Principles of Marketing

These flashcards cover key concepts from the lecture on marketing principles and strategies.

What are the four P's of marketing?

Product, Price, Place, Promotion.

What does the 'Product' aspect of the marketing mix focus on?

The benefits and features of the product, including who wants it, what needs it satisfies, and its competitive advantage.

What is meant by 'Place' in marketing?

The location where the product is made available and how it's delivered to consumers.

Why is 'Price' an important consideration in marketing?

Price determines profit margins and consumer perception of value.

What role does 'Promotion' play in marketing?

It raises awareness of the product and boosts brand recognition and sales.

What does SWOT stand for in SWOT Analysis?

Strengths, Weaknesses, Opportunities, Threats.

What is the purpose of conducting a SWOT Analysis?

To analyze a business's internal strengths and weaknesses, as well as external opportunities and threats.

What is the first step in the benchmarking process?

Analyze the present situation.

What should businesses do during benchmarking?

Measure performance against competitors and industry standards to identify areas for improvement.

What is a competitive advantage?

A feature that makes a product stand out from competitors, such as price, quality, or service.