Marketing Basics Lecture Notes

These flashcards cover the basics of marketing, including key concepts, definitions, and strategies relevant to the field.

What is the primary focus of marketing?

Creating exchanges between businesses and customers.

What role does marketing play between producers and consumers?

Marketing acts as a strategic bridge utilizing intermediaries to enhance distribution efficiency, expand market reach, and manage product flow.

How are pricing decisions influenced in marketing?

They are largely influenced by customers' perception of value.

What is the purpose of communication in marketing?

To attract customer interest.

What defines durable goods?

Products that provide utility over a long period.

What are nondurable goods?

Products that are consumed quickly.

How does marketing facilitate daily life?

By facilitating the flow of goods and services.

What drives businesses to improve their products?

Competition.

What does marketing promote on a global scale?

Frequent trade among people from different countries.

What is marketing segmentation?

The process of dividing the market into specific groups.

What is demographic segmentation?

Dividing the market based on measurable, objective data points like age, gender, income, education level, family size, and occupation.

What does psychographic segmentation involve?

Grouping customers by their inner traits, including lifestyles, values, beliefs, interests, and personality traits.

What is geographic segmentation?

Dividing the market based on location-specific factors such as country, region, city, or climate.

What does behavioral segmentation categorize consumers based on?

Their actions, such as purchasing habits, brand loyalty, usage rates, and benefits sought.

What is a target market?

The specific group of customers a business aims to attract.

What is mass marketing?

A strategy that targets the entire market.

How is brand extension defined?

When a company adds new products under an existing brand.

What is a product line?

A group of related products under one brand.

What is the maturity stage in the product life cycle?

Most products are in this stage, indicating widespread acceptance.

What does ethical responsibility include in marketing?

Ensuring customer safety.

What is product positioning?

A strategy to create a specific impression of a product in customers' minds.

What should be done carefully when eliminating weak products from a product mix?

It must be done to avoid damaging the company's image.

What does contraction in product mix strategy refer to?

When a company stops selling unprofitable products.