Intro to Marketing
The activity, set on institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
New data that researchers must collect.
What is primary data?
The process of breaking down large groups into smaller groups based on meaningful characteristics and shared needs.
What is marketing segmentation?
A segment has enough consumers within the group to support profitable product sales.
What is sizable?
A strategy for defining and portraying brands or products in ways that cause the ideal customers to perceive them as the best solution for their needs.
What is positioning?
A good, service, or idea to satisfy a customer's needs.
What is product?
Pre-existing data found through literature searches or data mining.
What is secondary data?
Location of where the consumers live.
What is geographics?
A representation of a marketer's market segment.
What is a buyer persona?
A brief description of a product or service that explains how it meets a target market's needs.
What is positioning statement?
The way a company tries to communicate with all of their customers.
What is promotion?
Drives the research effort, targets a specific problem or information need, broad or narrow in scope.
What is a research question?
Statistics such as age, gender, income, ethnicity, and education.
What is demographics?
When a marketer uses only one strategy or marketing mix for the entire market.
What is undifferentiated marketing?
An adaptation of the product positioning statement for use in sales dialogues and communications.
What is unique selling proposition?
The tangible elements in the place that the good or service is sold.
What is physical evidence?
Regular surveys will reveal insight in how customers feel about a company.
What is customer satisfaction?
Uses consumer activities, values, interests, and opinions.
What is psychographics?
When a company targets more than one market segment and develops a unique marketing mix to target each segment separately
What is differentiated marketing?
When a product is positioned by claiming too many or contradictory benefits.
What is confused positioning?
The flow of activities involved in providing goods, services, and ideas to the customer.
What is process?
A specific type of survey that gives a metric and is used to measure satisfaction, customer loyalty, and the experience customers have with brands.
What is net promoter score?
How often, when, and how a customer a consumer interacts with a product.
What is usage segmentation?
When a marketer selects one target market and customizes a marketing mix for that target market only
What is concentrated marketing?
When the way a product is positioned shows benefits that are simply not believable or that are too good to be true.
What is doubtful positioning?