Marketing Flashcards
What is marketing?
Marketing is the process of satisfying customer needs and wants through exchanges, focusing on product, price, promotion, and place.
What are the four P’s of the marketing mix?
Product, Price, Place, Promotion.
What are the seven P’s of the services marketing mix?
Product, Price, Place, Promotion, People, Process, Physical Evidence.
What is the marketing concept?
The idea that a company should focus on satisfying customer needs and wants better than competitors.
How does marketing differ from advertising and selling?
Marketing is a broader concept involving customer needs, market research, and product development, while advertising and selling focus on promotions and transactions.
What are the five marketing orientations?
Production, Product, Selling, Marketing, and Societal Marketing.
What is societal marketing?
A marketing approach that considers not just profit but also societal well-being and environmental impact.
What is included in Product Decisions?
Features, branding, packaging, product life cycle, product mix.
What factors influence Pricing Decisions?
Costs, competition, perceived value, demand, economic conditions.
What are the key elements of Promotion?
Advertising, public relations, sales promotions, personal selling.
What does Place (Distribution) refer to?
How a product gets to customers, including distribution channels and logistics.
What is a marketing mix strategy?
A company’s approach to combining the four P’s to reach its target market.
How does the marketing mix change based on market conditions?
Adjustments in pricing, distribution, and promotion based on competition, demand, and economic shifts.
What are the two main types of market research?
Primary (surveys, focus groups) and Secondary (existing data sources).
What is the difference between qualitative and quantitative research?
Qualitative focuses on opinions and motivations; quantitative focuses on numerical data.
Why is market research important?
Helps companies understand customer needs, market trends, and competition.
What are some common primary research methods?
Surveys, interviews, focus groups, observations.
What are some common secondary research sources?
Industry reports, government data, competitor analysis.
What are the main factors affecting consumer behavior?
Cultural, social, personal, and psychological factors.
What is industrial buyer behavior?
Buying behavior of businesses purchasing goods and services for production.
How does B2B marketing differ from B2C marketing?
B2B focuses on logic and cost-efficiency, while B2C focuses on emotions and branding.
What is brand loyalty?
The tendency of consumers to continue purchasing a specific brand.
What is the role of perception in marketing?
How consumers interpret marketing messages and brand positioning.
What is a SWOT analysis?
Identifying a company’s Strengths, Weaknesses, Opportunities, and Threats.
