Introduction to Marketing Final Exam Review

These flashcards cover key vocabulary and concepts related to marketing, designed to help students review important terms for their final exam.

Value Proposition

A statement that summarizes why a customer should choose your product or service over competitors.

Integrated Marketing Mix

A strategy involving the 4 Ps: Product, Price, Place, and Promotion to meet customer needs.

Microenvironment

Close actors influencing the company, including suppliers, intermediaries, competitors, and customers.

Net Promoter Score (NPS)

A common measurement of customer satisfaction using survey instruments.

Marketing Research Process

A five-step process including defining the problem, developing a research plan, collecting and analyzing data, and presenting findings.

Customer Journey

The sequence of stages that customers go through when interacting with a brand, often non-linear in the digital context.

Buying Center

A group of individuals who play different roles in a buying decision, including initiator, influencer, decider, buyer, and user.

Social Listening

A method used to gain insights about consumers and market competition by monitoring what is said about a brand on social media.

Digital Marketing Strategy

An integrated approach to creating and capturing value using digital technologies such as social media, SEO, and email marketing.

Promotion Mix

The combination of different promotional tools used to communicate a value proposition, including advertising, sales promotions, and public relations.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.

Market Targeting

Evaluating each market segment's attractiveness and selecting one or more segments to enter.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

SWOT Analysis

A strategic planning tool used to identify a company's internal Strengths and Weaknesses and external Opportunities and Threats.

Marketing Information System (MIS)

People and procedures dedicated to assessing information needs, developing that information, and helping decision makers use it.