Making Marketing Decisions

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30 Terms

1

Marketing

Dynamic business aspect identifying, anticipating, and satisfying customer needs profitably.

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2

Market Research

Fundamental for understanding customer needs, trends, and competition to make informed decisions.

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3

Understanding customer needs

What is the primary purpose of market research?

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4

What method involves collecting new data directly from sources?

Primary research.

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5

Secondary research

What type of research analyzes existing data from sources like industry reports?

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6

Qualitative data

What type of data provides non-numerical insights into customer behavior and attitudes?

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7

Quantitative data

What type of data can be statistically analyzed?

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8

Tailoring marketing efforts to specific groups

What is the purpose of market segmentation?

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9

Demographic segmentation

What segmentation base involves age, gender, income, and education?

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10

Geographic segmentation

What segmentation base involves region, city size, and climate?

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11

Psychographic segmentation

What segmentation base involves lifestyle, values, and personality?

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12

Behavioral segmentation

What segmentation base involves usage rate and loyalty?

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13

Undifferentiated marketing

What strategy targets the whole market with one offer?

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14

Differentiated marketing

What strategy targets multiple segments with different offers?

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15

Concentrated marketing

What strategy focuses on one or a few segments?

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16

Micromarketing

What strategy tailors products to suit individual customers or local markets?

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17

Positioning statement

What is a succinct description of the brand's unique value proposition?

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18

Product differentiation

What involves unique features, quality, or design?

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19

Service differentiation

What involves exceptional customer service?

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20

Channel differentiation

What involves efficient and unique distribution methods?

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21

Product, Price, Place, Promotion

What are the four elements of the marketing mix?

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22

Product design and features.

What is developing products that meet consumer needs and stand out?

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23

Branding

What involves creating a strong brand identity?

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24

Cost-based pricing

What is setting prices based on production costs plus a markup?

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25

Distribution channels

What is deciding how products will reach customers?

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26

Advertising

What involves using media channels to create awareness and interest?

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27

Sales promotion

What are short-term incentives to encourage purchase?

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28

Personal selling

What is direct interaction with customers to persuade them to buy?

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29

Public relations

What is building a positive image through media coverage and community involvement?

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30

Digital marketing

What involves using online platforms for marketing activities?

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