Marketing Study List

Comprehensive vocabulary flashcards covering foundational marketing concepts, customer data, segmentation, decision-making, and principles of influence based on the lecture study list.

Marketing

Activities used to identify customer needs, promote, sell, and deliver products.

Marketing Mix

The 4 Ps — Product, Price, Place, Promotion.

Product

What a business sells.

Price

How much a product costs.

Place

Where and how customers get a product.

Promotion

How a business advertises and persuades customers.

Customer Data

Information about customers used to make business decisions.

Demographic Characteristics

Measurable facts about people, such as age, income, and location.

Psychographic Characteristics

People’s interests, values, activities, and lifestyles.

Market Segmentation

Dividing customers into groups with similar characteristics.

Market Segment

A group of customers with similar characteristics.

Target Customer

The person most likely to buy a product.

Customer Profile

A fictional description of an ideal customer, including their characteristics and needs.

Targeting Benefits

Helps businesses market more effectively and save money.

Product-Market Fit

When customer demand is strong enough for a business to make a profit.

Customer Relationships

Connections with customers that encourage satisfaction and repeat purchases.

Personalized Service

Service tailored to an individual customer’s needs.

Rewards Programs

Points, discounts, or perks for frequent purchases.

Customer Feedback

Information from customers about their experiences.

Digital Customer Relationships

Using the internet and social media to connect with customers.

Customer Acquisition Cost

The average cost of gaining one new customer.

Customer Acquisition Cost Equation

$$\text{Total marketing, advertising, and sales costs} \div \text{total customers acquired}$$

Brand Loyalty

Customers repeatedly choosing the same brand.

Lifetime Value

The estimated total amount a customer spends on a business over time.

Customer Data Risks

Dangers of collecting and storing customer information.

Privacy Infringement

Collecting or using personal data without people knowing how it will be used.

Data Breach

Customer information being accessed or exposed without authorization.

Identity Theft

Someone using another person’s personal information without permission.

Fraud

Using deception to gain money, property, or another benefit.

Rational Decision-Making

Comparing choices to find the product that best meets your needs.

Information-Gathering Cost

The time and effort spent researching products.

Purchasing Pattern

A person’s usual buying routine, including when and how often they buy.

Consumer Protection Laws

Laws that protect buyers from unsafe or fraudulent products.

Substitute Products

Alternative products that meet the same needs.

Personal Factors

Age, income, education, occupation, budget, and lifestyle.

Psychological Factors

Values, beliefs, perceptions, experiences, and motivations.

Social Factors

Family, friends, culture, social status, and media.

Situational Influences

Temporary conditions such as lighting, noise, timing, and product availability.

Principles of Influence

Psychological principles that explain how people are persuaded.

Scarcity

People want something more when it is rare or limited.

Authority

People tend to trust experts and leaders.

Consensus

People tend to follow what others are doing.

Liking

People are more easily influenced by people they like or relate to.

Reciprocity

People feel they should give something back after receiving something.

Consistency

People tend to act in ways that match their previous choices and beliefs.

Unity

People are more easily influenced when they feel they belong to the same group.