Marketing test review Flashcards
Marketing
Marketing is the action of promoting or selling a good/service
Branding
Branding is establishing an identity for your brand that makes it different than your other competitors.
Target Market
Target Market is a group of potential customers that you identify to sell your goods/services to.
Brand Equity
The value of the brand in the marketplace.
Niche
A very specific market, few competitors
Brand loyalty
Brand loyalty is the positive association consumers attach to a particular product or brand. For example, some people might like Coca-Cola, and others might prefer Pepsi.
Out-of-home
A form of advertising where you find them outside of your home, but typically not in stores where they sell that merchandise. This includes billboards for example in Time Square.
Direct-to-home
A form of advertising that markets right to you. For example, it can come through social media, tv ads, etc.
Fad and trends
A fad is a style or activity that suddenly becomes very popular but does not last long. A trend is almost the same thing, just with a longer maturity stage.
Knock off
An imitation of an original copy that sells for less on the market
Impulse buying
When you buy something in the spur of the moment. It was not pre-planned.
Guerilla marketing
Guerilla marketing is a form of advertising in surprising and unconventional ways.
Income
The amount of money you earn from labor, services or investments
Trademark
A trademark can be any word, phrase, logo, etc that identifies your company. Its how customers recognize you in the marketplace and distingushes you from your competitors
Brand insistence
Brand insintense is a type of exceptional customer loyalty where the customer only wants that product or brand
