Marketing Concepts Flashcards

These flashcards cover key vocabulary terms and concepts related to marketing strategies, pricing, competition, and market dynamics.

Marketing Mix

A combination of products, price, place, and promotion strategies used to market a product.

Business to Business (B2B)

Transactions conducted between companies.

Business to Consumer (B2C)

Transactions where businesses sell directly to consumers.

Competitive Advantage

An advantage over competitors gained by offering consumers greater value.

Target Market

A specific group of consumers at which a company aims its products and services.

Demographics

Statistical data relating to the population and particular groups within it.

Intellectual Property

Creations of the mind for which exclusive rights are recognized.

Direct Competition

Competition among businesses that offer similar products or services.

Indirect Competition

Competition from businesses offering different products that satisfy the same consumer need.

Promotion

Activities that communicate the benefits of a product and persuade customers to buy.

Product

The item or service offered to consumers.

Place

The location where a product is sold or the distribution channels used.

Price

The amount of money required to purchase a product.

Penetration Pricing

Setting a low initial price to attract customers.

Value Pricing

Setting a price based on the perceived value to the customer.

Competitive Pricing

Setting a price based on what competitors charge.

Dynamic Pricing

Adjusting prices based on current market demands.

Cost-plus or Markup Pricing

Setting prices based on production costs plus a markup.

Bulk Pricing

Setting a price that discounts products sold in larger quantities.

Tiered Pricing

Setting different prices based on quantity purchased or service level.

Freemium Pricing

Offering basic services for free while charging for premium services.

Standardization

Uniformity in products or services across different markets.

Price Skimming

Setting a high price initially and then lowering it over time.

Buy Now, Pay Later

Options allowing consumers to purchase a product now and pay for it later.

Direct Sales

Selling products directly to consumers without intermediaries.

Indirect Sales

Selling through intermediaries or third-party retailers.

Hybrid Sales

Combining direct and indirect sales strategies.

Distribution Channel

The path through which goods or services flow from producer to consumer.

Logistics

The detailed coordination of complex operations involving people, facilities, and supplies.

Marketing E-Tailer

A business that sells products or services online.

E-Commerce

Buying and selling of goods and services over the Internet.

Social Commerce

Incorporating social media into e-commerce processes.

Distributors

Entities that distribute products from manufacturers to retailers.

Wholesalers

Businesses that purchase large quantities of goods for resale to retailers.

Retailers

Sellers who sell goods directly to consumers.

Social Media Marketing

Using social media platforms to promote products and engage consumers.

Outbound Marketing

Traditional marketing strategies that attempt to attract customers.

‘Push Marketing’

Strategies that push products to consumers rather than waiting for them to come to the business.

‘Traditional Marketing’

Conventional marketing practices such as TV and print advertising.

Inbound Marketing

Strategies that attract customers by creating valuable content.

‘Pull Marketing’

Creating demand for a product by drawing customers to it.

‘Digital Marketing’

Marketing via digital platforms such as websites and social media.

Influencer Marketing

Collaborating with influential people to promote products.

Sponsorships

Funding or supporting events or individuals to gain exposure.

Content Marketing

Creating and distributing valuable content to attract and engage a target audience.

Inelastic Demand

Demand that does not change significantly with a change in price.

Private Label

Products branded by a retailer but produced by a third party.

Search Engine Optimization (SEO)

The process of improving a website's visibility in search engine results.

Elastic Demand

Demand that changes significantly in response to price changes.

Monopoly

A market structure where a single seller controls the market.

Pure Competition

A market structure with many sellers offering identical products.

Brick and Mortar

Physical locations of businesses as opposed to online.

Oligopoly

A market structure with a small number of sellers dominating.

Monopolistic Competition

A market structure where many firms compete but differentiate their products.

Product Localization

Adapting a product to meet the needs of a specific market.

‘Cookies’

Small data files stored on a user's computer that track their activity online.

First Party / Third Party

First-party data is collected directly from customers, while third-party data is collected by outside sources.

Direct to Consumer

Selling products directly to consumers without intermediaries.

Market Share

The percentage of an industry's sales that a particular company controls.

Customer Retention

The ability of a company to retain its customers over time.

Economies of Scale

Cost advantages that a business obtains due to scale of operation.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Slotting Fees

Charges to manufacturers by retailers for shelf space.

TEU’s

Twenty-foot Equivalent Units, a standard measurement in container shipping.