Marketing Basics
The process of creating, communicating and delivering value to customers.
What is Marketing?
A symbol, name, or design that distinguishes a product from others.
What is a brand?
The method used to inform or persuade customers about a product.
What is advertising?
Collecting information about customers and market trends is called this.
What is market research?
The process customers go through before, during, and after buying a product.
The process customers go through before, during, and after buying a product.
The Four Main elements of the marketing mix.
What are product, Price, Place and Promotion?
A product stage when sales grow and profits start increasing.
What is the growth stage of the product life cycle?
Social media, email, and websites are examples of this type of marketing.
What is digital marketing?
A research method where researchers observe customer behavior.
What is observational research?
A group of customers who have similar wants, needs, and behaviors.
What is a target market?
This Strategy involves selling products to satisfy needs better than competitors.
What is Competitive Advantage?
Extra features or benefits that make a product more appealing.
What are product differentiators?
Promotions like discounts, coupons, or free samples are part of this.
What is sales promotion?
A type of research using surveys or questionnaires.
What is primary research?
Psychological or emotional factors that affect purchasing decisions.
What are buying motives?
The type of marketing that targets specific groups based on interests or demographics.
What is Segment Marketing?
The strategy of charging a high price when a product first launches.
What is price skimming?
Paid, non-personal communication through mass media to reach customers.
What is advertising media?
Research using already existing information like reports or statistics.
What is secondary research?
When a customer prefers one brand over others.
What is brand loyalty?
The long term approach to managing customer relationships and loyalty.
What is relationship marketing?
The process of giving a product a unique name, design, and image in the market.
What is branding?
Marketing that relies on satisfied customers spreading the word.
What is word-of-mouth marketing?
The process of dividing a market into smaller groups with similar characteristics.
What is market segmentation?
External influences like family, friends, or culture that affect buying.
What are social factors?