Marketing Fundamentals
Product, Price, Place, Promotion
What are the 4 P's of Marketing?
The process of gathering and analyzing information about customers, competitors, and the market
What is market research?
A name, symbol, design, or combination that identifies a company's products and differentiates them from competitors
What is a brand?
A reduction from the regular price
What is a discount/sale price?
Advertising, Sales Promotion, Personal Selling, Public Relations
What is the promotional mix?
The process of creating, communicating, delivering, and exchanging offerings that have value for customers
What is the definition of marketing?
A research method using questions to gather information from a sample of people
What is a survey?
A visual symbol or design that represents a brand
What is a logo?
Revenue minus costs/expenses
What is profit?
A memorable phrase used in advertising to represent a brand
What is a slogan?
A specific group of consumers a company aims to reach with its products and marketing efforts
What is a target market?
Statistical characteristics of a population such as age, gender, income, education, location
What are demographics?
When customers consistently choose one brand over competitors
What is brand loyalty?
Pricing that considers customer perception; Example: $9.99 instead of $10
What is psychological pricing?
Paid promotion
What is advertising?
Product/Service Management, Distribution, Selling, Marketing Information Management, Financing, Pricing, Promotion
What are the 7 functions of marketing?
Study of lifestyle, values, attitudes, and interests; helps marketers understand WHY consumers buy
What are psychographics?
The stages a product goes through: Introduction, Growth, Maturity, Decline
What is a product life cycle?
Sets prices based on perceived customer value
What is value-based pricing?
Earned media coverage and reputation management
What is public relations (PR)?
A business philosophy that focuses on identifying and satisfying customer needs and wants to achieve company goals
What is the marketing concept?
Problem recognition, Information search, Evaluation of alternatives, Purchase decision, Post-purchase behavior
What is the consumer decision-making process?
All products a company sells
What is a product mix?
Costs, competition, customer demand, economic conditions, company objectives, perceived value
What factors should a business consider when setting prices?
A prompt encouraging the audience to take a specific action (buy now, sign up, etc.)
What is a call to action (CTA)?