Marketing Final

What is Marketing?

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society.

why is marketing important?

Builds brand awareness, communicates value, and meets customer needs profitably.

why is the Marketing Mix (4 P's) used

Tools marketers use to influence demand.

what is a Product

What is offered to meet customer needs. Variety, design, features, brand name.

what is Price

What customer pays. Discounts, payment terms, psychological pricing.

what is Place

Where and how the product is delivered. Distribution channels, location, logistics.

what is a Promotion

Communicating with target customers. Ads, sales, public relations, social media.

what is the 5 aspects Promotional Mix

A blend of various promotional tools used to reach marketing objectives. It includes advertising, sales promotion, public relations, and personal selling.

What is Direct Marketing

Directly reaching target consumers (email, mailers). Personalized promotions.

what is Personal Selling

One-on-one interaction. Complex sales (cars, homes).

what is Public Relations (PR)

Creating a favorable public image. Press releases, lobbying.

what are Sales Promotions

Short-term incentives. Coupons, contests.

what is Advertising

Paid, non-personal communication. TV, digital ads, billboards.

what is Market Segmentation

Dividing a market into groups with shared characteristics.

Psychographic Segmentation

Based on lifestyle, values, personality. Marketing yoga gear to mindful consumers.

Demographic Segmentation

Age, gender, income, education. Kids' toys targeted by age range.

Behavioral Segmentation

Based on usage, loyalty, benefits sought. Targeting frequent buyers with loyalty programs.

Geographic Segmentation

Based on location. Snow gear sold in colder regions.

Behavioral Segmentation Tip

Focuses on actions. Ask: What does the customer do? Frequency, loyalty, and benefits are key.

Target Market

The specific group of consumers a business aims to reach.

what are the 4 Utility Types

Marketing adds value through: Form, Time, Place, Possession.

Target Market Strategy

Steps: Identify → Anticipate → Satisfy → Profit.

PESTLE Analysis

External factors affecting marketing strategy: Political, Economic, Societal, Technological, Legal, Environmental.

Needs

Types: States, Unstates, Real.

what is the Exchange Process and why is it important

A positive exchange occurs when value is mutual: Buyer gets benefits. Seller gains profit, loyalty.

CRM (Customer Relationship Management)

Strategy to manage a company's interaction with current and potential customers.

Ethical Marketing Practices

Practices include Transparency, Privacy, Customer Needs.

Unethical Practices

Includes Price Fixing, Hidden Fees, Inflated Sales Data, Misuse of Expenses.

what is a brand

A name, logo, or symbol identifying a product.

what is Brand Equity

Value added by brand recognition.

what is a Brand Persona

Human traits of a brand (fun, professional).

what is Brand Positioning

Place a brand occupies in consumers' minds.

what is Brand Lift

The increase in consumer awareness and perception of a brand after an advertising campaign.

Brand engagement

Increase in perception/awareness due to marketing

what is Brand Preference.

The extent to which consumers favor one brand over others when making a purchase decision.

what is a National brand and an example

Owned by a manufacturer (Nike).

what is a Private brand

Store brand (Great Value at Walmart).

Licensed

Permission to use another's brand (Disney merch).

what is a Co-brand

Two brands collaborating (Taco Bell x Doritos).

what is a Core product

Basic need (communication).

what is an Actual product

Physical product (iPhone).

what is an Augmented product

Added value (warranty, support).

what is product Depth

Number of versions of a product.

what is line Filling

Adding more products within a line.

Intro

Low sales, high marketing cost.

Growth

Sales rise, profit increases.

Maturity

Sales peak, competition increases.

Decline

Sales fall, product phased out.

Convenience

Frequent, low-effort (gum).

Shopping

Compared carefully (clothes, tech).

Specialty

Unique, high-end (luxury watch).

Unsought

Not actively looked for (insurance).

Big Data

Large sets of consumer data.

Primary Data

Collected firsthand (surveys).

Secondary Data

Pre-existing info (reports).

Focus Groups

Small group feedback.

Quantitative

Numbers (surveys, stats).

Qualitative

Feelings, motives (interviews).

When is personal selling used

Complex, high-involvement purchases.

Approach

Greeting, build rapport.

what is the closing step in personal selling?

Sealing the deal.

Standing Room Close

"Last chance!" urgency tactic.

Incentives

Bonus gifts.

Premiums

Free items with purchase.

Sweepstakes

Enter-to-win contests.

Loyalty Program

Points-based rewards.

Lobbying

Influencing lawmakers.

Publicity

Free media attention.

Public Affairs

Community engagement.

Press Relations

Media management.

Noise

Distractions that distort message.

Feedback Loop

Receiver response; critical for improvement.

IMC - Integrated Marketing Communications

Ensures all messages are unified and consistent across channels.

Rational

Logical, fact-based.

Emotional

Triggers feelings (love, fear, happiness).

Marketing Plan

A strategic roadmap including objectives, strategies, and KPIs.

Price Skimming

High initial price to maximize early profits.

Cost-Based

Price = Cost + markup.

Psychological

Pricing that appears cheaper ($9.99).

Penetration

Low initial price to enter market.

KPI

Key performance indicators (sales growth, CTR).

ROI

(Return - Investment) / Investment.

Profit

Revenue - Costs.

Gross Profit Margin

(Revenue - COGS) / Revenue.

Social Responsibility

Operating in an ethical and sustainable way.

Trucking

Short, flexible hauls.

Air

Fast but expensive.

Rail

Heavy/bulk over land.

Water

Cheapest, slowest.

Retailer

Sells to end consumer.

Wholesaler

Sells to retailers.

Distributor

Facilitates delivery & storage.

Agent

Intermediary who doesn't own goods.

Direct

Producer → Consumer.

Indirect

Producer → Intermediary → Consumer.

Marketing Mix

the combination of the 4 P's (Product, Price, Place, Promotion) used to market a product

PR (Public Relations)

managing a brand's reputation and public image

Sales Promotions

short-term incentives to encourage purchases

Utility

the value added by marketing in making a product useful to consumers

Form Utility

value added by changing raw materials into usable products