Marketing Lecture Notes

Flashcards for reviewing marketing lecture notes.

Marketing

Selling products and services to satisfy and retain customers.

Product Mix

All goods and services sold by a business.

Product Line

Goods and services that are similar to one another.

Product Width

The total number of product lines a business carries.

Product Depth

The number of product variations in a product line.

Product Length

The total number of similar products a business offers within a product line.

Logo

Symbol or design that a company uses to represent the company.

Slogan

A repeated phrase or selection of words associated with a specific individual, organization, or product.

Introduction Stage of PLC

Demand steadily increases as marketing continues.

Growth Stage of PLC

Stable sales and prices remain steady until new competition arises.

Decline Stage of PLC

Demand and market share subsides, decisions are made about the future of a product, such as price reduction.

Break-even Point (BEP)

When the total cost and revenue are equal.

BEP Formula

Fixed cost / (Price per unit - Variable cost per unit)

Markup

An amount added to the break-even point to determine the selling price.

Charm Pricing/Psychological Pricing

Ending a price with 9 or 99, customers ignore the cents and only see the dollar amount.

BOGO

Buy one get one free.

Cash Incentives

Customers are incentivized to pay early with cash.

SWOT Analysis

An assessment of a company's strengths and weaknesses (internal) and the opportunities and threats (external) that surround it.

PEST Analysis

Scanning of outside influences of an organization: Political, Economic, Social, Technological.

3 C's of Supply

Commitment, Communication, Cost.

Social Media Marketing

Businesses use practices to connect with customers over social media platforms to improve brand awareness, develop relationships, learn about the target audience, and promote products/services.

SMART Goals

Specific, Measurable, Achievable, Relevant, Time-based.

B2B

When a business is selling directly to another business. (Factors: business size, who makes the buying decisions)

B2C

Business to customers.

Skippable In-stream Ads

A type of YouTube advertisement.

Non-skippable In-stream Ads

A type of YouTube advertisement.

Analytics

Overview, Content, Audience, Research.

Social Networking

Platforms that are designed to encourage people to connect and interact with others.

Facebook Stories

Short photos or videos that disappear after 24 hours.

Facebook Insights

Offers a free analysis of how users are engaging with posts, photos, links, videos, and other content.

Demographic

Such as age, gender, interests, and other factors.

Twitter/X

A microblogging social networking site where users post short messages called “tweets” that may contain links, pictures, and videos.

LinkedIn

A social networking site for professionals and businesses that is used to connect with and share details about education, careers, and professional endeavors.

Click Through Rate (CTR)

The ratio of clicks to impressions in digital media ads, to measure your digital ad campaign success.

Call To Action (CTA)

Button/tab, Subscribe, like, share, After 100 words/characters in the featured video/content.

Cost Per Click (CPC)

When a customer sees an email and clicks it.

A/B Testing

Drafting two versions of ad topics and then testing out those two versions with your audience target to see which one appeals to the viewer more.

Intellectual Property Rights

Determines how to use the rights on various brands, logos, symbols, phrases, inventions, and creative and artistic works.

Trademarks

Protect a company's brand, logo, symbol, and phrases. They are valid for 10 years; after that, the company needs to renew them.

Copyrights

Gives protection to any creative or artistic work. This is valid for the lifetime of the creator plus 70 years.

Patents

It protects inventions of new technology, software, machinery, equipment, processes, chemical programs, substances, etc. This is valid for 20 years.

Fair Use

It gives you free access to other people’s work in the public domain with some restrictions. Generally, it is free for educational purposes for people to use for research purposes. When used, the work of other people needs to be cited.

Branding

Can be used to identify one product, a family of related products, or all products of a company.

Brand Name

A word, group of words, letters, or numbers that represent a product or service.

Trade Name

Corporate brand, identifies and promotes a company or division of a particular corporation.

Brand Mark

Incorporates a unique symbol, coloring, lettering, or design element that is easily visible.

