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Comm 1800 > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

Creating, communicating, & delivering offerings that have value for customers.

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2
Q

Marketing Concept

A

Analyze customer needs and then make decisions to satisfy those needs while achieving organizational goals.

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3
Q

Target Market

A

Group of people with some shared characteristics that a company has identified as potential customers for its products

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4
Q

Consumer Market

A

Buyers who want the product for personal use

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5
Q

Industrial Market

A

Buyers who want the product for use in making other products

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6
Q

Segmenting

A

Grouping potential customers with common characteristics that influence their buying decisions

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7
Q

Niche Market

A

A narrow or focused market segment

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8
Q

Demographic Segmentation

A

Divides market based on variables such as age, marital status, gender, ethnic background, income, occupation, education, etc.

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9
Q

Geographic Segmentation

A

Dividing market based on variables such as climate, region, and population density (urban, suburban, small-town, rural)

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10
Q

Behavioral Segmentation

A

Dividing consumers based on variables such as attitude toward the product, user status, or usage rate

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11
Q

Psychographic Segmentation

A

Classifies consumers based on individual lifestyles such as people’s interests, activities, attitudes, and values

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12
Q

Marketing Mix (4 Ps)

A

Shape the development and execution of marketing objectives to reach a target market 

Product: Good or service a company provides 

Price: What a consumer pays in exchange for a product 

Place: Where a product is purchased 

Promotion: Advertising, sales, and other communication efforts the utilized to attract customers

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13
Q

Brand

A

An intangible asset with tangible value; made up of promotion efforts and customer meaning

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14
Q

Brand Value

A

The financial asset associated with a brand. SUBJECTIVE

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15
Q

Brand Equity

A

Added value generated by favorable consumer experiences w/ a product

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16
Q

Pricing Skimming

A

Introducing a new product on the market at a high price and then lowering it over time

17
Q

Penetration Pricing

A

Offering new products at low prices in hopes of achieving a large sales volume

18
Q

Leader Pricing

A

Pricing products below normal markup or below cost to attract customers to a store where they wouldn’t otherwise shop

19
Q

Bundling

A

Grouping two or more related products together and pricing them as a single product

20
Q

Odd-even Pricing

A

Setting a price at an odd number to connote a bargain and at an even number to imply quality

21
Q

Prestige Pricing

A

Raising the price of a product so consumers will perceive it as being of higher quality, status, or value

22
Q

Promotion Mix

A

Tactics marketers use to communicate with the customer. ex.

What’s the main purpose of the promotion? 

What is my target market? 

Which product features should I emphasize? 

How much can I afford to invest in a promotional campaign? 

How do my competitors promote their products?

23
Q

Advertising

A

Paid, non-personal communication designed to create an awareness of a product or company

24
Q

Personal Selling

A

One-on-one communication with customers or potential customers.  

Typically for large-ticket items, like homes, cars, or insurance policies

25
Q

Sales Promotion

A

Creates an incentive to purchase; provides for a fairly immediate increase in sales in the short term 

BOGO sales 

“Limited time only”

26
Q

Publicity

A

Notice or attention given by the media (often free)

27
Q

Public Relations

A

Any action that help to create and maintain a favorable public image 

Promoting via a press release about a fundraising event and controlling the damage of controversy for the company

28
Q

Primary Data

A

Newly collected information that addresses specific questions (found from secondary data)
- Includes Surveys/Questionnaires, personal interviews, and focus groups

29
Q

Secondary Data

A

Information already collected that pertains to the target market

30
Q

Social Media Marketing

A

Using social media platforms to deliver content that drives engagement 

31
Q

Marketing linkages to strategy and business model

A

The business plan defines a company’s objectives and missions, and the marketing strategy answers in detail how these aforementioned objectives will be accomplished.

32
Q

Brands/brand equity

A

Value a company gains from its name recognition when compared to a generic equivalent.

33
Q

Benefits

A

How a product’s features could make a consumer’s life easier/more enjoyable

34
Q

Feature

A

An essential function or component of a good or service

Comm 1800 (12 decks)

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