Marketing Flashcards
1
Q
What are the 8 marketing activities.
A
- Market Research
- Pricing
- Packaging
- Branding
- Sales Promotion
- Advertising
- Distribution
- E-commerce
2
Q
Explain market research
A
- Market Research
This is the process of gathering information about consumer wants, preferences, behaviors to help businesses understand their target market.
It helps businesses make informed decisions about products, pricing and marketing strategies by analyzing trends, competitors and customer feedback.
Consumer taste- Understanding what consumers want
Competition- Analyzing competitors strategies
Consumer behaviors- Understanding how people make purchase decisions
3
Q
Explain pricing
A
- Pricing
Setting prices based on market conditions and consumer demand.
This is important to the seller because it incorporates profit and it is important to the buyer because it affects their ability to purchase.
4
Q
Explain packaging
A
- Packaging
Creating appealing and functional packaging to attract customers.
This not only presents the product in an attractive way but also gives details about the contents, any potential hazards and correct methods of usage
5
Q
Explain branding
A
- Branding
Developing a strong identity for the product
6
Q
Explain sales promotion
A
- Sale Promotion
Short term offers to boost sales
7
Q
Explain advertising
A
- Advertising
Communicating with customers through various media
8
Q
Explain distribution
A
- Distribution
Ensuring products are available to consumers
9
Q
Explain E- commerce
A
- E-commerce
Selling products directly online via websites or apps
10
Q
Distinguish between the terms market and marketing.
A
A market is a physical or digital place where buyers and sellers meet to exchange goods and services while marketing is the set of strategic activities a business undertakes to promote and sell their products in the most efficient and profitable way.
