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Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to satisfy customer needs. The main goal is to satisfy both customer and organizational needs through exchange.
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- 1.0: Product-oriented - 2.0: Consumer-oriented - 3.0: Values and human-centric - 4.0: Online & offline mix - 5.0: Technology and AI-driven
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5P and Extended 7P Models start learning
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5P model: Product, Price, Place, Promotion, People. 7P model adds: - Process: how the service is delivered - Physical evidence: tangible environment (design, packaging)
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Consumer: the person who uses the product. Client: someone with an ongoing relationship or who buys services (e.g. lawyer's client). All clients are consumers, but not all consumers are clients.
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Five stages: 1. Problem recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase evaluation. Influenced by personal needs, experience, marketing.
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Segmentation and Its Criteria start learning
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Segmentation = dividing the market into groups with similar needs or behavior. Main criteria: Demographic, Geographic, Psychographic, Behavioral.
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Psychographics - Values, Personality, etc. start learning
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Psychographics = psychological traits: lifestyle, values, opinions. Tools: AIO (Activities, Interests, Opinions). Used to understand and predict consumer behavior.
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Product Lifecycle and Definitions start learning
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Product has 4 levels: 1. Core - basic benefit 2. Actual - physical product 3. Augmented - extras 4. Potential - future improvements. Product lifecycle: Introduction, Growth, Maturity, Decline.
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Brand = a name, symbol, or design that identifies a product. Also: - Identifier - Promise - Asset - Perception. Branding strategies: Branded house, House of brands, Private label, No-brand, Personal, Place branding.
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Distribution = getting the product to the final consumer. Channels: Direct and Indirect. Types: - Mass (many outlets) - Selective (limited) - Exclusive (one per region).
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4Ps: Product, Price, Place, Promotion. 7Ps (for services): + People, Process, Physical Evidence.
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Marketing Exam Check - Full Notes Main strategies: - Cost-based - Competition-based - Value-based. Tactics: Skimming, Penetration, Premium, Psychological, Bundle, Geographic, Captive.
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Marketing Communication Models start learning
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Elements: Sender -> Message -> Channel -> Receiver + Feedback, Noise, Context. Functions: Inform, Persuade, Compete. Models: Interpersonal, Mass, Hypermedia.
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Key areas: - Website (UX, mobile-first) - SEO (keywords, links) - SEM (paid search) - Content (blogs, videos) - Email (MailChimp) - Analytics (Google Analytics) - Tools: Canva, CapCut, Prezi.
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Marketing across countries. Challenges: culture, law, pricing. Strategies: - Standardization (same approach everywhere) - Adaptation (customized for each market).
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