BS SL summative flashcards
Summative
What are the 7 P’s of marketing?
place, price, physical environment, product, promotion, process, people
What is market segment?
this is when there is a group of clearly identifiable customer needs and wants.
What are the 4 market segments
Geographic, Demography, Socio-Economic, Psychographic
What is Geographic segmentation?
is a type of market segmentation that groups prospective customers based on where they live (Geographic segmentation can be classified by countries, states, cities, villages, urban / rural, climatic conditions, density of population)
What is socio-Economic?
This is based on their income, education level, occupation, and other relevant socioeconomic factors
What is demography market segment?
this is breaking the market into customer demographics as age, income, gender, race, education, or occupation
what is psychography market segment?
this is based on the lifestyle, personality, opinions, and interests of a group.
What is a Niche market?
focuses on a small and specialized market or area
What is Mass market?
occurs when a business targets all the customers in the market rather than a specific segment of the market.
What is Product Differentiation?
is when the benefits of your product are perceived as clearly different from those of their competitor’s products.
what is Brand Awareness?
This is the extent to which people are aware of and can remember a particular brand.
What is Brand Loyalty ?
This is the extent to which customers return to buy a particular brand and the extent to which they prefer this brand over rivals
What is Brand Development?
This is building the brand identity and values as well as communicating to these customers.
Name 3 price methods?
Skimming, cost plus, and loss leader.
what is cost plus?
This is to determine the selling price of a businesses product
