Applied Marketing Flashcards

Flashcards for reviewing key marketing concepts including demands, segmentation, branding, satisfaction, the marketing environment, holistic, relationship, integrated, performance marketing, corporate social initiatives, the marketing mix, and marketing management tasks.

Negative Demand

When a particular product is disliked by the majority of the market.

No Demand

When the target customers are not aware or not interested in the product.

Latent Demand

A hidden demand for certain products which is not satisfied with the existing available products.

Declining Demand

The marketer has to look into the causes of decline in demand & should see if the same product can be carried on in the same market with little modification or diversify in other markets to retain aspects of profitability.

Irregular Demand

The demand for certain products varies on the basis of seasonality.

Full Demand

The era of changing tasks & preferences of consumers, marketers’ taste is to maintain the current level of demand.

Overfull Demand

When organizations face a demand higher than their existing capacity.

Unwholesome Demand

The marketers’ job is to make people aware of the fatal nature of some products so that they can give up these products.

Demographic Segmentation

Age, race, religion, gender, family size, ethnicity, income, & education level

Geographic Segmentation

Residing countries, states, cities, & towns.

Psychographic Segmentation

Social class, values, interests, lifestyle, & personality characteristics.

Behavioral Segmentation

Tendencies, habits, spending, product usage, & desired benefits.

Technographic Segmentation

Mobile, desktop, software, & application use.

Customer Need Segmentation

Requirements for a product/service for different customer groups.

Offering Brands

Brands that offer a portfolio of products & services.

Customer Satisfaction

The customer’s perception or how satisfied they are with the value they received from a product/service, compared to their expectations based on assessment of its benefits & costs.

Marketing Environment

The totality of factors that influence a company's ability to market its products & services and can be divided into Internal & External.

Internal Marketing Environment

Factors within the company's control and include Resources, Capabilities, and Corporate culture.

External Marketing Environment

Factors outside of the company's control and include Micro-environment and Macro-environment.

Holistic Marketing

A marketing philosophy that considers all aspects of business & its marketing efforts to create a cohesive & unified experience for customers.

Relationship Marketing

A marketing strategy that focuses on building & maintaining long-term relationships with customers.

Integrated Marketing

A marketing approach that coordinates all of a company's marketing activities to deliver consistent & unified messages to customers.

Performance Marketing

A type of digital marketing where advertisers pay marketers only when they achieve specific results, like clicks, leads, or sales.

Search Engine Marketing (SEM)

Using paid search ads to appear at the top of search engine results pages (SERPs) when people search for relevant keywords.

Pay-Per-Click (PPC) Advertising

Similar to SEM, but it can be used on a variety of websites, not just search engines. Advertisers pay a fee each time a user clicks on their ad.

Affiliate Marketing

Partnering with other businesses to promote their products or services. Advertisers pay affiliates a commission for each sale that they generate.

Social Media Marketing

Using social media platforms to connect with potential customers and promote products or services.

Environmental Initiatives (CSI)

Efforts focused on reducing a company's environmental impact and promoting sustainability.

Social Initiatives (CSI)

Efforts focused on improving the lives of people and communities.

Economic Initiatives (CSI)

Efforts focused on promoting economic development and job creation.

Philanthropic Initiatives (CSI)

Efforts focused on giving back to the community through charitable donations and other forms of philanthropy.

Marketing Mix

A set of controllable elements that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible, consisting of Product, Place, Promotion, and Price.

Product (Marketing Mix)

The good or service that the company is offering to its customers.

Price (Marketing Mix)

The amount of money that customers are willing to pay for the product.

Place (Marketing Mix)

Where the product is sold or made available to customers.

Promotion (Marketing Mix)

The activities that the company undertakes to communicate about its product and to generate demand for it.

Marketing Management Task

The activities that marketing managers perform in order to plan, implement, and evaluate marketing strategies: Strategic marketing, Tactical marketing, & Marketing Operations.

Strategic Marketing

Developing and implementing high-level marketing strategies that align with the company's overall business goals.

Tactical Marketing

Implementing the specific marketing activities that are outlined in the marketing plan.

Marketing Operations

The day-to-day tasks that support the marketing function.