Marketing Flashcards
(53 cards)
What is a marketing goal?
A specific objective a business wants to achieve through its marketing effort.
These goals help guide marketing strategies and measure success.
Why are marketing goals important?
- Provide direction
- Measure success
- Ensure resources are used effectively
Helps in budgeting and allocating funds to the right campaigns.
What does the SMART criteria stand for?
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
Each element helps define effective marketing goals.
Define Specific in the SMART criteria.
Clearly defines what you want to achieve.
Example: ‘Increase Instagram engagement by 30%.’
Define Measurable in the SMART criteria.
Can be tracked with data or numbers.
Example: ‘Gain 500 new customers in 3 months.’
Define Achievable in the SMART criteria.
Realistic based on business resources.
Example: ‘Expand delivery services to 2 new locations.’
Define Relevant in the SMART criteria.
Must align with overall business objectives.
Example: ‘Improve customer satisfaction by responding to inquiries within 24 hours.’
Define Time-bound in the SMART criteria.
Has a deadline for achieving the goal.
Example: ‘Increase website traffic by 20% within 6 months.’
What is a marketing strategy?
A plan of action designed to promote and sell a product or service.
Example: Apple’s marketing strategy focuses on premium branding.
Why is a marketing strategy important?
- Gives a clear plan
- Maximizes profit
- Differentiates from competitors
Helps businesses stand out in a crowded market.
What are the four types of marketing strategies?
- Cost Leadership
- Differentiation
- Niche Marketing
- Growth Strategy
Each strategy has its unique approach to market positioning.
What is the marketing mix?
The four key elements businesses use to market their products effectively.
The four P’s are Product, Price, Place, and Promotion.
What does ‘Product’ refer to in the marketing mix?
The goods or services that a business offers to customers.
Key considerations include features, qualities, design, branding, and packaging.
What is Premium Pricing?
High price for high-quality, luxury, or exclusive products.
Examples include Rolex and Gucci.
What is Penetration Pricing?
Low introductory price to attract new customers.
Example: New streaming services offering discounts.
What is Place in the marketing mix?
How and where a product is sold or distributed to customers.
Types of distribution include direct and indirect.
What is Promotion in the marketing mix?
How a business communicates their products to customers.
Includes advertising, social media marketing, and sales promotions.
What is market segmentation?
The process of dividing a broad customer base into smaller groups based on shared characteristics.
Helps businesses better target customers.
What are the four types of market segmentation?
- Demographic
- Geographic
- Psychographic
- Behavioral
Each type targets different customer characteristics.
Why is market segmentation important?
- Improved Marketing Efficiency
- Better Customer Experience
- Competitive Advantage
- Increased Profitability
Leads to higher conversion rates.
What is primary research?
First-hand data collected by the business.
Examples include surveys and focus groups.
What is secondary research?
Using existing data from other sources.
Examples include industry reports and academic studies.
What are the benefits of conducting market research?
- Understand customer needs
- Measure market trends
- Reduce risk
Helps businesses make informed decisions.
