S T P
What does STP stand for? Not the Stone Temple Pilots
Segmentation, Targeting, Positioning
What is the first step in the new product development process?
Idea generation
What is the first step in the marketing research process?
Define the problem and objectives
What are the main elements of the promotional mix?
Advertising, personal selling, sales promotion, PR, direct/digital marketing
What are the 4 Ps of marketing?
Product, Price, Place, Promotion
What are the four main bases for segmentation?
Demographic, Geographic, Psychographic, Behavioral
What step evaluates whether an idea should move forward?
Idea screening
What type of data is collected firsthand?
Primary data
What model describes how a message moves from sender to receiver?
Communication model
What strategy involves dividing a market into groups?
Segmentation
What type of segmentation focuses on lifestyle, personality, and activities?
Psychographic segmentation
What step involves testing the product in a real market?
Market testing
What type of research focuses on numbers and statistics?
Quantitative research
What are the two basic communication flow strategies?
Push and pull
What connects product development to customer needs?
Marketing research
What is positioning?
Creating a distinct image of a product in the consumer’s mind
What is commercialization?
Launching the product into the market
What sampling method gives every member an equal chance?
Simple random sampling
What are the “Five Ms” of advertising?
Mission, Money, Message, Media, Measurement
What should come first: product development or understanding the customer?
Understanding the customer (research first)
What tool visually maps brands based on consumer perception?
Perceptual map
Name one major reason products fail.
Poor product-market fit / lack of customer need / poor design / bad pricing
What phrase describes bad data leading to bad decisions?
Garbage in, garbage out
Which promotional tool is the most expensive but most persuasive?
Personal selling
What happens if positioning, targeting, and promotion are misaligned?
Weak brand, confused customers, and poor performance