2.4 - marketing strategies Flashcards
What is marketing?
The process of promoting and selling products or services.
What is market research?
The process of gathering
What are primary market research methods?
Collecting new data through surveys
What are secondary market research methods?
Using existing data such as industry reports
What is qualitative research?
Research focusing on understanding opinions
What is quantitative research?
Research involving numerical data that can be analyzed statistically.
What is market segmentation?
The process of dividing a market into distinct groups based on similar characteristics.
What are the 4 main market segments?
Demographic
What is a target market?
A specific group of consumers targeted by marketing efforts.
What is positioning?
The way a product or brand is perceived in the minds of consumers.
What is the marketing mix (4Ps)?
Product
What is a product life cycle?
The stages a product goes through from introduction to decline.
What are the stages of the product life cycle?
Introduction
What is market penetration?
A strategy to increase market share within existing markets.
What is market development?
A strategy to enter new markets with existing products.
What is product development?
Creating new products to sell to existing markets.
What is diversification?
Developing new products for new markets.
What is price skimming?
Setting a high price initially before gradually lowering it.
What is penetration pricing?
Setting a low price to gain market share quickly.
What is competition-based pricing?
Pricing a product based on competitors’ prices.
What is psychological pricing?
Setting prices to make products appear cheaper
