Marketing Principles and Strategies

Flashcards covering key concepts and definitions from the marketing lecture.

What is the primary purpose of marketing?

To create value by satisfying customer needs and wants.

What are the 4 Ps of the marketing mix?

Product, Price, Place, Promotion.

What do you understand by 'Price' in the marketing mix?

It includes strategies such as skimming, penetration, competitive, and psychological pricing.

What are the two types of research in marketing?

Primary research and Secondary research.

What is the difference between primary and secondary research?

Primary research is collected directly by the researcher (e.g., surveys, interviews), while secondary research uses existing data (e.g., census data, articles).

What are the different types of market segmentation?

Demographic, Geographic, Psychographic, and Behavioral segmentation.

What happens when there is high demand and low supply?

It leads to a price increase.

What is the break-even point?

It is when there is no profit and no loss.

What pricing strategy is typically used for a 'new product'?

Skimming pricing strategy.

What is 'ethical marketing'?

Marketing that is honest, transparent, and fair.

What is CRM in marketing?

Customer Relationship Management; focuses on maintaining loyalty and encouraging repeat customers.

What is the main goal of digital marketing through social media?

To increase engagement.