Midterm Flashcards
When a company competes in multiple industries.
Corporate Level Marketing Strategy
When a company competes in one industry.
Business Level Marketing Strategy
Company competes in one segment of an industry.
Focus Level Marketing
Company that competes in multiple segments of an industry.
Differentiation Strategy
Company that offers products lower than the average market value.
Low-Cost Marketing Strategy
Marketing partnerships with allies to deliver better content that is cheaper and quicker to create.
Partner with Allies
Create advertisements that get customers to think about the past related to your product.
Tap into Nostalgia
The value a customer is provided when they purchase a product.
Value Proposition
A specific group of people a firm chooses to focus its marketing efforts to.
Target Audience
A prediction of the net profit attributed to the entire future relationship with a customer.
Lifetime Value of Customer
A tool for companies to determine how successful they are at achieving their goals
Marketing Scorecards
Specific measurements that are reported to identify effectiveness of their strategies.
Marketing Metrics
Value in a product that competitors do not offer, providing unique customer benefits.
Differential Benefit Value
All the divisions that play a role in creating value in a product. Each link in the chain has the potential to either add or remove value from the product.
Value Chain
A strategy that involves making a product or service stand out from the competition by being unique
Remarkable Difference
How your company differentiates from competition
Unique Selling Proposition
Measuring and evaluating data and goals over an extended period of time.
Gap Dashboard
Demographics and characteristics of the clientele that you are targeting that have similar purchasing behaviors.
Target Audience
A statement that outlines a company’s long-term goals.
Marketing Vision
Research that deals with numerical data/survey with numbers
Quantitative Research
Research that deals with people’s opinions, observations, and perceptions.
Qualitative Research
Extracting information from a data set to transform it into structured information.
Data Mining
Data Models
Conceptual
Logical
Physical
Organizing data in a computer so it can be used efficiently.
Structured Data
Collaborating with top influencers to gain a new audience and extend brand awareness.
Collaborate with Influencers
Advertisements created by users personal stories.
Embrace User Generated Content
The overall approach a company takes to market its product or service.
Core Strategy
Influencing friends and family to try a product or service.
Marketing Picture
Enhancing a company’s revenue generating products or services
Product/Service Innovation
The use of predictive analytics, user behaviour analytics that extract value from data.
Big Data
High-level description of a businesses informational needs
Conceptual Data
Abstract structure of domain information that can become physical data
Logical
Organizes data into tables and accounts for access
Physical
Measures the relationship between two independent variables
Correlation
Measures how one variable affects another
Multiple Regression
Identify where your company is among competition and the demand for the product
Descriptive Survey
Identifies customers and non-customers and why they are or are not your customers
Marketing-Profiling-Segmentation
