive intelligence?
these make sure that communication tactics support the enterprise level business goals.
What are marketing objectives?
criteria include: measurable, profitable, accessible, differential, actionable
What is evaluating the potential Target Audience?
to always involve monitoring and reacting to changes in the enterprise or reacting and responding to the business strategy and its objectives
what is the role of the marketing strategy?
A marketer would use this when seeking to understand why customers abandon their online carts
What is qualitatitve research?
segmentation method that groups people based on lifestyle, personality, and attitudes
What is psychographic segmentation?
to have a product in a specific region so that a business is able to use it's resources efficiently and provide that product when a customer needs it
what is place?
This is the best analysis when a company has many different products or even many different lines of business. it considers current market share and market growth potential.
What is the purpose of a BCG matrix?
The ability to see many pieces of a puzzle working together to help a business make money. This practice begins with the mission statement, includes business objectives and marketing objectives and gives guidance that leads to planning tactics
What is alignment (with marketing and business stakeholders)?