Untitled Flashcards Set

Marketing

The process of creating, communicating, delivering, and exchanging offerings that provide value to customers and society.

Form Utility

Value added by the product's design.

Place Utility

Value determined by the accessibility or location of the product.

Time Utility

Value derived from the availability of a product when needed.

Possession Utility

Value associated with the ease of purchase.

Marketing Concept

The approach where businesses meet customer needs while achieving their organizational goals.

Market Segmentation

The process of dividing a market into groups based on demographics, psychographics, geographics, and behavioristics.

Psychographics

Market segmentation based on lifestyle and personality.

Consumer Buying Behavior

The stages a consumer goes through from need awareness to post-purchase behavior.

Convenience Products

Items purchased frequently with little effort, like snacks.

Shopping Products

Items requiring more research before purchase, such as electronics.

Specialty Products

Unique products with brand loyalty, like luxury cars.

Product Life Cycle

Stages a product goes through: Introduction, Growth, Maturity, Decline.

Brand Name

The spoken representation of a brand.

Brand Equity

The market strength of a brand.

Price Skimming

A strategy with a high initial price that is reduced over time.

Penetration Pricing

A low initial price aimed at gaining market share.

Intensive Distribution

A strategy where a product is available in all outlets.

Selective Distribution

A strategy involving limited outlets for a product.

Integrated Marketing Communications (IMC)

The coordination of promotional efforts for maximum impact.

Promotion Mix

Elements of promotional strategies including advertising, personal selling, sales promotion, and public relations.