topic 3 Flashcards
(24 cards)
What is Marketing?
The process of identifying, anticipating, and satisfying customer needs profitably.
Helps understand the market and attract customers.
What is Market Orientation?
A business focuses on customer needs before developing a product.
Products are more likely to succeed, builds customer loyalty.
What is Product Orientation?
A business focuses on product quality or innovation first, then finds customers.
Focus on quality and innovation.
What is Market Segmentation?
Dividing a market into groups with similar needs or characteristics (e.g., age, income, lifestyle).
Targets marketing effectively, meets specific customer needs.
What is a Niche Market?
A small, specific segment of a larger market.
Less competition, loyal customers.
What is a Mass Market?
Selling a product to the whole market with no segmentation.
Economies of scale, large customer base.
What is the Marketing Mix (4Ps)?
The combination of Product, Price, Place, and Promotion used to market a product.
Balanced marketing strategy.
What is the Product Life Cycle?
Stages a product goes through: Introduction, Growth, Maturity, Decline.
Helps plan marketing strategies for each stage.
What are Extension Strategies?
Methods used to prolong the maturity stage of a product (e.g., updating design, new markets).
Maintains revenue, delays decline.
What is Branding?
Creating a unique name, logo, or image for a product.
Builds loyalty, allows premium pricing.
What is Price Skimming?
Charging a high price initially, then lowering it later.
High initial profit, creates prestige.
What is Penetration Pricing?
Charging a low price to attract customers and gain market share quickly.
Fast market entry, increases sales volume.
What is Competitive Pricing?
Setting prices based on competitors’ prices.
Attracts price-sensitive customers.
What is Cost-Plus Pricing?
Adding a fixed markup to the cost of production.
Ensures profit is made on each unit.
What is Promotional Pricing?
Temporarily reducing prices to increase short-term sales.
Boosts sales quickly, clears stock.
What is Advertising?
Paid promotion of a product or service (e.g., TV, social media, billboards).
Raises awareness, reaches large audience.
What is Sales Promotion?
Short-term incentives to increase sales (e.g., discounts, coupons).
Encourages quick purchases, boosts short-term revenue.
What is Personal Selling?
Direct interaction between salesperson and customer.
Persuasive, tailored to customer.
What is Public Relations (PR)?
Promoting a good image of the business through media and events.
Builds trust, free publicity.
What is E-commerce?
Selling goods/services over the internet.
Wider market reach, lower fixed costs.
What is Place (Distribution)?
How a product reaches the customer (e.g., retail, online, wholesalers).
Multiple channels increase access.
What is Primary Market Research?
Collecting new data directly from customers (e.g., surveys, interviews).
Specific, up-to-date information.
What is Secondary Market Research?
Using existing data (e.g., reports, websites, government publications).
Cheaper, quicker than primary research.
What is a Marketing Strategy?
A long-term plan to achieve marketing objectives (e.g., increase sales, enter new markets).
Provides direction and focus.
