Copy of MKT 2150 Final Review Flashcards
What is the Marketing Mix (4Ps)?
The Marketing Mix consists of Product, Price, Place, and Promotion. Each element relates to how a product or service is marketed.
What is the definition of Marketing?
Marketing is the process of promoting, selling, and distributing a product or service.
What is International Marketing?
International Marketing involves marketing products or services in multiple countries.
What is Market Research?
Market Research is the process of gathering, analyzing, and interpreting information about a market.
What is the Triple Bottom Line?
The Triple Bottom Line refers to the three pillars of sustainability: People, Planet, and Profit.
Why is Customer Relationship Management important?
Customer Relationship Management is important for maintaining customer relationships and improving customer satisfaction.
What are the three major objectives of Customer Relationship Management?
The three major objectives are to improve customer satisfaction, increase customer retention, and enhance customer loyalty.
What is the Product Life Cycle?
The Product Life Cycle describes the stages a product goes through from introduction to decline.
How does Pricing relate to Marketing Strategy?
Pricing is a key component of Marketing Strategy as it affects demand and profitability.
What is the definition of Value in marketing?
Value is the perceived benefit received from a product or service relative to its cost.
What is Market Segmentation?
Market Segmentation is the process of dividing a market into distinct groups of buyers.
What is Target Marketing?
Target Marketing involves focusing marketing efforts on specific segments of the market.
What is the definition of Customer Loyalty?
Customer Loyalty is the tendency of consumers to continue buying the same brand.
What activities affect the Consumer Decision Making Process?
Activities that affect the Consumer Decision Making Process include value proposition, distribution, and marketing communications.
What is Differentiation in marketing?
Differentiation is the process of distinguishing a product from others to make it more attractive.
What is the Consumer Decision Process?
The Consumer Decision Process involves recognizing a need, searching for information, evaluating alternatives, making a purchase, and post-purchase evaluation.
What is the VALS survey used for?
The VALS survey is used for psychographic segmentation to understand consumer behavior.
What are the steps in the New Product Development Process?
The steps include idea generation, screening, concept development, business analysis, product development, test marketing, and commercialization. The first step is idea generation.
What is a company’s brand role?
A company’s brand role is to create a unique identity and value proposition in the market.
What is Brand Association?
Brand Association refers to the connections and perceptions consumers have about a brand.
What percentage of jobs are in the service industry?
More than 80% of all jobs are in the service industry.
What is the definition of Promotion?
Promotion is the marketing communication that informs, persuades, and reminds consumers about products or services.
What is the importance of a company’s employees?
Employees are crucial as they represent the company and contribute to customer satisfaction.
What is the Promotion Mix?
The Promotion Mix is the combination of promotional tools used to reach marketing objectives.
