Summative Exam (Part 1) Flashcards
is a multifaceted business activity that encompasses a wide range of processes and strategies aimed at promoting and selling products or services to consumers or other businesses.
It also involves understanding customer needs and preferences, creating value through products or services, and effectively communicating that value to target audiences.
It also plays a pivotal role in driving sales, building brand awareness, and fostering customer loyalty.
Marketing
a form of communicating and promoting the value of products, services or brands to the consumers.
Advertising
refers to the set of activities and strategies designed to communicate and persuade target audiences about the value of a product, service, or brand.
one of the four Ps of the marketing mix, alongside product, price, and place (distribution).
plays a crucial role in creating awareness, generating interest, driving desire, and encouraging action among potential customers.
Promotion
Key components and aspects of marketing:
.Market Research
.Product or Service Development
.Pricing
.Distribution(Place)
.Promotion
.Branding
.Target Audience
.Marketing Mix (4Ps)
.Digital Marketing
.Data Analytics
.Customer Relationship Management (CRM)
.Ethical and Social Responsibility
This involves collecting and analyzing data to understand consumer behavior, market trends, competition, and potential opportunities.
It also helps businesses make informed decisions about their products, pricing, distribution, and promotion strategies.
Market Research
starts with a product or service that fulfills a customer need or solves a problem.
Companies must continually innovate and refine their offerings to meet changing customer demands.
Product or Service Development
Setting the right price for a product or service is critical.
Pricing strategies can vary widely, including premium pricing, value pricing, competitive pricing, and penetration pricing, among others
Pricing
Determining how and where to make products or services available to customers is a crucial aspect of marketing.
This includes decisions about distribution channels, logistics, and the physical or digital locations where products are sold.
Distribution(Place)
involves all the activities used to inform, persuade, and influence potential customers to purchase a product or service.
This can include advertising, public relations, social media marketing, content marketing, and various other promotional tactics.
Promotion
represents the company’s identity, values, and reputation in the eyes of consumers.
Brand
Building a strong brand is an integral part of marketing.
Branding
Effective marketing requires identifying and understanding the ________________ or customer segments.
Companies tailor their marketing efforts to resonate with specific demographics, behaviors, and preferences.
Target Audience
consists of four key elements: Product, Price, Place, and Promotion.
These elements must be carefully coordinated to create a cohesive marketing strategy.
Marketing Mix (4Ps)
In the digital age, online marketing has become increasingly important.
This includes strategies such as search engine optimization (SEO), social media marketing, email marketing, and online advertising
Digital Marketing
It measures the effectiveness of marketing campaigns.
This data-driven approach helps companies optimize their strategies and make informed decisions
Data Analytics
Building and maintaining strong relationships with customers is a priority for many businesses.
help companies manage customer interactions and provide personalized experiences.
Customer Relationship Management (CRM)
Companies are increasingly expected to engage in ethical practices and contribute positively to society.
becoming more significant in marketing.
Ethical and Social Responsibility
a dynamic and evolving field that adapts to changes in consumer behavior, technology, and market conditions.
Marketing
Requires creativity, strategic thinking, and a deep understanding of customer needs and preferences.
Successful marketing
conventional methods and strategies that were commonly used before the digital age and the rise of online marketing.
These approaches often rely on offline or non-digital channels to reach and engage with target audiences.
Traditional Approaches
Traditional approaches to marketing:
.Print Advertising
.Broadcast Advertising
.Outdoor Advertising
.Event Marketing
.Telemarketing
.Public Relations (PR)
.Promotions and Discounts
.Guerrilla Marketing
.Word-of-Mouth Marketing
.Endorsements and Celebrity Marketing
.In-Store Marketing
.Direct Sales
.Printed Materials and Brochures
to reach a local or regional audience
Newspapers
cater to specific interests, demographics, or industries.
Magazines
Sending physical promotional materials, such as flyers, brochures, or catalogs, to potential customers’ mailboxes.
Direct Mail
Creating and airing television commercials during popular programs or time slots.
Television (TV)
Running radio advertisements on both local and national stations.
Radio
Placing large, eye-catching advertisements along highways, major roads, or in high- traffic areas.
Billboards
Advertising on public transportation, such as buses, trains, or subway systems.
Transit Advertising
Supporting and sponsoring events, conferences, or sports teams to gain exposure and reach a relevant audience.
Sponsorships
to showcase products or services to potential clients or partners.
Trade Shows and Exhibitions
Making phone calls to potential customers to promote products or services.
Outbound Calls
Receiving and handling inquiries or orders from customers who respond to advertisements.
Inbound Calls
Distributing ________________ to media outlets to generate positive coverage and publicity.
press releases
Building relationships with journalists and media professionals to secure media coverage.
Media Relations
Offering discounts, coupons, or special promotions to incentivize purchases and attract new customers.
Running contests, giveaways, or sweepstakes to engage with the audience.
Promotions and Discounts
Implementing unconventional and attention-grabbing marketing tactics in unexpected places or ways.
Guerrilla Marketing
Encouraging satisfied customers to recommend products or services to friends, family, and colleagues.
Word-of-Mouth Marketing
Collaborating with celebrities or influential figures to endorse products or services.
Endorsements and Celebrity Marketing
Creating in-store displays, signage, and promotions to influence purchasing decisions at physical retail locations.
In-Store Marketing
Engaging in one-on-one sales interactions with potential customers, often used in industries like insurance and home improvement.
Direct Sales
Designing and distributing printed marketing materials at events, trade shows, or in-store.
