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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
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.Marketing
A particular market segment at which a marketing campaign is focused.Target Market
A planned mix of the controllable elements of a product’s marketing plan, commonly termed as the 4Ps: product, price, place (or distribution), and promotion.Marketing Mix
a fair return or equivalent in goods, services, or money for something exchanged.Value
Segmenting consumers on the basis of what they do.Behavioral Segmentation
Segmenting consumers on the basis of age, gender, ethnicity, etc.Demographic segmentation
Segmenting consumers on the basis of location (e.g., zip code).Geographic segmentation
A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.Positioning
Segmenting consumers on the basis of their attitudes, opinions, and lifestyle.Psychographic segmentation
Subdivision of a population into segments with similar characteristics, such as age, education, or income.Segmentation
Identifying a target market after detailed research and developing specific marketing campaigns focused at it.Targeting
The process of gathering, analyzing, and interpreting information for decision-making purposes.Marketing research
Information collected specifically for the study at hand.Primary Data
Information previously collected for other purposes.Secondary data
The state of having inconsistent thoughts, beliefs, or attitudes, especially as they relate to behavioral decisions and attitude change.Cognitive dissonance
The process by which individuals search for, select, purchase, use, and dispose of goods and services in order to satisfy their needs and wants.Consumer behavior
The process of dividing a larger market into smaller groups, or market segments, based on shared characteristics.Market Segmentation
A set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer.Supply Chain
The actions the firm takes to coordinate the various flows within a supply chain.Supply chain management
is used to coordinate the various promotional mix elements to provide customers with a clear and consistent message about a firm’s products, which in turn allows firms to more effectively create and develop relationships with customers.Integrated marketing communications (IMC) strategy
is the total number of activities by which the seller, in effecting the exchange of goods and services with the buyer, directs efforts to a target audience using one or more media for the purpose of soliciting a response from a prospect or customer.Direct marketing
a combination of tools used by marketers to promote goods, services, and ideas and to accomplish their communication objectives. includes advertising, sales promotions, public relations and personal sellingPromotional mix
is online marketing that can deliver content immediately to consumers through digital channels, devices, and platforms. It is an effective method for building or promoting a company’s marketing message.Digital marketing
The process of driving traffic to a company’s website from “free” or “organic” search results using search engines.Search engine optimization (SEO).
This form of digital marketing is a cost-effective method of retaining, nurturing, or attracting a new customer base.E-mail marketing
This is one of the most popular forms of digital marketing and is the focus of this lesson. It encompasses marketing activities that utilize online social networks and applications as a method to communicate mass and personalized messages about brands and products.Traditional mass media such as print and TV ads are static, not easily changeable, and provide one-way communication.Social media marketing
is a set of practices that enables organizations to communicate and engage with their audience through any mobile device or network.Mobile marketing
the two-way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer’s purchase decision. In all sales situations, the goal of selling is to develop good customer relationships.Personal selling
is the process by which companies get new customers, keep the customers they already have, and grow the business by increasing their share of customers’ purchases.Customer relationship management (CRM)
Any point at which a customer and the company come into contact.Touchpoint
a process that involves the computerized search for meaningful trends in a large amount of data.Data mining
Characteristics of consumers that influence their buying behavior, to divide the market into segments. It specifically describes demographic, geographic, psychographic, and behavioral segmentation bases.Segmentation Bases
strategy approaches the marketplace as one large segment.Undifferentiated Targeting
occurs when an organization simultaneously pursues several different market segments, usually with a different marketing mix strategy for each.Differentiated targeting
the customers’ perception of a companyMarket position
includes all of a company’s products, which can extend beyond product lines.Product mix
the name, term, symbol, design, or any combination of these that identifies and differentiates a firm’s products.Brand
the value the firm derives from customers’ positive perception of its products.Brand equity
occurs when two or more companies issue a single product in an effort to capitalize on the equity of each company’s brand.Co-branding
includes the following phases: Introduction, Growth, Maturity and DeclineProduct life cycle
Are Intangible, Heterogeneous, Inseparable and PerishableServices
The amount of something—money, time, or effort—that a buyer exchanges with a seller to obtain a product.Price
is a measure of price sensitivity that gives the percentage change in quantity demanded in response to a percentage change in price.Price elasticity of demand
where demand changes significantly due to a small change in price. Products with elastic demand include things that aren’t critical to daily life.Elastic demand
refers to a situation in which a specific change in price causes only a small change in the amount purchased.Inelastic demand