Marketing Flashcards
(37 cards)
What is marketing?
The process of identifying, anticipating, and satisfying customer needs while making a profit.
What are the 4 key aims of marketing?
Right product, right people, right price, right place.
Name 4 main areas of the marketing department.
Sales, Market Research, Promotion, Distribution.
Give 2 reasons why markets change.
Technology advances, changes in consumer income or tastes.
What is a mass market?
A large market aimed at everyone (e.g., Coca-Cola).
What is a niche market?
A small, specific market focused on particular customer needs.
What is market segmentation?
Dividing the market into groups with similar characteristics (age, gender, income, etc.).
What is primary market research?
First-hand data collected through surveys, interviews, or focus groups.
What is secondary market research?
Using existing data such as internet sources, reports, or newspapers.
What are the 4Ps of marketing (Marketing Mix)?
Product, Price, Place, Promotion.
What are consumer goods, producer goods, and services?
Goods for personal use, goods for business use, and actions people pay for.
What is a USP (Unique Selling Point)?
A feature that makes a product stand out from competitors.
Why is branding important?
Builds recognition, trust, and customer loyalty.
What is the purpose of packaging?
To protect, advertise, and make the product appealing.
Name the stages of the product life cycle.
Development, Introduction, Growth, Maturity, Saturation, Decline.
What are extension strategies?
Methods to increase product life, like new packaging or promotions.
What is cost-plus pricing?
Adding a fixed markup to the cost of the product.
What is penetration pricing?
Setting a low price to enter a competitive market.
What is price skimming?
Charging a high price initially for a new product, then reducing it.
What is competitive pricing?
Setting prices based on what competitors charge.
What is promotional pricing?
Temporarily reducing prices to attract customers.
What does PED (Price Elasticity of Demand) measure?
How sensitive demand is to price changes.
Name 4 channels of distribution.
Direct to customer, via retailer, via wholesaler, via agent.
What is e-commerce?
Buying and selling products online.
