Marketing Flashcards

Flashcards about Marketing

Marketing

Promoting and selling products by understanding customer needs, creating awareness, and driving sales in a competitive market.

Marketing Mix

Combination of elements used by companies to promote/sell products/services, often called the 4 Ps (Product, Price, Place, Promotion) and expanded to 7 Ps including People, Process, and Physical Evidence.

Product (in Marketing)

What is offered to the customer, including features, design, and quality.

Price (in Marketing)

The cost for the customer, based on costs, demand, and discounts.

Place (in Marketing)

Distribution channels, or where the product is sold.

Promotion (in Marketing)

Methods/strategies of promoting the product, such as advertising, sales promotion, and other activities.

People (in Marketing)

Employees, including their training, motivation, and empowerment.

Process (in Marketing)

Smooth/streamlined delivery to the customer, including ordering process and after-sales customer service.

Physical Evidence (in Marketing)

Tangible elements that support the brand/offerings, such as logo, branding, and design of stores.

Market Research

Gathering information about market situation through surveys, analyzing trends, studying competitor strategies, and finding target audiences.

Product Strategy

Developing/Improving product to meet customer needs and stand out, including product design, feature development, product testing, and gathering customer feedback.

Pricing Strategy

Determine pricing of offering by analyzing production costs, researching competitor pricing, assessing market demand, and setting competitive/ profitable price.

Promotion Strategy

Planning how to communicate/promote product to audience, including designing advertising campaigns, creating marketing materials, managing social media presence, and public relations (PR) efforts.

Distribution Strategy

Deciding how to make product available to customer, including selecting distribution channels, managing inventory, and ensuring efficient product delivery.

Marketing Controlling

Monitoring/Evaluating marketing activities to ensure effectiveness and alignment with company goals and to optimize marketing for better results.

types of market research

primary research

secondary research

quantitative research

qualitative research

market indicators

Market Potential: The maximum possible demand if every potential customer bought the product.

Market Volume: The actual amount of goods sold or consumed in the market during a given period.

Market Share: The percentage of total market sales a specific company or product holds.

Sales Volume: The real number of units a company sells over a specific time.

Sales Potential: The upper limit of sales a company could achieve if it captured all available demand.

SWOT

• Helps to understand a companies position in the market

1. Strengths: Advantages of product/company (strong brand reputation, skilled employees, innovative technology)

2. Weaknesses: Weakness of product/company (lack of resources, outdated technology, poor customer service)

3. Opertuntities: External factor good for company/product (growing market, changing trends, new partnership)

4. Threats: External factor bad for company/product (strong competition, economic downturn, regulations)

STP

Segmentation: Dividing the overall market into distinct groups based on common characteristics like demographics, behaviors, or interests.

Targeting: Selecting one or more of these segments to prioritize, usually those that are most promising or profitable.

Positioning: Crafting a unique value proposition and brand image that clearly differentiates a product or service in the minds of the chosen target segment.

Types of positioning

Market Leader: Holds the largest share and enjoys strong brand recognition.

Challenger: Actively competes against the leader by offering distinctive features or pricing.

Follower: Maintains a stable position by imitating leaders rather than aggressively challenging them.

Niche Player: Focuses on a specific segment with specialized offerings.

types of market segmentation