Marketing Cert Vocab

  1. Promotion: Activities, like advertising and public relations, designed to increase awareness of a product or service and encourage sales.

  2. Market Research: The process of gathering and analyzing data about consumers, competitors, and industry trends to inform business decisions.

  3. Value Proposition: A statement that explains the unique benefits and value a product or service offers to consumers, highlighting why it is better than alternatives.

  4. Customer Needs: The desires and requirements of consumers that drive their purchasing decisions.

  5. Pricing Strategy: The approach a business takes to set the price for its products, balancing cost, demand, competition, and value to maximize sales and profits.

  6. Marketing Mix (4 P's): The combination of Product, Price, Place, and Promotion strategies used to market a product effectively.

  7. Segmentation: The process of dividing a broad consumer or business market into sub-groups based on shared characteristics, such as demographics or behaviors.

  8. Positioning: The way a product or brand is perceived in the minds of consumers relative to competitors, often based on its unique qualities or benefits.

  9. Advertising: Paid promotion of products, services, or brands to inform or persuade potential customers.

  10. Sales Funnel: A model that illustrates the steps consumers go through from awareness to purchase, including stages like consideration and decision.

  11. Return on Investment (ROI): A measure used to evaluate the efficiency of an investment, calculated by dividing net income by the initial cost of the investment.

  12. Consumer Behavior: The study of how individuals make purchasing decisions and what factors influence those decisions.