All Of Marketing Grade 11

Role of marketing

Making people want to buy things.

Types of products

Goods (things), Services (actions), Events (experiences).

Target market

The specific group you want to sell to.

Marketing concept

Focus on what customers want.

Demand and Supply

Demand = want. Supply = amount available.

Utility

How useful or satisfying a product is.

Buying decision process

Steps a customer takes before buying.

Product life cycle

How a product goes from new to old (Intro, Growth, Maturity, Decline).

Brand image

How people see a brand.

Product Positioning

Where your product stands in people’s minds.

Types/Levels of brands

National, private, generic. Levels = brand name, logo, etc.

Types of pricing

Ways to set a price (like low-price, high-end).

Pricing Objectives

Goals for pricing (like making profit).

Profit

Money left after costs.

Types of goods/services

Convenience, shopping, specialty items.

Consumer vs. Business market

People vs. Companies buying.

Primary data

Info you collect yourself.

Secondary data

Info someone else already collected.

Consumer demand

How much people want something.

Direct/Indirect competition

Direct = same product. Indirect = different product, same need.

Marketing mix (4Ps)

Product, Price, Place, Promotion.

International market research

Studying markets in other countries.

Marketing mix strategies

Using the 4Ps in smart ways.

Positioning/Branding

Making your brand stand out.

Consumer loyalty

Getting people to keep coming back.

Consumer perception

How customers view the product.

Market segmentation

Splitting customers into groups.

Demographic segmentation

Age, gender, income.

Psychographic segmentation

Lifestyle, interests.

Behavioural segmentation

How they act/buy.

Geographic segmentation

Where they live.

Branding

Name, logo, design of a company.

SWOT

Strengths, Weaknesses, Opportunities, Threats.

Competitive edge

What makes you better than others.

Needs vs. wants

Needs = must have. Wants = nice to have.

Types of customers

Consumers (use it), Customers (buy it).

Marketing plan

Your game plan for selling.

Marketing functions

What marketing does (like promotion).

Marketing strategy

Your plan to win customers.

Mass marketing

One message for everyone.

Targeted/Segmented marketing

Specific message for a group.

Segmentation variables

How we split customers (age, interests, etc.).

Buying motives

Reasons why people buy.

Purchase decisions

Choices people make to buy.

Competitive market

Where many sellers fight for customers.

Market share

Your piece of the total sales.

Primary/secondary research

Info you collect vs. info already out there.

Types of prices

Competitive, cost-based, value-based.

Factors that affect price

Costs, demand, competition.

Pricing objectives

Profit, survival, image.

Establishing price

Setting a price.

Psychological pricing

Pricing that feels right (e.g. $9.99).

Product categories

Types like convenience or luxury.

Service characteristics

No physical item, can’t be stored.

Product elements

Features, packaging, brand.

Social responsibility

Being a good company.

Protecting a brand

Legal stuff like trademarks.

Distribution channels

How a product gets to buyers.

Direct distribution

From company to buyer.

Indirect distribution

Through a store or dealer.

Transportation

Moving goods (truck, plane, etc.)

Promotion goals

Get attention, build interest, create desire, cause action.

Types of promotion

Ads, personal selling, PR.

Non-personal promotion

Ads, flyers, online.

Sales promotion

Coupons, contests, samples.