Principles of Marketing

Cards (24)

• 1
  Front

  What are the four Ps of marketing?

  Back

  Product, Price, Place, and Promotion — the four controllable elements that make up a company's marketing mix.

• 2
  Front

  In the marketing mix, what does 'Place' refer to?

  Back

  The distribution channels and locations through which a product is made available to customers (e.g., retail stores, e-commerce, wholesalers).

• 3
  Front

  What is 'Promotion' in the context of the four Ps?

  Back

  All communication activities used to inform, persuade, or remind customers about a product, including advertising, sales promotions, PR, and social media.

• 4
  Front

  What is market segmentation?

  Back

  The process of dividing a broad market into distinct subgroups of consumers who share common needs, characteristics, or behaviors.

• 5
  Front

  What are the four main bases of market segmentation?

  Back

  Geographic (location), Demographic (age, gender, income), Psychographic (lifestyle, values), and Behavioral (usage, loyalty, purchase occasion).

• 6
  Front

  What is psychographic segmentation?

  Back

  Dividing a market based on consumers' lifestyles, values, interests, personality traits, and attitudes rather than purely demographic data.

• 7
  Front

  What is behavioral segmentation?

  Back

  Segmenting consumers based on their purchasing behavior, product usage rate, brand loyalty, or occasion for buying.

• 8
  Front

  What is a target market?

  Back

  A specific segment or group of consumers that a company decides to focus its marketing efforts and resources on.

• 9
  Front

  What is undifferentiated (mass) targeting?

  Back

  A targeting strategy that treats the entire market as one segment, using a single marketing mix for all consumers.

• 10
  Front

  What is differentiated targeting?

  Back

  A strategy where a company targets multiple market segments, developing a separate marketing mix for each segment.

• 11
  Front

  What is concentrated (niche) targeting?

  Back

  A strategy where a company focuses all marketing efforts on one specific, well-defined market segment.

• 12
  Front

  What is market positioning?

  Back

  The process of designing a company's offering and image to occupy a distinct and valued place in the target customer's mind relative to competitors.

• 13
  Front

  What is a positioning statement?

  Back

  A concise internal statement that defines the target market, the product's benefit, and the reason to believe it, used to guide marketing decisions.

• 14
  Front

  What is a perceptual map?

  Back

  A visual tool that plots brands or products on two axes based on attributes (e.g., price vs. quality) to show how consumers perceive them relative to competitors.

• 15
  Front

  What is the marketing funnel?

  Back

  A model representing the stages a consumer passes through from initial awareness of a product to making a purchase and beyond.

• 16
  Front

  What are the classic stages of the marketing funnel, in order?

  Back

  Awareness, Interest, Desire, and Action (AIDA) — some models extend this to include Loyalty and Advocacy.

• 17
  Front

  Why is the marketing funnel described as narrowing from top to bottom?

  Back

  Because fewer consumers advance from one stage to the next; the largest number are aware of a product, but only a smaller fraction ultimately purchase it.

• 18
  Front

  What is a brand?

  Back

  A name, term, design, symbol, or combination thereof that identifies a seller's goods or services and differentiates them from competitors.

• 19
  Front

  What is brand equity?

  Back

  The added value a brand name gives to a product beyond the functional benefits, resulting from consumer perceptions, loyalty, and associations.

• 20
  Front

  What is brand positioning?

  Back

  Defining how a brand is distinctly perceived in the minds of its target consumers relative to competing brands.

• 21
  Front

  What is the difference between a brand's identity and its image?

  Back

  Brand identity is how the company intends the brand to be perceived; brand image is how consumers actually perceive it.

• 22
  Front

  What are the three main factors influencing consumer behavior?

  Back

  Personal factors (age, lifestyle, motivation), Social factors (family, culture, reference groups), and Psychological factors (perception, learning, attitudes).

• 23
  Front

  What is the consumer decision-making process?

  Back

  The five-step process: Problem recognition, Information search, Evaluation of alternatives, Purchase decision, and Post-purchase evaluation.

• 24
  Front

  What is cognitive dissonance in consumer behavior?

  Back

  The discomfort a buyer feels after a purchase when doubting whether they made the right decision; marketers reduce it through reassurance and follow-up communication.