Principles of Marketing Flashcard #2

Front

Types of Market Segmentation: Behavioral, Geographic, Psychographic, Firmographic (EXCEPT one)

Back

Firmographic Segmentation

Front

It is a concise statement that encapsulates the reasons why a customer might opt for your product or service.

Back

Value Proposition

Front

It encompasses the entire process in which a company assesses market prospects, defines a specific target audience, and formulates a comprehensive marketing strategy to engage with these customers while also identifying and nurturing potential leads for the sales team.

Back

Marketing Process

Front

TRUE OR FALSE: SWOT Analysis is a management method whereby an organization can assess major external factors that influence its operation to become more competitive in the market

Back

FALSE

Front

It refers to the length of time a consumer can derive benefit from the product or good purchased.

Back

Durability

Front

Products that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation.

Back

Convenience goods

Front

The ability of manufacturers to successfully distinguish their products from other competitors

Back

Branding

Front

All of the following are examples of Specialty Goods, EXCEPT: Luxury bags, Investment, Works of Art, Automobiles

Back

Investment

Front

It is a useful tool to identify how capable your business is of capitalizing on opportunities

Back

SWOT Analysis

Front

It is a product whose benefit can only be used by a consumer for only a short period of time.

Back

Consumable