Principles of Marketing BK-250 Final Exam Review

These flashcards cover key vocabulary and concepts essential for understanding the principles of marketing as outlined in the course material.

Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Targeting

The process of selecting one or more market segments to enter.

Positioning

Developing a marketing strategy to influence how a particular market segment perceives your product in comparison to competitors.

Consumer Decision Process

Stages that marketers can use to help consumers move from recognizing a need to being a satisfied customer.

Information Search

The stage in the consumer decision process where consumers seek information on alternatives.

Evoked Set

All known alternative brands that come to mind when considering a purchase.

Consideration Set

Brands retrieved from memory that consumers seriously consider during decision-making.

Heuristics

Mental shortcuts or rules of thumb that consumers use to simplify decisions.

Psychographics

Segmentation of customers based on psychological, sociological, and anthropological factors.

Umbrella Branding

Using the same brand name for a range of different but related products.

Push Strategy

Promotional strategy involving incentives and education offered to distribution partners to push products through the channel.

Pull Strategy

Promotional strategy that uses incentives and advertising to consumers to create demand for a product.

AIDA Model

A communication model that outlines the stages consumers move through: Awareness, Interest, Desire, Action.

Brand Strategy

A long-term plan for the development of a successful brand in order to achieve specific goals.

Gross Rating Point (GRP)

A measure of the size of an advertising campaign by a specific medium or schedule.

Marketing Mix (4Ps)

The combination of product, price, place, and promotion strategies used to market a product.

Product Life Cycle (PLC)

The succession of strategies used by organizations as a product progresses through the life cycle from introduction to decline.

Sales Promotions

Short-term incentives to encourage the purchase or sale of a product or service.

Direct Marketing

Targeted marketing to a specific group of potential customers with various offers.

Channel of Distribution

The path through which goods and services travel from the vendor to the consumer.