Marketing Concepts and Practices

These flashcards cover essential vocabulary and concepts in marketing, including definitions and explanations relevant for study and exam preparation.

Brand Recognition

The ability of consumers to identify a brand by its attributes such as name, logo, or packaging.

Marketing Concept

The strategy of determining a target market and its needs, wants, and expectations.

Distribution

The process of deciding where and to whom products should be sold to reach final users.

Marketing Mix

A set of four strategies (Product, Price, Place, Promotion) that a business uses to market its offerings.

Product Mix

The complete range of products or product lines that a company offers to its customers.

Width

Refers to the number of product lines offered by a company.

Length

The total number of products in a firm's product mix.

Depth

The number of variations within a product line.

Consistency

How closely related product lines are to each other.

Patents

Exclusive rights granted by a government to an inventor for a certain number of years.

Copyrights

Legal rights that allow the owner to reproduce, publish, sell, or distribute specific works.

Trademarks

Words, phrases, symbols, or designs that identify and distinguish goods from others.

Branding

Activities designed to create a brand and position it in the minds of consumers.

Customer Needs

Specific problems or desires of consumers that a product aims to address.

Customer Service

The support and assistance provided to customers before, during, and after the purchase.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Segmentation

The process of defining and subdividing a large market into distinct segments with similar needs.

Pricing Strategy

The approach taken to determine the price point of a product or service.

Sales Promotion

Methods of stimulating consumer purchase and achieving short-term sales goals.

Visual Merchandising

The use of attractive displays and layouts to engage customers and boost sales.

E-Commerce

Buying and selling of goods or services using the internet.

Consumer Behavior

The study of how individuals make purchasing decisions and how they are influenced.

Brand Loyalty

The tendency of consumers to continue buying the same brand over others.

Sustainability

Implementing practices that meet present needs without compromising future generations.

Profit

The financial gain obtained when revenue exceeds expenses.

Economic Resources

Inputs used to produce goods and services including land, labor, capital, and entrepreneurship.

Legal Aspects of Marketing

Regulatory considerations such as patents, copyrights, and trademarks in product development.

Customer Relationships

The interactions and bonds formed between a business and its customers.

Competitor Analysis

The assessment of competitors to understand their strengths and weaknesses in the market.

Target Market

A specific group of consumers at which a product or service is aimed.

Functional Buying Motives

Practical benefits of a product that satisfy specific consumer needs.

Psychographics

The study and classification of people based on their attitudes, aspirations, and psychological criteria.

Marketing Information Management

The process of getting necessary data to make sound business decisions.

Distributing Channels

The paths through which goods and services flow from the producer to the consumer.

Sales Transaction

The completion of a sale, including methods of payment and customer engagement.

Advertising Mix

A combination of different advertising channels used to promote products.