Marketing Flashcards
(31 cards)
What are the 2 Cs of marketing?
- Satisfying the Consumer
- Sizing Up the Competition
What does ‘Satisfying the Consumer’ involve?
Understanding the needs and wants of potential customers
Who are considered the target market?
Consumers that marketers believe will be most likely to buy the product or service
What demographic factors are important in understanding consumers?
- Age
- Sex
- Gender
- Ethnicity
- Income levels
What psychological factors should marketers consider?
- Personalities
- Values
- Lifestyles
- Hobbies
- Interests
What is meant by ‘Sizing Up the Competition’?
Refers to other firms competing for the same consumer attention and dollars
What is direct competition?
Businesses compete to sell essentially the same product
Provide an example of direct competition.
Five Guys competes with McDonald’s to sell burgers, fries, and drinks
What is indirect competition?
Businesses offer different products to the same target market
Provide an example of indirect competition.
Domino’s Pizza, Subway, and KFC compete with McDonald’s
What are the 4 Ps of marketing?
- Product
- Place
- Price
- Promotion
What does ‘Product’ refer to in marketing?
The actual good or service being created or offered to customers
What factors are involved in the ‘Place’ aspect of marketing?
Where consumers can find and buy the good or service
What is meant by ‘Price’ in marketing?
The amount of money that a business asks for a particular product, service, or event
What are some factors that can influence pricing?
- Cost plus pricing
- Market demand
- State of the competition
- Distribution costs
- Office and administration overhead cost
What is the purpose of ‘Promotion’ in marketing?
To communicate a message about a good or service to consumers
What does the AIDA formula stand for?
- Attention
- Interest
- Desire
- Action
What is the first step of the AIDA formula?
Attention - using headlines, images, songs, or sounds to grab the consumer’s attention
What follows after gaining Attention in the AIDA model?
Interest - holding the viewer’s interest by showing features and benefits
What is the purpose of the ‘Desire’ step in AIDA?
To show the viewer what is in it for them and why the product is worth buying
What does the ‘Action’ step in AIDA encourage?
Inviting the viewer to take action, such as making a purchase
What is Celebrity Marketing?
Using prominent individuals to send a marketing message to a group
What is Database Marketing?
Using massive databases and analytics to target specific consumers
What is Viral Marketing?
Encouraging people to pass along favorable marketing messages to others