Printed Materials and Brochures
evolved to keep pace with changing consumer behaviors, technological advancements, and shifting market dynamics.
designed to be more customer-centric, data-driven, and adaptive.
Contemporary marketing approaches
Contemporary marketing approaches:
.Digital Marketing
.Content Marketing
.Social Media Marketing
.Inbound Marketing
.Data-Driven Marketing
.Personalization
.Marketing Automation
.Customer Experience (CX) Marketing
.Mobile Marketing
.Video Marketing
.Voice Search Optimization
.Sustainability and Social Responsibility Marketing
It encompasses a wide range of online channels and tactics, including search engine optimization (SEO), social media marketing, content marketing, email marketing, pay-per-click (PPC) advertising, and influencer marketing.
It leverages the internet and digital platforms to reach and engage with target audiences.
Digital Marketing
It focuses on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.
provide information, solve problems, and build trust with customers, often through blog posts, videos, infographics, and other content formats.
Content Marketing
It involves using social networking platforms like Facebook, Instagram, Twitter, and LinkedIn to connect with audiences, build brand awareness, and engage in conversations.
Social Media Marketing
customer-centric approach that aims to attract, engage, and delight customers by delivering valuable content and experiences at every stage of the buyer’s journey.
It focuses on building long-term relationships and earning customer trust.
Inbound Marketing
relies on the collection, analysis, and interpretation of data to make informed decisions.
Marketers use data analytics, customer insights, and metrics to measure campaign effectiveness, optimize strategies, and personalize marketing efforts.
Data-Driven Marketing
It involves tailoring marketing messages, offers, and experiences to individual customers or specific segments.
It leverages customer data and behavioral insights to deliver relevant content and recommendations.
Personalization
uses software and technology to automate repetitive marketing tasks, such as email campaigns, lead nurturing, and customer segmentation.
It streamlines marketing processes and enables personalized interactions at scale.
Marketing Automation
It focuses on creating positive, memorable experiences for customers at every touchpoint with a brand.
It considers the entire customer journey and aims to exceed customer expectations.
Customer Experience (CX) Marketing
It includes tactics like mobile advertising, mobile-optimized websites, and location-based marketing to reach consumers on their mobile devices.
Mobile Marketing
leverages the power of video content, including tutorials, product demonstrations, storytelling, and live streaming, to engage and inform audiences.
Video Marketing
As voice-activated devices and virtual assistants become more prevalent, marketers are optimizing their content for voice search to ensure visibility in voice search results.
Voice Search Optimization
showcasing environmentally friendly practices and community involvement.
Sustainability and Social Responsibility Marketing
characterized by agility, responsiveness, and a strong focus on building meaningful customer relationships.
Contemporary marketing approaches
multifaceted and can vary depending on the organization, its products or services, and its overall business objectives.
The goals of marketing
Marketing generally aims to achieve several key goals:
.Increasing Sales and Revenue
.Brand Acceptance or Building Brand Awareness
.Promoting Customer Satisfaction
.Expanding Market Share
.Customer Acquisition
.Customer Retention and Loyalty
.Market Segmentation
.Product or Service Development
.Creating Differentiation
.Monitoring and Measuring Performance
.Crisis Management and Reputation Protection
.Educating and Informing Customers
.Adapting to Market Changes
.Maximizing Return on Investment (ROI)
.Sustainability and Social Responsibility
One of the primary goals of marketing is to drive sales and generate revenue.
ROI (Return On Investment):
Effective marketing strategies should result in increased sales of products or services, leading to higher income for the organization.
Increasing Sales and Revenue
Marketing efforts seek to raise awareness of the brand, its products, and its unique value proposition among target audiences.
A strong brand presence can lead to increased recognition, trust, and loyalty among customers.
Brand Acceptance or Building Brand Awareness
Marketing should focus on meeting customer needs and expectations, thereby enhancing overall satisfaction.
Promoting Customer Satisfaction
Companies often strive to gain a larger share of their target market.
Expanding Market Share
Attracting new customers and expanding the customer base is a fundamental marketing goal.
Strategies may include lead generation, customer acquisition campaigns, and market research to identify potential customers.
Customer Acquisition
It is typically more cost-effective to retain existing customers than to acquire new ones.
Customer Retention and Loyalty
Effective marketing involves identifying and targeting specific market segments that are most likely to be interested in the products or services.
Market Segmentation
Marketing plays a role in shaping product or service offerings to meet customer demands and preferences.
Feedback from marketing research and customer insights can inform product development and improvements.
Product or Service Development
Marketing helps organizations differentiate their products or services from competitors.
Highlighting unique features, benefits, and value propositions can give a competitive advantage.
Creating Differentiation
This involves tracking key performance indicators (KPIs) to evaluate the effectiveness of marketing efforts.
Monitoring and Measuring Performance
In times of crisis or negative publicity, marketing can play a role in managing the organization’s reputation and mitigating damage through strategic communication and public relations.
Crisis Management and Reputation Protection
Marketing should provide customers with essential information about products or services, helping them make informed purchasing decisions.
Educational content can establish the organization as an expert in its industry.
Educating and Informing Customers
Marketing strategies should be flexible and adaptable to respond to changing market conditions, emerging trends, and shifts in customer preferences.
Adapting to Market Changes
Marketing efforts should be cost-effective and provide a positive return on investment.
Marketers aim to allocate resources efficiently to achieve the desired outcomes.
Maximizing Return on Investment (ROI)
Some organizations incorporate sustainability and social responsibility goals into their marketing efforts, demonstrating a commitment to ethical and environmental practices.
Sustainability and Social Responsibility
