Making Marketing Decisions

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?