Untitled Flashcards Set

Marketing Concept

Focuses on identifying and satisfying customer needs to achieve organizational goals.

Benefits of Marketing

Economic Growth, Customer Satisfaction, Product Awareness, Enhanced Quality of Life.

Product/Service Management

Developing and managing products that meet customer needs.

Marketing Mix

A combination of Product, Price, Place, and Promotion strategies.

Stages of New Product Development

Idea Generation, Market Research, Concept Development, Prototyping, Testing, Commercialization.

Functions of Packaging

Roles: Protection, Promotion, Information, Convenience.

Strategies for Product Positioning

Price, Quality, Features, Benefits, Competition, Brand Loyalty.

Consumer Behavior

Studies how individuals, groups, or organizations make decisions about purchasing goods and services.

Steps in the Sales Process

Generate Leads, Approach Customers, Determine Customer Needs, Present the Product, Overcome Objections, Close the Sale, Follow Up.

Advertising Media Selection Criteria

Reach, Frequency, Lead Time, Cost.

Digital Marketing

Promoting products or services through online platforms using strategies like SEO, social media, and email marketing.

Consumer Purchase Classifications

Types: Routine Purchases, Limited Decision-Making Purchases, Extensive Decision-Making Purchases, Impulse Purchases.

Ethical Considerations in Advertising

Includes honesty, transparency, respect for audience, avoiding manipulation, and social responsibility.

The Four C’s of Communication

Comprehension, Connection, Credibility, Contagiousness.

Government Regulation of Advertising

Prevent deception, protect public interest, ensure fair competition.

Types of Advertising

Includes informative advertising, persuasive advertising, reminder advertising, and comparative advertising.

Consumer Decision-Making Process

Stages: Problem Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Post-Purchase Evaluation.

Types of Buying Behavior

Complex, Dissonance-Reducing, Habitual, Variety-Seeking.

Advertising Planning Steps

Identify Objectives, Understand Target Market, Analyze Market Conditions, Develop the Message, Select Media Channels, Set the Budget, Implement the Campaign, Evaluate Results.

Digital Marketing Trends

Voice Search Optimization, Video Marketing, Influencer Marketing, AI in Marketing, Interactive Content.

Importance of Branding

Establishes identity, builds trust, adds value, enhances marketing effectiveness, supports business growth.

Direct Marketing Purpose

Personalization, Multi-Channel Reach, Encourages Immediate Action, Measurable Results.

Types of Consumer Promotions

Coupons, Price Deals, Rebates, Premiums, Loyalty Programs, Sampling, Contests, Sweepstakes, POP Displays.

Media Channels in Advertising

Includes television, radio, print, online, and outdoor.

Crisis Communication

Addressing public concerns and managing brand reputations during challenging situations.

Self-Regulation in Advertising

Voluntary industry efforts to enforce ethical standards and monitor advertising practices.

Role of Promotion in Marketing

Creating awareness and generating interest about products or services.

Distribution in Marketing

Delivering goods to customers through efficient channels.

Market Research Purpose

Gathering data to make informed marketing decisions.

Financing in Marketing

Securing funds to support marketing activities.

Pricing Strategy Importance

Determining prices that maximize profit while appealing to customers.

Customer Satisfaction in Marketing

Meeting customer needs effectively to build loyalty.

Economic Growth from Marketing

Drives innovation, competition, and overall economic activity.

Elements of the Marketing Mix

Product, Price, Place, Promotion.

Product Awareness Benefit

Informs customers about products and services.

Enhanced Quality of Life

Encourages development of better products.

Target Audience

The specific group of consumers a campaign aims to reach.

Call to Action (CTA)

Encourages the audience to take specific steps (e.g., 'Buy Now').

Reach

The total number of people exposed to an advertisement.

Frequency

The number of times a message is delivered to the same audience.

Impressions

The total number of times an ad is displayed.

ROI (Return on Investment)

A measure of the effectiveness of advertising spending.

Consumer Sales Promotions

Tactics aimed at encouraging immediate consumer purchases and fostering brand loyalty.

Trade Sales Promotions

Strategies targeting intermediaries to encourage product stocking and promotion.

Direct Marketing

A form of advertising where businesses communicate directly with customers.

Ethical Advertising

Advertising that is honest and respects the audience's rights.

Cultural Factors in Consumer Behavior

Influences from cultural values, norms, and social factors affecting buying decisions.

Psychological Factors in Consumer Behavior

Motivation, perception, learning, beliefs, and attitudes influencing purchases.

Social Media Marketing

Promoting products through platforms like Facebook, Instagram, and Twitter.

Advertising Media Selection Criteria

Factors like reach, frequency, lead time, and cost used to choose advertising media.