Trade Character

A specific type of brand mark, one with a human form or characteristic.

Trademark

A word, name, symbol, sound, brand name, brand mark, trade name, color, or a combination of those elements that identifies goods or services and cannot be used by anyone but the owner because it is registered with the federal government and has legal protection.

National Brand

Also known as producer brand, is owned and initiated by a national manufacturer or by a company that provides service.

Private Distributor Brand

Known as private brand, store brand, dealer brand, or private label, is developed by a wholesaler and retailers.

Generic Brand

A product that does not carry a company identity.

Brand Extension

Uses an existing brand name to promote a new or improved product in a company’s product line.

Brand Licensing

A legal authorization by a brand owner to allow another company to use its brand, brand mark, or trade character for a fee.

Co-Branding

Combines one or more brands in the manufacture of a product or the delivery of a service.

Aseptic Packaging

Utilizes a technology that keeps food fresh without refrigeration for extended periods.

Cause Packaging

Promotes social and political causes.

Mixed Bundling

Packaging 2 or more different products or services in one package.

Price Bundling

2 or more similar products are placed on sale for one packaging price.

Brand Label

Gives the brand name, trademark, or logo.

Description Label

Gives information about the product use, construction, care, performance, and other features.

Grade Label

State the quality of that product, such as eggs.

Email Marketing

Promotional technique/campanque, helps build customer awareness about products/services, builds brand awareness, helps target a large number of customers within a short period, the less costly technique of a promotional campaign.

Hard Bounce

The email IDs of the customers need to be validated, resulting in being undelivered.

Soft Bounce

When your emails land in the spam inbox of your customer's email.

Drip Marketing

Involves the sending of emails periodically(ie, every two months), as a reminder or trigger, so that the subscriber keeps the company top of mind.

SEO (Search Engine Optimization)

Helps in ranking the websites according to the search engine results based on keywords; organic search(free of cost).

SEM (Search Engine Marketing)

Comprised of both organic and paid search, like PPC(paid); also, the paid way to rank your websites at the top of the search engine result page.

PPC (Pay Per Click)

the company pays the search engine platform for each click to its company’s advertisement posted on the platform.

SERP

Search Engine Result Page.

Landing Page

The first page of a website address.

Domain Marketing

The practice of using internet addresses as a way to expand the potential number of visitors to a website.

Ad Campaign

Be careful about your keywords and website design/layout so that it easily loads on any device, such as a phone, laptop, tablet, etc.

Advertising

Any non-personal promotion in which companies pay to promote ideas, goods, or services in various media outlets.

Promotional Advertising

advertising designed to increase sales.

Institutional Advertising

advertising designed to create a favorable image for a company and foster goodwill in the marketplace.

Media Planning

The process of selecting the appropriate advertising media and deciding the time or space when ads should appear to accomplish a marketing objective.

Direct Marketing

A type of advertising that sends a promotional message to a group of prospects rather than to a mass audience.

Public Relations

Activities that help an organization influence a target audience.

Sales Promotion

All marketing activities, other than personal selling, advertising, and public relations, that are directed at a business or retail customers to boost sales.

Trade Promotion

Sales promotions designed to get support for a product from manufacturers, wholesalers, and retailers.

Consumer Promotion

Coupons, premium, incentive.

Loyalty Marketing Program

A marketing program that rewards customers by offering incentives for repeat purchases, such as a frequent flyer.

CAN-SPAM Act of 2003

All email marketing emails should have an unsubscribe link.

Marketing Plan

A formal written document that directs a company’s activities for a specific time.

Marketing Strategy

Identifies target markets and marketing mix choices focused on those markets.

Marketing Mix

The 4 P’s: Product, Price, Place, Promotion.

Marketing Segmentation

Demographics, Geographics, Psychographics, Behavioral characteristics.

Mass Marketing

Using a single marketing strategy to reach all customers.

Niche Marketing

An extremely precise marketing approach to increase the chance of success.