Unit 3: Marketing & Advertising Study Guide

Vocabulary practice flashcards covering fundamental marketing concepts, the marketing mix, branding, pricing strategies, advertising types, market segmentation, and advertising elements based on the Unit 3 study guide.

Marketing

The process of creating, promoting, and delivering goods and services to satisfy customer needs and wants while achieving business goals.

Product (4 P's)

The goods or services a business offers to meet consumer needs.

Price (4 P's)

The amount of money customers must pay to obtain the product.

Place (4 P's)

Where and how the product is distributed and made available to customers.

Promotion (4 P's)

The methods used to communicate and persuade customers to buy the product.

Consumer Good

A product purchased by individuals for personal use (e.g., clothing, food).

Industrial Good

A product purchased by a business for use in producing other goods or services (e.g., machinery).

Service

An intangible activity performed for a customer (e.g., haircut, car wash).

National Brand

A brand owned by a manufacturer and distributed nationally (e.g., Nike).

Private/Store Brand

A brand owned by a retailer or wholesaler (e.g., Great Value at Walmart).

Generic Brand

A product with no brand name sold at the lowest price (e.g., "Cola" or "Paper Towels" in plain packaging).

Packaging

The process of designing and producing the container or wrapper for a product; it protects the product, attracts attention, and provides information.

Introduction Stage

The product life cycle stage involving a new product launch (e.g., electric flying cars).

Growth Stage

The product life cycle stage characterized by increasing sales (e.g., smartphones in the 2010s).

Maturity Stage

The product life cycle stage characterized by peak sales (e.g., soda brands like Coca-Cola).

Decline Stage

The product life cycle stage where sales fall (e.g., DVD players).

Penetration Pricing

Setting a low initial price to attract buyers (e.g., Disney+ launch price).

Price Skimming

Setting a high initial price to target early adopters (e.g., new iPhone release).

Competition-Based Pricing

Pricing products based on competitors' rates (e.g., gas stations matching nearby prices).

Promotion

Any form of communication used to inform, persuade, or remind customers about a product or service.

Advertising

A paid, non-personal form of promotion that communicates messages through media such as TV, radio, print, or online platforms.

Reminder Advertising

Advertising that keeps a product's name in front of consumers (e.g., Coca-Cola holiday commercials).

Persuasive Advertising

Advertising that tries to convince customers to buy or switch brands (e.g., Nike "Just Do It" ads).

Comparative Advertising

Advertising that compares one brand to another (e.g., paper towel commercials).

Product Placement

When a brand or product is featured within entertainment media like movies or TV shows (e.g., a character drinking Starbucks coffee in a movie).

Brand Loyalty

When consumers consistently choose one brand over competitors due to trust, satisfaction, or familiarity.

Target Market

A specific group of consumers that a business aims its products and marketing efforts toward.

Market Segmentation

Dividing a market into smaller groups of consumers with similar needs or characteristics.

Demographic Segmentation

Segmenting a market based on age, gender, income, or education (e.g., teenagers ages 13–18).

Geographic Segmentation

Segmenting a market based on location (e.g., Midwest vs. coastal markets).

Psychographic Segmentation

Segmenting a market based on lifestyle, values, or interests (e.g., health-conscious consumers).

Positioning

How a business creates an image or identity for its product in the minds of consumers compared to competitors (e.g., Volvo positioning itself as the "safest car brand").

Slogan

A short, catchy phrase that promotes brand recognition and reinforces brand identity (e.g., McDonald's "I'm Lovin' It").

Headline

The element of an advertisement designed to grab attention.

Visual/Image

The element of an advertisement that draws interest and creates appeal.

Copy/Text

The element of an advertisement that provides details and persuades.

Signature/Logo

The element of an advertisement that identifies the advertiser.