Introduction to Marketing Flashcards
(15 cards)
What is the definition of marketing?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
What are the five marketing management philosophies?
Production, Sales, Market, Societal, and Holistic Marketing Orientations.
What is the marketing mix (4 Ps)?
Product, Price, Place, Promotion.
What is market segmentation?
Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviours.
What are the four bases of segmentation?
Demographic, Geographic, Psychographic, and Behavioural.
What is the product life cycle?
The stages a product goes through: Introduction, Growth, Maturity, and Decline.
What is consumer behaviour?
The study of individuals and groups and the processes they use to select, use, and dispose of products, services, experiences, or ideas.
Define brand loyalty.
A customer’s consistent preference for one brand over all others.
What is the difference between high involvement and low involvement buying?
High involvement involves careful decision-making for significant purchases; low involvement is habitual or routine buying.
What is the role of marketing in society?
It helps match products with people’s needs and wants, contributes to economic growth, and improves quality of life.
What is positioning?
Designing a company’s offering and image to occupy a distinct place in the target market’s mind.
Define customer value.
The difference between what a customer gets from a product and what they give up to get it.
What is CRM (Customer Relationship Management)?
A strategy for managing a company’s interactions with current and potential customers using data analysis and technology.
What are uncontrollable factors in the marketing environment?
Political, Economic, Social, Technological, Legal, and Environmental factors (PESTLE).
What is new product development (NPD)?
The process of bringing a new product to market, including idea generation, screening, development, and commercialisation.
