Medina Chapter 11

Flashcards covering key concepts related to managing the marketing function for engineers, including the four p's of marketing, strategic marketing, and tools for promoting products and services.

Marketing Concept

A group of activities designed to facilitate and expedite the selling of goods and services.

Four P's of Marketing

The four elements key to marketing success: Product, Price, Place, and Promotion.

Product

The tangible or intangible item and its capacity to satisfy a specific need.

Price

The money or other considerations exchanged for the purchase or use of the product, idea, or service.

Place

The location or means through which products or services are made available to customers.

Promotion

Activities aimed at informing, persuading, and influencing potential buyers.

Strategic Marketing

The process of evaluating market segments and selecting the most suitable target market.

Target Market

A specific group of potential customers that a company aims to capture.

Market Segmentation

Dividing the total market into groups of people with similar needs.

Competitors

Other businesses offering similar products or services within the same market.

Sales Promotion

Any paid attempts to communicate with customers other than advertising, publicity, and personal selling.

Advertising

A paid message that appears in mass media to inform or persuade people about products or services.

Publicity

Information published about a product, service, or idea that is not paid for by the sponsor.

Personal Selling

Oral presentation in conversation with potential purchasers aimed at making a sale.

Sales Agents

Individuals hired to cover specific areas for marketing a company's products or services.

Franchising

A method of expanding a business by allowing others to operate under the company’s name.

Product Quality

The perceived excellence or superiority of a product.

Distribution Channels

Pathways through which products or services pass from the producer to the consumer.

Marketing Mix

The combination of product, price, promotion, and place tailored to meet a market's needs.

Customer Satisfaction

The degree to which customers feel that their needs and expectations have been met.

Communication Tools

Methods used to convey messages about products or services to potential customers.

Brand Loyalty

The consumer's commitment to repurchase or continue using a brand.

Unique Selling Proposition (USP)

A factor that differentiates a product from its competitors.

Psychological Benefits

Emotional or mental advantages gained from owning or using a product.

Market Demand

The total quantity of a product that consumers are willing and able to purchase at different prices.

Net Demand

Total demand minus the supply already available in the market.

Competitive Analysis

Assessment of competitors to enhance one’s marketing strategies.

Direct Marketing

Communication directly to consumers without intermediaries.

Promotional Tools

Various strategies used to promote a product, including advertising, personal selling, and public relations.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Product Differentiation

The process of distinguishing a product from others to make it more attractive to a target market.

Strategic Alliances

Agreements between firms to work together toward mutual benefit.

Market Opportunity

A favorable time and situation to pursue a profitable business opportunity.

Customer Retention

Strategies designed to keep existing customers engaged with a company.

Market Positioning

The process of establishing a brand or product in the minds of consumers.

Distribution Strategy

A plan for delivering a product to customers.

Integrated Marketing Communication (IMC)

An approach to promoting a product that integrates all forms of communication.

Market Share

The percentage of an industry's sales that a particular company controls.

Client Needs

The requirements or expectations of potential customers.

Consumer Behavior

The study of how individuals make decisions to spend their available resources.

Sales Forecasting

The process of estimating future sales.

B2B Marketing

Business-to-business marketing, where products or services are sold from one business to another.

B2C Marketing

Business-to-consumer marketing, where products or services are sold directly to consumers.

Online Marketing

Using the internet to reach consumers with promotional messages.

Guerrilla Marketing

Unconventional marketing tactics intended to get maximum results from minimal resources.

Word-of-Mouth Marketing

The passing of information or recommendations about products from person to person.

Market Trends

Patterns and tendencies in market behavior that indicate the direction of marketing.

Advertising Media

Types of media used to disseminate advertising messages, such as print, television, and online.

Influencer Marketing

A form of marketing that focuses on using key leaders to drive the brand's message.

Mobile Marketing

Promoting products or services through mobile devices.

Demographic Segmentation

Dividing the market based on demographic factors like age, gender, income, and education.

Psychographic Segmentation

Segmenting the market based on lifestyle, interests, and values.

Market Growth Rate

The rate at which a market is growing over a specified period.

Sales Funnel

The process that potential customers go through from awareness to purchasing.

Promotional Campaign

A coordinated series of promotional activities to achieve a marketing goal.

Brand Awareness

How familiar consumers are with a brand.

Customer Acquisition Cost (CAC)

The cost associated with acquiring a new customer.

Return on Investment (ROI)

A measure of the profitability of an investment.

Value Proposition

A statement that indicates why a consumer should choose a product or service.

Cost-Based Pricing

Setting prices based on the costs of producing and selling a product.

Value-Based Pricing

Pricing strategy based on how much customers believe a product is worth.

Seasonal Demand

Variations in demand that correlate with seasons or specific time periods.

Channel Distribution

The path through which a product moves from the manufacturer to the consumer.