Marketing Concepts and Strategies

Flashcards covering key concepts related to marketing strategies, sales techniques, and market theories to assist in exam preparation.

SPIN Selling

A sales technique that focuses on Situation, Problem, Implication, and Need-Payoff questions to determine customer needs and close sales.

Situation Questions

Questions that ask about the customer's current situation and gather basic information about their needs.

Problem Questions

Questions designed to uncover issues, difficulties, or dissatisfactions that customers are experiencing with their current products or services.

Implication Questions

Questions that help the customer understand the consequences of a problem, emphasizing the importance of addressing their issues.

Need-Payoff Questions

Questions that highlight the benefits of solving a customer's problem, encouraging the customer to see the value in the proposed solution.

B2B Marketing

Business-to-business marketing, which involves selling goods or services from one business to another rather than directly to consumers.

B2C Marketing

Business-to-consumer marketing, where businesses sell products directly to individual consumers.

Market Segmentation

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

Target Market

A specific group of consumers identified as the recipients of a particular marketing program.

Positioning Strategy

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

Price Elasticity of Demand

A measure of how much the quantity demanded of a good or service changes in response to a change in price.

Market Penetration Pricing

A pricing strategy used to attract customers to a new product or service by offering a low price initially.

Market Skimming Pricing

A pricing strategy that sets high prices for a new product to maximize profits from early adopters.

Value Proposition

A statement that explains how a product or service meets customer needs and why it is better than the competition.

Consumer Buying Behavior

The decision processes and purchasing activities of consumers in the marketplace.

Retail Mix

The combination of factors that a retailer uses to reach its target market, including product, price, place, and promotion.

The Four P's of Marketing

Product, Price, Place, Promotion; the four key elements businesses use to market their products or services.