Marketing Flashcards
To understand the consumer’s motivations and decision-making processes is called what?
Marketing
What is a business logo?
A picture, text or a combination of the two that makes consumers think of your business.
What form of communication is designed to reach a large number of people?
Mass media
What are brand-loyal consumers?
People that stick to particular brand and purchase it over and over again. This is what every business hopes to have.
What are the four P’s of marketing?
Product, price, place and promotion
What is the pricing method called where marking merchandise for resell to an amount that is double the wholesale price?
Keystoning
What is the process by which one person guides other people’s behavior along a path in a desired direction, culminating in the purchase of a product or service.
Selling
What is the ability to influence a system, or an environment, in a way that multiplies the outcome of one’s efforts without a corresponding increase in the consumption of resources.
Leveraging….below are Sue is the example.
Mary uses $400,000 of her cash to purchase 40 acres of land with a total cost of $400,000. Mary is not using financial leverage.
Sue uses $400,000 of her cash and borrows $800,000 to purchase 120 acres of land having a total cost of $1,200,000. Sue is using financial leverage. Sue is controlling $1,200,000 of land with only $400,000 of her own money.
What is finding an alternative with the most cost effective or highest achievable performance under the given constraints, by maximizing desired factors and minimizing undesired ones.
Optimizing
What is a sales strategy where the seller will provide opportunities to purchase related products or services, often for the sole purpose of making a larger sale.
Up-Selling
A popular example of upselling happens when a fast-food customer orders a hamburger, and they are asked by their cashier “Do you want fries with that?”, in an attempt to get them to purchase more food. Other examples of products that are upsold are warranties on electronics purchases, and the purchase of a carwash after you purchased gas at the gas station.
What is a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer. Companies apply this strategy either by emphasizing the distinguishing features of their brand (what it is, what it does and how, etc.) or they may try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.) through advertising.
Product Positioning
Once a brand is positioned, it is very difficult to re-position it without destroying its credibility.
Which of the following methods will return the most emotional data when collecting market research data? Postage paid return post card survey, telephone interviews, face to face visits, online questionnaire, or email survey.
Face to Face visits
What is the study of buyer’s attributes relating to personality, values, attitudes, interests, or lifestyles.
Psychographics
Who are the “Who’s” in marketing research?
User, Decision Maker and Influencer
What is the numeric facts about particular groups of people?
Demographics
