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D077 Module 1
Marketing mix and Marketing environment
| Question | Answer |
|---|---|
| Marketing | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”4 |
| Marketing concept | business philosophy that holds that long-term profitability is best achieved satisfying the needs of a particular target customer, or market segment(s). |
| Marketing Mix | four components are called the “Four Ps” of marketing- Product, Price, Place ,Promotion |
| 4 Product Life Cycle stages | Introduction, Growth, Maturity, Decline |
| Product Mix | The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment |
| Product Lines | Series of similar products focused on a sector that a company creates under a single brand |
| Product Depth | Number of versions offered for each product in the product line |
| Good | Physical product offering manufactured by a business |
| Services | Intangible product offering by a business |
| Customer satisfaction | A measure of how products or services delivered by a company meet or exceed customer expectations |
| Profit | The amount gained by a company, calculated by the difference between the amount earned from the sale of products and the total cost to produce them and sell them in the market |
| Revenue | Income a company receives from the sale of goods or services |
| Price skimming | Pricing a new product high to increase profits |
| Leader pricing | Pricing products below normal markup or at cost to attract customers to a store where they would not normally shop |
| Penetration pricing | Pricing a new product lower than the perceived market price to attract market share |
| Bundling | Grouping related products together to encourage customers to buy both |
| Prestige pricing | Raising the price of a product to increase the perception of its value |
| Competitive pricing | Setting the price of a product according to the price of competitive products |
| Social media | Websites and applications where users can create, share, and communicate with others in social networks |
| Digital media | All of a company’s marketing efforts that use an electronic device or the Internet |
| Promotion | Element of the marketing mix involving methods for informing and influencing customers to buy a product, including traditional advertising, sales promotion, public relations, personal selling, and digital marketing |
| Personal selling | A type of selling that uses person-to-person interaction to sell products and services |
| sales promotion | Marketing activities such as coupons that provide a direct incentive for the customer to make an immediate purchase of the product |
| Public relations | The practice of creating and maintaining public goodwill through publicity and nonpaid forms of communication |
| Content marketing | Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product |
| Guerilla marketing | Innovative, unconventional promotional tactics that engage customers through unique experiences |
| Integrated marketing communication | Immersive and targeted communication with customers to help move them through the various stages of the buying process |
| Place | Element of the marketing mix involved with getting the product from the producer to the customer |
| Distribution | Process of acquiring raw materials and moving materials and finished products from the producer to customers |
| Supply chain | System a company uses to acquire raw material, produce products, and deliver the products and services to customers |
| Direct distribution | Sale of products from the producer to the end user without an intermediary |
| Indirect distribution | Sale of products where intermediaries assist in moving goods and services from producers to end users |
| Vertical marketing system | Cooperation between multiple levels of a distribution channel |
| Corporate vertical marketing | Ownership by a single company of all levels of production and distribution |
| Administered vertical system | Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence |
| Contractual vertical system | Cooperation between levels of a distribution channel as described by a formal agreement |
| Channel conflict | When a company sells products directly to consumers, in competition with the company’s own channel partners |
| Omnichannel | Content strategy used by organizations to improve customer experience through creating seamless, consistent engagement across all channels |
| PEST analysis | Form of analysis used to isolate opportunities and threats in the marketing environment |
| Business cycle | Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend |
| Generation gaps | Differences in outlook, opinions, values, and cultural norms between people of different generations |
| Price fixing (collusion) | When two or more competing companies agree (or collude) on how much to charge for a product or service |
| Price discrimination | When a company charges different prices to buyers of the same product in order to maximize profit |
| Predatory pricing (undercutting) | When a company prices a product or service extremely low to drive out competition |
| Bait and switch | When a company advertises a product for a low price and “switches” a customer to a higher-priced product |
| Price gouging | When a company has a monopoly on the market and prices products or services overly high to drive profit |
Created by:
mkale
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