MARK exam

1. SERP (Search Engine Results Page)

  • This is the page displayed by a search engine in response to a user's query. It includes organic results (ranked based on SEO) and paid ads (PPC). The position on the SERP is critical for visibility in digital marketing.

2. Online Social Networks

  • These are digital platforms (like Facebook, Instagram, Twitter) where users create profiles to interact with others. They are crucial for social media marketing and building brand communities.

3. GRP (Gross Rating Points)

  • A measure of the total exposure of an ad. It's used in television advertising to calculate the effectiveness of a campaign by combining reach (percentage of the target audience exposed) and frequency (how often they see the ad).

4. Reach in Advertising

  • Reach refers to the total number of unique individuals who are exposed to an ad over a certain period. It's an important metric for determining how widely an ad campaign is spreading.

5. Objectives for Advertising (Inform, Persuade, Sell)

  • Advertising objectives typically fall into three categories:

    • Inform: Educate the audience about a product.

    • Persuade: Influence the audience to take action, such as buying or engaging.

    • Sell: Drive actual purchases and sales.

6. Marketing Department vs. Sales Department

  • The marketing and sales departments need to communicate well for consistency and effectiveness. A common risk is misalignment, where marketing might be creating awareness without enough support for sales to convert that into action. Leaders must bridge this gap.

7. When to Skip Test Marketing

  • Test marketing may be skipped if:

    • The product is small and low-cost (so testing isn't feasible).

    • Time to market is critical.

    • The market is already saturated, and you have enough data.

    • The product is a low-risk innovation.

8. Direct Marketing – What’s Necessary

  • Direct marketing requires clear targeting, personalized messaging, and data (such as emails, phone numbers) to directly communicate with consumers. Critical to success is segmentation and measurement.

9. Pricing: Cost-Plus Pricing

  • A pricing strategy where a fixed percentage (markup) is added to the production cost of an item to determine its selling price.

10. Integrated Marketing Communication (IMC)

  • IMC is about creating a unified and consistent message across all marketing channels to reinforce the brand’s identity.

11. Marketing Channel and Intermediary

  • Marketing Channel: A path through which goods and services flow from producers to consumers.

  • Intermediary: A third party that facilitates this flow (e.g., wholesalers, retailers).

12. Stages of Product Life Cycle

  • Introduction: New product launched, low sales, high costs.

  • Growth: Sales increase, profits grow, competitors enter.

  • Maturity: Sales peak, competition intense, product differentiation.

  • Decline: Sales decrease, product becomes outdated.

13. Objectives/Goals of Advertising

  • Common goals:

    • Awareness: Introducing a product to the market.

    • Attitude change: Persuading customers to think positively about the brand.

    • Action: Driving consumer behavior (e.g., purchase).

14. Test Marketing – Benefits & Problems

  • Benefits: Provides real-world data, mitigates risk, tests customer response.

  • Problems: Expensive, competitors may learn about your product, the test market may not be representative.

15. Showrooming

  • A behavior where consumers visit a physical store to examine products but then purchase them online at a lower price.

16. Demand / Demand Curve

  • Price Demand: The relationship between the price of a product and the quantity demanded by consumers.

  • Elastic Demand: Small price change causes significant change in demand.

  • Inelastic Demand: Price changes have little effect on demand.

17. Types of Advertising Objectives

  • Informative Advertising: Used for new products, providing basic information about the product or service.

  • Persuasive Advertising: Used to persuade the target audience to purchase or act.

  • Reminder Advertising: Aimed at keeping the brand top-of-mind.

18. Sources of New Product Ideas

  • Market research, consumer feedback, competitor products, R&D, employee suggestions, and even external sources like trend analysis.

19. Direct vs. Indirect Marketing Channel

  • Direct Channel: Manufacturer sells directly to consumers (e.g., through a website).

  • Indirect Channel: Involves intermediaries like wholesalers or retailers.

20. Disintermediation

  • The process of removing intermediaries from the supply chain, often due to technological advancements (e.g., selling directly to consumers through e-commerce).

21. Common Reasons New Products Fail

  • Poor market research, lack of differentiation, poor timing, inadequate marketing, or a bad pricing strategy.

22. Direct Mail Marketing

  • Involves sending physical promotional materials (like catalogs, brochures) to a targeted list of potential customers.

23. SEO (Search Engine Optimization)

  • The process of optimizing your website to rank higher in search engine results, improving visibility and organic traffic.

24. Promotion Mix

  • The combination of promotional tools used in marketing: advertising, sales promotions, personal selling, public relations, and direct marketing.

25. Permission-Based Email Marketing

  • A form of email marketing where consumers opt-in to receive messages, making it more personalized and relevant.

26. AIDA

  • A marketing model representing the stages a customer goes through:

    • Attention: Attract the customer’s attention.

    • Interest: Raise interest by showing benefits.

    • Desire: Create a desire for the product.

    • Action: Encourage the customer to take action (purchase).

27. Product Placement

  • When brands pay to have their products placed in movies, TV shows, or other media content. It’s a way to subtly promote a product to a broad audience.

28. Pricing Strategy Types

  • Cost-Plus Pricing: Adding a markup to the cost of goods sold.

  • Market Skimming: Setting a high price initially and lowering it over time.

  • Penetration Pricing: Offering low prices initially to gain market share.

29. Distribution Strategies

  • Exclusive: Limited number of intermediaries (luxury brands).

  • Intensive: Product available in as many outlets as possible (convenience products).

  • Selective: Products available in some outlets but not all (electronics).

30. ELP (Everyday Low Pricing)

  • A pricing strategy where products are sold at consistently low prices rather than through discounting.

31. Focus Strategy

  • A strategy where a company targets a specific segment of the market, catering to its needs in a focused and specialized way (e.g., niche marketing).

32. Types of Websites

  • E-commerce Sites: Focus on selling products online (e.g., Amazon, eBay).

  • Search Engine Sites: Platforms like Google that index and provide search results.

  • Content Sites: Provide content to users, often monetized through ads (e.g., news sites).

33. Visualize a Print Ad (Copy)

  • The body of text in a print ad is called the copy. It’s written by a copywriter, whose job is to create persuasive, clear, and compelling text that aligns with the brand’s voice.