Marketing Cert Vocab

Promotion

Activities, like advertising and public relations, designed to increase awareness of a product or service and encourage sales.

Market Research

The process of gathering and analyzing data about consumers, competitors, and industry trends to inform business decisions.

Value Proposition

A statement that explains the unique benefits and value a product or service offers to consumers, highlighting why it is better than alternatives.

Customer Needs

The desires and requirements of consumers that drive their purchasing decisions.

Pricing Strategy

The approach a business takes to set the price for its products, balancing cost, demand, competition, and value to maximize sales and profits.

Marketing Mix (4 P's)

The combination of Product, Price, Place, and Promotion strategies used to market a product effectively.

Segmentation

The process of dividing a broad consumer or business market into sub-groups based on shared characteristics, such as demographics or behaviors.

Positioning

The way a product or brand is perceived in the minds of consumers relative to competitors, often based on its unique qualities or benefits.

Advertising

Paid promotion of products, services, or brands to inform or persuade potential customers.

Sales Funnel

A model that illustrates the steps consumers go through from awareness to purchase, including stages like consideration and decision.

Return on Investment (ROI)

A measure used to evaluate the efficiency of an investment, calculated by dividing net profit by the initial cost of the investment.

Consumer Behavior

The study of how individuals make purchasing decisions and what factors influence those decisions.