marketing

What is marketing?

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.

What are the main goals of marketing?

The main goals of marketing are to identify, satisfy, and retain clients.

What is a Situation Analysis?

A Situation Analysis examines external factors affecting the macro environment and internal capabilities of a company, often called a SWOT analysis.

What are the main stages of the Marketing process?

The Marketing process stages are Analysis (where are we now?), corporate strategy (where do we want to go?), marketing strategy & mix (how are we going to get there?), and evaluation of execution (does it work?).

What does the diagnosis step of PESTEL refer to?

Diagnosis refers to assessing external forces as either Opportunities or Threats for future industry development.

What is Market Intelligence?

Market Intelligence is the practice of collecting and analyzing external data about a specific market a company wishes to enter.

What is the Microenvironment in marketing?

The Microenvironment studies key quantitative indicators, market structure, supply and demand actors, and market attractiveness.

What information is needed when studying Market Structure?

Critical information includes the level and form of competition, accessibility/ease of entry, type of business, size and scope, and types of distribution channels.

What are the key Quantitative Indicators of a market?

Quantitative indicators include sales volume and value, growth trends, market share, actual and potential demand, and penetration rate.

What is competitor analysis?

Competitor analysis examines strengths and weaknesses of competitors relative to your own position, including criteria like turnover, market share, and marketing mix.

Define actual and potential demand.

Actual demand is comprised of existing customers, while potential demand refers to non-consumers that need to be prospected and persuaded.

What roles can an individual play in a buying situation?

Individuals may play different roles, including decider, buyer, end-user, and influencer, which may be the same or different people.

What are the main types of market research?

Market research can be primary or secondary, qualitative or quantitative.

What is Consumer behavior?

Consumer behavior is an inter-disciplinary social science involving psychology, sociology, anthropology, marketing, and behavioral economics.

Why is it important to understand Consumer behavior?

Understanding consumer behavior helps anticipate needs and enables brands to adapt marketing activities to stand out during the purchasing process.

What are social factors in marketing?

Social factors encompass culture, subcultures, and primary and secondary reference groups that influence consumer behavior.

What are situational factors?

Situational factors are the external stimuli and marketing environment that influence consumers during purchase.

What are personal factors?

Personal factors include age, family lifecycle stage, income, status, lifestyle, values, and personality.

What are types of purchases?

Types of purchases include low involvement (routine), high involvement (complex), and impulse purchases (unplanned).

What are Knowledge set and Consideration set?

Knowledge set includes brands a consumer knows, while the consideration set contains those the consumer considers buying.

What is segmentation?

Segmentation divides a total market into smaller, homogeneous groups of consumers with similar needs and characteristics.

What is a segmentation table?

A segmentation table summarizes different segments' profiles, needs, and characteristics to help determine a target market.

What is targeting in marketing?

Targeting is evaluating segment attractiveness to choose one or more segments for marketing efforts.

What are the 4 targeting strategies?

The 4 targeting strategies are undifferentiated, differentiated, concentrated, and micro/personalization.

What characterizes an undifferentiated targeting strategy?

It targets the mass population with identical needs, using one strategy and a product that suits all customers.

What is positioning in marketing?

Positioning is designing a company’s offering and image to occupy a distinct place in the hearts and minds of the target market.

What is a positioning statement?

A positioning statement identifies the target market and what customers should think about the brand, formalizing your positioning.

What are the 4 parts of a positioning statement?

Target, frame of reference, benefits, and reason to believe make up the constituents of a positioning statement.

What is the link between positioning and the marketing mix?

Positioning provides a roadmap for designing a coherent marketing mix that supports the company’s differentiation.

What are the steps to determine your positioning?

Steps include analyzing the target audience and competitors, finding an empty territory, summarizing offering, and formalizing in a statement.

What is a me-too product strategy?

The me-too product strategy involves copying the market leader to leverage their power and gain market presence.