Marketing Basics

Question 1

Marketing:

Answer 1

The process of creating, communicating, and delivering perceived value to customers

Question 2

Value:

Answer 2

The practical and emotional benefits that the buyer of a product gets from it. Each benefit stems from a specific feature of the product

Question 3

Perceived value:

Answer 3

is the value that people believe they will receive from a product

Question 4

A product can be:

Answer 4

a tangible good like a pair of shoes or a service or intellectual property

Question 5

Marketing strategy:

Answer 5

A plan of what to sell, whom to sell it to, and how to sell it that is focused on long-term profit, rather than short-term gains

Question 6

Situational analysis:

Answer 6

An evaluation of a company’s resources, capabilities, competitors, and general market demand.

Question 7

A situational analysis consists of two tasks:

Answer 7

1. Examining the four C’s: Company, Competitors, Customers, and Collaborators
2. Interpreting the information gathered in the four C’s within the framework of a SWOT analysis, which describes the company’s strengths, weaknesses, opportunities, and threats

Question 8

Segmentation, targeting, and positioning as a process

Answer 8

is used to tailor marketing efforts to relevant audiences and thus ultimately maximise revenue

Question 9

Segmentation:

Answer 9

Dividing consumers into distinct groups, or segments, based on homogeneity in certain attributes, distinction in these attributes from customers in other segments, and a similar reaction to marketing messages.

Question 10

Targeting:

Answer 10

is the process of creating a target audience by selecting which segments of consumers to focus marketing efforts on

Question 11

Positioning:

Answer 11

defines how a company wants its product to be perceived by consumers that it markets to, relative to competing products.

Question 12

Positioning statement:

Answer 12

A statement describing the core benefits that a product offers, used internally to guide product messaging.

Question 13

The value proposition is:

Answer 13

1. The benefits that a product provides to the target audience.
2. A statement describing these benefits.

Question 14

Unique selling proposition:

Answer 14

A type of value proposition statement that communicates the essence of what makes a product unique to the target audience.

Question 15

The four P’s:

Answer 15

Product, Price, Place, and Promotion

Question 16

To create a marketing strategy:

Answer 16

a company must use the four P’s as their foundation. Because these four factors are under the company’s control

Question 17

The four stages of the product life cycle are:

Answer 17

Introduction, Growth, Maturity, Decline

Question 18

Over the course of a product’s life cycle, the marketing strategy needs:

Answer 18

to be adjusted as the types of customers who buy the product and the quantity of demand change.