Marketing Quiz Prep

Marketing

Organizational function and processes for creating, communicating, and delivering value to customers while managing relationships that benefit the organization and stakeholders.

Delivering Value

The act of providing products or services that meet or exceed customer expectations to foster long-lasting relationships.

Goods

Physical products purchased by consumers for personal use, such as phones and food.

Services

Nonphysical products that provide information, expertise, or activities, like haircuts and car washes.

PEST Analysis

A framework for analyzing external environmental factors affecting business objectives, including Political, Economic, Social, and Technological factors.

Political Factors

Elements that involve the relationship between business and government, including regulations and laws affecting business activities.

Economic Factors

Conditions in the economic system that influence a company's operations, such as GDP growth, unemployment, and inflation.

Social Factors

The customs, values, and demographic characteristics of society that impact consumer behavior.

Technological Factors

The state of technological advancement and the introduction of new technologies affecting business operations.

Purpose of Packaging

Functions of packaging including protection, convenience, image, and sustainability.

Target Market

A group of people with similar wants and needs who are likely to be interested in the same products.

Market Segmentation

The process of dividing a market into distinct categories of customer types or segments.

Geographic Variables

Factors that categorize consumers based on their location, such as states or regions.

Demographic Variables

Characteristics of populations, including age, race, gender, and religion.

Psychographic Variables

Consumer characteristics related to lifestyles, opinions, interests, and attitudes.

Market Research

The study of customer needs and wants to determine how best to meet them.

Primary Data

New data collected from original research efforts.

Secondary Data

Data that is already available from previous research.

Observation

A research method that involves watching and recording consumer behavior.

Survey

A method of collecting consumer data through questionnaires, calls, or interviews.

Focus Group

A discussion group used to gather attitudes and opinions about a product.

Experimentation

Testing reactions to new or modified products using a sample of potential consumers.

Marketing Mix

A combination of strategies used to market products, including product, pricing, place, and promotion.

Product Differentiation

Creating unique product features or images to attract customers.

Product Line

A group of closely related products that function similarly or target the same customer group.

Pricing

The process of determining the optimal price for selling a product.

Place

The aspect of the marketing mix focused on distributing products from producers to consumers.

Promotion

Techniques used to communicate information about products effectively.

Product Life Cycle (PLC)

The series of stages a product goes through in its commercial life, including introduction, growth, maturity, and decline.

Introduction Stage

The initial phase of a product's life cycle, often starting at a loss due to lack of customers.

Growth Stage

The phase where more customers begin to use the product, leading to increased sales.

Maturity Stage

The peak phase of product usage, where sales stabilize.

Decline Stage

The phase where customer interest decreases, leading to reduced sales.