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Marketing
Dynamic business aspect identifying, anticipating, and satisfying customer needs profitably.
Market Research
Fundamental for understanding customer needs, trends, and competition to make informed decisions.
Understanding customer needs
What is the primary purpose of market research?
What method involves collecting new data directly from sources?
Primary research.
Secondary research
What type of research analyzes existing data from sources like industry reports?
Qualitative data
What type of data provides non-numerical insights into customer behavior and attitudes?
Quantitative data
What type of data can be statistically analyzed?
Tailoring marketing efforts to specific groups
What is the purpose of market segmentation?
Demographic segmentation
What segmentation base involves age, gender, income, and education?
Geographic segmentation
What segmentation base involves region, city size, and climate?
Psychographic segmentation
What segmentation base involves lifestyle, values, and personality?
Behavioral segmentation
What segmentation base involves usage rate and loyalty?
Undifferentiated marketing
What strategy targets the whole market with one offer?
Differentiated marketing
What strategy targets multiple segments with different offers?
Concentrated marketing
What strategy focuses on one or a few segments?
Micromarketing
What strategy tailors products to suit individual customers or local markets?
Positioning statement
What is a succinct description of the brand's unique value proposition?
Product differentiation
What involves unique features, quality, or design?
Service differentiation
What involves exceptional customer service?
Channel differentiation
What involves efficient and unique distribution methods?
Product, Price, Place, Promotion
What are the four elements of the marketing mix?
Product design and features.
What is developing products that meet consumer needs and stand out?
Branding
What involves creating a strong brand identity?
Cost-based pricing
What is setting prices based on production costs plus a markup?
Distribution channels
What is deciding how products will reach customers?
Advertising
What involves using media channels to create awareness and interest?
Sales promotion
What are short-term incentives to encourage purchase?
Personal selling
What is direct interaction with customers to persuade them to buy?
Public relations
What is building a positive image through media coverage and community involvement?
Digital marketing
What involves using online platforms for marketing activities?
Note 
Flashcard (97)