4.1 4.2 4.4 - Marketing Vocab Review

Front

Market segmentation:

Back

Dividing the market into distinct groups.

Front

Market segmentation typically involves demographics, geography, and __________.

Back

Psychographics

Front

The 4 Ps (marketing mix) are:

Back

Product, Price, Promotion, Placement

Front

Undifferentiated target market approach (mass marketing)

Back

Ignores market differences, targets the entire market.

Front

Differentiated target market approach (segmented marketing) is a strategy that targets multiple market segments with distinct marketing mixes for each.

Back

A segmented strategy targeting several market segments with different marketing mixes.

Front

Niche target market approach:

Back

Focuses on small, specific market segments.

Front

Example of:

Back

position map

Front

USP stands for _________ ________ ___________, a feature that sets a product apart in the market.

Back

Unique Selling Proposition

Front

"Bags Fly Free" is a USP of Southwest Airlines.

Back

True

Front

Common elements of a marketing plan:

Back

Marketing Objectives, Key Strategic Plans, Marketing Activities, Marketing Budget