MKTG exam 1 Flashcards
What are Advergames?
Video games used for brand promotion
Advergames are an innovative way to engage consumers while promoting a brand.
Define Brand Lift.
The increase in consumer awareness due to a campaign
Brand Lift helps measure the effectiveness of marketing campaigns.
What are Cross-Channel Synergies?
Combining multiple marketing methods to enhance results
This approach maximizes reach and effectiveness.
What is Segmentation in marketing?
Dividing a target market into smaller groups based on shared characteristics
Segmentation allows for more targeted marketing strategies.
What does the Value-Quality Matrix compare?
Compares product quality vs. value
This matrix helps businesses position their products effectively.
What is Attribution in marketing metrics?
Assigning credit for conversions to specific marketing actions
Attribution helps evaluate marketing effectiveness.
Define Engagement Rate.
Measures how well users interact with marketing content
A higher engagement rate indicates better consumer interest.
What does KPI stand for?
Key Performance Indicator
KPIs are crucial for measuring progress towards goals.
What is the primary business goal?
Growth
Growth is essential for long-term sustainability.
What is the Marketing Mix?
The combination of factors used to influence consumer decisions (Product, Price, Place, Promotion)
The Marketing Mix is a foundational concept in marketing strategy.
What are the two types of marketing research?
Qualitative and Quantitative
Qualitative research focuses on subjective data, while quantitative research deals with objective data.
What is the purpose of marketing research?
Identify and solve marketing problems
Effective research informs better marketing strategies.
List the five types of analytics.
- Prescriptive
- Predictive
- Diagnostic
- Descriptive
- Performance Analytics
Each type serves a different analytical purpose in marketing.
What does Customer Journey Map track?
Tracks a consumer’s interactions with a brand
This mapping helps in understanding consumer experiences.
What are Touchpoints?
Any brand interaction
Touchpoints are critical for shaping consumer perceptions.
What is the Marketing Funnel?
Stages: Top of funnel (TOFU): Awareness, Middle of Funnel (MOFU): Consideration, Bottom of Funnel (BOFU): Conversion & Retention
The funnel illustrates the consumer decision-making process.
What does Net Promoter Score (NPS) measure?
Measures customer loyalty
A high NPS indicates strong customer satisfaction and loyalty.
What is Customer Lifetime Value (CLV)?
Expected revenue from a customer over time
CLV helps businesses understand the long-term value of their customers.
What influences consumer behavior?
- Cultural
- Social
- Personal
- Psychological Factors
These factors interplay to shape consumer decisions.
Fill in the blank: Marketing Management involves choosing target markets and acquiring, keeping, and growing customers by delivering _______.
[superior value]
This definition highlights the focus of marketing management.
What is the Ansoff Matrix?
Strategy framework for market growth
It helps businesses identify growth strategies.
Define Demographics.
Characteristics within a population
Demographics are essential for market segmentation.
