MARKETING EXAM

The Four P's of the Marketing Mix

Product, Price, Place, Promotion.

Product

What you’re selling including features, benefits, and design.

Price

How much the product costs, considering value and competition.

Place

The distribution channel where the product is sold.

Promotion

How consumers learn about the product, including advertising and sales.

SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats.

Supply

The amount of a product available for sale.

Demand

The desire and ability of consumers to purchase a product.

Price-Quality Matrix

A tool to compare how price and quality relate.

Market Segmentation

Dividing the market into groups based on demographics, psychographics, geography, and behavior.

Target Market

A specific group of consumers that a company aims to reach.

Buying Process

The steps a consumer takes to make a purchase: Need recognition, Information search, Evaluate alternatives, Purchase, Post-purchase evaluation.

Internal Factors Affecting Price

Costs, business goals, brand image.

Penetration Pricing

Setting a low price to enter a market.

Distribution Channels

The pathways through which products reach consumers.

Inventory Control Methods

Just-in-time, perpetual inventory, manual inventory.

Brand Names

Unique and memorable names associated with products.

Logo Design

Creating simple and memorable symbols that represent a brand.

Marketing Research Types

Primary (collected by you) and Secondary (already available data).

Qualitative Research

Research focused on opinions and feelings.

Quantitative Research

Research focused on numerical data and statistics.

Maslow’s Hierarchy of Needs

A theory of human motivation, describing five levels: Physiological, Safety, Love/Belonging, Esteem, Self-actualization.

Promotion Goals

Inform, Persuade, Remind, Build brand awareness, Create loyalty.

Kotler’s Product Levels

Core product, Actual product, Augmented product.