Contemporary Marketing Exam Reviewer

This set of flashcards covers core marketing concepts including the 7Ps, STP strategies, digital vs traditional marketing, and modern marketing automation tools.

Marketing Mix

A tool used to help businesses satisfy customers and compete in the market, traditionally consisting of the 7Ps.

Product

The goods or services being sold that meet customer needs and wants; includes considerations like quality, features, design, brand, and lifespan.

Price

The amount customers pay for a product, which affects profit and customer perception of value.

Place

Where and how customers can access and buy a product, including stores, online shops, and delivery.

Promotion

Activities used to inform and persuade customers to buy, such as advertisements, social media, and sales promotions.

People (7Ps)

The component of the marketing mix focused on understanding and knowing the target customers through accurate customer profiling.

Packaging

The design and presentation of a product used to protect it, attract buyers, and provide information.

Positioning (7Ps)

How customers think about a brand compared to its competitors based on quality, value, innovation, or unique features.

STP

A strategic marketing process standing for Segmentation, Targeting, and Positioning, used to identify customer groups and deliver the right products.

Market Segmentation

The process of dividing a large and diverse market into smaller groups with similar characteristics, needs, or buying behaviors.

Geographic Segmentation

Dividing a market based on location details like country, region, city, climate, or population density.

Demographic Segmentation

Grouping customers according to measurable characteristics like age, gender, income, occupation, education, and marital status.

Behavioral Segmentation

Grouping customers based on purchasing behavior, including product usage, buying frequency, brand loyalty, and benefits sought.

Market Targeting

The process of choosing which market segment to serve by considering market size, profitability, competition, and resources.

Undifferentiated Marketing

A strategy that uses one product and one marketing strategy for the entire market.

Differentiated Marketing

A strategy providing different products and marketing strategies for several market segments to satisfy diverse needs.

Concentrated (Niche) Marketing

A strategy focusing marketing efforts on one specific market segment to build expertise and customer loyalty.

Micromarketing

Highly personalized marketing where products and activities are customized for individuals or local communities.

Market Positioning

The process of creating a distinct image or identity for a product or brand in the minds of target customers.

USP (Unique Selling Proposition)

The specific feature, benefit, or value that makes a product different from competitors and builds customer preference.

Traditional Marketing

Marketing that uses offline communication channels like TV, radio, newspapers, billboards, and direct selling.

Digital Marketing

Marketing using internet-based platforms and technologies like social media, search engines, and email.

Market Analytics

The process of using data to guide marketing decisions.

Data-driven marketing

A strategic approach that uses customer information to guide decisions, optimize ad spend, and personalize campaigns.

AI Collaboration

Using automated models to spot hidden market segments and trends.

Omnichannel Tracking

Gathering touchpoints from multiple sources like websites, social media, and CRM systems.

Diagnostic Evaluation

The process of finding why marketing campaigns succeed or fail.

Data Hygiene

The process of cleaning and standardizing data for accurate, bias-free comparisons.

Actionable Translation

The process of converting raw data into strategic recommendations.

Marketing Automation Tools

Software applications that automate repetitive tasks, collect customer data, and improve marketing performance.

Google Analytics 4 (GA4)

A tool used to track website traffic, user behavior, and sales performance.

HubSpot

A CRM and marketing automation tool used to automate email campaigns and lead management.

Mailchimp

An email marketing automation tool used to schedule newsletters and monitor email performance.

Salesforce Marketing Cloud

A CRM and marketing automation platform used to personalize customer journeys.

Hootsuite

A social media management tool used to schedule posts and analyze engagement.

Meta Business Suite

A platform for managing Facebook and Instagram posts and advertising performance.

Google Looker Studio

A data visualization tool used to create real-time marketing reports and dashboards.

SEMrush

A tool for SEO and competitive analysis used to track keyword rankings and competitor performance.

Zapier

A workflow automation tool that connects different marketing apps to automate repetitive tasks.

Tableau

A data analytics and visualization dashboard used to develop interactive marketing KPIs.